Treasury Department
Document No. 3132
Secretary
CONTENTS
Page
Introduction 1
Factors in tiie stabilization program 3
Tax policy 5
Debt management 6
International monetary and financial cooperation 9
Receipts in general and special accounts 10
Receii>ts from income and excess profits taxes 12
Receipts from all other sources 17
Expenditures from general and special accounts 23
War expenditures 26
General expenditures 32
Deficit in general and special accounts 33
Receipts and expenditures in trust accounts and checking accounts of
Government corporations and credit agencies 34
P'inancing the net budgetary deficit and other requirements 35
The public debt:
Summary of financing operations 36
Third War Loan 39
Fourth War Loan 42
Fifth War Loan 45
United States savings bonds 48
War savings stamps 60
Treasury notes : tax series and savings series 60
Treasury bills 60
Market financing outside of war loan drives 61
Adjusted service bonds 65
Depositary bonds 65
Excess profits tax refund bonds 66
Special issues 67
Special short-term certificates of indebtedness 67
Cumulative sinking fund 67
Composition of the public debt 67
Interest on the public debt 71
Debt limit _ 73
Securities issued by Government corporations and credit agencies 74
Sources of funds for Federal borrowing 79
Analysis of gross income flow 79
Liquid savings and investment in Federal securities 83
Ownership of Federal securities by investor classes 90
General Fund 93
Securities owned by the United States and proprietary interest in Gov-
ernment corporations and credit agencies:
Securities owned 94
Proprietary interest in Government corporations and credit agencies. 95
Monetary developments :
International monetary cooperation 95
Domestic monetary events 97
Taxation developments 99
Development of the 1943 revenue program 99
Major features of the Revenue Act of 1943 110
Development of simplification plans 118
Major features of the Individual Income Tax Act of 1944 119
Other revenue legislation 121
Customs Service in the war 122
Special procurement activities:
Lend-lease 123
Surplus property disposal 123
III
IV CONTENTS
Special procurement activities — Continued. Page
Renegotiation of war contracts 125
Strategic and critical materials 125
Foreign Funds Control activities 126
War contributions:
Conditional gifts 127
Unconditional donations 128
Salary stabilization 129
Estimates of receipts 131
Total and net receipts 131
Fiscal year 1 945 132
Fiscal year 1946 136
Estimates of expenditures 139
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
Fiscal Service of the Treasury Department 143
Accounts, Bureau of 143
Commissioner of Accounts, Office of 143
Division of Bookkeeping and Warrants 148
Division of Disbursement 149
Division of Deposits 150
Section of Surety Bonds 155
Treasury Budgetary Section 156
Section of Investments 160
Public Debt, Bureau of the 181
Washington Office 181
Chicago Office 191
Treasurer of the United States 195
Budget and Improvement Committee 199
Comptroller of the Currency, Bureau of the 200
Changes in the condition of active national banks 200
Summary of changes in the National Banking System 202
Customs, Bureau of 202
Collections 203
Volume of business 204
Law enforcement activities 210
Miscellaneous 216
Engraving and Printing, Bureau of 219
Foreign Funds Control 222
Internal Revenue, Bureau of 222
General 222
Income Tax Unit 225
Miscellaneous Tax Unit 227
Alcohol Tax Unit 229
Accounts and Collections Unit 233
Technical StaflF 237
Office of the Chief Counsel - 239
Intelligence Unit 241
Salary Stabilization Unit 241
Legal Division 242
Mint, Bureau of the 243
Institutions of the Mint Service 244
Coinage _- 244
Minor coinage alloys 244
Bullion deposit transactions 245
Long-term storage of bullion 245
Gold operations 245
Silver operations 246
Refineries 246
Medals 246
Stock of coin and monetary bullion in the United States 247
Production of gold and silver in the United States ._ 247
Industrial consumption of gold and silver in the United States 248
General activities 248
Monetary Research, Division of 248
Narcotics, Bureau of 249
Pej-spnnel, Divisiop pf^^^_, 251
CONTENTS V
Page
Practice, Committee on 251
Procurement Division 252
General supply fund 253
Storage and warehousing 253
Surplus property disposal 254
Public utilities _" 254
Renegotiation of contracts 255
Contract termination _ 255
Specifications 255
Standards Division 255
Printing and binding 256
Conservation of supplies and material 256
Blind-made products 256
Research and Statistics, Division of 256
Secret Service Division ^ 257
Crime prevention program ' 257
Enforcement activities ' 257
Protective activities 260
Tax Legislative Counsel, Office of the 260
Tax Research, Division of 261
War Finance Division 262
Interdepartmental War Savings Bond Committee 264
EXHIBITS
Public Debt
Issues and redemptions of Treasury bonds, Treasury notes, and Treasury
certificates of indebtedness
Exhibit 1. Subscriptions and allotments. Treasury notes of Series A-1947- 269
Exhibit 2. Offering of y% percent Treasury certificates of indebtedness of
Series D- 1 944 269
Exhibit 3. Subscriptions and allotments, Treasury certificates of indebted-
ness of Series D-1944 '_ 271
Exhibit 4. Offering of 2]^ percent Treasury bonds of 1964-69, 2 percent
Treasurv bonds of 1951-53, and % percent Treasury certificates of in-
debtedness of Series E-1944 (Third War Loan) 27 1
Exhibit 5. Subscriptions and allotments, Treasury bonds of 1964-69,
Treasury bonds of 1951-53, and Treasury certificates of indebtedness
of Series E-1944 (Third War Loan) 276
Exhibit 6. Off'ering of 2}^ percent Treasury bonds of 1964-69 (additional),
2 percent Treasury bonds of 1951-53 (additional), and % percent Treas-
ury certificates of indebtedness of Series F-1944 277
Exhibit 7. Subscriptions and allotments, Treasury bonds of 1964-69
(additional). Treasury bonds of 1951-53 (additional), and Treasury
certificates of indebtedness of Series F-1944 281
Exhibit 8. Offering of % percent Treasury certificates of indebtedness of
Series G-1944 283
Exhibit 9. Allotments, Treasury certificates of indebtedness of Series
G-1944 284
Exhibit 10. Call for redemption on April 15, 1944, of 3J4 percent Treasury
bonds of 1944-46 284
Exhibit 11. Offering of 2>^ percent Treasury bonds of 1965-70, 2% percent
Treasury bonds of 1956-59, and % percent Treasury certificates of in-
debtedness of Series A-1945 (Fourth War Loan) 284
Exhibit 12. Subscriptions and allotments. Treasury bonds of 1965-70,
Treasury bonds of 1956-59, and Treasury certificates of indebtedness of
Series A-1945 (Fourth War Loan) 289
Exhibit 13. Offering of 0.90 percent Treasury notes of Series D-1945 290
Exhibit 14. Allotments, Treasury notes of Series D-1945 291
Exhibit 15. Offering of 2J4 percent Treasury bonds of 1965-70 (additional),
214 percent Treasury bonds of 1956-59 (additional), and 1)^ percent
Treasury notes of Series A-1948 291
Exhibit 16. Allotments, Treasury bonds of 1965-70 (additional). Treas-
ury bonds of 1956-59 (additional), and Treasury notes of Series A-1948- 300
VI CONTENTS
Page
Exhibit 17. Offering of % percent Treasury certificates of indebtedness of
Series B-1945 301
Exhibit 18. Allotments, Treasury certificates of indebtedness of Series
B-1945 302
Exhibit 19. Offering of % percent Treasury certificates of indebtedness of
Series D-1945 303
Exhibit 20. Allotments, Treasury certificates of indebtedness of Series
D-1945 304
Exhibit 21. Off"ering of 2% percent Treasury bonds of 1965-70 (additional),
2 percent Treasury bonds of 1952-54, 114 percent Treasury notes of
Series B-1947, and % percent Treasury certificates of indebtedness of
Series C-1945 (Fifth War Loan) 304
Exhibit 22. Allotments, Treasury bonds of 1965-70 (additional), Treasury
bonds of 1952-54, Treasury notes of Series B-1947, and Treasury cer-
tificates of indebtedness of Series C-1945 (Fifth War Loan) 311
Treasury bills
Exhibit 23. Inviting tenders for Treasury bills dated July 7, 1943 311
Exhibit 24. Acceptance of tenders for Treasury biUs dated July 7, 1943- _ 312
Exhibit 25. Summary of information contained in press releases issued in
connection with Treasury biUs offered during the fiscal year 1944 313
United States savings bonds
Exhibit 26. Second Revision, August 31, 1943, to Department Circular No.
653, relative to United States war savings bonds of Series E, and first
supplement, June 7, 1944 310
Exhibit 27. Second Revision and amendment. Department Circular No.
654, relative to United States savings bonds of Series F and Series G__- 322
Exhibit 28. Amendments to Department Circular No. 530, Fifth Revision,
prescribing regulations governing United States savings bonds 329
Exhibit 29. Announcement July 27, 1943, of a reduction in the size of Series
E war savings bonds 336
Treasury notes, tax series and savings series
Exhibit 30. Amendments to circulars governing the issue and redemption
of Treasury notes, tax series and savings series i. 330
Miscellaneous
Exhibit 31. Portion of the act to increase the debt limit of the United
States 343
Exhibit 32. Second amendment, September 15, 1943, to Department Cir-
cular No. 660, relating to depositary bonds 343
Exhibit 33. Regulations, December 31, 1943, governing issue of and trans-
actions in United States excess profits tax refund bonds 343
Exhibit 34. Fourth supplement, April 29, 1944, to Department Circular
No. 300, prescribing regulations governing United States bonds and
notes 344
Securities Guaranteed by the United States
Exhibit 35. Partial redemption, before maturity, of 2% percent mutual
mortgage insurance fund debentures. Series B (tenth call) 345
Exhibit 36. Partial redemption, before maturity, of 2^1 percent mutual
mortgage insurance fund debentures. Series B (eleventh call) 347
Exhibit 37. Partial redemption, before maturity, of 2% percent mutual
mortgage insurance fund debentures. Series E (first call) 350
Exhibit 38. Partial redemption, before maturity, of 2% percent mutual
mortgage insurance fund debentures, Series E (second call) 352
CONTENTS VII
Monetary Developments
Page
Exhibit 39. Revised draft, dated July 10, 1943, of the Treasury's tentative
proposal for an international stabilization fund of the United and Asso-
ciated Nations 354
Exhibit 40. Tentative proposal for a bank for reconstruction and develop-
ment of the United and Associated Nations 365
Exhibit 41. Statements on, and summary of recommendations for, an inter-
national monetary fund of the United and Associated Nations 372
Exhibit 42. Press release, June 23, 1944, containing the text of the Presi-
dent's letter, June 9, 1944, to the Secretary of the Treasury relative to
the United Nations Monetary and Financial Conference at Bretton
Woods 379
Exhibit 43. Joint statement, June 15, 1944, by the Secretary of the Treas-
ury and the Foreign Economic Administrator relative to the lend-lease
of silver to India 380
Exhibit 44. Joint statements, August 2 and 17, 1943, by the Treasury and
War Departments relative to the allied military currency used in liber-
ated Sicily 380
Exhibit 45. Joint statement, February 9, 1944, by the Treasury, War, and
Navy Departments relative to the special Hawaiian series of United
States currency .- 383
Taxation Developments
Exhibit 46. Statement of Secretary Morgenthau before the House Ways
and Means Committee, October 4, 1943, in support of the Treasury's
program for additional revenue 384
Exhibit 47. Statement of Secretary Morgenthau before the Senate Finance
Committee, November 29, 1943, in further support of the Treasury's
program for additional revenue 416
Exhibit 48. Statement of Randolph E. Paul, General Counsel for the Treas-
ury Department, before the Senate Finance Committee, November 29,
1943, discussing Treasury tax proposals in detail and comparing them
with provisions of the House bill 420
Exhibit 49. Statement of Randolph E. Paul, General Counsel for the Treas-
ury Department, before the House Ways and Means Committee, Sep-
tember 10, 1943, relative to the revenue implications of changes in the
renegotiation statute 446
Exhibit 50. Statement of Randolph E. Paul, General Counsel for the Treas-
ury Department, before the Subcommittee on War Contract Termina-
tion of the Senate Committee on Military Affairs on termination of war
contracts, October 27, 1943, discussing the relation of tax policy to cor-
porate reconversion problems 449
Exhibit 51. Message from the President of the United States returning
without approval the bill (H. R. 3687) entitled "An act to provide rev-
enue, and for other purposes," February 22, 1944 455
Exhibit 52. Letter to Chairman Walter F. George, Senate Finance Com-
mittee, and Chairman Robert L. Doughton, House Committee on Ways
and Means, from Secretary Morgenthau, March 10, 1944, relative to
individual income tax simplification 457
Exhibit 53. Federal taxes of the United States, 1939 through 1944 458
Organization and Procedure
Exhibit 54. Supervision of bureaus, offices, and divisions of the Treasury
Department 487
Exhibit 55. Orders relating to organization and procedure in the Treasury
Department 488
Exhibit 56. Time and leave regulations, departmental and field services,
February 12, 1944 . 489
Miscellaneous
Exhibit 57. Address by Under Secretary Bell before the Worcester Eco-
nomic Club, December 16, 1943, on financing the war and post-war
readjustment 496
VIII CONTENTS
Page
Exhibit 58. Letters from the Secretary of the Treasury to commercial
banks, insurance companies, and corporations in connection with the
Fourth and Fifth War Loans 504
Exhibit 59. Regulations governing the issuance of duplicate checks 507
Exhibit 60. Amendments to Department Circular No. 714, prescribing
regulations governing the payment through depositary banks of funds
withheld as taxes in accordance with the provisions of the Current Tax
Payment Act of 1943 509
Exhibit 61. An act to amend the act approved March 2, 1895, as amended,
relating to surety bonds 514
Exhibit 62. Agreement for payment by Finland of postponed payments of
amounts pavable during the period from January 1, 1941, through De-
cember 31, 1942 514
Exhibit 63. Letter of the Postmaster General to the Secretary of the
Treasury, dated December 5, 1944, certifying extraordinary expenditures
contributing to the deficiencies of postal revenues for the fiscal year 1944. 516
TABLES
Explanation of bases used in tables 519
Description of accounts through which Treasury operations are effected.. 520
Receipts and Expenditures
Summary tables on receipts and expenditures •
Table 1. Summarj^ of receipts and expenditures, fiscal vears 1932 through
1944 and monthly July 1943 through June 1944 1 522
Table 2. Receipts and expenditures for the fiscal years 1789 through 1944_ 526
Detailed tables on receipts and expenditures
Table 3. Classification of monthly and total receipts, fiscal year 1944, and
comparative totals, fiscal year 1943 532
Table 4. Classification of monthly expenditures, fiscal year 1944 538
Table 5. Expenditures from general and special accounts, bv major func-
tions, fiscal years 1932 through 1944 560
Other receipts and expenditures tables
Table 6. Receipts by major sources, fiscal years 1943 and 1944 561
Table 7. Comparison of detailed internal revenue collections, fiscal vears
1943 and 1944 563
Table 8. Liternal revenue collections, by tax sources, fiscal years 1916
through 1944 565
Table 9. Internal revenue collections, by States, fiscal year 1944 570
Table 10. Summary of customs collections and expenditures, fiscal year
1944 _■ 572
Table 11. Expenditures by organizations and by fiscal years from April 8,
1935, through June 30, 1944, under the Emergency Relief Appropriation
Acts for the fiscal years 1935 through 1943 573
Table 12. Receipts and expenditures of the social security program under
the Social Security, Railroad Retirement, and Railroad Unemployment
Insurance Acts, fiscal years 1936 through 1942 combined, fiscal year
1943, and monthly for the fiscal year 1944 576
Table 13. Amounts appropriated and expended under authorizations con-
tained in the Social Security Act, as amended 584
Table 14. Panama Canal receipts and expenditures, fiscal years 1903
through 1944 585
Table 1.5. Postal receipts and expenditures, fiscal years 1789 through 1944. 587
Table 16. Selected receipts and expenditures of the Government, fiscal
years 1789 through 1944 590
Table 17. Expenses of the Internal Revenue Service, fiscal year 1944 591
CONTENTS IX
War Activities Program
Page
Table 18. Appropriations and net contract authorizations for war activi-
ties, as of June 30, 1944 596
Table 19. Appropriations, contract authorizations, and expenditures under
the war activities program, July 1, 1940, through June 30, 1944 600
Table 20. Expenditures for war activities, by departments and agencies and
by fiscal years 1933 through 1944 and months from July 1940 through
June 1944 602
Table 21. Commitments, receipts, and disbursements of the Reconstruction
Finance Corporation and its affiliates under the war activities program,
July 1, 1940, through June 30, 1944 604
Public Debt
Public debt outstanding
Table 22. Description of the public debt issues outstanding June 30, 1944. _ 605
Table 23. Principal of the public debt outstanding at the end of each fiscal
year from 1853 through 1944 626
Table 24. Comparative statement of the public debt outstanding June 30,
1932 through 1944 628
Table 25. Composition of the public debt at the end of the fiscal years
1916 through 1944 and by months from July 1943 through June 1944.. 630
Public debt operations
Table 26. Public debt receipts and expenditures, monthly July 1943
through June 1944, with totals for the fiscal years 1943 and 1944 632
Table 27. Changes in the public debt by issues, fiscal year 1944 640
Table 28. Issues, maturities, and redemptions of interest-bearing securities,
exclusive of trust account and other special issues, July 1943 through June
1944 655
Table 29. Sources of public debt increase or decrease, fiscal years 1916
through 1 944 663
Table 30. Transactions on account of the cumulative sinking fund, fiscal
year 1944 665
Table 31. Transactions on account of the cumulative sinking fund, fiscal
years 1921 through 1944 665
Table 32. Securities retired through the cumulative sinking fund, par
amount and principal cost, through June 30, 1944 666
War loan statistics
Table 33. Dates and goals relating to the five war loans 667
Table 34. Comparison of sales of securities during the five war loans, by
classes of investors and by issues 668
Table 35. Sales of Series E war savings bonds of each denomination during
the five war loans 670
Table 36. Sales of securities in the Third War Loan, by States and by
classes of investors 67 1
Table 37. Goals and sales of securities in the Third War Loan, by States.. 674
Table 38. Sales of securities in the Fourth War Loan, by States and by
classes of investors 676
Table 39. Goals and sales of securities in the Fourth War Loan, by States. 678
Table 40. Sales of securities in the Fifth War Loan, by States and by classes
of investors 680
Table 41. Goals and sales of securities in the Fifth War Loan, by States.. 682
United States savings bonds
Table 42. Analysis of sales and redemptions of United States savings
bonds, by series, by fiscal years 1935 through 1944 and by months for
the fiscal year 1944 684
Table 43. Summary of sales and redemptions of United States savings
bonds, by series, by fiscal years 1935 through 1944, and by months for
the fiscal year 1944 .. 685
X CONTENTS
Page
Table 44. Sales of United States savings bonds of Series E, Series F, and
Series G, by denominations, by fiscal years 1941 through 1944, and by
months for the fiscal year 1944 688
Table 45. Sales of United States savings bonds of Series E and Series F
and G, by States, by calendar years and fiscal years from 1941, and by
months for the fiscal year 1944 ". 690
Table 46. Extent of participation in payroll savings plan for purchase of
United States savings bonds, by fiscal years 1942 through 1944 and by
months for the fiscal year 1944 698
United States war savings stamps
Table 47. Summary of sales and redemptions of United States war savings
stamps, by fiscal years 1941 through 1944, and by months for the fiscal
year 1944 - 699
Table 48. Sales of United States war savings stamps, by denominations,
by fiscal years 1941 through 1944, and by months for the fiscal year 1944_ 700
Table 49. Sales of United States war savings stamps, by States, by calendar
years and fiscal years from 1941, and by months for the fiscal year 1944. _ 701
Treasury notes — tax series and savings series
Table 50. Analysis of sales and redemptions of Treasury notes, tax series
and savings series, by series, by fiscal years 1942 through 1944, and bv
months July 1943 through June 1944 1 705
Table 51. Summary of sales and redemptions of Treasury notes, tax series
and savings series, by series, by fiscal years 1942 through 1944, and by
months for the fiscal year 1944 706
Table 52. Sales of Treasury savings notes of Series C, by denominations,
by fiscal years 1943 and 1944, and by months for the fiscal year 1944 708
Table 53. Sales of Treasury savings notes of Series C, by type of pur-
chasers, by fiscal years 1943 and 1944, and by months for the fiscal year
1944 709
Interest on the public debt
Table 54. Interest on the public debt, payable, paid, and outstanding
unpaid, fiscal year 1944 710
Table 55. Interest paid on the public debt, by issues, fiscal years 1942
through 1944 710
Table 56. Amount of interest-bearing debt outstanding, the computed
annual interest charge, and the computed rate of interest, at the end
of the fiscal years 1916 through 1944 and at the end of each month from
July 1943 to June 1944 713
Table 57. Interest paid on the securities issued or guaranteed by the
United States Government, classified by tax status, fiscal years 1913
through 1944 714
Miscellaneous
Table 58. Contingent liabilities of the United States, June 30, 1944 716
Table 59. Contingent liabilities of the United States as of June 30, 1935
through 1944 720
Table 60. Amounts of guaranteed obligations matured or called, and
amounts redeemed, fiscal year 1944 722
Table 61. Average yield on long-term Treasury bonds, by months, Janu-
ary 1930 through June 1944 723
Table 62. Prices and yields of public marketable securities issued or
guaranteed by the United States, June 30, 1943, and June 30, 1944, and
price ranges since dates of issue 724
Condition of the_ Treasury Exclusive of Public Debt
Liabilities
Table 63. Current assets and liabilities of the Treasury at the close of the
fiscal years 1943 and 1944 728
CONTENTS XI
Page
Table 64. Balance in the General Fund of the Treasury at the end of each
month, fiscal year 1944 729
Table 65. Assets and liabilities of the exchange stabilization fund as of
> June 30, 1943 and 1944 730
Table 66. Securities other than obligations of foreign governments owned
by the United States Government, June 30, 1944 732
Table 67, 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, 1944 734
Table 68. 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 of each year from 1928 through 1944 735
Trust and Special Funds for Which Investments Are Made
BY THE Treasury Department
Table 69. Adjusted service certificate fund, June 30, 1944 736
Table 70. Ainsworth Library fund, Walter Reed General Hospital, June
30, 1944 737
Table 71. Alaska Railroad retirement and disability fund, June 30, 1944- 737
Table 72. Canal Zone retirement and disability fund, June 30, 1944 738
Table 73. Civil service retirement and disability fund, June 30, 1944 739
Table 74. District of Columbia teachers' retirement fund — Assets held
by the Treasury Department, June 30, 1944 740
Table 75. District of Columbia water fund — Investments held by the
Treasury Department, June 30, 1944 742
Table 76. District of Columbia workmen's compensation fund — Assets
held by the Treasury Department, June 30, 1944 742
Table 77. Federal old-age and survivors insurance trust fund, June 30,
1944 743
Table 78. Railroad retirement account, June 30, 1944 744
Table 79. Unemployment trust fund, June 30, 1944 745
Table 80. Foreign service retirement and disability fund, June 30, 1944. _ 747
Table 81. Library of Congress trust fund, June 30, 1944 748
Table 82. Longshoremen's and harbor workers' compensation fund —
Assets held by the Treasury Department, June 30, 1944 751
Table 83. National Archives gift fund, June 30, 1944 751
Table 84. National Cancer Institute gift fund, June 30, 1944 752
Table 85. National Institute of Health gift fund, June 30, 1944 753
Table 86. National park trust fund, June 30, 1944 754
Table 87. National service life insurance fund, June 30, 1944 755
Table 88. Pershing Hall Memorial fund, June 30, 1944 756
Table 89. United States Government life insurance fund- — ^Investments,
June 30, 1944 757
Table 90. United States Naval Academy general gift fund 757
Government Corporations and Credit Agencies
Table 91. Combined statement of assets and liabilities of Government
corporations and credit agencies, June 30, 1 944 758
Table 92. Proprietary interest of the United States in Government cor-
porations and credit agencies, June 30, 1933 through 1944 768
Table 93. Sources of funds of certain Government corporations and credit
agencies, fiscal year 1944 and cumulative through June 30, 1944 770
Table 94. Uses of funds of certain Government corporations and credit
agencies, fiscal year 1944 and cumulative through June 30, 1944 772
XII CONTENTS
Stock and Circulation of Money in the United States
Page
Table 95. Stock of money, money in the Treasury, in the Federal Reserve
Banks, and in circulation, by kinds, June 30, 1944 774
Table 96. Stock of money, money in the Treasury, in the Federal Reserve
Banks, and in circulation, June 30, 1913 through 1944 775
Table 97. Stock of money, by kinds, June 30, 1913 through 1944 776
Table 98. Money in circulation, by kinds, June 30, 1913 through 1944 777
Ownership of Governmental Securities
Table 99. Summary data from Treasury survey of the ownership of secur-
ities issued or guaranteed by the United States 778
Table 100. Estimated ownership of all interest-bearing governmental
securities outstanding, classified by issuer, June 30, 1937 through 1944_ 798
Table 101. Estimated amount of interest-bearing securities issued by all
governmental units in the United States outstanding on June 30, 1944,
classified by tax status and by type of issuer 800
Table 102. Estimated amount of interest-bearing securities issued by all
governmental units in the United States outstanding on June 30, 1913
through 1944, classified by tax status and by type of issuer 802
Customs Statistics
Table 103. Values of dutiable and taxable imports for consumption and
estimated duties and taxes collected bv tariff schedules, fiscal vears
1942 and 1943 " 812
Table 104. Estimated customs duties, value of imports entered for con-
sumption, and ratio of duties to value of dutiable imports and to value of
all imports, calendar years 1934 through 1943 and by months from Jan-
uary 1941 through December 1943 813
Table 105. Estimated customs duties, value of dutiable imports, and ratio
of estimated duties to value of dutiable imports, by tariff schedules, for
the calendar years 1934 through 1943 and by months from January 1941
through December 1943 814
Table 106. Value of dutiable imports for consumption and estimated
duties collected, by countries, fiscal years 1942, 1943, and 1944 820
Miscellaneous
Table 107. Xet expenditures for Federal aid to States, individuals, etc.
(exclusive of emergencv appropriations from which grants are made to
States), fiscal years 1920, 1930, 1940, and 1944 821
Table 108. Expenditures made by the Government as direct payments to
States under cooperative arrangements and expenditures within
States which provided relief and other aid, fiscal year 1944 825
Table 109. Number and amount of awards of the Mixed Claims Commis-
sion, United States and Germany, certified to the Secretary of the Treas-
urv by the Secretarv of State and the amount paid and balance due, by
classes, as of September 30, 1944 833
Table 110. Transactions in commodity stamps, fiscal vears 1939 through
1944 and monthly from July 1943 through June 1944 836
Budget Estimates
Table 111. Detailed receipts and expenditures of general and special ac-
counts, actual for the fiscal vear 1944 and estimated for the fiscal years
1945 and 1946 _' 837
Table 112. Detailed receipts and expenditures of trust accounts, actual for
the fiscal year 1944 and estimated for the fiscal years 1945 and 1946 861
Table 113. Summary of cash operations of the United States Treasury,
actual for the fiscal vear 1944 and estimated for the fiscal vears 1945
and 1 946 ^ ^ 877
Index 879
SECRETARIES, UNDER SECRETARIES, AND ASSISTANT SECRETARIES
OF THE TREASURY DEPARTMENT FROM MARCH 4, 1933, TO NOVEM-
BER 15, 1944 i AND THE PRESIDENT UNDER WHOM THEY SERVED
Term of service
From—
To-
Official
Secretary of tlie Treasury
President
Mar. 4,1933
Jan. 1, 1934
May 19,1933
Nov. 17, 1933
May 2, 1934
Jan. 29,1937
Nov. 1, 1938
Jan. 18.1940
Apr. 18, 1933
June 6, 1933
June 12, 1933
Dec. 1, 1934
Feb. 19, 1936
July 1, 1938
June 23, 1939
Jan. 18.1940
Dec. 31,1933
Nov. 16, 1933
Dec. 31,1933
Feb. 15,1936
Sept. 15, 1938
Dec. 31,1939
Feb. 15, 1936
Sept. 30, 1939
Dec. 12, 1933
Nov. 1, 1937
Feb. 28, 1939
Oct. 31,1938
Secretary of the Treasury
William H. Woodin, New York
Henry Morgenthau, Jr., New York.
Under Secretaries
Dean G. Acheson, Maryland
Henry Morgenthau, Jr., New York .
Thomas Jefferson Coolidge, Mas-
sachusetts.
Roswell Magill, New York
John W. Hanes, North Carolina .
Daniel W. Bell, Illinois
Assistant Secretaries
Lawrence W. Robert, Jr., Georgia-
Stephen B. Gibbons, New York..
Thomas Hewes, Connecticut
Josephine Roche, Colorado
Wayne C. Taylor, Illinois
John W. Hanes, North Carolina^.
Herbert E. Gaston, New York
John L. Sullivan, New Hampshire.
Woodin
Woodin
Morgenthau .
Morgenthau -
MorgenthaU-
Morgenthau.
Woodin, Morgenthau.-
Woodin, Morgenthau. -
Woodin
Morgenthau
Morgenthau
Morgenthau
Morgenthau
Morgenthau
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
1 For officials since 1789 see annual report for 1932, pp. xvii to xxi, and corresponding table in annual report
for 1933.
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE
TREASURY DEPARTMENT AS OF NOVEMBER 15, 1944
OFFICE OF THE SECRETARY
Henry Morgenthau, Jr... Secretary of the Treasury.
Daniel W. Bell Under Secretary of the Treasury.
Herbert E. Gaston Assistant Secretary of the Treasury.
John L. Sullivan Assistant Secretary of the Treasury.
(Vacant) Fiscal Assistant Secretary of the Treasury.
Harry D. White Assistant to the Secretary.
Ted R. Gamble Assistant to the Secretary.
Ernest L. Olrich Assistant to the Secretary.
JohnW. Pehle Assistant to the Secretary (and Executive Director, War Ref-
ugee Board).
Henrietta S. Klotz Special Assistant to the Secretary.
Charles S. Bell .-. Administrative Assistant to the Secretary.
Charles R. Schoeneman Technical Assistant to the Secretary and Budget Officer.
Paul McDonald Assistant Administrative Assistant to the Secretary.
Theodore F. Wilson Director of Personnel.
Elmer L. Irey. Chief Coordinator, Treasury Enforcement Agencies.
Chas. P. Shaeffer Director of Public Relations.
William T. Heflelflnger Assistant to the Under Secretary.
Edward D. Batchelder Executive Assistant to the Fiscal Assistant Secretary.
Frank F. Dietrich Executive Assistant to the Fiscal Assistant Secretary.
Walter F. Frese. Executive Assistant to the Fiscal Assistant Secretary.
Francis C. Rose... Executive Assistant to Assistant Secretary.
F. A. Birgfeld.. Chief Clerk.
Denzil A. Right Superintendent of Treasury Buildings.
Gabrielle E. Forbush Chief, Secretary's Correspondence Division.
OFFICE OF THE GENERAL COUNSEL
Joseph J. O'Connell, Jr General Counsel.
N. 0. Tietjens Assistant General Counsel.
Thomas J. Lynch Assistant General Counsel.
Ansel F. Luxford Assistant General Counsel.
Charles Oliphant Assistant General Counsel.
Josiah E. Du Bois. Assistant General Counsel.
Lehman C. Aarons Assistant to the General Counsel.
David J. Speck Special Assistant to the General Counsel.
Lawrence S. Lesser Special Assistant to the General Counsel.
John P. Wenchel Chief Counsel, Bureau of Internal Revenue.
Robert Chambers Chief Counsel, Bureau of Customs.
Theodore W. Cimningham Chief Counsel, Bureau of the Public Debt.
Isadore G. Alk Actmg Chief Counsel, Foreign Funds Control.
Alfred L. Tennyson. Chief Counsel, Bureau of Narcotics.
DIVISION OF RESEARCH AND STATISTICS
George C. Haas Director of Research and Statistics.
Henry C. Murphy... Assistant Director.
Al F. O'Donnell Assistant Director.
Russell R. Reagh Assistant Director (Government Actuary).
Anna M. Michener Assistant to the Director.
Eldon B. Smith.. Administrative Assistant to the Director.
Isabellas. Diamond. Librarian.
DIVISION OF MONETARY RESEARCH
Harry D. White Director of Monetary Research.
Harold Glasser. Assistant Director.
Edward M. Bernstein Assistant Director.
Norman T. Ness _ Assistant Director.
William H. Taylor Assistant Director.
DIVISION OF TAX RESEARCH
Roy Blough... Director of Tax Research.
Louis Shere Assistant Director.
OFFICE OF THE TAX LEGISLATIVE COUNSEL
Robert W. Wales Tax Legislative Counsel.
Frederick C. Lusk Assistant Tax Legislative Counsel.
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS XV
FOREIGN FUNDS CONTROL
Orvis A. Schmidt Acting Director, Foreign Funds Control.
Jaclf Bennett Chief of Licensing Division and Chief of Statistics and Report-
ing Division.
Rella R Shwartz Chief of Enforcement Division.
Robert R. Evans - Acting Executive Officer (Administrative Services).
WAR FINANCE DIVISION
Ted R. Gamble National Director.
Robert W. Coyne Assistant National Director.
Charles \V. Adams Assistant to the National Director.
Thomas H. Lane Director, Radio, Press, and Advertising Division.
James L Houghteiing . Director, National Organizations Division.
Mabelle B. Blake...-' Associate Field Director, Women's Activities.
BUREAU OF ACCOUNTS (IN THE FISCAL SERVICE)
Edward F. Bartelt Commissioner of Accounts.
Robert W. Maxwell Assistant Commissioner of Accounts.
Joseph Greenberg.. Assistant Commissioner of Accounts.
Gilbert L. Cake Chief Accountant.
Stephen P. Gerardi Executive Assistant to the Commissioner.
Guy F. Allen Chief Disbursing Officer, Division of Disbursement.
Joseph A. Woodson Chief, Division of Bookkeeping and Warrants.
B. M. Mulvihill -. Chief, Division of Deposits.
Harry R. Schwalm Chief Examiner, Section of Surety Bonds.
Eugene P. O'Daniel Chief, Section of Investments.
BUREAU OF THE PUBLIC DEBT (IN THE FISCAL SERVICE)
William S. Broughton Commissioner of the Public Debt.
Edwin L. Kilby'. Associate Commissioner of the Public Debt.
Ross A. Heflelfinger Deputy Commissioner of the Public Debt.
H. F. Ziegenfus Technical Assistant to the Commissioner.
Eugene W. Sloan - Deputy Commissioner in Charge, Chicago Office.
Edward G. Dolan Register of the Treasury.
Byrd Leavell . Assistant Register of the Treasury.
Marvin AVesley Chief, Division of Loans and Currency.
Melvin R. Loafman Chief, Division of Public Debt Accounts and Audit.
Maurice A. Emerson Chief, Division of Paper Custody.
Lemuel W. Owen... Chief, Division of Savings Bonds.
OFFICE OF THE TREASURER OF THE UNITED STATES (IN THE FISCAL SERVICE)
William A. Julian Treasurer of the United States.
Marion Banister Assistant Treasurer.
Michael E. Slindee Assi-^tant to the Treasurer.
Frederick L. Church Administrative Assistant to the Treasurer.
Grover C. Emerson Staff Assistant to the Treasurer.
Bernard A. Hayden Chief, Administrative Division.
BUREAU OF ENGRAVING AND PRINTING
Alvin W. Hall Director, Bureau of Engraving and Printing.
Clark R. Long Associate Director.
Thomas F. Slattery Assistant Director (Production).
BUREAU OF THE COMPTROLLER OF THE CURRENCY
Preston Delano Comptroller of the Currency.
Cyril B. Upham Deputy Comptroller.
R. B. McCandless Deputy Comptroller.
J. L. Robertson Deputy Comptroller.
W. P. Folger Chief National Bank Examiner.
BUREAU OF NARCOTICS
Harry J. Anslinger _._ Commissioner of Narcotics.
Will S. Wood.. Deputy Commissioner of Narcotics.
Malachi L. Harney Assistant to the Commissioner.
BUREAU OF INTERNAL REVENUE
Joseph D. Nunan, Jr Commissioner of Internal Revenue.
Harold N. Graves Assistant Commissioner.
George J. Schoeneman Assistant Commissioner.
Eldon P. King Special Deputy Commissioner.
Norman D. Cann Deputy Commissioner.
Victor H. Self Deputy Commissioner.
D. Spencer Bliss Deputy Commissioner.
Stewart Berkshire Deputy Commissioner. •
Archie D. Burford Deputy Commissioner.
A. R. Marrs Head, Technical Staff.
W. H. Woolf ..-- Chief, Intelligence Unit.
XVI PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS
BUREAU OF CUSTOMS
W. R. Johnson -.- Commissioner of Customs.
Franlc Dow Assistant Commissioner of Customs.
E. J. Shamhart.__ Deputy Commissioner.
A. S. Johnson Deputy Commissioner.
Glenn H. GriflBth Acting Deputy Commissioner.
BUREAU OF THE MINT »
Nellie Tayloe Ross Director of the Mint.
Leland Howard. _ Assistant Director.
PROCUREMENT DIVISION
OFFICK OF SURPLUS PROPERTY
Ernest L. Olrich Assistant to the Secretary (Director of Surplus Property).
R. C. Duncan Deputy Director, Sales and Merchandising.
F. W. Atcheson Deputy Director, Operations.
A. W. Frey Deputy Director, Trade Relations, Research, and Publicity.
OFFICE OF PROCUREMENT
Clifton E. Mack Director of Procurement.
AloysiusJ. Walsh _-. Deputy Director, Operations.
Paul King Acting Deputy Director, Management.
George Landick, Jr Assistant to the Director.
Robert LeFe\Te Assistant to the Director.
S. A. Snyder Assistant to the Director.
Norman F. Harriman Technical Assistant to the Director.
UNITED STATES SECRET SERVICE
Frank J. Wilson Chief, United States Secret Service.
James J. Maloney Assistant Chief.
Laurence E. Albert Assistant to the Chief.
Walter S, Bowen Chief Clerk.
Michael F. Reilly Supervising Agent (White House Detail).
STANDING DEPARTMENTAL COMMITTEES
BUDGET AND IMPROVEMENT COMMITTEE
C. R. Schoeneman (Budget Officer) Chairman. Charles S. Bell.
F. A. Eirgfeld, Vice Chairman. T. F. Wilson.
M. E. Slindee. George H. Jones.
COMMITTEE ON PRACTICE
Guy C. Hanna, Chairman. George E. Cleary.
Hessel E. Yntema. Allison Rupert, Attorney for the Government
Huntington Cairns.
WAGE BOARD
T. F. Wilson .- Chairman.
Charles R. Schoeneman Member.
Elmer L. Irey Member.
ANNUAL REPORT ON THE FINANCES
Treasury Department,
Washington, D. C, January 3, 1945.
Sir: I have the honor to make the followhig report on the finances
of the Federal Government for the fiscal year ended June 30, 1944.
From the commencement of the national defense program in 1940
to the end of the fiscal year 1943, the Federal Government's expendi-
tures for war purposes and its receipts each advanced steadily and
rapidly. Expenditures for peacetime purposes declined substantially,
expressed as a percentage of their former level; but this contraction
was small in amount compared with the huge totals of wartime outlays
and taxation.
By the beginning of the fiscal. year 1944, the annual rate of war
expenditures had nearly stabilized, as the Nation approached its
effective production potential and this stability is likely to continue
at least through the fiscal year 1945.
The annual rate of Federal receipts during the fiscal year 1944
covered somewhat less than half of total expenditures, and it appears
that approximately the same relationship will obtain during the fiscal
year 1945.
I said in my report last year, and I still believe, tha^, it would be
better for the economy of the United States and fairer to the men in
the armed forces if a larger portion of the current cost of the war
were paid for by taxation. Congress has decided otherwise, however;
and there appears to be little likelihood of a substantial upward revi-
sion in our tax system during the continuance of the present conflict.
I believe that the time is opportune, therefore, to review the impact of
the wartime fiscal operations of the Federal Government on the na-
tional economy, and to consider, in broad outline, some of the steps
which should be taken to adjust these operations to the new conditions
which will prevail when victory is finally achieved.
The following table summarizes the receipts and expenditures of
the Federal Government for the fiscal years 1940 through 1945
1
613185—45-
REPORT OF THE SECRETARY OF THE TREASURY
Summary of Federal finances, fiscal years 1940 through 1945 '
[In billions of dollars]
Item
1940
1941
1942
1943
1944
1945
Actual
Estimated
A Expenditures:
1. War:
a Budgetary .
1.7
6.3
.4
26.0
2.3
72.1
3.2
87.0
2.7
88 0
b. Government corporations'..
1.0
c. Total
1.7
6.7
28.3
75.3
89.7
89.0
2. Other:
a. Interest on the public debt
b. Refunds of taxes and customs, in-
cluding excess profits tax refund
bonds
1.0
.1
.6
5.7
.3
1.1
.1
.6
4.6
.7
1.3
.1
.6
4.5
-.4
1.8
.1
.6
3.6
-1.7
2.6
.3
.7
3.1
-1.2
3.8
2.2
c. Veterans' pensions and benefits . . .
d. Other budgetary expenditures
e. Government corporations 3
1.3
3.7
-.2
f. Total ... ... .
7.6
7.1
5.9
4.4
5.6
10.7
3. Total expenditures . .
9.3
5.4
13.8
7.6
34.2
12.8
79.7
22.3
95.3
44.1
99.7
B. Receipts*. ....
45.7
C. Excess of expenditures -
3.9
6.2
21.4
57.4
51.1
54.0
Note. — Figures are rounded and will not necessarily add to totals.
' Figures are on the basis of classifications appearing in the 1946 Budget Message. They include net ex-
penditures of Government corporations and the totals are not, therefore, the same as the figures in certain
other tables in this report. They exclude statutory debt retirements and trust funds.
2 Includes only Treasury outlays for the war activities of the Reconstruction Finance Corporation and its
affiliates. Figures are excess of expenditures over receipts.
3 Comprises principally Treasury outlays for Commodity Credit Corporation, Home Owners' Loan
Corporation, and nonwar activities of Reconstruction Finance Corporation and its affiliates. Figures are
excess of expenditures over receipts. Negative figures indicate excess of receipts.
* Net budgetary receipts, i. e., total receipts less net appropriation to Federal old-age and survivors insur-
ance trust fund.
The figures on expenditures shown in the table inchide both budge-
tary expenditures and net outlays made by the Treasury for the
operation of Government corporations. The figures for the fiscal
years 1940 through 1944 reflect actual results. Those for the fiscal
year 1945 are the estimates presented in the Budget Message of the
President.
The table shows that Federal Government expenditures for war
purposes rose rapidly from $1.7 billions in the fiscal year 1940, the
last fiscal year before the beginning of the national defense program,
to $89.7 billions in the fiscal year 1944. For the fiscal year 1945,
war expenditures are estimated to remain almost unchanged at $89.0
bilhons.
Net receipts advanced from $5.4 billions in the fiscal year 1940 to
$44.1 billions in the fiscal year 1944, and are estimated to remain
almost unchanged at $45.7 billions for the fiscal year 1945.
The excess of expenditures over receipts amounted to $51.1 billions
for the fiscal year 1944, and is estimated at $54.0 billions for the
fiscal year 1945. This excess of expenditures had been as high as
$57.4 billions in the fiscal year 1943, however.
A rough measure of the impact of Federal fiscal operations on the
national economy may be made by relating expenditures and receipts
REPORT OF THE SECRETARY OF THE TREASURY
to the total production of goods and services, known as the gross
national product.^ This is done in the following table.
Proportion of gross national product represented by expenditures, receipts, and excess
of expenditures of the Federal Government, fiscal years 1940 through 1945
Gross national
Proportion represented by-
Fiscal year
product (in
billions)
Federal ex-
penditures
Federal
receipts
Excess of ex-
penditures
1940. - -
1941...
1942 _
$93
106
134
172
194
198
Percent
10
13
26
46
49
60
Percent
6
7
10
13
23
23
Percent
4
C
16
1943
33
1944-.
1945 ^
26
27
The gross national product has tended to stabilize at about $200
billions, apparentl}'' reflecting the approach to our effective wartime
productive capacity. It is estimated that Federal expenditures
during the fiscal year 1945 will be about 50 percent of the gross national
product. Federal receipts will amount to about 23 percent of the
product; and the excess of expenditures, to about 27 percent. These
proportions are approximately the same as in the fiscal year 1944.
An excess of Federal Government expenditures over Federal Gov-
ernment receipts, amounting to 27 percent of the gross national product,
means that an amount of income corresponding to that proportion of
the gross product is paid out, which the recipients may spend or save
as they choose; but that the earning of this income gives rise to no
corresponding flow of civilian goods and services upon which it can be
spent. A corresponding proportion of the total income flow^ created
by the gross national product must, therefore, be saved by the people
if a rise in prices is to be averted.
The experience of the past three years has shown us that, with the
aid of appropriate controls, and thanks to the common sense of the
American people, this higher rate of savings can be attained in fact,
and economic stabilization thereby achieved. I believe that, with
suitable controls, and with the continued cooperation of the people
with the stabilization program, inflation can and will be avoided
tlu-oughout the rest of the war period and during the post-war
adjustment.
Factors in the stabilization 'program
Federal receipts from taxation have increased eightfold since 1940.
The major proportion of the remaining excess money incomes that
might otherwise have exerted an inflationary pressure has been in-
vested in war bonds, or retained unspent as liquid savings. And the
1 Federal Government receipts and expenditures are not strictly comparable with gross national product
estimates without certain technical adjustments. These adjustments, however, are sufficiently small,
for the period covered, to permit them to be omitted in this discussion. See section on Sources of Funds
for Federal Borrowing, which begins on p. 79, for further discussion of the relationship of Federal fiscal
operations to the rest of the economy.
REPORT OF THE SECRETARY OF THE TREASURY
direct controls over consumption and prices — rationing, allocations,
price ceilings, etc.— have prevented the cumulation of cost and price
increases. While the removal of purchasing power from the market
by wartime taxes and savings campaigns has contributed greatly to
the success of the direct controls, the direct controls at the same time
have facilitated and strengthened the effectiveness of the taxation and
savings programs. In short, the wartime level of taxes, the war loans
and other savings campaigns and the direct controls have formed an
interrelated program, each part of which has been essential to the
whole.
The following table shows the increase in the gross public debt
and guaranteed obligations during each of the fiscal years 1940 tlirough
1944, the amount of this increase held unspent in the General Fund of
the Treasury, and the amount absorbed by nonbank investors, respec-
tively. The remainder of the debt increase, after making the deduc-
tions just referred to, represents funds borrowed directly or indirectly
from the banking system and actually spent by the Government
during the period. This includes the entire portion of the expenditures
of the Federal Government which resulted in the creation of currency
and deposits in commercial banks (including time deposits) during
each period. As shown in the table. Federal expenditures resulting
in an increase in currency and deposits amounted to 7 percent of the
gross national product in the fiscal year 1944, as compared with 14
percent in the preceding year. This sharp fall was caused in part,
however, by the fact that two complete w^ar loan drives and the major
portion of a third fell within the fiscal year 1944, with the result that
the proportion of nonbank absorption of the debt in that year was
liigher than it would have been otherwise.
Comparison, with the gross national product, of the portion of the increase in the
Federal debt which residted in the creation of bank deposits and currency in the
hands of the public
[Dollars in billions]
Fiscal year
1940
1941
1942
1943
1944
Gross national product
$93
$106
$134
$172
$194
Increase in gross public debt and guaranteed obligations
Less increase in General Fund balance
2.6
-.9
6.8
.7
21.7
.4
63.8
6.5
61.8
10.7
Expended portion of increase in public debt and guaranteed
obligations
3.6
1.9
6.1
3.6
21.3
14.8
57.3
32.5
51.2
Less net absorption of debt by nonbank investors '
38.0
Debt which resulted in an increase in commercial bank de-
posits or currency in the hands of the public ^
1.7
2.5
6.5
24.8
13.2
Percent of gross national product
2%
2%
5%
14%
7%
Note.— Figures are rounded and will not necessarily add to totals.
' Interest-bearing debt absorbed by nonbank investors, as shown by the table on page 91, plus the en-
tire increase in United States savings stamps, excess profits tax refund bonds, and matured debt.
' Interest-bearing debt absorbed by commercial and Federal Reserve Banks, as shown in the table on
page 91, plus the increase in deposits in the Treasury for the retirement of Federal Reserve Bank notes
and national bank notes, less the increase in the General Fund balance in the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 5
By no means all of the increase in the debt absorbed by the banking
system has contributed to net inflationary pressure. A large in-
crease in currency and bank deposits was required by the doubling of
the gross national product which took place during the period; and
this necessary increase in money supply could be furnished, under
existing statutes, only by a substantial absorption of debt by the
banking system. Also, individuals and corporations paid back sub-
stantial amounts of debt, including debt held by the banking system,
offsetting in part the increase in commercial bank holdings of Govern-
ment securities; and increased their savings deposits in commercial
banks substantially during the period. In the case of many business
enterprises, the proceeds of inventory liquidation and depreciation are
held in the form of deposits to facilitate reinvestment in the post-war
period. Furthermore, experience has shown that a large proportion
of the demand deposits and currency accumulated by individuals and
corporations during this period has been regarded by its owners as
part of their permanent savings and has not entered into active cir-
culation for the purchase of goods and services.
Tax. policy
Our wartime tax policy has been to adapt the tax structure to
achieve important wartime objectives.
Through heavy wartime taxes a large part of the financial cost of
the war is being paid currently by wartime civilians instead of being
deferred to be met by returning service men and women. The large
revenue collections during the war are restricting the growth of the
debt, thereby moderating post-war fiscal and economic problems. By
channeling billions of dollars of spending power into the Treasury,
wartime taxes are strongly buttressing the program of economic
stabilization. Civihan demands are thereby made more controllable
and the strain is eased on direct controls, such as priorities, rationing,
wage ceilings, and price ceilings. High taxes on war profits and on
large incomes, moreover, have helped to gain popular acceptance of
the stabilization program.
The eightfold increase in tax yields has been accomplished in suc-
cessive stages, thus minimizing shock to the economic system. More-
over, standards of equity in taxation have not been sacrificed. The
test of taxation according to ability to pay has been met through
heavy reliance on progressive taxes, through special relief provisions
to alleviate hardships, and through continued efforts to close avenues
of escape from just taxation. The budgeting and payment of taxes
have been made more convenient through the introduction of with-
holding and current payment methods. Individual income tax re-
turns and compliance have been greatly simplified.
6 REPORT OF THE SECRETARY OF THE TREASURY
Wartime taxes must contimie as long as war conditions require.
For the post-war period, however, the tax system must be readjusted
to the then existing fiscal and economic needs. A strong tax system
must be maintained, for post-war expenditures will be far higher than
pre-war expenditures and we should plan to reduce the debt as rapidly
as economic considerations permit. But selective tax reductions and
adjustments will be needed to encourage private expenditures for
consumption and investment. Such measures are essential to the
realization of full employment in a peacetime economy of free enter-
prise and competition.
Timing the changes from the wartime tax structure to the post-war
tax structure will present an important and difficalt problem. Little,
if any, reduction in tax rates should be anticipated until after the
cessation of major hostilities on all fronts. An important factor affect-
ing timing of downward adjustments is whether the transition and
immediate post-war periods will involve continued inflationary pres-
sures and, if so, at what point of time these will disappear. The
premature relaxation of our efforts on the tax front might jeopardize
the continuing success of the economic stabilization program. On the
other hand, too great delay in adjusting the tax structure and rates
might jeopardize the post-war maintenance of high levels of employ-
ment and business activity.
The problem of adjusting taxes to match the shift of emphasis from
wartime objectives to post-war objectives will require foresight and
coordinated action. The Treasury has been cooperating with other
executive departments and agencies and with the Congressional Joint
Committee on Internal Revenue Taxation in the study of tax adjust-
ments for the transition and post-war periods.
Debt management
It is certain that the present war will leave the United States with a
large public debt. There is no question of the ability of the country to
service this debt. As the tables on pages 2 and 3 indicate, estimated
expenditures on account of interest on the debt, for the fiscal year
ending June 30, 1945, amount to less than 2 percent of the anticipated
gross national product for the same period. Production will probably
be at a lower level, and the debt will certainly be somewhat larger after
the war than now. The interest charge will thus represent a larger
proportion of the national product; but it will still be a relatively small
proportion. The payment of interest on the debt, furthermore, does
not decrease the amount of the gross national product available for
consumption or capital expansion. It is a transfer operation by which
the amount of the interest is collected from taxpayers and paid to the
holders of the debt, who are also numbered among the taxpayers,
REPORT OF THE SECRETARY OF THE TREASURY 7
The burden of the debt, therefore, consists of the necessity of collect-
ing a large amount of money from some persons and repaying it to
others, and of the possible adverse economic effects of the resulting
redistribution of income upon the amount of the national product.
This burden is a real one, however, and it should be a major object of
fiscal policy m the post-war period to reduce the amount of the debt
in so far as this is compatible with the maintenance of full employment.
All borrowing during the wartime period has been by the issuance of
securities, the interest on which is subject to the Federal income tax.
The exclusive issuance of such securities, which is now a permanent
part of our public debt policy, has been achieved without any sub-
stantial increase in the interest rates on Federal securities above the
rates which it would have been necessary to pay on tax-exempt secu-
rities. The taxability of the interest on the wartime debt will both
ease the problem of public debt management in the post-war perioJ
and make possible a more equitable and better balanced Federal
tax system.
The low level of interest rates on the public debt (the computed in-
terest rate on June 30, 1944, was 1.93 percent) lightens the burden
of the debt and v/ill tend to simplify debt management in the post-war
period. Moreover, the fundamental factors underlying interest rates
on Government securities, which apply also to interest rates in other
fields, give no indication of a change in the direction of a higher level
of rates in the foreseeable future. Continued low interest rates will
be a major contribution to economic stability and the maintenance of
full employment after the war, for low interest rates stimulate business
and encourage new enterprise.
Borrowing during the war period has been carried on with a constant
eye to the transitional and post-war effects of the types of securities
offered and the classes of investors appealed to. The Treasury has so
diversified its oft'erings of securities as to provide a security adapted
to the requirements of each major class of investors. Long-term
marketable bonds have been sold principally to insurance companies
and savings banks. Commercial banks have been offered more liquid
marketable obhgations having terms of 10 years or less. One-year
certificates of indebtedness, and Treasury savings notes having a
maturity of three years, but redeemable at the owners' option after
six months, have been especially attractive for the investment of
temporary accumulations of business concerns. The principal em-
phasis in sales of securities to individuals has been upon Series E
savings bonds, wliich have a maturity of ten years, but which are
redeemable at the owners' demand after 60 days.
In offering securities to different classes of investors, the Treasury
has always borne in mind the fact that the time w^iicli the origiual '
purchaser of a security will hold it will depend, principally, upon his
8 REPORT OF THE SECRETARY OF THE TREASURY
own future needs and convenience, and to a very minor extent upon
the nominal maturity of the security. Tlie indiscriminate issuance
of long-term securities to all classes of investors would not insure
their being held to maturity by their original purchasers, but would
result merely in premature market liquidation. The adaptation of
the securities offered to the particular needs of different classes of
investors, taken in conjunction with appropriate open market policy,
obviates the possibility of a disorderly liquidation of securities through
the market, such as might have occurred had a single type of market-
able security been issued to all. Such liquidation as is inevitable in
the post-war period will take the form principally of the redemption
of securities by the Treasury, either at maturity or at the owners'
demand, rather than by sale in the open market. The refinancing of
these obligations, to the extent that a net reduction in the outstand-
ing debt is not possible, can be conducted in an orderly manner by
the sale of new Treasury securities adapted to market conditions at
the time. Thus one factor of economic instability, the demoraliza-
tion of the security markets, will be eliminated.
Smooth transition to a peacetime economy will be promated by
the distribution of public debt securities of different types among
various classes of investors. Corporations which have invested their
reserves for reconversion and post-war expansion in certificates of
indebtedness and Treasury savings notes suffer no impairment in the
liquidity of their reserves by such investment. After the war they
may sell or allow their holdings of certificates to run off and may
present their savings notes for redemption without loss of principal.
The composition of the public debt will also contribute to economic
stability by releasing purchasing power when the stimulus of increased
spending is needed. Although individuals will probably not liquidate
their savings bond investments on a large scale in the post-war period,
they are likely to spend more freely of their current incomes because
of the sense of security afforded by their savings bond holdings.
The distribution of savings bonds among many individuals in the
relatively low income groups will enhance the contribution of such
spending to the maintenance of economic stability.
The same ch'cumstances which have made it advisable to concen-
trate a large proportion of the wartime debt in securities of short
matm-ity will continue in time of peace. The contribution which such
a structure of the public debt furnishes to the liquidity of the whole
economy will be an important factor in the maintenance of full employ-
ment in the post-war period. The funding of a major portion of the
short-term debt into longer-term securities, on the other hand, would
serve merely to increase the interest cost to the Government and to
shift the risk of future changes in interest rates (and corresponding
movements, in the opposite direction, of bond prices) from the
REPORT OF THE SECRETARY OF THE TREASURY 9
Government to private investors. Such a policy would increase,
rather than reduce, the factors making for instability in the post-war
economy, as the Government is in a better position to bear the risk
of changes in interest rates than most classes of investors, and — unlike
any class of investors — is also in a position to minimize it, I see no
need, therefore, for any large-scale refunding of short-term Govern-
ment securities into long-term ones during the transition or post-war
periods.
International monetary and financial cooperation
Durmg the past year further steps have been taken to assure cooper-
ation among the United Nations in dealing with international mone-
tary and financial problems after the war.
For more than a decade we have tried to secure currency stabiliza-
tion through cooperation with friendly governments. In 1936 we
joined with England and France in the Tri-Partite Declaration, to
which Belgium, the Netherlands, and Switzerland adhered, to main-
tain stable exchange arrangements and to consult on important ex-
change problems. The Treasury also entered into bilateral stabiliza-
tion agreements with a number of American Republics and other
friendly countries. These measures, while helpful, were not adequate
to assure stable exchanges in a world of restriction and economic
aggression.
On the basis of this experience the Treasury came to the conclusion
that international monetary and financial problems could be dealt
with only by broad cooperation among all countries. After extended
study by the Treasury, with the cooperation of other departments of
this Government, tentative proposals were formulated for an inter-
national stabilization fund and an international bank. In 1943,
drafts of these proposals were sent to the Ministers of Finance of the
United Nations for consideration by their technical experts. After
a year of discussion among the teclmical representatives of some thirty
coim tries, a joint statement was published recommending an inter-
national monetary fund. In May 1944, President Roosevelt called
the United Nations Monetary and Financial Conference which was
held at Bretton Woods, N. H., in July. The Conference prepared
articles of agreement for an international monetary fund and an
international bank for reconstruction and development for submission
to the participating governments.
World prosperity and world peace will depend in large measure upon
the existence of a high level of balanced international trade in the
post-war period. All nations are economically dependent upon one
another, both as consumers and as producers. With stable and
orderly exchanges world trade can be increased. Productive foreign
investments will make possible reconstruction of the war-torn areas
10
REPORT OF THE SECRETARY OF THE TREASURY
of Europe and Asia, and the development of new countries. As one
of the leading foreign trading countries of the world, we have a special
interest in these measures for international monetary and financial
cooperation which will facilitate the revival and growth of world trade.
The United Nations have shown that they regard international
monetary and financial problems as an international responsibility
that can be dealt with by cooperation through the fund and the bank.
By providing stable and orderly exchange arrangements and encourag-
ing productive international investment, the fund and the bank will
make possible the balanced growth of international trade. Together,
they can help provide a sound foundation for a prosperous and
peaceful world.
There follows a detailed discussion of receipts and expenditures,
public debt operations, taxation and monetary developments, and
other Treasury operations during the fiscal year.
RECEIPTS IN GENERAL AND SPECIAL ACCOUNTS
Total receipts of the Federal Government in general and special
accounts amounted to $45.4 billions during the fiscal year 1944. Net
receipts, which consist of total receipts less the net appropriation for
the Federal old-age and survivors insm-ance trust fund, amounted to
$44.1 billions. Total receipts were nearly twice the amount received
in 1943, nearly three and one-half times those in 1942, and five and
one-half times those in 1941. A comparison of annual total and net
receipts, beginning with 1941, is shown in the following table.
Receipts, fiscal years 1941 through 1944
[Dollars in billions. On basis of daily Treasury statements, see p. 519]
Year
Income and excess
profits taxes
All other
Total receipts
Net appro-
priation to
Federal old-
age and sur-
vivors insur-
ance trust
fund 1
Net re-
ceipts
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Amount
1941
$3.5
8.0
16.1
34.7
42.0
58.2
68.8
76.3
$4.8
5.7
7.3
10.8
58.0
41.8
31.2
23.7
$8.3
13.7
23.4
45.4
100.0
100.0
100.0
100.0
$0.7
.9
1.1
1.3
$7.6
1942
1943
12.8
22.3
1944
44.1
Total
62.2
68.5
28.6
31.5
90.7
100.0
3.9
86.8
NoTK. — Figures are rounded and will not necessarily add to totals.
' Represents appropriations equal to "Social security taxes— Federal Insurance Contributions Act"
collected and deposited as provided under sec. 201 (a) of the Social Security Act Amendments of 1939 less
reimbursements to the General Fund for administrative expenses.
REPORT OF THE SECRETARY OF THE TREASURY
11
RECEIPTS.' CLASSIFIED BY MAJOR SOURCES
FISCAL YEARS 1938 THROUGH 1944
1938 1939
1940 1941 1942 1943
FISCAL YEARS
944
Chart 1.
> Excludes trust account receipts and net appropriation to the Federal old-age and survivors insurance
trust fund.
12
REPORT OF THE SECRETARY OF THE TREASURY
A war-stimulated economy and the new tax legislation enacted in
response to the need for increased revenue have combined to lift
receipts sharply in each of the war years. The rapid expansion of
industrial production in consequence of Federal war expenditures was
accompanied by a similar expansion in business profits, in pay-
ments to individuals as a factor in the cost of production, and in the
production of civilian goods and services, thus increasing taxable
income. By a series of legislative acts, new taxes were imposed, rates
were increased, exemptions were lowered, and radical changes in
collection procedures were instituted tending to make tax payments
more current. The acts involved were the Revenue Acts of 1942 and
1943, the Current Tax Payment Act of 1943, and the Individual In-
come Tax Act of 1944. The increase in total receipts in 1944 over 1943
amounted to $22.0 billions.
The rising trend of total receipts in the fiscal years 1938 through
1944 is pictured by major sources in Chart 1 on page 11.
Income and excess profits taxes produced more than three-fourths
of the total receipts in 1944. The remaining fourth was derived from
the capital stock tax, estate and gift taxes, employment taxes, customs
duties, deposits resulting from renegotiation of war contracts, proceeds
of Gov^ernment-owned securities, excise taxes, and miscellaneous taxes
and receipts. Detailed data are contained in the tables beginning on
page 561.
Receipts from income and excess j^'ofits taies
Receipts from income and excess profits taxes more than doubled
in 1944, and the increase represented 84.3 percent of the aggregate
increase from all sources of revenue. The receipts of $34.7 billions
from income and excess profits taxes were 76.3 percent of total receipts,
as compared with 68.8 percent in 1943 and 42.0 percent in 1941.
Four years' receipts from income and excess profits taxes on corpora-
tions and individuals are shown in the table which follows.
Receipts from income and excess profits taxes,^ fiscal years 1941 through 1944
[Dollars in billions. On basis of internal revenue collections, see p. 520]
Corporation
Year
Income
Excess
profits
Declared
value
excess
profits
Unjust
enrichment
Total
Amount
Percent
1941 .
$1,852.0
3, 069. 3
4, 520. 9
5, 284. 1
$164. 3
1, 618. 2
5,063.9
9, 345. 2
$28.1
52.2
82.4
137.0
$9.1
4.4
1.8
.4
$2, 053. 5
4, 744. 1
9, 669. 0
14, 766. 8
59.2
1942
1943
1944
59.3
59.3
44.7
Total
14,726.3
16, 191. 6
299.7
15.7
31, 233. 3
51.4
Footnote at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
13
Receipts from income and excess profits taxes, ^ fiscal years 1941 through 1944 — Con.
[Dollars in billions]
Individual
Total
adjusted
Year
Witliheld
Not
withheld
Total
Total
to daily
Treasury
statement
basis
Amount
Percent
Amount
Percent
Amount
1941
«
$1,417.7
3, 262. 8
5, 943. 9
10, 437. 6
$1,417.7
3, 262. 8
6, 629. 9
18,261.0
40.8
40.7
40.7
55.3
$3, 471. 1
8, 006. 9
16, 298. 9
33, 027. 8
100.0
100.0
100.0
100.0
$3, 469. 6
1942
7, 960 5
1943
1944
$686. 0
7, 823. 4
16,093.7
34, 654. 9
Total-.
8, 509. 4
21,061.9
29, 571. 4
48.6
60, 804. 7
100.0
62,178.6
Note. — Figures are rounded and will not necessarily add to totals.
' Includes current taxes and back taxes.
Individual income taxes. —
The fiscal year 1944 was the first since 1937 in which collections of
the individual income tax exceeded those from the corporation income
and excess profits taxes. Individual income tax collections of $18.3
billions in the fiscal year 1944 were $11.6 billions greater than the
collections of $6.6 billions in the fiscal year 1943. The increase
resulted not only from higher levels of income but also from (a) in-
creased tax liabilities under the Current Tax Payment Act of 1943
and the Revenue Acts of 1942 and 1943; and (b) an abnormal concen-
tration of payments in 1944 resulting from the new legislation.
During the fiscal year 1944 the Treasury speeded up its receipts of
withholdings from salaries and wages by employers. Most employers
who had withheld more than $100 per month deposited these amounts
with Federal depositaries during the ensuing month, rather than wait
until the month following the end of the quarter to make payments
into the Bureau of Internal Revenue. Wliere such payments were
made the depositary paid them to the Treasury immediately and they
were included in the individual income tax receipts on the daily Treas-
ury statement basis. Receipts for these withholdings given to the
employers were then forwarded to the Bureau of Internal Revenue
which at that time considered these amounts to be collections. It
also collected cash from employers who had not paid through deposi-
taries. The adjustment to the daily Treasury statement basis in the
fiscal year 1944 is abnormally large since it includes, for the first time,
the withholdings made to depositaries but not yet received by the
Bureau of Internal Revenue as collections. Receipts (on the daily
Treasury statement basis) from the individual income tax totaled
$19.8 billions and receipts of amounts withheld totaled $9.2 billions
as compared with corresponding amounts of $18.3 billions and $7.8
billions reported as collections by the Bureau of Internal Revenue.
The Current Tax Payment Act of 1943 approved June 9, 1943, and
effective July 1, 1943, greatly increased the receipts in the fiscal year
14 REPORT OF THE SECRETARY OF THE TREASURY
1944 by placing the individual income tax on an appreciably current
payment basis. The act remitted 1942 income tax liabilities of
individuals but provided for a greater proportion of current payment
of liabilities incurred on the incomes of 1943 and 1944, partly through
withholding at source, and imposed large additional nonrecurring
liabilities on 1943 incomes in partial offset of the complete remission
of the tax liabilities upon calendar year 1942 incomes. In the fiscal
year 1944 the amount received from withholding was $9.2 billions, or
46.8 percent of the current individual income tax receipts, as com-
pared with $0.7 billions, or 10.8 percent, in 1943.
As a result of placing collections of the individual income tax on a
partly current basis as of July 1, 1943, the receipts in the fiscal year
1944 reflected the levels of income of the calendar years 1943 and
1944. On the other hand, the receipts in the fiscal year 1943 reflected
mainly the levels of income in the calendar years 1941 and 1942.
Since the period was one of sharply rising income, the shift to a cur-
rent basis, aside from other legislative changes, served to accentuate
the increase in receipts between the two fiscal years.
Provisions of the Revenue Act of 1942 contributed substantially to
the increase of the fiscal year 1944 receipts. The higher rates,
together with the lower personal exemptions and credits for depen-
dents, of the Revenue Act of 1942 were reflected in the receipts for
the entire fiscal year 1944. The receipts in the fiscal year 1943, on
the other hand, reflected the lower rates and higher exemptions of
the Revenue Act of 1941.
The Revenue Act of 1943, together with the Individual Income
Tax Act of 1944, in the process of simplifying the payment of the
individual income tax effected numerous changes in the law and
imposed some additional liability upon 1944 incomes. This additional
liability, principally from elimination of the earned-income credit,
was partially reflected in the fiscal year 1944 receipts.
The abnormal concentration of payments in the first year of the
transition to a current payment basis, the fiscal year 1944, was the
result of tliree factors. First, under the Current Tax Payment
Act of 1943, liabilities of 1943 were defined in effect as the higher of
1942 or 1943 liabilities under the Revenue Act of 1942 plus addi-
tional nonrecurring liabilities imposed as offsets of complete remission
of 1942 liabilities; and payments of 1942 tax liabilities already made
in the calendar year 1943 prior to July 1, 1943, were applied against
1943 liabilities due in the fiscal year 1944. Individuals whose in-
comes in 1942 were less than in 1943 had paid prior to July 1, 1943,
considerably less than half of their aggregate 1943 liabilities, exclusive
of nonrecurring liabilities, so that an abnormally large proportion of
1943 liabilities was liquidated in the fiscal year 1944. Second, the
larger part of the nonrecurring liabilities on 1943 incomes was paid in
REPORT OF THE SECRETARY OF THE TREASURY 15
the fiscal year 1944, the remainder bemg due in the fiscal year 1945.
Third, normally a small amount of June payments spills over into
July collections figures, but the uinisually large number of part pay-
ments made in June 1943 resulted in the official recording of an
unusually large portion of payments as collected in the fiscal year 1944.
Receipts from back taxes from individuals amounted to $183.7
milHons in the fiscal year 1944, an increase of $10.8 millions, or 6.2
percent, over such receipts of $172.9 millions in the fiscal year 1943.
This increase is associated with the large individual income tax
liabilities incurred in recent years.
Corporation income and excess profits taxes. —
Collection of total corporation income and excess profits taxes
amounted to $14.8 billions in the fiscal year 1944, an increase of $5.1
billions, or 52.7 percent, over collections of $9.7 billions the year
before. The increase of $5.2 billions, on a receipts basis, represented
24.0 percent of the increase in total receipts from all sources and was
second in importance only to the increase in collections of the individual
income tax.
The increase in corporation tax receipts in 1944 resulted from a
combination of changes occurring in the war period, principally
economic changes affecting corporate income and statutory changes
affecting the corporate tax structure. Of primary significance was
the sharp rise in corporate income between the calendar years 1941
and 1943. This increase in corporate income was not, however,
reflected fully in the increase in tax receipts of 1944 over those of
1943, since only about half of the collections on the 1941 tax liabilities
entered into the receipts of the fiscal year 1943 and likewise only
about half of the collections on the 1943 tax liabilities entered into
the receipts of the fiscal year 1944. (Collections on 1942 tax liabilities
are divided about evenly between the fiscal years 1943 and 1944.)
Corporate tax liabilities were increased also by provisions of the
Revenue Act of 1942, details of which are set forth on pages 99 and
100 of the annual report of the Secretary for the year 1943. A
considerable part of the fiscal year 1943 receipts reflected payments
incurred at the rates imposed by the Revenue Act of 1941, whfle most
of the fiscal year 1944 receipts were payments of taxes on income
subject to rates enacted by the Revenue Act of 1942.
Among the changes contained in the Revenue Act of 1942 was one
which provided that, in computing the base for normal tax and surtax,
the income subject to the excess profits tax be deducted from net
income, instead of the excess profits tax itself being deducted from
net income, as was the case under the Revenue Act of 1941. This
change offset somewhat the potential revenue effect of the increased
combined normal and surtax effective rate and reduced the importance
of the corporation income tax relative to the excess profits tax.
16 REPORT OF THE SECRETARY OF THE TREASURY
Thus an increased proportion of corporate income became subject
to the excess profits tax rather than to normal tax and surtax, and
as corporate income increased, the base for the normal tax and surtax
did not increase proportionately so much as the base for the excess
profits tax. This accounts in part for the relatively greater increase
in excess profits tax current collections from $4.8 billions in the fiscal
year 1943 to $8.5 billions in the fiscal year 1944, as contrasted with
comparable income tax current collections of $4.1 billions and $4.8
billions in the two fiscal years.
Some increases in the yield from the excess profits tax resulted
also from changes in the methods of computing the excess profits
credit. These changes are described on pages 100 and 101 of the
annual report of the Secretary for 1943.
Many other provisions of the Revenue Act of 1942 affected to
some extent the tax revenue received from certain corporations.
These included, for example: (1) the extension of the privilege of
filing consolidated returns for normal tax and surtax purposes as
well as for the excess profits tax, in which case, however, an addi-
tional 2 percent of surtax net income was imposed, and (2) a credit,
allowed against the corporation surtax only, equal to the amount of
dividends paid on preferred stock, was allowed to certain public
utilities.
The provisions of the 1942 Revenue Act for a 2-year carry-back of
net operating losses in computing net income and a 2-year carry-back
of unused excess profits credit, in addition to the allowance for a 2-
year carry-forward of net operating losses and unused excess profits
credit are potentially of importance but have not appreciably affected
current receipts through the fiscal year 1944.
The Revenue Act of 1943, effective January 1, 1944, increased the
1944 fiscal year receipts by a negligible amount since only those
corporations with fiscal years ending in January, February, and
March 1944 made payments on liabilities incurred under the provisions
of the 1943 act. These liabilities were limited to that part of their
total fiscal year falling in 1944.
No changes were made in the declared value excess profits tax
rates in either the 1942 or 1943 Revenue Act. The increase in current
collections from this tax, from $61.1 millions in the fiscal year 1943
to $109.9 millions in the fiscal year 1944, was largely attributable to
the increase in corporate income occurring over the period 1941-1943
and to the erratic nature of the tax. Since the declared value excess
profits tax applies only if a corporation fails to declare its capital
stock at a value equal to 10 times the earnings taxable under the
declared value excess profits tax, the amount received under this
tax depends upon the accuracy with which corporations predict their
earnings.
REPORT OF THE SECRETARY OF THE TREASURY
17
Back income tax receipts increased from $383.9 millions in the
fiscal year 1943 to $521.4 millions in the fiscal year 1944, while the
increase in the excess profits back tax receipts was both absolutely
and proportionately greater, from $219.9 millions to $865.8 millions.
Back taxes are affected by the level of corporate liabilities but with
a longer lag than holds in the case of current collections. Thus, the
fiscal year 1944 receipts of back taxes included payments on tax
liabilities incurred by corporations with taxable years ending in the
calendar year 1942 or earlier, whereas current receipts in the fiscal
year 1944 were limited to liabilities incurred in the calendar years
1943 and 1942.
Receipts from all other sources
Receipts from sources other than income and excess profits taxes
in the fiscal year 1944 amounted to $10.8 billions, or 23.7 percent of
the total. Receipts from this group increased nearly $3.5 billions
over those in 1943. About two-thirds of this rise, $2.4 billions,
occurred in miscellaneous receipts and $738.4 millions in miscellaneous
internal revenue. There were substantial increases in the other major
categories also. The table following outlines the principal sources
of such receipts in the past four years.
Receipts frotn sources other than income and excess profits taxes,^ fiscal years 1941
through 1944
[In millions of dollars]
Source
1941
1942
1943
1944
380.7
511.2
1,618.0
988.4
1, 855. 0
Total
Miscellaneous internal revenue:
Capital stock tax . ...
166.7
407.1
818.5
693.2
869.2
281.9
432.5
1, 046. 9
780.8
1, 295. 5
328.8
447.5
1, 423. 5
915.3
1, 456. 1
1, 158. 0
Estate and gift tax ,..
1,798.3
Liquor'
4,906.9
Tobacco' - . .--..-.
3, 377. 7
All other, mcluding repealed taxes
5, 475. 7
Total miscellaneous internal revenue (collections
basis) _
Adjustment to daily Treasury statement
2, 954. 6
12.3
3,837.7
9.4
4, 571. 1
-18.5
5, 353. 3
-62.3
16,716.7
-59.1
Total miscellaneous internal revenue (daily Treas-
ury statement basis)
2, 966. 9
3, 847. 1
4, 552. 6
5. 291. 0
16, 657. 6
Miscellaneous receipts:
Renegotiation of war contracts ....
' 558. 2
347.9
3 2,235.4
1,044.7
' 2, 793. 6
Another . .
508.2
277.4
2, 178. 1
Total miscellaneous receipts .
508.2
277.4
906.1
3, 280. 1
4,971.7
Customs ._.
391.9
932.0
388.9
1, 194. 0
324.3
1, 507. 9
431.3
1,751.2
1, 536. 4
Employment taxes and railroad unemployment insurance
contributions _
5, 385. 2
Total
4, 798. 9
5, 707. 4
7, 291. 0
10, 753. 6
28, 550. 9
Note.— Figures are rounded and will not necessarily add to totals.
' Revised.
■ The detail of miscellaneous internal revenue taxes is on the basis of internal revenue collections w ith totals
adjusted to the basis of the daily Treasury statement. Miscellaneous receipts (but not the components),
customs, and employment taxes and railroad unemployment insurance contributions are shown on the
daily Treasury statement basis. Information regarding the amounts of deposits resulting from the renego-
tiation of war contracts is on the basis of covering warrants.
2 Collections for credit to trust funds are not included.
3 Includes $112,784,469.99 representing voluntary uluin of excessive profits on renegotiated war contracts.
613185—45 3
18 REPORT OF THE SECRETARY OF THE TREASURY
Miscellaneous internal revenue. —
Miscellaneous internal revenue increased primarily because of
greater consumer demand for the products taxed, higher tax rates, and
new taxes provided by the Revenue Act of 1942 (effective in only part
of the fiscal year 1943) and the Revenue Act of 1943.
(1) Capital Stock Tax.
Collections from the capital stock tax in the fiscal year 1944 were
$380.7 millions, or 0.8 percent of total receipts. They represented an
increase of 15.8 percent over the amount of $328.8 millions collected in
the fiscal year 1943. The increase is attributable to a higher income
level and valuation of capital stock for declared value excess profits tax
computation in the calendar year 1943 than in the calendar year 1942,
(2) Estate and Gift Taxes.
Estate and gift tax collections together amounted to $511.2 millions
in 1944, or 1.1 percent of total receipts. Their yield in 1944 increased
$63.7 millions over that in 1943.
Primarily responsible for the increase in revenue from the estate tax
were the higher rates instituted by the Revenue Act of 1941 effective
for a full fiscal year for the first time in 1944. In the fiscal year 1943
the higher rates under the 1941 act were applicable to only approx-
imately 50 percent of the returns filed because of the 15-month lag
permissible under the law between the date of death and the date of
filing the return. Increased values of estates for which returns were
filed in the fiscal year 1944 also contributed to the increase. The
Revenue Act of 1942, applicable to some of the returns filed in the
fiscal year 1944, reduced the tax liabilities somewhat but not suf-
ficiently to offset the factors tending to increase the yield.
Increases in gift tax collections in 1944 resulted from the greater
value of property transferred by gifts during the calendar year 1943,
and from changes instituted by the Revenue Act of 1942 which
reduced the exclusion and specific exemptions allowed by law,
(3) Liquor Taxes.
Liquor tax collections in the fiscal year 1944 amounted to $1.6
billions, or 3.6 percent of total receipts. These collections increased
$194.5 millions over those in 1943. Collections from taxes on distilled
spirits, $898.7 millions, and on fermented malt liquors, $559.2 millions,
accounted for 90.1 percent of the total of the group, and represented
increases of $117.0 millions and $103.5 millions, respectively. The
increase as a whole, in the face of a considerable decline in tax-paid
. withdrawals of distilled spirits, reflected a full year's collection at the
higher tax rates on distilled spirits, wines, and fermented malt liquors
provided in the Revenue Act of 1942 as compared with only 8 months'
collections at these rates in the preceding year. These rates were
REPORT OF THE SECRETARY OF THE TREASURY 19
further increased by the Revenue Act of 1943, effective during the
last three months of the fiscal year 1944.
(4) Tobacco and Products Taxes.
Tobacco and products tax collections amounted to $988.4 millions,
or 2.2 percent of all receipts, in the fiscal year 1944. These collections
constituted an increase of $73.1 millions over 1943. This increase
reflected the first full year of collections at the higher rates imposed
by the Revenue Act of 1942, greater consumer purchasing power, and
some shift from the use of manufactured chewing and smoking tobacco
to the smoking of cigarettes and cigars. The tax on small cigarettes
yielded $904 millions and accounted for $68.7 millions or 94.1 percent
of the total increase for the group. The yield from the tax on large
cigars, $30.2 millions, increased by $7.1 millions, resulting principally
from a shift in sales to a more expensive type of cigar subject to a
higher rate of tax. The revenue derived from chewing and smoking
tobacco, which amounted to $45.3 millions for the fiscal year 1944,
showed a slight decline from $47.8 millions in 1943.
(5) All Other.
All other miscellaneous internal revenue amounted to $1.9 billions
in 1944, or 4.1 percent of total receipts. Three main groups of taxes
produced the receipts under this classification: (a) a group of miscel-
laneous taxes which brought in $1.1 billions; (b) manufacturers'
excise taxes which brought in $502.7 millions; and (c) retailers' excise
taxes which brought in $225.2 millions.
(a) Miscellaneous taxes.
Receipts from this tax group increased $318.9 millions over those
in 1943. The yield from the tax on transportation of property was
$215.5 millions, an increase of $132.9 millions over that in 1943, and
the yield from the tax on transportation of persons was $153.7 mil-
lions, representing an increase of $66.6 millions over that of 1943.
The increase in receipts from the taxes on the transportation of per-
sons and property was the result of increased volume of both freight
and passenger travel. In addition, the high rates imposed by the
Revenue Act of 1942 were effective for a full year for the first time in
the fiscal year 1944. Receipts from the taxes on telephone, telegraph,
and allied services also increased substantially as a result of increased
use of these facilities and of a full year of operation of the increased
rates imposed by the Revenue Act of 1942. The admissions tax
produced $205.3 millions, an increase of $50.8 millions over 1943.
(b) Manufacturers' excise taxes.
Both the Revenue Act of 1942 and the Revenue Act of 1943 im-
posed higher excise taxes and levied new excise taxes on a number
20
REPORT OF THE SECRETARY OF THE TREASURY
of commodities and services. The principal manufacturers' excise
taxes for four years are shown in the table which follows.
Manufacturers' excise tax receipts, fiscal years 19^1 through 1944
[In millions of dollars. On basis of internal revenue collections, see p. 520]
Year
Gasoline
Automobiles,
trucks, tires,
tubes, parts,
and acces-
sories
Lubricat-
ing oils
Electrical
energy
All other
Total
1941
1942.-
1943 _ _._
1944 _ _
343.0
369.6
288.8
271.2
156.3
180.5
44.4
76.3
38.2
46.4
43.3
52.5
47.0
50.0
48.7
51.2
32.5
121.8
63.1
51.4
617.0
768.3
488.4
502.7
Total _
1, 272. 6
467.5
180.4
196.9
268.8
2, 376. 4
Note. — Figures are rounded and will not necessarily add to totals.
While the aggregate yield of these taxes was practically unchanged
in 1944, the $502.7 millions in that year representing an increase of
only 2.9 percent over 1943, some individual items decreased and
others increased. The decreases which occurred resulted from curtail-
ment in civilian supply resulting from rationing, reduced production
for civilians, and lowered stocks of goods on hand. Receipts from the
tax on gasoline declined by $17.6 millions, but they still constituted
more than half the total for the group. Other manufacturers' excise
taxes showing a decline-in yield were taxes on automobiles and trucks;
electric, gas, and oil appliances; radio sets and musical instruments;
refrigerators ; business and store machines ; matches ; luggage ; sporting
goods; and firearms. A retailers' tax on luggage replaced the manu-
facturers' tax under the Revenue Act of 1943.
Among the manufacturers' excise taxes showing increases in 1944,
the high yield from the tax on lubricating oils, $52.5 millions as com-
pared with $43.3 millions in 1943, is explained by the existence of
higher tax rates effective throughout all the fiscal year 1944 as com-
pared with seven months of the fiscal year 1943. The tax on parts and
accessories for automobiles produced $31.6 millions, an increase of
$11.1 millions, reflecting a greater need for replacement parts. The
yield of the tax on tires and inner tubes increased from $18.3 millions
to $40.3 millions, resulting from improved production for essential
civilian requirements following the drastic curtailment in the fiscal
year 1943. Nominal increases occurred in the yield of the tax on
electrical energy and in the tax on photographic apparatus. The
only tax in the group for which rates were increased by the Revenue
Act of 1943, that on electric light bulbs, is relatively unimportant.
Receipts of $5.4 millions in 1944, however, represented an increase of
45.9 percent over 1943.
REPORT OF THE SECRETARY OF THE TREASURY
21
(c) Retailers' excise taxes.
Collections of these taxes amounted to a total of $225.2 millions
in the fiscal year 1944, an increase of $59.9 millions, or 36.3 percent
over 1943 collections of $165.3 millions. The table below shows
retailers' excise tax receipts by type of tax beginning with the fiscal
year 1942 when such taxes were first imposed as a war measure.
It will be noted that the tax on jewelry has produced more than half
of all retailers' excise tax receipts.
Retailers' excise tax receipts, fiscal years 19^2 through 19/f/f ^
[In millions of dollars. On basis of internal revenue collections, see p. 520]
Year
Jewelry
Furs
Toilet
prepa-
rations
Luggage
Total
1942
41.5
88.4
113.4
19.7
44.2
58.7
18.9
32.7
44.8
80.2
1943
165.3
1944 ---
8.3
225.2
Total
243.2
122.7
96.4
8.3
470.7
Note.— Figures are rounded and will not necessarily add to totals.
' No retailers' excise taxes were in eflect in the fiscal year 1941.
Miscellaneous receipts. —
Miscellaneous receipts in the fiscal year 1944 amounted to $3.3
billions, an increase of $2.4 billions over such receipts in 1943.
(1) RENEGOTIATION OF WAR CONTRACTS.
Of the revenue derived from sources other than income and excess
profits taxes, recoveries of excessive profits on renegotiated war
contracts constituted the largest single source in the fiscal year 1944,
These amounted to more than $2.2 billions, or 4.9 percent of total
receipts, and included $112.8 millions representing voluntary return
of excessive profits on renegotiated contracts. The contracts were
entered mto by the War and Navy Departments, the United States
Maritime Commission, the War Shipping Administration, and the
Treasury Department. The share of the Treasury Department
amounted to about $0.9 millions. Total recoveries in 1944 included
an increase of more than $1.5 billions over those in 1943.
Customs. —
Customs receipts amounted to $431.3 millions in the fiscal year
1944 and were 0.9 percent of the total. They exceeded by 33.0
percent the receipts of $324.3 millions in the fiscal year 1943. By far
the greater portion of the increase resulted from increased imports of
wool and of alcoholic beverages. Duties on imports of these two
commodities accoimted for approximately one-half of total customs
receipts in the fiscal year 1944.
22
REPORT OF THE SECRETARY OF THE TREASURY
Employment taxes and railroad unemployment in sv ranee con-
tributions.—
Employment tax receipts in the fiscal year 1944 amounted to
$1 .7 billions, or 3.8 percent of total receipts. This inchided an increase
of $241.4 millions, or 16.1 percent, over the amount of nearly $1.5
billions received in 1943. The greater portion of the increase came
from a rise in both industrial and railroad pay rolls associated with
the continuing expansion of wartime production. In addition,
increases in hourly wage rates awarded to railroad employees, together
with an increase in the tax rate, augmented the yield of the tax on
carriers and their employees.
Employment tax receipts for the war period by kind of tax are
shown in the following table.
Employment tax receipts, fiscal years 1941 through 1944
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
Year
Federal In-
surance Con-
tributions
Act
Federal Un-
employment
Tax Act
Total other
than carriers
Carriers and
their
employees
Total
employment
taxes
1941 .
690.6
895.6
1, 130. 5
1, 292. 1
97.7
119.9
158.4
179.9
788.2
1,015.6
1, 288. 9
1,472.0
136.9
170.0
208.8
267.1
925.2
1942
1,185.6
1943 -
1, 497. 7
1944
1, 739. 1
Total
4,008.8
555.9
4, 564. 7
782.8
5, 347. 5
Note. — Figures are rounded and will not necessarily add to totals.
Receipts from the tax imposed by the Federal Insurance Contri-
butions Act amounted to $1.3 billions in the fiscal year 1944, exceeding
receipts of $1.1 billions in 1943. Receipts under the Federal Un-
employment Tax Act increased from $158.4 millions in 1943 to $179.9
millions in 1944. In both cases, the tax rates and coverage were the
same in the two years, and the increases are attributable to increases in
taxable pay rolls in the period affecting receipts in 1944.^
The rise of $58.3 millions in receipts from the tax on carriers and
their employees in 1944 as compared with 1943 resulted in part from
the increase in the tax rate from 3 percent to SYa percent on both
employers and employees, effective on wages paid beginning January
1, 1943. The increase was fully reflected in the 1944 receipts. The
higher rate affected receipts in only one-quarter of the year 1943
because of a three-months' lag in collections.
Railroad unemployment insurance contributions in 1944 rose to
$12.1 millions from the 1943 contributions of $10.3 millions.
' Postponement of the automatic increase in the 1944 tax rate under the Federal Insurance Contributions
Act until March 1, 1944, by Public Law 221, approved by the President December 22, 1943, and until January
1, 1945, by the Revenue Act of 1943, does not afiect net receipts since the amounts collected in excess of
administrative expenses are appropriated for the Federal old-age and survivors insurance trust fund.
REPORT OF THE SECRETARY OF THE TREASURY
23
EXPENDITURES FROM GENERAL AND SPECIAL ACCOUNTS
Total expenditures of the Federal Government from general and
special accounts amounted to $93.7 billions during the fiscal year 1944,
which was $15.6 billions more than the amount expended in the year
before. A comparison of expenditures in the fiscal year 1944 with
those in 1943 and in 1941 and 1942 combined, classified to show war
and other expenditures separately, appears in the table that follows.
Expenditures in 1941, the fiscal year designated as that in which our
expanded defense and war activities began, and expenditures in 1942
are shown separately in the annual report for 1943,
Expenditures, fiscal years 1941 through 1944
[Dollars in billions. On basis of daily Treasury statements, see p. 519]
Other
Fiscal year
War
General
Interest on the
public debt
Statutory debt
retirements
Total
Amount
Per-
cent
Amount
Per-
cent
Amount
Per-
cent
Amount
Per-
cent
Amount
Per-
cent
1941 and 1942
1943...
1944
$32.3
72.1
87.0
71.4
92.2
92.8
$10.4
4.3
4.1
23.0
5.5
4.4
$2.4
1.8
2.6
5.2
2.3
2.8
$0.2
(•)
(*)
0.4
(•)
(•)
$45.3
78.2
93.7
100.0
100.0
100.0
Total
191.5
88.2
18.8
8.6
6.8
3.1
.2
.1
217.2
100.0
Note. — Figures are rounded and will not necessarily add to totals.
* Less than $50 millions or 0.05 percent.
War expenditures, it will be noted from the table above, accounted
for most of the increase in 1944, and the rise in the amount of interest
on the public debt for the remainder. Other expenditures of the
Federal Government declined to 4.4 percent of the total. War
expenditures, as in 1943, constituted more than 92 percent of all
expenditures in the fiscal year 1944. In the four fiscal years during
which the country has been engaged in defense and war activities,
war expenditures have totaled $191.5 billions, or 88.2 percent of the
total of $217.2 billions.
Expenditures in the past four fiscal years are summarized by general
functions in the table following. The course of expenditures for the
past seven years is shown in Chart 2 on page 25.
24
REPORT OF THE SECRETARY OF THE TREASURY
Expenditures, fiscal years I94I through 1944, hy functions and organizations
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
Function and organization
War:
War Department
Nayy Department
United States Maritime Commission.
War Shipping Administration _
Agriculture '
Treasury '
Other.-. --
Subtotal.
General:
Veterans' pensions and benefits...
Social security program
Public works ._
Aid to agriculture
Belief and work relief
Refunds of taxes and duties:
(a) Excess profits tax (bonds) .
(b) Other
Other ..-
Subtotal.
Public debt:
Interest
Statutory retirements.
Subtotal
Total expenditures.
1941 and
1942
17, 748
10, 893
981
132
699
643
1,317
32, 312
1,119
1,248
1,418
s 2, 162
2,765
184
1,529
10,424
2,371
159
2,530
45,266
42, 265
20,888
2,776
1,105
2,011
1,201
1,863
72, 109
602
735
543
1,163
317
79
822
4,262
1,812
78, 182
1944
49, 242
26, 538
3,812
1,922
2,143
1,432
1,950
87, 039
730
803
433
909
17
134
133
937
4,096
2,609
(•)
2,609
93,744
Total
109, 255
58, 319
7,568
3,159
4,853
3,176
5,130
191, 460
2,451
2,786
2,395
4,234
3,099
134
396
3,288
18, 782
6,788
162
6,950
217, 192
Note. — Figures are rounded and will not necessarily add to totals.
' Principally for the lend-lease program.
2 Reduced in 1941 by $315 millions, representing payments into the Treasury of capital and surplus of
certain agricultural corporations, of which $70 millions were resubscribed in 1942 and .$59 millions were re-
subscribed in 1943. Details are shown in the annual report for 1941, page 50.
•Less than $500,000.
Total monthly expenditures rose from $4.5 billions in June 1942
to $8.6 billions in June 1944. Summaries of monthly expenditures for
war purposes and for other purposes exclusive of statutory debt
retirements appear in Chart 3 on page 27 and in the following table.
It will be noted that the significant development in the trend of
monthly expenditures during the fiscal year 1944 was their tendency
to flatten out. This was in sharp contrast to the continuous rising
trend in the three years preceding. The monthly figures for the fiscal
year 1941 may be found in the annual report for 1943 on page 24.
REPORT OF THE SECRETARY OF THE TREASURY
25
EXPENDITURES! CLASSIFIED BY MAJOR FUNCTIONS
FISCAL YEARS 1938 THROUGH 1944
1938
1939
1940 1941 1942
FISCAL YEARS
1943
1944
Chart 2.
Note. — Expenditures for nonwar activities shown in this chart include some outlays which had the
furtherance of defense or of the prosecution of the war as an objective. The expenditures for such activities
were made from general appropriations and accordingly could not be classified as part of the war program.
' Excludes statutory debt retirements and trust account expenditures.
26
REPORT OF THE SECRETARY OF THE TREASURY
Monthly expenditures, fiscal years 1942 through 1944
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
Month and fiscal year
War
expendi-
tures
Other Fed-
eral ex-
penditures '
except
public debt
Public debt
Interest
Statutory
retirements
Total
expendi-
tures
1941— July.
August
September _.
October
November.-
December
1942— January
February
March
AprU
May
June
Fiscal year 1942
July
August -
September.
October.
November
December -.
1943— January
February
March
April-.
May
June
Fiscal year 1943
July.
August
September
October
November.
December
1944— January
February
March
April
May
June.
Fiscal year 1944
1,131
1,330
1,537
1,448
1,850
2,104
2,208
2,809
3,238
3,560
3,829
26,011
4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
7,092
7,469
72, 109
6.432
7,232
6,952
6,989
7,541
6,718
7,138
7,518
7,726
7,346
7,879
7,567
87, 039
604
390
375
471
394
459
492
409
407
439
375
311
25
9
169
75
15
232
32
12
205
77
19
390
1,260
628
324
322
386
293
322
372
314
348
404
301
248
35
7
224
70
28
353
54
35
262
89
42
609
4,262
613
339
271
336
250
237
345
287
350
396
360
311
46
311
131
47
497
87
56
449
117
52
747
4,096
2,609
95
(*)
(•)
(*)
(•)
(*)
(•)
(•)
(*)
(•)
(♦)
(•)
(*)
(•)
(•)
1,600
1,564
1,882
2,089
1,860
2,557
2.631
2,630
3,436
3,755
3,955
4,531
32, 491
5,162
5,215
5,931
5, 937
6,363
6,501
6,372
6,119
7,354
7,466
7,435
8,327
78, 182
7,112
7,617
7,535
7,456
7,839
7,452
7,570
7,862
8,525
7,859
8,292
8,625
93,744
Note. — Figures are rounded and will not necessarily add to totals.
•Less than $500,000.
' Includes revolving funds and transfers to trust accounts.
War expenditures
War expenditures of $87.0 billions in the fiscal year 1944 again
were unprecedented. Their increase of $14.9 billions over those of
the preceding year compared with an increase of $46.1 billions in the
fiscal year 1943 over those of 1942. The figures on war expenditures,
however, are exclusive of disbursements of the Reconstruction Finance
Corporation and its affiliates, which are shown separately in the
section on page 32.
The less rapid rise of war expenditures during 1944 was due to
several developments. The initial equipment of the Army was prac-
tically completed during the year and some components of the war
production program had reached a replacement basis. Moreover,
REPORT OF THE SECRETARY OF THE TREASURY
27
MONTHLY EXPENDITURES,' BY CLASSES
JULY 1940 THROUGH JUNE 1944
DOLLARS
Billions
TOTAL EXPENDITURES
DOLLARS
Billions
All Other
JSNJMMJSNJMMJSNJMMJSNJMMJSN
1940 1941 1942 1943 1944
Chart 3.
' Excludes statutory debt retirements.
28 REPORT OF THE SECRETARY OF THE TREASURY
because mass production was being applied certain contract prices
of materiel acquired by the Army and Navy had been reduced.
Renegotiation of contracts also continued to lower costs. Offsetting
these factors were greater expenditures for larger production of certain
munitions, for shifts in design and type, for new products, and for
subsistence and pay of the full strength of the Army attained on April
1, 1944. Expenses of training, communications, and the transporta-
tion of troops continued high.
Expenditures in the fiscal year 1944 reflected the climax of the
great task of producing and assembling supplies for the invasions of
Italy and France. War Department expenditures increased 16.5
percent over those of 1943. At the same time the Navy Department
expended 27.0 percent more than in the year before and the Maritime
Commission 37.3 percent more. These disbursements financed not
only transportation and support given the European invasion forces
but also the accelerated pace of the war in the Pacific.
The figures under the caption "War expenditures" in the preceding
summary tables and in most of the other tables in this report include
the entire expenditures of the following departments and agencies:
War Department (except for rivers and harbors and for flood control) ,
Navy Department, United States Maritime Commission, War Ship-
ping Administration, Office for Emergency Management, and certain
other agencies in the Executive Office of the President, and Smaller
War Plants Corporation (to extent of capital stock). They include
also certain expenditures of the following departments and agencies
which have, in addition to the expenditures for thek regular activities,
some expenditures classified under the head of war activities: Depart-
ment of Labor, Department of the Interior, Department of Agricul-
ture (principally lend-lease), Treasury Department (principally lend-
lease). Department of State, Commerce Department, Department of
Justice, National Housing Agency, Federal Works Agency, Federal
Security Agency, certain other independent ofiices, and the Panama
Canal.
Expenditures of the agencies above include amounts disbursed for
materials and goods transferred and services rendered to other coun-
tries in accordance with the provisions of the Defense Aid Act of
1941 and the Military Establishment Appropriation Acts and Naval
Appropriation Acts as amended. No comprehensive analysis of the
figures in these tables to show the amount expended for lend-lease
items is available in the Treasury records. Data on lend-lease aid
are published in the President's periodic reports on the lend-lease
operations.
The figures on war expenditures embrace expenses of all operations
including training of personnel of the armed forces, transportation,
communication, travel, pay, subsistence, maintenance, production of
REPORT OF THE SECRETARY OF THE TREASURY
29
munitions, and many other categories. Excluded are some outlays
which had the prosecution of the war as an objective but which were
made from funds which had supplemented the regular appropriations
of such civil departments and agencies as the Tennessee Valley Au-
thority, the Panama Canal, the Federal Security Agency, and the
Federal Works Agency. Excluded also are expenditures of other
agencies whose activities have been greatly expanded as a direct result
of the war. The expenditures for such activities are made from general
appropriations and, accordingly, they cannot be classified as a part
of the war program.
The progress of war production in relation to the rise of total war
expenditures is shown rouglily by the comparison in Chart 4 of ex-
WAR EXPENDITURES COMPARED MONTHLY WITH MUNITIONS
PRODUCTION, JULY 1940 THROUGH JUNE 1944
JSNJMMJSNJMMJSNJMMJSNJMMJSN
1940 1941 1942 1943 1944
Chart 4.
^ Note. — War Production Board munitions production index includes airplanes, ships, tanks, guns,
ammunition, and all industrial equipment, but not construction of industrial facilities.
' Only six-month averages are available for the latter half of 1940 and for 1941.
30
REPORT OF THE SECRETARY OF THE TREASURY
penditures by the three agencies Usted above whose activities inchide
the procurement of the principal weapons of war (War and Navy
Departments and the Maritime Commission) with the War Produc-
tion Board's index of production of airplanes, ships, tanks, guns,
ammunition, and all industrial equipment (excluding construction
of industrial facilities). A monthly summary of war expenditures
appears in the following table. The monthly figures for the fiscal
year 1941 may be found in the annual report for 1943 on page 26.
Monthly expenditures for war activities by specified agencies, fiscal years 1942
through 1944
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
Month and fiscal year
War
Depart-
ment
Navy
Depart-
ment
U.S.
Maritime
Commis-
sion
Subtotal
other
agencies
Total
1941— July --.
August.
September
October _.
November
December
1942— January
February...
March
April
May
June
Fiscal year 1942
July
August
September
October
November
December
1943— January
Februsjy
March
April
May
June
FiscHl year 1943
July
August
September
October
November
December
1944— January
February
March..
April
May
June
Fiscal year 1944
516
598
746
834
771
1,072
1,282
1,369
1,432
1,594
1.850
2,007
362
441
424
497
493
545
575
581
946
1,101
1,307
1,309
41
•6
46
44
57
69
86
95
121
98
130
150
919
1,032
1,216
1,375
1,320
1,686
1,942
2,045
2,499
2,793
3.287
3,465
114
162
128
165
162
163
309
445
272
363
969
1,131
1,330
1,537
1,448
1,850
2,104
2,208
2,809
3,238
3,560
3,829
14, 070
8,580
929
23, 579
2,432
26,011
2,861
2,875
3,519
3,417
3,538
3,770
4, 053
3,239
3,985
3,727
3,857
3,424
1.103
1,376
1,294
1,596
1,478
1,380
1,274
2,002
2,053
2,102
2,251
2,980
184
211
141
46
274
275
331
223
285
248
243
315
4,148
4,462
4,953
5,060
5,290
5,424
5,658
5,465
6,324
6,076
6,350
6,719
350
423
431
421
751
401
289
305
420
898
741
750
4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
7,092
7,469
42, 265
20, 888
2,776
65,929
6,180
72, 109
3,808
4,219
4,036
4,142
4,173
3,841
4,170
3.792
4,461
4,160
4,334
4,106
1,898
2,037
1,909
1,955
2,134
2,050
2,082
2,757
2,281
2,262
2,536
2,636
319
361
366
294
402
356
308
331
386
273
364
51
6,025
6,617
6,311
6,391
6,709
6,247
6,561
6,880
7,128
6,695
7,234
6,794
407
615
641
598
832
471
578
638
598
651
645
774
6,432
7,232
6, 952
6,989
7,541
6.718
7,138
7,518
7,726
7,346
7,879
7,567
49, 242
26, 538
3,812
79, 592
7,447
87, 039
Note. — Figures are rounded and will not necessarily add to totals.
• Excess of credits (deduct).
The expenditures for war purposes shown in the preceding tables are
compared with the appropriations and contract authorizations for
war purposes in the table on page 31. The lag between appropria-
tions and contract authorizations on the one handjand expenditures
on the other is due to the necessity for advance planning to msure
REPORT OF THE SECRETARY OF THE TREASURY
31
procurement of supplies and the execution of production operations.
The magnitude of the war program as of June 30, 1944, is indicated
by the figure of more than $375 bilHons of war appropriations together
with net contract authorizations for which appropriations had not
yet been made. This is an increase of about $115 bilhons in the
program over that of a year earlier. Appropriations for the War
Department accounted for $74.3 billions of the increase, and appro-
priations and contract authorizations for the Navy Department for an
increase of $25.5 billions. The United States Maritime Commission
and the War Shipping Administration combined received an increase
in appropriations and contract authorizations of $9.8 billions.
War expenditures, appropriations, and contract authorizations, Jtdy 1,
through June SO, 1944
[In billions of dollars]
1940,
Organization
War ex-
penditures
(July 1,
1940-
June 30,
1944)
War ap-
propria-
tions (fiscal
years'
1941-
1945)
War contract
authoriza-
tions (net) '
(fiscal years
1941-1945)
Total war
appropria-
tions and
contract
authoriza-
tions (net)
War Department
109.3
58.3
7.6
3.2
13.2
206.9
105.1
16.5
7.0
24.3
206.9
Navy Department
5 13. 9
»1.2
119.1
U. S. Maritime Commission . .
17.7
7.0
Other
0.7
25.0
Subtotal ... - . ..
191.6
359.8
-.5
15.9
375.6
Liquidation of 1940 and prior contract authoriza-
tions
— .5
Total
191.5
3 359. 3
15.9
376.2
Note.— Figures are rounded and will not necessarily add to totals.
'For which appropriations have not yet been made.
2 Unappropriated contract authorizations differ from amounts shown in the daily Treasury statement for
July 15, 1944, in order to reflect the latest revised estimates of the Navy Department and the United States
Maritime Commission, as of June 30, 1944.
3 Total appropriations differ from amount shown in the daily Treasury statement for July 16, 1944, in
order to include $88,299,000 appropriated in Public Law 382, approved June 30, 1944, but not shown in daily
Treasury statements until August 15, 1944.
The foregoing expenditures do not include disbursements by the
Reconstruction Finance Corporation and its affiliates. Total war
disbursements by the Reconstruction Finance Corporation and its
affiliates from July 1, 1940, through June 30, 1944, amounted to
nearly $15.1 billions, and gross receipts, in the form of rents, repay-
ments and sales, amounted to more than $6.6 billions. A significant
development in the fiscal year 1944 was the increase in gross receipts,
which amounted to 54.2 percent of gross disbursements. This
percentage compared with 47.8 percent in 1943. The Corporation
reported that its commitments amounted to $28.8 billions between
July 1, 1940, and June 30, 1944, of which $4.6 billions had been with-
drawn and canceled.
During the fiscal year 1944, gross disbursements by the Defense
Supplies Corporation amounted to $2,324 millions, the largest amount
32
REPORT OF THE SECRETARY OF THE TREASURY
by any of the affiliates, and nearly two and one-half times the gross
amount disbursed the year before. Gross disbursements by the
Defense Plant Corporation declined from $3,431 millions in 1943 to
$2,305 millions in 1944, an indication that the peak of construction
of war plants has passed.
The following summary shows, by fiscal years, disbursements and
receipts of the Reconstruction Finance Corporation and its affiliates
in connection with the war program.
War disbursements and receipts of the Reconstruction Finance Corporation and its
affiliates
[In millions of dollars. On basis of reports received by the Treasury]
1941 and 1942
1943
1944
Total
Dis-
burse-
ments
Re-
ceipts •
Dis-
burse-
ments
Re-
ceipts '
Dis-
burse-
ments
Re-
ceipts 1
Dis-
burse-
ments
Re-
ceipts'
Reconstruction Finance Corporation
and its affiliates:
Defense Plant Corporation
Defense Supplies Corporation
Metals Reserve Company
Rubber Development Corpora-
tion
1, 358
365
496
146
43
193
3, 431
956
644
1,366
522
386
2,305
2, 324
617
158
539
348
48
19
(•)
688
1,459
570
82
520
206
10
44
2
7,094
3,645
1,757
158
1,042
420
82
390
63
(•)
1
2,200
2,024
1,149
82
Rubber Reserve Company
U. S. Commercial Company
The RFC Mortgage Company
309
(*)
83
(•)
194
71
34
33
220
11
3
25
(♦)
822
217
13
Reconstruction Finance Corpor-
ation (direct):
Loan to Great Britain and
Northern Ireland _
390
11
14
83
Loan — Defense Homes Cor-
2
Loan— Petroleum Reserves
Corporation
Stock— War Damage Cor-
poration
1
Automobile financing loans
All other loans
230
70
340
195
218
151
788
416
Less inter-company eliminations
3,159
550
5,704
2,728
6,577
3,731
15, 440
3 376
7,009
3 369
Total -
* 3, 159
<550
5,704
2,728
6,577
3,731
15,063
6,640
Note. — Figures are rounded and will not necessarily add to totals.
• Less than $500,000.
' Rents, repayments and sales. Does not include profit on sales.
' Transferred to the National Housing Agency on Sept. 1, 1942.
3 Figures shown are cumulative as of June 30, 1944. Distribution by fiscal years not available.
< For details by fiscal years, see the Secretary's annual report for the fiscal year 1943, p. 28.
General expenditures
General expenditures in the fiscal year 1944 constituted an even
smaller part of the total than in 1943. At $4.1 billions they were 4.4
percent of the total, compared with 5.5 percent the year before. Sharp
reductions in expenditures for several nonwar functions were partially
offset, however, by some increases in certain additional departmental
activities resulting from the war. (See table on page 24.) The net
decrease was $166 millions.
Curtailment of relief and work relief, as in 1943, accounted for the
most substantial reduction, approximately $300 millions. This re-
REPORT OF THE SECRETARY OF THE TREASURY 33
suited from the nearly completed liquidation of the Work Projects
Administration and the virtual elimination of expenditures for the
Civilian Conservation Corps. Public works expenditures declined by
$110 millions. The largest decrease in this category was $46 millions
for the Tennessee Valley Authority. Retrenchments were made also in
public works expenditures for river and harbor work and flood control,
for reclamation projects, and for grants to State and local governments
under the act of June 21, 1938. Expenditures of the Public Roads
Administration declined by $21 millions.
Aid to agriculture was reduced in 1944 for the second consecutive
year, the reduction totaling $254 millions. In the Department of
Agriculture alone, expenditures were $40 millions less than in the
preceding year. Expenditures under the Soil Conservation and Do-
mestic Allotment Act declined $45 millions, under the Farm Security
Administration $10 millions, and subscriptions to capital stock of the
Federal Crop Insurance Corporation were $10 millions less. Expendi-
tures under the Agricultural Adjustment Act of 1938, which included
parity payments, declined by $39 millions. The net decrease of $74
millions in expenditures by the Farm Credit Administration revolving
fund was due to a net repayment of $33 millions as compared with a
net expenditure of $41 millions in the fiscal year 1943. A net decrease
of $44 millions under the Post Office Department reflected a net
repayment of $29 millions during the fiscal year 1944 on account of
grants made in prior years as compared with a net expenditure of $15
millions for the fiscal year 1943.
Among the increases in general expenditures in the fiscal year 1944,
was a rise in veterans' pensions and benefits of $127 millions. An
increase in disbursements for the social security program of $68
millions was due mainly to transfers to trust accounts by the railroad
retirement account and the Railroad Unemployment Insurance Ad-
mmistration.
"Other" expenditures accounted for a total increase of $302 mil-
lions. An increase of nearly $200 millions in refunds of taxes and
duties by the Treasury Department constituted the largest item in
this group. These payments reflected the effects of the provisions of
the new tax law under which individuals who overestimated their
income tax payments receive cash refunds. The payments also
included refunds of $134 millions in the form of excess profits tax
refund bonds, which are not redeemable until after the war.
DEFICIT IN GENERAL AND SPECIAL ACCOUNTS
In the fiscal year 1944, expenditures exceeded receipts in general
and special accounts by $49,595 millions. This sum represented the
net deficit exclusive of statutory debt retirements. The derivation
of the deficit in 1943 and 1944 follows.
613185—45 4
34
REPORT OF THE SECRETARY OF THE TREASURY
Deficit in general and special accounts, fiscal years 1943 and 1944
[In millions of dollars. On basis of dally Treasury statements, see p. 519]
1943
Receipts, total - - - ---
Deduct net appropriation to Federal old-age and survivors Insurance trust fund.
Net receipts -
Expenditures excluding statutory debt retirements
Net budgetary deficit
Note. — Figures are rounded and wUl not necessarily add to totals.
23,385
1,103
22, 282
78, 179
55, 897
45, 408
1.260
44, 149
93, 744
49, 595
RECEIPTS AND EXPENDITURES IN TRUST ACCOUNTS AND CHECKING
ACCOUNTS OF GOVERNMENT CORPORATIONS AND CREDIT
AGENCIES
In addition to receipts and expenditures under general and special
accounts, discussed above, certain receipts and expenditures of the
Government are reported in the Daily Statement of the United States
Treasury under the title of "Trust accounts, etc." Neither the
receipts nor the expenditures of these accounts affect the Federal
Budget except to the extent that appropriations (e. g., the Govern-
ment's share of the civil service retirement fund) are made from the
General Fund for credit to these accounts. Such appropriations
appear as expenditures under general and special accounts, and as
receipts under trust accounts, etc., with the exception of net appro-
priations to the Federal old-age and survivors insurance trust fund
which are shown as deductions from receipts under general and special
accounts. Moneys in trust accounts not needed for current expendi-
ture are in a number of instances invested in Government securities,
as provided by statute. The larger corporations and credit agencies
maintaining checking accounts with the Treasurer of the United
States generally apply the cash balances not needed for operations to
the purchase of Government securities for investments, or to debt or
capital stock retirement. A summary of receipts and expenditures
in trust accounts, etc.^ for the fiscal years 1943 and 1944 follows.
REPORT OF THE SECRETARY OF THE TREASURY
35
Siimmary of receipts and expenditures in trust accounts, etc., fiscal years 1943 and
19U
[111 millions of dollars. On basis of daily Treasury statements, see p. 519]
1943
1944
Increase or
decrease (— )
Receipts:
Federal old-age and survivors insurance trust fund, unem-
ployment trust fund, and railroad retirement account
Other trust funds and accounts
2,810
1,117
(•)
3,202
1,850
(*)
393
734
Increment resulting from reduction in weight of gold dollar...
(•)
Total receipts -
3,926
5,053
1,126
Expenditures:
Federal old-age and survivors insurance trust fund, unem-
ployment trust fund, and railroad retirement account
2,806
788
(*)
3,195
1,505
390
717
Charges against increment on gold
(*)
Subtotal
3,594
2,194
4,700
4,403
1,107
Transactions in checking accounts of Government agencies,
etc., (net)'...
2,209
Total expenditures . . . .
5,787
9,103
3,316
Excess of expenditures
1,861
4, 051
2,190
Note.— Figures are rounded and will not necessarily add to totals.
• Less than $500,000.
' Includes sales and redemptions of market obligations.
A summary of receipts and expenditures in trust accounts, in-
crement on gold, checking accounts of Government corporations and
credit agencies, etc., for the fiscal years 1932 through 1944 will be
found in table 1 on page 524, and details by months for the fiscal year
1944 in tables 3 and 4 on pages 534 and 554.
Certain Government corporations and credit agencies maintain
only checking accounts with the Treasurer of the United States and
the transactions shown in the preceding table and in other tables
in this report represent their net operations. The tables, therefore,
do not furnish sufficient data for an analysis of the financial trans-
actions of these agencies. Arrangements have been made with these
corporations and agencies, whereby certain data are submitted to
the Treasury so that the Treasury's records can reflect their opera-
tions. These data have been combined and appear in the tables
beginning on page 770 showing sources and uses of funds for the fiscal
year 1944, and from the date of inception of the various corporations
and agencies to June 30, 1944. The figures are not on the basis of
the daily Treasury statement and, therefore, do not agree exactly
with the figures shown in other tables in this report.
FINANCING THE NET BUDGETARY DEFICIT AND
OTHER REQUIREMENTS
The Treasury's fuiancing program during the fiscal year had to
provide for the net budgetary deficit shown on page 34 and for the
funds needed to meet the requirements of Government corporations
36
REPORT OF THE SECRETARY OF THE TREASURY
and credit agencies and to provide for an increase in the General
Fund balance. The table that follows summarizes the total cash
requirements, including the General Fund balance increase, and the
net amount of new money raised during the year.
Amount (in
millions of
Requirements: dollar*)
Net budgetary deficit, excluding statutory debt retirements 49,595
Excess of expenditures in —
(a) Checking accounts of Government corporations and credit agencies:
General ..- 1,529
Sales and redemptions of obligations in the market (net) 2,874
(6) Trust and other accounts ._ '352
Subtotal 4,051
Increase in General Fund balance.. _. 10,662
14,713
Total requirements 64,307
Means of financing:
Public debt receipts (net) from —
(a) Public issues:
Treasury bills 2,862
Treasury certificates of indebtedness _ 12, 268
Treasury notes 8,225
Treasury notes, tax series and savings series 2,087
Treasury bonds 21,774
United States savings bonds 13, 350
Other issues -.- - 325
(6) Special issues to trust funds, etc.
Total net borrowing
Note. — Figures are rounded to nearest million and will not necessarily add to totals.
• Excess of receipts (deduct).
60,891
3,416
64,307
A distribution of the $64,307 millions net borrowing during the
fiscal year by months and a comparison with the amounts raised in
corresponding months of the previous fiscal year appear in the table
that follows.
Net amounts borrowed, fiscal years 1943 and 1944-
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
Month
July
August
September.
October
November.
December..
January
1943
1944
4,714
4,828
4,549
2,534
4,798
14, 291
6,420
6,697
3,212
1,112
12, 054
-281
2,899
4,781
Month
February.
March
April
May
June
1943
64,274
1944
2,954
12,448
1,483
1,608
14, 342
252
6,064
1,399
784
14, 637
64,307
THE PUBLIC DEBT
Summary of financing operations
The Treasury borrowed a net amount of $64,307 millions in the
fiscal year 1944. This sum was approximately equal to the net
amount of $64,274 millions borrowed in the fiscal year 1943. In
general the pattern and the mechanics of the financing operations in
1944 were similar to those adopted in 1943, but mcreasing emphasis
was placed on the sale of securities to investors other than com-
mercial banks.
REPORT OF THE SECRETARY OF THE TREASURY
37
Gross receipts from the sale of public debt obligations during the
fiscal year, gross expenditures for the redemption and retirement of
public debt items, and the net amount of new money obtained are
shown by types of public debt securities in the table that follows.
Public debt receipts and expenditures during the fiscal year 1944
[In billions of dollars. On basis of daily Treasury statements, see p. 519]
Issues
Receipts
Expendi-
tures
Net receipts
Public issues:
Cash:
Treasury bills
Certificates of indebtedness _
Certificates of indebtedness, special series
Treasury notes
Treasury notes, tax series and savings series
Treasury bonds
United States savings bonds (Including accrued discount)
All other...
Exchanges _
Special issues to trust funds, etc
Total
54.0
15.3
.5
•5.9
9.0
'23.4
15.7
5.9
18.8
10.4
51.1
.9
.5
.9
6.9
.5
2.4
.5
18.8
7.0
2.9
14.4
5.0
2.1
22.9
13.3
.3
153.8
9.5
3.4
64.3
Note. — Figures are rounded and will not necessarily add to totals.
' Includes $1.9 billions issued in exchange for guaranteed securities.
' Includes $0.1 billion issued in exchange for guaranteed securities.
' Includes $0.1 billion of excess profits tax refund bonds.
Financing operations during the year included two complete war
loan drives (the Thu'd and the Fourth War Loans) and the major
portion of another (the Fifth War Loan), two offerings of securities to
commercial banks for cash in periods between drives, and one cash
offering not restricted as to class of subscriber; and, in addition to
these, limited cash subscriptions were accepted from commercial
banks for securities offered in the Fourth and Fifth War Loans but
were not accounted as parts of the drives. Weekly issues of Treasury
bills were awarded on the basis of competitive bidding, and, to a
limited amount, by fixed price tenders; and sales of United States
savings bonds and Treasury savings notes were continuous throughout
the year. Four maturing Treasury or guaranteed marketable bond
or note issues were redeemed for cash, and exchange offers were made
with respect to 14 called or maturing issues of marketable bonds,
notes, and certificates. These transactions, together with gross issues
and redemptions of savings bonds and savings notes, are summarized
in. the following tables. Sales of securities in the three war loans con-
ducted during the fiscal year 1944, as well as sales in the first two
war loans conducted in 1943, are shown in Chart 5 on page 41. All
official circulars and statements relating to the transactions in securi-
ties issued during the year are included in the exhibits beginning on
page 269,
38
REPORT OF THE SECRETARY OF THE TREASURY
Public offerings of Treasury bonds, notes, and certificates of indebtedness,^ fiscal
year 1944
[In millions of dollars]
Date issued
Issue
Cash
War
loans
Other
Total
Ex-
changes
Total
issues
July 12,1943
Aug. 2, 1943
Sept. 15, 1943
Sept. 15, 1943
Sept. 15, 1943
Oct. 15,1943
Oct. 15,1943
Oct. 15,1943
Dec. 1, 1943
Feb. 1, 1944
Feb. 1, 1944
Feb. 1, 1944
Feb. 1, 1944
Mar. 15, 1944
Mar. 15,1944
Mar. 15,1944
Apr. 1, 1944
May 1, 1944
June 26,1944
June 26,1944
June 26,1944
June 26,1944
Various
Various
Various
1K% Treasury notes. Series A-1947,due Sept.
15, 1947
yB% Certificates of indebtedness, Series D-1944,
due Aug. 1, 1944
]/»% Certificates of indebtedness. Series E-1944,
due Sept. 1, 194,4 _
2% Treasury bonds of Sept. 15, 1951-53
2}4% Treasury bonds of Dec. 15, 1964-69
ys% Certificates of indebtedness. Series F-1944,
due Oct 1 1944
2% Treasury bonds of Sept. 15, 1951-53 (addi-
tional issue)
2}^% Treasury bonds of Dec. 15, 1964-69 (addi-
tional issue)
%% Certificates of indebtedness. Series 0-1944,
due Dec. 1, 1944
M% Certificates of indebtedness. Series A-1945,
due Feb. 1, 1945
214% Treasury bonds of Sept. If, 19.56-59
2H% Treasury bonds of Mar. 15, 1965-70
0.90% Treasury notes, Series D-1945, due Mar.
1, 1945
1J^% Treasury notes, Series A-1948, due Sept.
15, 1948
2M% Treasury bonds of Sept. 15, 1956-59 (addi-
tional issue)
2H% Treasury bonds of Mar. 15, 1965-70 (addi-
tional issue)
%% Certificates of indebtedness, Series B-1945,
due Apr. 1, 1945
%% Certificates of indebtedness, Series D-i945,
due May 1, 1945.
J4% Certificates of indebtedness. Series C-1945,
due June I, 1945
1K% Treasury notes. Series B-1947, due Mar.
15, 1947
2% Treasury bonds of June 15, 1952-54
2J^% Treasury bonds of Mar. 15, 1965-70 (addi-
tional issue) ---
4,122
5, 257
3,779
5, 036
3,331
1,920
Total marketable issues..
Savings bonds, Series E
Savings bonds, Series F and G.
Savings notes, Series C
Total.
5 3, 557
6 1, 286
5 3, 704
5 1, 864
2 1,580
2 1, 627
3 11
<396
«292
33,858
5 7, 009
5 2, 270
8 6, 638
49, 775 17, 276
<503
<637
8,742
4,811
1,408
2,315
2,707
989
4, 122
5,257
3,779
1,580
1,627
1,939
1,102
59
3,540
5,048
3,728
2.212
3,557
1,286
4,207
2,501
42, 600
11,820
3,678
8,954
67, 051
2,127
3,748
95
77
4,877
1,615
20, 734
20,734
2,707
2,545
4,122
5, 257
3,779
3,519
2,729
59
3,540
5,048
3,728
2,212
2,127
3,748
95
77
4,877
1,615
3,557
1,286
4,207
2,501
63, 333
11,820
3,678
8,954
87, 785
1 Excludes depositary bonds and adjusted service bonds.
2 Ofiering restricted to commercial banks.
' Securities sold to Treasury investment accounts concurrently with war loan, but not included in war
loan quotas.
* Securities sold to commercial banks and Treasury investment accounts concurrently with war loan,
but not included in war loan quotas.
» Excludes Fifth War Loan sales occurring in fiscal year 1945.
REPORT OF THE SECRETARY OF THE TREASURY
39
Disposition of maturing or redeemable public issues of Treasury bonds, notes, and
certificates of indebtedness and securities guaranteed by the United States,^ fiscal
year 1944
[Dollars in millions]
Date of re-
funding or
redemption
July
Aug.
15, 1943
2, 1943
Sept. 15, 1943
Oct.
Oct.
Dec.
Dec.
Feb.
Feb.
15, 1943
15, 1943
1, 1943
15, 1943
1, 1944
1, 1944
Mar. 15, 1944
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
May
15, 1944
15, 1944
15, 1944
15, 1944
15, 1944
15, 1944
1, 1944
1, 1944
Various
Various
Various
Issue
lis% RFC notes due July 15, 1943
JS% Certificates of indebtedness, Series B-1943
due Auji. 1, 1943
1% Treasury notes, Series C-1943, due Sept. 15
1943 ._..
3H% Treasury bonds of Oct. 15, 1943-45
ji% Certificates of indebtedness. Series D-1943
due Nov. 1, 1943
Ji% Certificates of indebtedness. Series E-1943
due Dec. 1, 1943 _.
15'6% Treasury notes. Series B-1943, due Dec. 15
1943.
1?^%FPHA notes, due Feb. 1,1944
J8% Certificates of indebtedness, Series A-1944,
due Feb. 1,1944. _.
1% Treasury notes. Series B-1944, due March 15,
1944
31.4% FFMC bonds of Mar. 15, 1944-64..
3 1-4% Treasury bonds of April 15, 1944-46
1% RFC notes. Series W, due April 15, 1944....
3% HOLC bonds of May 1, 1944-52
3% FFMC bonds of May 15, 1944-49
54% Treasury notes, Series A-1944, due June 15,
1944
J^% Certificates of indebtedness, Series B-1944
due April 1, 1944
J6% Certificates of indebtedness, Series C-1944
due May 1, 1944
Total marketable issues
Savings bonds, Series A-E
Savings bonds. Series F and G
Tax and savings notes. Series A, B, and C
Total, all issues
Re-
deemed
for
cash 2
,$324
53
279
239
96
260
421
114
32
19
296
12
175
130
146
374
40
3,096
2,179
192
' 6, 867
12, 334
E.\-
clianged
for new
securities
$1,556
1,161
1,939
3,540
2,127
483
76
1,223
559
604
705
270
4,877
1,615
20, 734
20, 734
Total
$324
1,609
279
1,401
2,035
3,800
421
114
2,211
515
95
1,519
571
779
835
416
5,251
1,655
23, 830
2,179
192
3 6, 867
33, 068
Percent
ex-
changed
' Excludes depositary bonds and adjusted service bonds.
2 Includes amounts transferred to matured debt.
' Includes tax and savings notes surrendered in payment of taxes in the amount of i,
1,365 millions.
Third War Loan
Tlie^jThird War Loan was conducted from September 9 tlirough
October 2, 1943. For the first time commercial banks were excluded
from the drive and the loan was directed wholly to the sale of United
States Government securities to nonbank investors. The organization
of the drive also was a departure from the First and Second War Loans
(conducted in the fiscal year 1943 and described in the Annual Report
of the Secretary of the Treasury for 1943) in that it was organized on
a State pattern under the direction of State and local war finance
committees, with a chairman in each State reporting to the War Fi-
nance Division of the Treasury Department.
40 REPORT OF THE SECRETARY OF THE TREASURY
The goal for the Third War Loan was $15,000 millions, of which
$5,000 millions was the goal for individuals. Sales to investors in-
cluded in the goal amounted to $18,314 millions, an oversubscription
of $3,314 millions. Individuals exceeded their quota by $377 millions.
Sales of $630 millions to Treasury investment accounts, which were not
counted toward the goal of the drive, brought the total sum raised to
$18,944 millions. This figure is to be compared with sales to nonbank
investors of $7,860 millions in the First War Loan and of $13,476 mil-
lions in the Second War Loan.
The seven securities offered were similar to those offered in the
Second War Loan. They consisted of:
Marketable issues, all dated September 15, 1943:
% percent certificates of indebtedness due September 1, 1944;
2 percent Treasury bonds callable September 15, 1951, due
September 15, 1953; and
2% percent Treasury bonds callable December 15, 1964, due
December 15, 1969.
Nonmarke table issues:
Savings bonds:
Series E, F, and G; and
Savings notes :
Series C.
In accordance with the policy adopted in 1942, commercial banks
are not permitted to hold the 2)< percent bonds until ten years from
their issue date.
Although the three marketable securities were available only in the
formal period of the drive (September 9 through October 2), sales of
the four noimiarketable securities reported from September 1 through
October 16 were counted toward the goal. This extended period
allowed campaign workers more time for person-to-person solicitation
at the beginning of the drive, and also recognized the necessity for
additional time for the reporting and accounting of the great number
of individual sales.
In order to give life insiu-ance companies an opportunity to enter
subscriptions in anticipation of regular receipts, payment against
subscriptions by such companies to the 2 percent and 2]^ percent bonds
was permitted to be deferred to November 1, 1943.
Sales by investor classes, compared with the goals, and sales of each
issue to each investor class are shown in the tables which follow.
Sales of securities during the Tliird War Loan by classes of investors,
by issues, and by States are shown in the tables beginning on page 671 .
REPORT OF THE SECRETARY OF THE TREASURY
41
SALES IN EACH WAR LOAN
By Investor Classes
DOLLARS"
Billions
DOLLARS
Billions
Treasury Invest. Ace 'ts.
\
Commercial Banks~~
'^l
^m
m^
■^
-Fl-I-
fe
^
^ State and
Local Governments
Corporations
"and Associations
2nd
3rd 4fh
By Issues
Individuals
22
20
18
16
14
12
10
8
6
4
2
0
DOLLARS"
Billions
22
DOLLARS
Billions
Bills.
'j%;
mm
m
fim
jvfSjiY
'i% Certificates
'li% Notes
Bonds
(Med. Term)
2^% Bonds
' (Long Term)
•Savings Notes
'Series F and G
■Series E
2nd
3rd 4th
Chart 5.
5th
22
20
18
16
14
12
10
8
6
4
2
0
42
REPORT OF THE SECRETARY OF THE TREASURY
Sales of securities during the Third War Loan compared with goals by classes of
investors
[Dollars in millions. On basis of reports of sales]
Class of investor
Goal
Sales
Percent
of goal
attained
Individuals, partnerships, and personal trust accounts.
Corporations and other investors:
Insurance companies
Savings banks
Dealers and brokers
State and local governments '
Corporations and associations'
$6,000
$5, 377
108
} 3,000
600
} 6, 400
r 2,620
I 1, 508
894
795
121
{ V
138
149
124
Subtotal.
10, 000
12. 937
Total salas included in goal.
Treasury investment accounts •...
15,000
18, 314
630
129
122
Total all investors.
18,944
Note.— Figures are rounded and will not necessarily add to totals. >
' Includes their agencies and their trust, sinking, and Investment funds.
• Includes eleemosynary institutions and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasury De-
partment, and whose purchases in the Third War Loan amounted to $82 millions.
' Treasury investment accounts represent those United States Government agencies and trust funds whose
investments are handled through the facilities of the Treasury Department.
Sales of securities dxiring the Third War Loan by classes of investors and by issues
[In millions of dollars. On basis of reports of sales]
Class of investor
Savings bonds 1
Saving
notes
Series C
Ji% cer-
tificates
of indebt-
edness
Sept. 1,
1944
2% Treas-
ury bonds
Sept. 15,
1951-53
2H%
Treasury
bonds
Dec. 15,
1964-69
Total
Series E
Series F
and G
Individuals, partnerships, and personal
trust accounts
2,472
565
193
366
1,220
561
5,377
Corporations and other investors:
Insurance companies
4
1
(*)
30
231
1
(*)
(•)
26
2,262
136
119
322
376
2,803
894
1,032
480
123
1,357
1,585
354
92
235
473
2,620
1,508
Dealers and brokers. .
894
State and local governments 2 .
795
Corporations and associations •
7,121
Total corporations and other in-
vestors .
266
2,289
3,756
3,886
2,739
12,937
Total sales included in goal
Treasury investment accounts *
2,472
831
2,483
4,122
5,106
151
3,300
479
18,314
630
Total sales
2,472
831
2,483
4.122
5,257
3,779
18, 944
Note. — Figures are rounded and will not necessarily add to totals.
•Less than $500,000.
' Savings bonds are shown at issue price.
' Includes their agencies and their trust, sinking, and investment funds.
' Includes eleemosynary institutions and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasury
Department.
* Treasury investment accounts represent those United States Government agencies and trust funds
whose investments are handled through the facilities of the Treasury Department.
Fourth War Loan
The Fourth War Loan was conducted from January 18 through
February 15, 1944. Its organization was essentially similar to that
of the Third War Loan. Again the drive was directed exclusively to
REPORT OF THE SECRETARY OF THE TREASURY
43
nonbank subscribers. The goal of $14,000 millions was exceeded by
$2,730 millions. However, sales to individuals amounted to only
$5,309 millions, as against a goal of $5,500 millions.
Tlie several securities offered in this loan differed significantly in
only one instance from those offered in the Third Loan in that there
was offered a 12-15-year bond at 2}^ percent instead of an 8-10-year
bond at 2 percent. The three marketable and the four nonmarketable
securities offered were as follows :
Marketable issues, all dated February 1, 1944:
% percent certificates of indebtedness due February 1, 1945;
2)^ percent Treasury bonds callable September 15, 1956, due
September 15, 1959; and
2}^ percent Treasury bonds callable March 15, 1965, due
March 15, 1970.
Nonmarketable issues:
Savings bonds:
Series E, F, and G; and
Savings notes:
Series C.
All subscriptions for savings bonds. Series E, F, and G, and for savings
notes reported between January 1 and February 29 were credited to
the loan, to give more time to canvass individuals and to clear the
funds from issuing agents tlu-ough the Federal Reserve Banks.
Sales by investor classes, compared with the goals, and sales of each
issue to each investor class are shown in the tables which follow.
Sales of securities during the Fourth War Loan compared with goals by classes of
investors
[Dollars in millions. On basis of reports of sales]
Class of investor
Goal
Sales
Percent
of goal
attained
Individuals, partnerships, and personal trust accounts
Corporations and other investors:
Insurance companies
Savings banks _
Dealers and brokers
State and local governments '
Corporations and associations 2
Subtotal
Total all investors -.
$5,500
$5, 309
2,500
300
5,700
/ 2, 141
1 1, 262
433
f 789
\ 6, 796
136
144
133
8,500
11,421
14,000
16, 730
134
120
Note. — Figures are rounded and will not necessarily add to totals.
' Includes their agencies and their trust, sinTjing, and investment funds.
' Includes eleemosynary institutions, and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasury De-
partment, and whose purchases in the Fourth War Loan amounted to $49 millions.
44
REPORT OF THE SECRETARY OP THE TREASURY
Salfs of securities during the Fourth War Loan by classes of investors and by issves
[In millions of dollars. On basis of reports of sales]
Savings bonds '
Savings
notes
Series
C
}i7o cer-
tificates
of
indebted-
ness
Feb. 1,
1945
2^4%
Treasury
bonds
Sept. 15,
1956-59
2^7o
Treasury
bonds
Mar. 15,
1965-70
Class of Investor
Series
E
Series
Fand
Q
Total
Individuals, partnerships, and personal
trust accounts.. .
3.187
573
183
496
517
352
5,309
Corporations and other investors:
Insurance companies
35
35
(•)
39
341
3
2
(•)
47
1,997
207
136
266
452
3,479
801
1,028
158
104
722
1,095
61
8
147
256
2,141
1,262
433
789
6,796
T9tal for corporations and other
450
2,049
4,540
2,813
1,567
11, 421
Total sales
3,187
1,024
2,232
5,036
3,331
1,920
16, 730
Note.— Figures are rounded and will not necessarily add to totals.
•Less than $500,000.
' Savings bonds are shown at issue price.
2 Includes their agencies and their trust, sinking, and investment funds.
3 Includes eleemosynary institutions and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasuiy
Department.
Further details on sales of securities during the Fourth War Loan,
by classes of investors, by issues, and by States are shown in the
tables beginning on page 676.
At the time the Fourth War Loan was being conducted, commercial
banks holding savings deposits (as defined in Regulation Q of the Board
of Governors of the Federal Reserve System) were permitted to make
limited subscriptions to the 2}^ percent and the 2}^ percent marketable
Treasury bonds. E.xcept as indicated below, commercial banks are
not permitted to hold the 2}^ percent bonds until September 15, 1946,
or to hold the 2}^ percent bonds until February 1, 1954. Such banks
were also permitted to subscribe to Series F and Series G savings
bonds on and after January 1, 1944. Subscriptions for any or all
of the four issues were restricted to an amount not to exceed, in the
aggregate, 10 percent of a bank's .savings deposits as shown on its
books as of the date of the most recent call statement required by the
supervising authorities prior to the date of subscribing for such bonds,
or $200,000, whichever was less. However, no bank may hold more
than $100,000 (issue price) of Series F and Series G savings bonds
(Series 1944), combined. This latter restriction is the same as that
to which other purchasers of Series F and Series G bonds are subject.
Purchases of these four securities by commercial banks holdmg
savings deposits totaled $623 millions during the Fourth War Loan.
Such purchases were not included in Fourth War Loan quotas or
credited to Fourth War Loan sales. Treasury investment accounts
also purchased some of the securities offered as part of the loan, and
REPORT OF THE SECRETARY OF THE TREASURY
45
these too were not included in the Fourth War Loan quotas or credited
to Fourth War Loan sales. The details of the securities and amounts
purchased by commercial banks and by Treasury investment accounts
were as follows:
Security
Commercial
banks holding
savings de-
posits
Treasury in-
vestment
accounts
Total
ZiVc Certificates of indebtedness, Feb. 1, 1945.
214% Treasury bonds, Sept. 15, 1956-59
2J^% Treasury bonds, March 15, 1965-70
Series F savings bonds
Series G savings bonds
Total.
In millions of dollars
314
35
83
191
623
11
82
257
349
11
396
292
83
191
972
Copies of letters of the Secretary of the Treasury sent to commercial
banks, large corporations, and insurance companies in connection with
arrangements for the Fourth War Loan are shown beginning on
page 504.
Fifth War Loan
In the final month of the fiscal year 1944, the Fifth War Loan was
opened. The goal was $16,000 millions. Total sales amounted to
$20,639 millions. Marketable securities were on sale during the
formal period of the drive, from June 12 through July 8, 1944. Sales
of savings bonds and savings notes through June and July were
counted in total subscriptions to the loan. In this summary and in
all tables referring to the Fifth War Loan, the subscriptions credited
to the loan in July are included, but they are excluded from all general
tables referring to public debt operations for the fiscal year. Major
emphasis tlu^oughout the drive was placed on the quota of $6,000
millions for individuals, which was oversubscribed by $351 millions.
Eight securities were offered in the Fifth War Loan. Seven issues
were similar to those sold in the first foiu* drives, and a new one, an
issue of Iji percent Treasury notes, due March 15, 1947, was offered.
The securities offered were as follows:
Marketable securities, all of which were dated June 26, 1944,
except the 2}^ percent bonds:
% percent certificates of indebtedness due June 1, 1945;
V/i percent Treasury notes due March 15, 1947;
2 percent Treasury bonds callable June 15, 1952, due June
15, 1954; and
2% percent Treasury bonds callable March 15, 1965, due
March 15, 1970, and dated February 1, 1944. (This was
a reopening of the issue sold in the Fourth War Loan.)
46
REPORT OF THE SECRETARY OF THE TREASURY
Nonmarke table securities :
Savings bonds:
Series E, F, and G; and
Savings notes:
Series C.
During the drive, a deferred payment plan of somewhat wider scope
than that offered in the Third War Loan was made available whereby
life insurance companies, as well as savings institutions, State and
local governmental units, and similar public corporations and agencies
could have until September 30, 1944, to complete payments for sub-
scriptions to the two issues of Treasury bonds. Subscriptions entered
under these arrangements aggregated $340 millions. Those were
included in the total sales of $20,639 millions.
Sales by securities, by investor classes, and by States are shown in
detail in the tables beginning on page 680. Sak^s by investor groups,
compared with the goals, and sales of each issue to each investor
class are shown in the following tables.
Sales of securities during the Fifth War Loan compared with goals by classes of
investors
[Dollars in millions. On basis of reports of sales]
Class of investor
Goal
Sales
Percent of
goal at-
tained
Individuals, partnerships, and personal trust accounts
Corporations and other investors:
Insurance companies
Savings banks
Dealers and brokers _
State and local governments '
Corporations and associations 2
Subtotal -
Total ail investors
$6, 000
6,351
} 2, 500
400
} 7, 100
{
{ I:
2,769
1,525
533
260
201
172
133
133
10,000
14,288
16, 000
20, 639
143
129
Note. — Figures are rounded and will not necessarily add to totals.
' Includes their agencies and their trust, sinking, and investment funds.
' Includes eleemosynary institutions, and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasury
Department and whose purchases in the Fifth War Loan amounted to $32 millions.
REPORT OF THE SECRETARY OF THE TREASURY
47
Sales of securities during the Fifth War Loan by classes of investors and by issues
[In millions of dollars. On basis of reports of sales]
Savings
bonds 1
Savings
notes
Series C
liVo Cer-
tificates
of in-
debted-
ness
June 1,
1945
ni%
Treas-
ury
notes
Mar. 15,
1947
Treas-
lu-y
bonds
June 15,
1952-54
23^^%
Treas-
ury
bonds
Mar. 15,
1965-70
Class of investor
Series
E
Series
Fand
Q
Total
Individuals, partnerships, and per-
3,036
574
181
468
353
1,322
417
6,351
Corporations and other investors:
Insurance companies
7
2
2
(*)
1
120
2,271
170
84-
148
582
3,318
309
121
133
119
913
924
1,250
242
249
1,242
1,357
68
9
163
249
2,769
1,525
533
State and local governments 2..
Corporations and associations 3_
28
207
1,260
8,201
Total for corporations and
other investors ..
244
2,394
4,302
1,595
3,907
1,846
14,288
Total sales _.
3,036
818
2,575
4,770
1,948
5,229
2,263
20,639
Note.— Figures are rounded and will not necessarily add to totals.
*Less than $500,000.
1 Savings bonds are shown at issue price.
' Includes their agencies and their trust, sinking, and investment funds.
3 Includes eleemosynary institutions and certain United States Government corporations and credit
agencies which handle their investments themselves rather than through the facilities of the Treasury
Department.
As was the practice in the Fourth War Loan, purchases by Treas-
ury investment accounts and the Umited purchases allowed commer-
cial banks concurrently with the drive were excluded from both goals
and sales attributable to the Fifth War Loan, Commercial banks were
permitted to subscribe to the 2 percent and 2^ percent bonds offered in
the drive, as well as to Series F and G savings bonds, up to 20 percent
of the combined amount of savings deposits and time certificates of
deposit of individuals and nonprofit corporations or associations (as
of the most recent call statement prior to the date of subscribing for
the bonds) but not more than $400,000 for any one bank. This limit,
however, was cumulative, and included any previous subscriptions a
bank might have entered, for its own account, for Series F or G savings
bonds since January 1, 1944, or for 2% percent and 2}^ percent Treas-
ury bonds offered during the Fourth War Loan. Purchases of Series F
and Series G bonds remained subject to the $100,000 annual limit re-
ferred to in connection with the Fourth War Loan. Except for the
limited investment of time and savings deposits as defined above, com-
mercial banks may not hold the 2}^ percent bonds until February 1,
1954.
48
REPORT OF THE SECRETARY OF THE TREASURY
The securities and amounts purchased bycommercial banks and by
Treasury investment accounts were as follows :
Security
Commercial
banks holding
savings depos-
its and issuing
time certificates
Treasury
investment
accounts
Total
In millions of dollars
2% Treasury bonds, June 15, 1952-54
599
53
39
74
593"
599
2Vi% Treasury bonds, March 15, 1965-70
Series F savings bonds.
646
39
Series Q savings bonds -. .- _
74
Total -: _ -._
765
593
1,358
A copy of the letter of the Secretary of the Treasury sent to com-
mercial banks in connection with arrangements for the Fifth War
Loan is shown on page 506.
United States savings bonds
Savings bond sales. — Total sales of savings bonds during the fiscal
year 1944 amounted to $15,498 millions, issue price. This reflected
an increase of $3,709 millions over sales in 1943. As of June 30, 1944,
the current redemption value of United States savings bonds out-
standing, including those sold before 1944, amounted to $34,606
millions. This amount was 17.2 percent of the public debt outstand-
ing, as compared with 15.5 percent a year earlier. Savings bonds
were sold in 1944 in greater volume than in any earlier year, continuing
to absorb funds which otherwise might have contributed to the
inflationary pressure on price levels and made the task of economic
stabilization more difficult. More information on savings bonds, by
series, from March 1935, the month when savings bonds (Series A)
were first sold, through June 30, 1944, is contained in the tables
beginning on page 684. Sales of savings bonds, Series E, F, and G,
those issued tlu'oughout the war period, are shown by series in the
following table and in Chart 6 on page 49.
Sales of Series E, F, and G savings bonds, fiscal years 1941 through 1944 end hy
months for the fiscal year 1944
|In millions of dollars. On basis of daily Treasury statements, see p. 519|
Period
Series E
Series F
Series O
Total
By fiscal years:
1941 (May find Jimp)
203
3,526
8,271
11,820
683
661
1,400
1,340
665
728
1,085
2,102
576
606
624
1,350
67
435
758
802
38
28
139
93
23
24
127
157
23
19
15
115
395
2,032
2,759
2,876
169
112
387
275
109
101
487
522
110
114
111
377
664
1942
5,993
1943 -
11,789
1944 ...
15, 498
By months:
1943_july. .
890
August
September
October
November
December - .
802
1,927
1,708
798
853
1944— January... _
February
1,698
2,781
March
April..
709
739
May
June
751
1,842
Note. — Figures are rounded and will not necessarily add to totals.
REPORT OF THE SECRETARY OF THE TREASURY
49
SALES. REDEMPTIONS AND AMOUNTS OUTSTANDING
OF UNITED STATES SAVINGS BONDS
MONTHLY JULY 1942 THROUGH JUNE 1944
JASONDJFMAMJ 0 A SONDJ FMAMJ JAS
RtDEMPTIONS, Series A to G
■ ■■■
— BBlHHiHHHlHflBIIHIIII
ITllll
JASONDJFMAMJJASONDJFMAMJJAS
1942 1943 1944
JASONDJFMAMJJASONDJFMAMJJAS
1942 1943 1944
Chart 6.
613185 — 45-
50
REPORT OF THE SECRETARY OF THE TREASURY
Most of the increase in sales of savings bonds is accounted for by
Series E. The dollar volume of sales and the number of units sold of
Series E bonds of each denomination in the fiscal years 1941 through
1944 and by months for 1944 are shown in the following table. Chart
7 shows this information by months from July 1942 through June
1944.
Sales of Series E war savings bonds of each denomination, fiscal years 1941 through
1944 o,nd by months for the fiscal year 1944
[Sales by denominations estimated on basis of total deposits as reported by Treasurer of the United States]
Period
Denomination
$25
$50
$100
$500 $1,000 Total
Issue price of bonds sold (in millions)
By fiscal years:
1941 (May and June)
1942
1943_ -
1944._
By months:
1943— July
August
September
October
November
December
1944— January
February
March
April
May
June-.-
By fiscal years:
1941
1942
1943
1944
By months:
1943— July
August
September
October. __
November
December.
1944— January...
February.
March
April
May ,
Jime
$14
$13
$41
$41
$93
616
342
813
637
1,119
2,988
1,081
1,714
1,007
1,481
4,149
1,642
2,584
1,397
2,048
290
99
129
67
97
291
102
126
60
83
377
159
340
221
304
394
174
335
190
247
303
108
127
54
72
329
117
140
60
81
343
141
225
135
241
549
247
509
312
485
274
103
125
30
44
291
107
108
40
60
306
111
111
40
56
402
174
309
187
278
$203
3,526
8,271
11,820
683
661
1,400
1,340
665
728
1,085
2,102
576
606
624
1,350
Number of bonds sold (in thousands)
767
32, 832
159, 369
221, 284
15, 484
15, 508
20, 081
21, 029
16, 162
17, 530
18,291
29,272
14. 629
15, 534
16, 314
21, 450
353
552
108
125
9,107
10, 837
1,698
1,493
28,828
22. 851
2,686
1,975
43, 800
34, 447
3,725
2,730
2,646
1,722
179
129
2,722
1,675
160
110
4,236
4,535
588
406
4,633
4,466
507
329
2,888
1,698
145
97
3,132
1,867
161
108
3,756
2,995
361
321
6,600
6,782
832
647
2,744
1,670
79
68
2,845
1,434
108
80
2,955
1,483
106
75
4,645
4,120
498
370
1,905
55, 967
215, 709
305, 986
20, 161
20, 175
29,845
30, 964
20, 989
22, 798
25, 723
44, 133
19, 180
20, 001
20, 933
31,083
Note.— Figures are rounded and will not necessarily add to totals.
Continued advancement of the payroll savings plan contributed
substantially to the aggregate increase in sales of war savings bonds.
Sales of Series E bonds under this plan during the fiscal year amounted
to more than $5.5 billions, or about 47 percent of the total amount of .
all Series E bonds sold during the year.
REPORT OF THE SECRETARY OF THE TREASURY
51
SALES OF SERIES E SAVINGS BONDS BY DENOMINATIONS
MONTHLY JULY 1942 THROUGH JUNE 1944
A. NUMBER OF PIECES
MILLIONS
28
24
20
16
12
IONS
A
1
aU
V
a/
^^$25 Denomino
V
tion
/
HOC
1000
900
800
700
600
500
400
300
200
100
0
1942 1943 1944 1942 1943
B. DOLLAR VALUE AT ISSUE PRICE
1944
ARS
ons
A
$25 Denomination v
\\ ,
^JV
\
J^
^
\^
^
1942
1943
1944
1942
1943
1944
Chart 7.
52
REPORT OF THE SECRETARY OF THE TREASURY
Chart 8 on page 53 summarizes the growth of the plan since its
beginning in the latter part of the calendar year 1941. The following
table shows the extent of participation in the plan monthly during
the fiscal year 1944. A tendency will be noted for the amount of
payroll deductions to be somewhat higher during war loan months
than the average of monthly deductions during the year, as, for exam-
ple, m January and June 1944. This reflects the authorization by
employees of supplementary deductions during drives. Further data
may be found in the table on page 698 of this report.
Extent of participation in payroll savings plan, monthly, fiscal year 1944
[Estimated on basis of reports from companies and governmental agencies]
Month
Number of
persons par-
ticipating '
Total
pay of
participants
Total
amount
deducted
Percent of
participants'
pay deducted
1943— July
August
September
October.- -
November
December.
1944— January.. -
February.
March
April
May
June
Millions
26.6
26.4
26.4
26.4
26.6
26.8
27.1
27.3
27.5
27.3
27.2
27.6
Millions of
dollars
4,615
4,589
4,628
4,892
4,783
4,947
4,847
4,844
5,082
4,897
4,842
5,094
Millions of
dollars
420
413
435
455
440
470
475
465
498
475
460
540
9.1
9.0
9.4
9.3
9.2
9.5
9.8
9.6
9.8
9.7
9.5
10.6
1 Includes employees of Federal, State, and local governments, and members of the armed forces.
Included among the firms having the payroll savings plan in oper-
ation at the end of the fiscal year were 99 percent of the firms with 500
or more employees and 94 percent of those with 100 to 500 employees.
The persons employed by these firms represented about 85.4 percent of
the total employees of business and industry in the country at the end
of the fiscal year.
Sales of Series F and G savings bonds increased at a more moderate
rate than sales of Series E bonds during the year. On June 30, 1944,
Series F bonds outstanding amounted to $1,996 millions, at current
redemption values, and Series G bonds amounted to $7,861 millions,
at issue price. This was a net increase, for the two series combined,
of $3,495 millions over the amount outstanding on June 30, 1943.
As noted previously, beginning January 1, 1944, commercial banks
were permitted to purchase Series F and G bonds in a limited amount
determined by their savuigs deposits, subject also to the annual pur-
chase limit of $100,000 of th3 two series combined, to which all sub-
scribers are subject. Purchases of Series F savings bonds under this
authorization amounted to $111 millions through June 30, 1944, and
purchases of Series G bonds to $247 millions.
Savings bond redemptions. — United States savings bonds are the key-
stone of the Treasury's program to absorb the small savings of in-
REPORT OF THE SECRETARY OF THE TREASURY
53
PARTICIPATION IN PAYROLL SAVINGS PLAN
MONTHLY DECEMBER 1941 THROUGH JUNE 1944
WORKERS \
Millions Number of Workers Participating
28
FiPiRPiRRRpiFin ~
"nnnn t
r-jf]
^ 1- •• '
n
■
8
F!
■
J
1
1
I
0
EL-..^.^.-..^._. ._.-. ._L.
i
WORKERS
Millions
28
24
20
16
12
i 8
4
DJFMAMJJASONDJFMAMJJASONDJFMAMJJAS
1942 1943 1944
DOLLARS I
Millions Aggregote Annount Deducted
500
450
400
350
300
250
200
150
100
50
DOLLARS
Millions
500
450
400
350
300
250
200
150
100
50
DJFMAMJJASONDJFMAMJJASONDJFMAMJJAS
1942 1943 1944
PERCENT
DJFMAMJJASONDJFMAMJJASONDJFMAMJJA
1942 1943 1944
Chart 8.
54
REPORT OF THE SECRETARY OF THE TREASURY
dividuals, which is part of the broader program of economic stabiliza-
tion. The success of this program requires, at the present time, that
savings bonds be retained by their purchasers. There is every reason
to beheve that, on the whole, this has been done, and that most of those
redemptions which have occurred were the result of personal emer-
gencies which would have required the liquidation of savings in what-
ever forms they might have been held.
Redemptions of all series of savings bonds durmg the fiscal year
amounted to $2,371 millions, including accrued discount. The table
following shows redemptions for all series annually from 1941 through
1944, and for 1944 by months.
Redemptions of savings bonds, fiscal years 1941 through 1944, ctnd by months
for the fiscal year 1944
[In millions of dollars at current redemption value. On basis of daily Treasury statements, see p. 519]
Period
Series A-D
Series E
Series F
Series Q
Total
By fiscal years:
1941
148
133
88
79
7
7
6
6
6
7
7
7
7
7
6
(*)
60
689
2,100
120
134
137
125
150
186
164
161
241
213
25C
220
(*)
3
17
58
3
4
3
3
5
5
5
6
7
5
6
6
1
12
55
134
8
7
9
9
10
10
13
11
14
13
16
15
148
1942
207
1943
848
1944 -
2,371
By months:
1943_july . ..
138
152
155
October - -
144
November .. . .. .-
170
December
207
1944 — January - - -
188
February.. ..
185
March
268
April --
237
May -
279
248
Note.— Figures are rounded and will not necessarUy add to totals.
•Less than $500,000.
Cumulative sales of savings bonds. Series E, F, and G, including
accruals, and redemptions, at current redemption values, are com-
pared in Chart 9 on page 55. Between May 1, 1941, when Series E, F,
and G bonds were first issued, and- June 30, 1944, sales of these series
amounted to $34,108 millions, including accrued discount of $164
millions. Redemptions in the same period amounted to $3,127 mil-
lions, or about 9.2 percent of sales. Thus, nearly 91 percent of Series
E, F, and G bonds sold were still outstanding on June 30, 1944.
Sales of Series E war savings bonds between May 1, 1941, and June
30, 1944, amounted to $23,973 millions, including accrued discount of
$153 millions. Redemptions in the same period amounted to $2,849
millions, or 11.9 percent. Therefore, 88.1 percent of the original sales
of tliis series were still held by the original purchasers. Tliis com-
pares with 93.8 percent so held a year earlier.
REPORT OF THE SECRETARY OF THE TREASURY
55
SALES OF SAVINGS BONDS COMPARED WITH REDEMPTIONS
MONTHLY JANUARY 1942 THROUGH JUNE 1944
Dollar Amounts
DOLLARS
Billions TOTAL-E.FAND G BONDS
1942
PERCENT"
Redemptions
Percent Still Outstanding
\ j PERCENT
!l.l!|':l!'mi'llli!5lll \ '00
90
1942
1942
1943
1944
Chart 9.
56
REPORT OF THE SECRETARY OF THE TREASURY
Cumulative sales of Series F bonds between May 1, 1941 and June
30, 1944, amounted to $2,073 millions, including $12 millions of accrued
discount, while cumulative redemptions were $78 millions. Com-
parable figures for Series G savings bonds are sales of $8,062 millions
and redemptions of $201 millions. Thus, about 96.3 percent of Series
F bonds and 97.5 percent of Series G bonds remaii>ed outstanding at
the end of the fiscal year.
Detailed information on cumulative sales and redemptions of Series
E bonds, by denomination, and of Series F and G bonds, without
regard to denomination, is contained in the table following.
Cumulative sales of Series E, F, and G savings bonds compared with cumulative
redemptions, selected months from December 1941 to June 1944
Sales including accruals and redemptions at current'iedemption value, in millions of dollars. Denomi-
nations estimated on basis of total deposits and ledemptions, respectively, as reported by Treasurer of the
United States]
1941
1942
1943
1944
December
June
December
June
December
June
Series E
$25 denomination:
Cumulative sales , - _
113.9
1.1
99. 0%
93.2
0.7
99. 2%
258.4
2.4
99. 1%
229.4
2.4
99. 0%
449.7
4.5
99. 0%
630.4
10.7
98. 3%
355.0
5.2
98. 5%
854.5
13.1
98. 5%
677.8
11.0
98. 4%
1,213.2
20.1
98.3%
1, 886. 6
90.5
95. 2%
807.0
22.2
97. 3%
1, 598. 8
36.7
97. 7%
1, 086. 3
26.0
97.6%
1, 764. 9
44.9
97. 5%
3, 630. 7
419.6
88.4%
1, 440. 4
91.9
93. 6%
2, 575. 0
97.0
96. 2%
1, 689. 0
63.6
96. 8%
2, 700. 1
86.6
96. 8%
5, 632. 4
938.4
83. 3%
2, 206. 6
210.6
90. 5%
3,781.6
196.1
94. 8%
2, 346. 6
99.6
95. 8%
3, 590. 6
155.8
95. 7%
7, 826. 2
Cumulative redemptions
Percent outstanding..
1, 649. 8
78.9%
$50 denomination:
Cumulative sales
3, 100. 6
Cumulative redemptions
Percent outstanding
399.0
87.1%
$100 denomination:
Cumulative sales . ...
5,183.0
Cumulative redemptions
Percent outstanding
362.4
93. 0%
$500 denomination:
Cumulative sales .. .
3, 097. 9
Cumulative redemptions
Percent outstanding
174.0
94. 4%
$1,000 denomination:
Cumulative sales
4, 765. 7
Cumulative redemptions
Percent outstanding
263.0
94. 5%
All denominations:
Cumulative sales
1, 144. 7
11.1
99. 0%
3, 730. 8
60.0
98. 4%
7, 143. 6
220.3
96. 9%
12,035.3
748.6
93. 8%
17, 557. 7
1, 600. 5
90. 9%
23, 973. 4
Cumulative redemptions
Percent outstanding
2, 848. 5
88.1%
Series F
All denominations:
Cumulative sales
207.7
0.4
99. 8%
501.8
2.9
99. 4%
861.3
7.4
99. 1%
1, 262. 2
19.9
98. 4%
1,610.9
42.2
97. 4%
2, 073. 3
Cumulative redemptions
Percent outstanding . .
77.6
96. 3%
Series O
All denominations;
Cumulative sales
1,184.9
2.1
99. 8%
2, 426. 6
12.4
99. 5%
3, 700. 9
31.5
99. 1%
5, 186. 1
66.9
98. 7%
6, 340. 8
120.3
98. 1%
8,061.7
Cumulative redemptions
Percent outstanding
200.9
97. 5%
Note. — Figures are rounded and will not necessarily add to totals.
Redemptions of the smaller denominations of Series E bonds con-
stitute a larger proportion of accumulated sales of these denominations
than do redemptions of the larger denominations. As of June 30, 1944,
about 21 percent of the $25 Series E bonds had been redeemed, as
compared with about 12 percent of all Series E bonds. Redemptions
REPORT OF THE SECRETARY OF THE TREASURY
57
of $50 Series E bonds in relation to sales, amounting to about 13 per-
cent, were not greatly different from redemptions of all denomina-
tions of Series E bonds combined. Redemptions of bonds of $100,
$500, and $1,000 denominations were a smaller proportion of the
cumulative sales than redemptions of all denominations, and ex-
hibited very little variation as between these denominations. A
relatively larger volume of redemptions in the small denominations
is, of course, to be expected. Individuals with small incomes who
purchase bonds in small units are less likely than individuals with
large incomes who purchase bonds in large units to have other liquid
savings on which they can draw in emergencies. There is also the
possibility, although it is not capable of statistical demonstration,
that individuals who find it necessary to liquidate their holdings of
savings bonds cash their smaller denomination bonds before cashing
bonds of larger denominations, and there is the probability that the
majority of personal financial emergencies involve relatively small sums.
The table which follows compares redemptions of all series of United
States savings bonds with the amounts outstanding, annually for the
last four fiscal years, and monthly during the fiscal year 1944.
Redemptions of all series of savings bonds as fercent of amount outstanding, fiscal
years 1941 through 1944 o-^d by montlts for the fiscal year 1944
[Dollars in millions. On basis of daily Treasury statements, see p. 519]
Period
Redemptions '
during year or
month
Amount out-
standing ' at
end of year or
month
Redemptions
as percent of
amount out-
standing
By fiscal years:
1941 .- - -.-
$148
207
848
2,371
138
152
155
144
170
207
188
185
268
237
279
248
$4, 314
10. 188
21, 256
34,606
22, 030
22, 694
24, 478
26, 056
26, 697
27, 363
28,901
31,515
31,974
32, 497
32, 987
34,606
3.43
1942
2.04
1943 . - . - -.
3.99
1944
6.85
By months:
1943— July
August .-. -
.63
.67
September
.63
October
.55
.64
December .
.76
1944 — January
.65
February ...
,59
March
.84
April . ... .... ... -.
.73
May
.85
June-
.72
Note. — Dollar figures are rounded and will not necessarily add to totals.
' At current redemption values, except Series G bonds which are valued at par.
In view of the predominance of Series E savings bonds and of the
special importance of their redemption for the problem of economic
stabilization, it may be of interest also to note particularly the montlily
trend of Series E bond redemptions. While the percentage of redemp-
tions to total amounts outstanding increased during the fiscal year
1944, in no month did the rate reach the peak of 1.31 percent reached
in March 1943. The following table shows the ratio of Series E
savings bond redemptioiis to the amount of E bonds outstanding by
months in the past three fiscal years.
58
REPORT OF THE SECRETARY OF THE TREASURY
Percentage of Series E war savitigs bond redemptions to total amount outstanding
by months in the fiscal years 194^, 1943, and 1944
Month
Fiscal year
1942
Fiscal year
1943
Fiscal year
1944
July
August
September
October--.
November
December.
January ..
February..
March
April
May
June
Percent
The table following shows the cumulative redemption experience of
savings bonds, by years from issue date, for bonds of Series A through
Series E issued before our entry into the war, which were purchased
mainly for their investment characteristics, and for Series E bonds
issued in 1942 and 1943, which were purchased for patriotic motives as
well. Redemption experience of Series F and G bonds combined is
also shown.
Percent of sales of savings bonds of each denomination redeemed by the end of various
yearly periods through June SO, 1944
[On basis of Public Debt accounts, see p. 519]
Denomination
Percent of bonds issued through Dec. 31, 1941, Series A to E, redeemed by end of—
1 year
2 years
3 years
4 years
5 years
6 years
7 years
8 years
(1935-41
(1935-11
(1935-41
1935-40)
(1935-39
(1935-38
(1935-37
(1935-36
Series)
Series)
Series)
Series)
Series)
Series)
Series)
Series)
9 years
(1935
Series)
Percent
$25
$50
$100
$500
$1,000
All denominations
18
24
30
35
38
41
43
15
20
26
31
35
39
41
14
19
24
29
33
36
38
12
16
21
25
28
31
33
8
12
15
18
21
24
25
10
14
18
21
24
27
29
Denomination
Percent of Series E
bonds issued from
Jan. 1, 1942, redeemed
by the end of —
1 year
(1942-43
Series)
2 years
(1942 Se-
ries)
Percent of Series F and Q bonds is-
sued from May 1, 1941, redeemed
by the end of—
1 year
(1941-43
Series)
2 years
(1941-42
Series)
3 years
(1941 Se-
ries)
Percent
$25
$50
$100 -
$500
$1,000
$5,000-.-
$10,000..
All denominations.
(0
(^
6
6
6
5
5
5
Note.— The percentages shown in this table are the proportions of the value of the bonds sold in any
calendar year which are redeemed before July 1 of the next calendar year, and before July 1 of succeeding
calendar years. The percentages for each annual series have been calculated separately; the composite per-
centages shown above are simple averages of the percentages for each annual series.
'This denomination offered in Series F only. Sales and redemptions of the 1941 series in this denomination
have been excluded from the computation of the percentages of $25 bonds redeemed because such bonds
were available for less than a month in 1941.
' These denominations not offered.
REPORT OF THE SECRETARY OF THE TREASURY
59
The table shows a gradual increase in the cumulative proportion
of bonds redeemed with the increase in the number of years that a
particular annual series has been outstanding. Thirty-one percent of
the 1935 series had been redeemed at the end of 9 years. The table
also shows that redemptions of Series E bonds issued from January 1,
1942, have been considerably higher during the first two years of their
currency than in the case of the pre-war issues of Series A-E bonds —
cumulative redemptions at the end of two years amounting to 15
percent as compared with 10 percent for the average of the pre-war
issues. This increase has been entirely accounted for by redemptions
of $25 and $50 bonds, as redemptions of bonds of $100 and higher
denominations have been slightly lower in the case of bonds issued
since our entry into the war than in the case of those issued previously.
Redemptions of Series F and G bonds have been much lower than
those of Series A-E bonds irrespective of date of issuance.
Issuing agents for war savings bonds.- — At the end of the fiscal year
there were 54,454 agents qualified to issue Series E war savings bonds,
an increase of over 3,000 since June 1943. These figures include a
small number of subagents and branches of issuing agencies.
An increasing number of nonfinancial corporations have qualified
as issuing agents in order that bond deliveries may be made more
rapidly to their employees. Posfcofl5ce issuing agents continued to
increase during the year, in part as a result of changes in classifications
of post offices from a lower to a higher class, and partly in response
to the demand for a larger number of readily available outlets for
sales to small investors.
The following table shows the number and types of issuing agents
in June 1944, and quarterly for the preceding year.
m June 1944, and quarterly tor the precedmg year.
Number of agents qualified to issue Series E savings bonds, on quarterly dates
June 1943 through June 19^4, classified
fro7
Classification
Commercial and savings banks L.
Building and loan associations
Credit unions
other corporations i
Total other than post ofiaces
Post offices
Grand total
June September December
15. 342
3,684
2.753
9,240
31,019
20, 140
51, 159
15, 336
3,674
2,719
9,472
31, 201
21, 040
52, 241
15, 298
3,648
2,685
9,679
31,310
22, 702
March June
15, 304
3,640
2,645
9,929
31,518
22, 955
15, 244
3,587
2,347
10, 266
31,444
23, oin
54, 454
' Includes a number of subagents and branches of issuing agencies.
New denomination of E bonds. — On June 7, 1944, the issuance of a
$10 maturity value. Series E United States savings bond was author-
ized for sale exclusively to members of the armed forces through such
agencies as the Secretary of War and the Secretary of the Navy pro-
vide within their respective agencies.
60 REPORT OF THE SECRETARY OF THE TREASURY
War savings stamps
Sales of war savings stamps for the fiscal year totaled $409 millions,
while redemptions amomited to $426 millions. Of the amomit
redeemed. $353 millions, or 83 percent, were exchanged for United
States savings bonds. A balance of $197 millions was outstanding
at the end of 'the fiscal year. Data on sales and redemptions of
savings stamps from May 1, 1941, through June 30, 1944, are shown
in the tables beginning on page 699.
Treasury notes: tax series and savings series
Sales of Series C Treasury savings notes during the fiscal year ended
June 30, 1944, amounted to $8,954 millions. Redemptions of Series
C notes during the year amounted to $5,970 millions. Matm-ities and
redemptions of Series A and B tax savings notes brought the total
redemptions of tax series and savings series Treasury notes to
$6,867 millions, of which $6,365 millions, or 93 percent, were applied
to the payment of taxes. Tax savings notes of Series A-1943, A-1944,
B-1943, and B-1944, matured during the fiscal year. There re-
mained outstanding at the end of the fiscal year unmatured tax notes
of Series A-1945 in the amount of $109 millions. No Series A tax
savings notes were offered during the fiscal year, the occasion for
their issuance having ceased when the CmTent Tax Payment Act
became effective. Series B notes were superseded during the previous
year by Series C notes.
On July 27, 1943, the requii'emant of 30 days' notice for the redemp-
tion for cash of Series C Treasury savings notes was eliminated by
Department Circular No. 696. An amendment, dated October 4,
1943, to Department Circular No. 695 removed the maximum limita-
tion of $5,000 par value on the amount of Series A tax savings notes
which could be used by each taxpayer in payment of each class of tax
(income, estate, or gift) during a single taxable year. By the first of
these changes, Series C notes were converted into a more liquid short-
term investment instrument, suitable for accumulation either of cor-
poration tax reserves, or of other liquid reserves including reserves
set aside for post-war reconversion. The second of these two changes
was designed to facilitate the final hquidation of Series A notes and
to avoid imposing unnecessary inconvenience upon holders of such
notes who might have acquired them in anticipation of tax liabilities
which are now discharged by withholding. Amendments to the cir-
culars referred to above are shown beginning on page 336 of this report.
Treasury bills
Offerings of Treasury bills were made each week during the year;
43 issues were for a term of 91 days, 7 issues were for a term of 92
REPORT OF THE SECRETARY OF THE TREASURY 61
days, and 2 issues were for a term of 90 days. The amount of the
weekly offerings was $1,000 millions at the start of the year, but was
increased to $1,200 millions for the last 8 issues of the year. The 13
issues outstanding at the beginning of the year totaled $11,864 mil-
lions; the 13 issues outstanding at the end of the year totaled $14,734
millions. Of the 52 issues offered during the year, all were sold at a
positive average rate of discount, the average rate on all bills issued
during the year being 0.375 percent. Owing to the continuing influ-
ence of a posted buying rate of % of 1 percent established at the Fed-
eral Reserve Banks, pursuant to directions of the Federal Open Mar-
ket Committee on April 30, 1942, there was little fluctuation in the
rate from week to week.
As mentioned in last year's annual report, announcement was
made on May 6, 1943, that in the interest of a wider distribution of
Treasury bills, offerings, beginning with the issue dated May 12, 1943,
and thereafter until further notice, would include provision for the
receipt of tenders for $100,000 or less from any one bidder at a fixed
price of $99,905 per $100 face value, in addition to the conventional
bidding on a competitive basis. This provision was contained in all
offerings of Treasury bills durmg the fiscal year 1944, Bids on a
fixed price basis averaged about $62 millions a week during the year
ended June 30, 1944, and amounted in the aggregate to about 6 per-
cent of all bids accepted.
Further information concerning Treasury bills will be found in the
exhibits beginning on page 311, and in the table on page 655.
Market financing outside oj war loan drives
Three market offerings of Treasury securities other than bills were
made for cash during the year, independently of the war loan drives
discussed above. The first of these was an issue of 1 Yi percent Treas-
ury notes dated July 12, 1943, and maturing September 15, 1947.
Subscription books for this offering were opened on June 28, 1943, and
remained open for 2 days. Of cash subscriptions totaling $19,544
millions, $2,707 millions were allotted and issued.
In connection with the refunding of an issue of certificates of in-
debtedness, due August 1, 1943, and outstanding in the amount of
$1,609 millions, cash subscriptions were accepted, from commercial
banks only, for an additional $900 millions, or thereabouts, of the se-
curities offered in exchange — % percent 1-year certificates of indebt-
edness, due August 1, 1944. Books for the cash portion of this offering
were opened on July 22, 1943, and closed the same day. Of cash sub-
scriptions from banks amounting to $5,484 millions, $989 millions were
allotted and issued.
Following the Third War Loan, and in accordance with an announce-
ment made at the time the terms of the Third War Loan securities
62
REPORT OF THE SECRETARY OF THE TREASURY
were made public, there were offered, on October 6, 1943, for the
exclusive subscription of commercial banks, an issue of about $1,500
millions of % percent certificates of indebtedness dated October 15,
1943, and maturing October 1,1944, which were also offered at the
same time in exchange for % percent certificates of indebtedness
maturing November 1, 1943; and a like amount of the 2 percent
Treasury bonds of 1951-53 which were originally issued in connection
with the Third War Loan. Cash subscriptions to the certificates of
indebtedness amounted to $5,386 millions, of which $1,580 millions
were allotted. Cash subscriptions to the 2 percent bonds amounted
to $5,531 millions, of which $1,627 millions were allotted.
No other cash offerings of marketable securities, other than bills,
were made during the year except those made contemporaneously
with, but not as part of, the Fourth and Fifth War Loan drives, for the
limited investment of time deposits of commercial banks and for the
convenience of Treasury investment accounts. The results of these
offerings have been described already in the discussion of the Fourth
and Fifth War Loans.
Two issues of Treasury notes, an issue of Reconstruction Finance
Corporation notes, and an issue of Federal Public Housing Authority
notes matured during the year and were paid off in cash. The essential
details of these transactions are shown in the following table.
Maturing issue
1J4% Reconstruction Finance Corporation notes due July 15, 1943.
1% Treasury notes due Sept. 15, 1943
15^% Treasury notes due Dec. 15, 1943
Ws7o Federal Public Housing Authority notes due Feb. 1, 1944...
In millions
of dollars
324
279
421
114
Total -
1,139
Note. — Figures are rounded and will not necessarily add to totals.
Six issues of certificates of indebtedness matured during the fiscal
year ended June 30, 1944, and were refunded into new issues of cer-
tificates of indebtedness or, m one case, mto a short note. These
transactions are summarized in the table below.
Disposition of maturing certificates of indebtedness during the fiscal year 1944
[Dollars in millions]
Certificates
exchanged
Description of new
security
Ex-
changes
Re-
deemed
for
cash '
Total
Percent
ex-
changed
K% due Aug. 1,1943...
J^%dueNov. 1,1943...
J^%dueDec. 1, 1943...
!^%dueFeb. 1,1944...
J^%dueApr. 1,1944...
K% due May 1,1944...
%% Certificates of indebtedness, due Aug.
1, 1944.
]4% Certificates of indebtedness, duo Oct.
1, 1944.
%% Certificates of indebtedness, due Dec.
1, 1944.
0.90% Treasury notes due Mar. 1, 1945
%% Certificates of indebtedness, due Apr.
1, 1945.
J 8% Certificates of indebtedness, due May
1, 1945.
1,556
1,939
3,540
2,127
4,877
1,615
63
96
260
84
374
40
1,609
2,035
3,800
2,211
5,251
1,655
97
95
93
96
93
98
1 Includes amounts transferred to matured debt.
REPORT OF THE SECRETARY OF THE TREASURY
63
Announcement was made on June 7, 1943, that the 3% percent
Treasury bonds of 1943-45, originally issued in 1933 in part for cash
and in part in exchange for bonds of the Fourth Liberty Loan, were
called for redemption on October 15, 1943. Holders of these bonds
were offered in exchange additional issues of the 2 percent Treasury
bonds of 1951-53 and the 2}^ percent Treasury bonds of 1964-69,
which had been offered in the Third War Loan, subject to the restric-
tion upon commercial bank holdings of the 2% percent bonds. Of the
$1,401 milKons of 3% percent bonds outstanding, $1,102 millions were
exchanged for 2 percent Treasury bonds of 1951-53, and $59 millions
were exchanged for 2% percent Treasury bonds of 1964-09. A balance
of $239 millions remained for repayment in cash.
In a single large-scale operation, the Treasury refunded, on March
15, 1944, securities which were outstanding in the amount of $4,729
millions. These securities consisted of all notes and bonds becoming
due or callable between March 15 and June 15, 1944. There were
seven separate Treasury and guaranteed issues involved in the refund-
ing and tlu"ee issues were offered in exchange.
Descriptions of the seven maturing securities are shown in the
following table.
Description of security
Maturity or
call date
Amount out-
standing
Feb. 29, 1944
Treasury securities:
1% Treasury notes, Series B— 1944
3M% Treasury bonds, 1944-46
%% Treasury notes, Series A— 1944 ___
Total Treasury securities
Guaranteed securities:
3M% Federal Farm Mortgage Corporation bonds, 1944-64
3% Federal Farm Mortgage Corporation bonds, 1944-49
1% Reconstruction Finance Corporation notes. Series W
3% Home Owners' Loan Corporation bonds. Series A 1944-52.
Mar. 15, 1944
Apr. 15, 1944 "
June 15. 1944
In millions of
dollarf
515
1,519
416
2,449
Mar. 15, 19441
May 15, 1944'
Apr. 15, 1944
May 1, 1944 1
95
835
571
779
Total guaranteed securities
Total Treasury and guaranteed securities.
2,280
4,729
Note.— Figures are rounded and will not necessarily add to totals.
• Called for redemption on date indicated.
The three issues offered in exchange consisted of reopenings of the
two marketable Fourth War Loan bonds — the 2M percent Treasury
bonds of 1956-59 and the 2}^ percent Treasury bonds of 1965-70 —
and a new 1% percent Treasury note due September 15, 1948. Holders
other than commercial banks were permitted to exchange into any of
the three securities available; commercial banks, however, were per-
mitted to exchange only into the notes.
64 REPORT OF THE SECRETARY OF THE TREASURY
The two bond issues offered in exchange were both dated February
1, 1944, whereas the note issue was dated March 15, 1944. The re-
funded securities carried various maturity and call dates from March
15, 1944, through June 15, 1944. In most cases the maturity date of
the old security and the issue date of the new security did not coincide,
thereby necessitating interest adjustments.
In general, the adjustment was made by allowing intsrest on the
old issue to its maturity date (call date in the case of securities called
for redemption) and then deducting accrued interest on the new issue
for the period of the overlap. There were some exceptions to this
general rule. In the case of the 1 percent Reconstruction Finance
Corporation notes due April 15, 1944, the interest was adjusted as of
March 15. Holders of the ji p3rcent Treasury notes due June 15,
1944, were permitted to ebct whether interest would be adjusted as of
March 15 or June 15.
The foregoing interest adjustments were desirable in view of the
diversity of interest rates and tax-exemption provisions of ths ma-
turing issues. Many holders of the partially or wholly tax-exempt
issues caDed for redemption after March 15 would have had a strong
incentive not to accept an exchange offer which did not permit them
to receive, in effect, the benefit of the interest rate and tax-exemption
status of their old securities up to their respective call dates. In the
case of the Reconstruction Finance Corporation notes, on the other
hand, holders were given the benefit of the higher coupon rates on
the new issues as an inducement to accept the exchange. The ques-
tion of tax exemption did not arise because these maturing notes were
taxable. Holders of the % percent wholly tax-exempt Treasury notes
were given the opportunity of deciding which security they would, in
effect, receive interest on during the overlap period because the
holder's income tax position would determine which alternative would
be the more advantageous.
The subscription books were opened on March 2. They were
closed on March 8 for subscriptions in payment of w^hich maturing
notes were tendered, and on March 11 for subscriptions in payment
of which called bonds were tendered. In the case, however, of in-
vestors whose total holdings of the refunded securities were $100,000
or less, the subscription books were kept open through March 15.
The volume of old securities exchanged for new securities totaled
$3,919 millions, or 83 percent of the old securities outstanding. The
following table shows the amount and the percentage of each matur-
ing security which was exchanged for new securities.
REPORT OF THE SECRETARY OF THE TREASURY
65
Details of market refunding of March 15, 1944
[In millions of dollars]
Maturing security
Means of retirement
Exchanged for-
W2% Treas-
ury notes
Sept. 15,
1948
21^% Treas-
ury bonds,
Sept. 15,
1956-59 1
21/2% Treas-
ury bonds,
Mar. 15,
1965-70 1
Re-
deemed
for
cash 2
Total
1% Treasury notes. Mar. 15, 1944 ( W)
3}4% Federal Farm Mortgage Corporation
bonds. Mar. 15, 1944-64 (P)
SHVo Treasury bonds, Apr. 15, 1944-46 (P)
1% Reconstruction Finance Corporation notes,
Apr. 15, 1944 (T) ,
3% Home Owners' Loan Corporation bonds.
May 1, 1944-52 (P)
3% Federal Farm Mortgage Corporation
bonds, May 15, 1944-49 (?)
%7o Treasury notes, June 15, 1944 (W)
Total _
70
1,151
555
572
662
266
32
19
296
12
175
130
146
95
1,519
571
779
835
416
3,748
95
810
4,729
Note. — Figures are rounded and will not necessarily add to totals.
' Additional issue of securities offered in Fourth War Loan.
2 Includes amounts transferred to matured debt.
W Wholly tax-exempt.
P Partially tax-exempt.
T Taxable.
Adjusted service bonds
Adjusted service bonds of 1945, amounting to $1.4 millions, were
issued during the year, making a total of $1,843 millions of such bonds
issued since June 15, 1936, in payment of amounts due on adjusted
service certificates. Redemptions of $6.0 millions of these bonds
during the year brought the total redemptions since June 15, 1936,
to $1,625 millions, and left $217 millions outstanding on June 30,
1944. Further data on adjusted service bonds appear in the table
on page 612.
Depositary bonds
Issuance of the First Series of depositary bonds, as authorized by
Department Circular No. 660, dated May 23, 1941, was continued
during the year to the various qualified depositaries and financial
agents m amounts not exceedmg the amount for which each depositary
and financial agency had qualified. The total issued during the year
amounted to $186 millions, and redemptions for the year amounted
to $27 millions, leaving $385 millions outstanding on June 30, 1944,
Under date of June 29, 1943, the Secretary gave notice of the issu-
ance of 2 percent depositary bonds, Second Series, at par, to deposi-
taries for withheld taxes qualifying under Department Chcular No.
714, dated June 25, 1943. All transactions in connection with the
issue, redemption, and payment of interest on these bonds are con-
ducted by Federal Reserve Banks, as fiscal agents of the United States
acting for the Secretary of the Treasury. The bonds of the Second
613185—45 6
66 REPORT OF THE SECRETARY OF THE TREASURY
Series are dated on the actual date of issuance on and after July 1,
1943. They bear interest at 2 percent from the date payment therefor
is received, on a semiannual basis on January 1 and July 1, and mature
12 years from such date, but may be redeemed at the option of the
United States or of the depositary for withheld taxes upon not less
than 30 nor more than 60 days' notice in writing by either party to the
other. The bonds are issued only in the name of the Federal Reserve
Bank, in the district in which the depositary is located, as fiscal agent
of the United States in trust for such depositary and are not trans-
ferable. The total issues during the year amounted to $100 millions
and redemptions amounted to $11 millions, leaving a balance of $89
millions outstanding at the end of the year.
Excess profits tax refund bonds '
Treasury Depgirtment Circular No. 728, dated December 31, 1943,
prescribed regulations governing the issuance of excess profits tax
refund bonds under the provisions of the Second Liberty Bond Act,
as amended, and pursuant to sections 780 through 783 of the Internal
Revenue Code, as amended. Section 780 creates a credit of an amount
equal to 10 percent of the excess profits tax, imposed by Subchapter E
of Chapter 2 of the Internal Revenue Code, for each taxable year
ending after December 31, 1941 (except in the case of a taxable year
beginning in 1941 and ending before July 1, 1942), and not beginning
after the date of cessation of hostilities in the present war. Section
780 also provides for the issue by the Secretary of the Treasury of
bonds of the United States in an aggregate amount equal to the 10
percent excess profits tax credit.
The bonds are issued in series according to the calendar year in which
the credit used to purchase the bonds arose. Those purchased with
the credits for any taxable years beginning in 1941 and 1942 are com-
bined and are designated "First Series"; those purchased with 1943 and
1944 credits constitute the "Second Series" and the "Thu'd Series",
respectively. Those purchased with credits for taxable years begin-
ning after December 31, 1944, will be designated "Fourth Series."
Bonds of the First, Second, Third, and Fourth Series will mature,
respectively, on the last day of the second, third, fourth, and fifth
calendar years beginning after the cessation of hostilities in the present
war, but will be redeemable after the cessation of hostilities (at the
option of the United States), in whole or in part, upon 3 months'
notice.
The bonds are issued following certification by the Commissioner
of Internal Revenue of the amount of bonds to which a taxpayer is
entitled, and are issued only in registered form in the name so certi-
fied; each bond is dated as of the day the credit available for its pur-
chase is transferred to the Public Debt account.
REPORT OF THE SECRETARY OF THE TREASURY 67
The bonds bear no interest, are nonnegotiable, and may not be
transferred by sale, exchange, assignment, pledge, hypothecation, or
otherwise, on or before the date of the cessation of hostilities. After
such date the bonds will be fully negotiable and may be exchanged or
transferred without restriction.
The total issues of these bonds during the fiscal year 1944 amounted
to $134 millions. A copy of Department Circular No. 728 appears
on page 343 of this report.
Special issues
During the fiscal year the Treasury continued to issue special
series of interest-bearing securities for the investment of trust or other
funds deposited in the Treasury. The amount of such obligations
increased by $3,416 millions during the year. Details will be found
in the table on page 615 of this report.
Special short-term, certificates oj indebtedness
Special short-term certificates of indebtedness were sold in Septem-
ber 1943, directly and solely to the Federal Reserve Banks. These
certificates were issued prior to the Thu'd War Loan when the Treasury
permitted its balances with the Federal Reserve Banks to become
exhausted in anticipation of the sale of securities during the drive.
The certificates were issued only to the extent of the overdraft thus
incurred. The details of the issue will be found in the table on page
655 of this report.
Cumulative sinking fund
Credits accruing to the cumulative sinking fund during the year
amounted to $588 millions wliich, added to the unexpended balance
of $3,762 millions brought forward from the previous year, made
available $4,350 millions for the year. None of the funds were used
for the retirement of bonds and notes which matured or which were
called during the fiscal year 1944. The unexpended balance of $4,350
millions was carried forward to the fiscal year 1945.
Tables presenting the transactions on account of the fund for 1944
and since its inception on July 1, 1920, will be found on pages 665
and 666 of this report.
Composition oj the public debt
The gross pubhc debt on June 30, 1944, amounted to $201,003
millions, an increase of $64,307 millions during the fiscal year. Chart
10 on page 69 shows the composition of the interest-bearing debt
and the guaranteed debt outstanding at the end of each month from
68
REPORT OF THE SECRETARY OF THE TREASURY
June 30, 1937 through June 30, 1944. The following table shows
the amount of the public debt outstanding on June 30, 1943, and
June 30, 1944, classified by character of issues, the percent increase
during the year, and the percent distribution among the various
classes of issues.
Public debt outstanding on June SO, 19JfS, and June 30, IQJtJt, by classes of issues ^
[Dollars in millions. On basis of daily Treasury statements, see p. 519]
Class of issue
June 30,
1943
June 30,
1944
Percent
increase
or decrease
(-), 1944
over 1943
Percent dis-
tribution of
amounts
1943
1944
Interest-bearing:
Public issues:
Marketable issues:
Postal savings bonds, etc., authorized by
acts prior to Apr. 6, 1917-
196
57,520
9,168
16, 561
11,864
196
79, 244
17, 405
28, 822
14, 734
(*)
37.8
89.8
74.0
24.2
0.1
42.1
6.7
12.1
8.7
0.1
Treasurv bonds
39.4
Treasury notes -.
8.7
Certificates of indebtedness
14.3
Treasury bills. - _
7.3
Total marketable issues
95, 310
140, 401
47.3
69.7
69.9
Nonmarketable issues:
United States savings bonds
21, 256
226
222
7,495
34, 606
474
217
9,557
62.8
109.7
-2.1
27.5
15.5
.2
.2
5.5
17.2
Depositary bonds
.2
Adjusted service bonds . -
.1
Treasury notes, tax series and savings
series _
4.8
Total nonmarketable issues..
29, 200
44, 855
53.6
21.4
22.3
Total public issues
124, 509
10, 871
185, 256
14,287
48.8
31.4
91.1
8.0
92.2
.Special issiips to trust funds, p.tc.
7.1
Total interest-bearing debt
135, 380
141
1,175
199, 543
201
1,259
47.4
43.0
7.1
99.0
.1
.9
99.3
Matured debt on which interest has ceased
.1
Debt bearing no interest
.6
Total gross debt..
136, 696
201,003
47.0
100.0
100.0
Note.— Figures are rounded and will not necessarily add to totals.
* Less than 0.05 percent.
■ A table covering obligations guaranteed by the United States for these dates appears on p. 75.
The largest percentage increases in outstanding marketable issues
were in Treasury notes and certificates of indebtedness. Despite
these large increases durmg the year, these two classes of marketable
securities together still represent less than one-fourth of the gross
public debt. Treasury bills mcreased by 24.2 percent during the year.
As this increase was less than the average increase for the entire debt,
bills declined during the year in their relative importance as a com-
ponent of the debt. United States savings bonds outstanding in-
creased from 15.5 percent to 17.2 percent of the gross debt during the
fiscal year 1944.
The table on page 70 shows the maturity distribution of the public
debt on the basis of time to final maturity, and also on the basis of
time to the earliest date at which it may be repaid, either at the option
of the Government or at that of the holder, on June 30, 1943, and
June 30, 1944. There has been little change during the fiscal year
REPORT OF THE SECRETARY OF THE TREASURY
69
COMPOSITION OF THE PUBLIC DEBT.' BY TYPES OF ISSUES
MONTHLY JUNE 1937 THROUGH JUNE 1944
1937 1938 1939 1940 1941 1942 1943 1944
DOLLARS"
Billions
200
180
160
140
120
100
"DOLLARS
Billions
200
ISO
160
140
120
100
1937 1938
1939
1940 1941
Chart 10.
1943 1944
1 Includes guaranteed issues.
in the proportionate distribution of maturities. About 47.8 percent
of the outstanding pubHc debt and guaranteed obhgations mature
or may be paid within one year. Almost the same percentage re-
lationship prevailed on June 30, 1943. About 60.3 percent of out-
standing interest-bearing obligations mature or may be paid within
five years. This, too, is approximately the same proportion as on
June 30, 1943.
When the classification is in terms of final maturities rather than
of the earliest possible payment dates, the proportion due within one
year falls to about half of the proportion redeemable, at the option of
either the Government or the holder, within the same period. The
proportion maturing within five years is about 40.5 percent, as com-
pared with about 60.3 percent redeemable within that period.
70
REPORT OF THE SECRETARY OF THE TREASURY
Estimated distribution, by earliest optional redeynption classes and by mattirity
classes, of interest-bearing securities issued or guaranteed by the United States,
June 30, 1943 and 1944
Call or maturity class
Amounts (billions of
dollars)
June 30, 1943 June 30, 1944
Percent of total
June 30, 1943 June 30, 1944
Classified by years to earliest optional redemption date '
1 year or less '.
1-5 years
5-10 years
10-15 years
15-20 years
Over 20 years-
Special issues 3
Total.-.
1 year or less. .
1-5 years
5-10 years
10-15 years
15-20 years
Over 20 years.
Special issues '
Total...
65.0
20.7
23.1
6.6
3.7
9.3
11.1
139.5
96.1
25.1
33.9
9.8
10.2
11.3
14.6
201.1
46.6
14.9
16.5
4.8
2.6
6.7
7.9
100.0
47.8
12.5
16.9
4.9
5.1
5.6
7.3
100.0
Classified by years to maturity
33.3
24.8
33.8
18.9
4.6
13.0
11.1
139.5
49.6
31.9
60.4
14.6
8.4
21.5
14.6
201.1
23.8
17.8
24.3
13.6
3.3
9.3
7.9
100.0
24.7
15.8
30.0
7.3
4.2
10.7
7.3
100.0
Note. — Figures are rounded and will not necessarily add to totals.
' Whether optional with the Treasury or with the holder.
' Securities redeemable at the ovraer's demand (United States savings bonds, Treasury savings notes,
adjusted service bonds, and depositary bonds) have been classified as redeemable in 1 year or less.
' Held by United States Government agencies and trust funds.
The concentration of the pubhc marketable issues in short matu-
rities has been predominantly the result of the issuance during the
war period of large volumes of Treasury bills and certificates of
indebtedness. It has been only secondarily the result of the ap-
proach to maturity of long-term securities previously issued. As has
been indicated in the introduction to this report, issuance of these
securities has served both to maintain the liquidity of the banking
system and of business in general and to keep low the interest cost
of wartime borrowing. Securities of longer term could have been
issued at higher interest rates, but it is improbable that such action
would have altered significantly ihe proportions of borrowed funds
which the Treasury obtained from "various sources. Banks and busi-
ness corporations would now hold more long-term securities than they
do and would have suffered a loss of liquidity in consequence of the
change. At the same time the Treasury would have been under the
necessity of paying higher interest rates for funds which were avail-
able to the Treasury very largely because restrictions on peacetime
production entailed restricted alternative investment opportunities.
United States savings bonds constitute about 17 percent of the
gross debt; Treasury notes, tax series and savings series, constitute
about 5 percent. These securities, although issued for fixed terms of
REPORT OF THE SECRETARY OF THE TREASURY 71
years, are redeemable at the owner's demand (in which case they pay
interest at rates appropriate to the length of time they have been
held rather than at the higher rates which are earned if they are held
to maturity). They may be considered, therefore, as in fact short-
term securities under certain circumstances. The preeminent posi-
tion of short-term and demand securities in the structure of the debt
will make for greater ease and effectiveness in debt management in
the years to come. The flexibility which is thus imparted to the
economy is likely, moreover, to contribute to a greater degree of
economic stability than would otherwise have existed.
Interest on the public debt
Expenditures. — Total expenditures during the year for interest on
the public debt amounted to $2,609 millions, an increase of $801
millions over expenditures of the previous year. As shown in table
57 on page 715, $1,450 millions consisted of mterest subject to the
Federal income tax, $825 millions of interest subject, with minor
exceptions, to the surtax only, and $27 millions of interest wholly
exempt from the Federal income tax. In addition, interest paid on
special securities issued to Federal Government agencies and trust
funds which are not taxable amounted to $308 millions. These
amounts compare with expenditures in the previous year of $676
millions of taxable, $857 millions of partially tax-exempt, and $38
millions of wholly tax-exempt interest, and $241 millions of interest
on special issues.
Interest rate structure. — Chart 11 on page 72 compares the term
structure of interest rates on United States Government securities on
June 30, 1944, and on June 30, 1943. It will be noted that the
yields of taxable Treasury securities rose to somewhat higher levels
during the fiscal year 1944, and that the yields of partially tax-exempt
Treasury securities underwent little net change for the year.
Interest rate structure. — Chart 11 compares the term structure of
interest rates on United States Government securities on June 30,
1944, and on June 30, 1943. It will be noted that the yields of
taxable Treasury securities rose to somewhat higher levels during the
fiscal year 1944, and that the yields of partially tax-exempt Treasury
securities underwent little net change for the year.
Computed interest rate. — For the fifth consecutive year the computed
average interest rate on the interest-bearing debt has been lowered.
From 2.600 percent on June 30, 1939, the rate declined to 1.979
percent on June 30, 1943, and to 1.929 percent, the lowest it has
ever been, on June 30, 1944. The computed annual interest charge
on the debt, on which this average rate is based, increased from
$2,679 millions, at the end of the fiscal year 1943, to $3,849 millions
on June 30, 1944. The reduction in the computed rate during the
year again resulted in part from the refunding of securities issued at
72
REPORT OF THE SECRETARY OF THE TREASURY
YIELDS OF OBLIGATIONS OF THE UNITED STATES
BASED ON CLOSING PRICES
2.8
2.6
2.4
2.2
2.0
1.8
1.4
NT 1
TAXABLE SECURITIES
Phh
_,^.....
June 30, /944\ ^
;--:n:::::n::^^
■
'::::^:^^^^"""'
Callable Issues
me 30. 1943
A
^
C
/
//'
If Fixed Mg
turity Issues
/
^
1 1 1 1
1 1 L 1
1 1 1 1
1 1 1 1
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
10 15
YEARS TO MATURITY OR CALL
20
10 15
YEARS TO MATURITY OR CALL
20
2.8
26
2.4
2.2
2.0
25
1 1
TAX-EXEMPT SECURITIES'
June
30, I944>^
^^.^.-
A>^ ^June 30, 1943
^
'^
y
J
r Callable
ssues
/
/
/
7
1- 1 1 1
1 1 r 1
1 1 1 1
rill
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
25
Chart 11.
' AH wholly tax-exempt securities and partially tax-exempt securities with fixed maturities are omitted
because they are too few in number and too small in outstanding amount to permit drawing a significant
curve.
REPORT OF THE SECRETARY OF THE TREASURY
73
higher rates in earlier years and in part from the predominance
among securities issued during the year of short-term securities bearing
interest rates below the average rate on the securities which remained
outstanding during the year. Chart 12 below shows the com-
puted mterest rates for each type of public debt issue for each month
from July 1936 thi-ough June 1944.
COMPUTED ANNUAL INTEREST RATES ON THE PUBLIC DEBT
MONTHLY JULY 1936 THROUGH JUNE 1944
By Types of Issue
PERCENT
PERCENT
I93B 1937
1938
1939 1940 1941 1942
1943
1944
Chart 12.
Deht limit
The Public Debt Act of 1944, approved June 9, 1944 (see exhibit 31
on p. 343), further amended section 21 of the Second Liberty Bond
Act so as to limit the obligations issued under authority of the act
to an amount not to exceed in the aggregate $260 billions outstanding
at any one time. The prior limitation in such respect was $210
billions, as fixed by the Public Debt Act of 1943. As of June 30,
1944, the unused borrowing authorization under the limitation in
effect on this date was nearly $52 billions, as shown by the following
statement.
74 REPORT OF THE SECRETARY OF THE TREASURY
Face amount of obligations outstanding and the face amount which can still be issued
under the limitation in effect on June SO, 1944
Total face amount that maybe outstanding at any onetime $260,000,000,000
Outstanding as of June 30, 1944:
Interest-bearing:
Bonds:
Treasury $79,244,104,350
Savings (maturity value) '-.. 42,812,097.850
Depositary 474,321,750
Adjusted service 717,441,006
$123, 247, 964, 9&
Treasury notes 34,742,010,150
Certificates of indebtedness 34,829,306,000
Treasury bills (maturity value) 14,734,104,000
■ 84, 305, 420, 150
207, 553, 385, 106
Matured obligations on which interest has ceased 193, 319, 400
Debt bearing no interest:
United States war savings stamps _.. 196,518,370
Excess profits tax refund bonds 134, 032, 175
330, 550, 545
208,077,255,051
Face amount of obligations issuable under above authority 51,922,744,949
Reconcilement with Daily Statement of the United States Treasury, June SO, 1944
Total face amount of outstanding public debt obligations issued under authority of the
Second Liberty Bond Act, as amended $208,077,255,051
Deduct: Unearned discount on savings bonds (difference between current redemption
value and maturity value) .- 8,205,956,665
199, 871, 298, 386
Add: Other public debt obligations outstanding but not subject to the
statutory limitation:
Interest-bearing (postal savings bonds, etc.)- $195,926,860
Matured obligations on which interest has ceased--. 7,531,760
Debt bearing no interest. 928,630,215
1 , 132, 088, 835
Total gross debt outstanding as of June 30, 1944_ 201,003,387,221
' Approximate maturity value. Principal amount (current redemption value) according to daily
Treasury statement, $34,606,141,185.
SECURITIES ISSUED BY GOVERNMENT CORPORATIONS AND
CREDIT AGENCIES
During the fiscal year 1944 the Treasury continued the pohcy
announced in October 1941 under which funds needed by Government
corporations and credit agencies are provided by the Treasuiy instead
of by the sale of guaranteed securities in the open market. In addi-
tion, Treasury facilities continued to be extended for servicing their
obligations. The provisions of law authorizing agencies to issue
securities guaranteed by the United States have placed certain limits
with respect to the total amounts that can be issued. During the
year, however, legislation was enacted which extended the power of
both the Federal Housing Administration and the Reconstruction
Finance Corporation to issue guaranteed obligations.
As a result of the Treasury's policy of providing funds required
by certain Government corporations and credit agencies, there was a
considerable decrease in the contingent liabilities of the Government
on account of outstanding market issues of their obligations which are
guaranteed as to principal and interest, and an appreciable increase
in the amount of securities of such corporations and agencies held
directly by the Treasury. No issues of guaranteed obligations were
sold in the open market during the year. The Commodity Credit
REPORT OF THE SECRETARY OF THE TREASURY
75
Coi'poration, however, following approval by the Treasury, borrowed
from commercial banks to finance certain commodity pm-chase pro-
grams which are handled by such banks for account of the Corporation.
The Federal Housing Administration also continued to issue deben-
tures in accordance with the terms of its insurance contracts. Further,
the ownership of certain obligations issued by the Reconstruction
Finance Corporation was transferred from the Treasury to various
other Government corporations in order to provide those corporations
with a temporary medium for investing their idle balances.
Securities of Government corporations and credit agencies held
directly by the Treasury and reflected in the public debt increased
from $7,535 millions as of June 30, 1943, to $10,717 millions as of
June 30, 1944. The contingent liabilities of the Government on
account of outstanding unmatured obligations in the hands of the
public decreased from $4,092 millions on June 30, 1943, to $1,659
millions on June 30, 1944. A detailed statement of the securities
held by the public and those held by the Treasury as of June 30, 1944,
will be found in table 58 and footnote 1 on page 718. The net changes
during the year are shown in the table that follows.
Comparison of obligations guaranteed by the United States outstanding June SO,
194s and 1944, by agencies
[In millions of dollars. On basis of daily Treasury statements, see p. 519]
June 30,
1943
June 30,
1944
Increase or
decrease (-)
Issues held by the Treasury and reflected in the public debt:
Commodity Credit Corporation
1,950
900
366
398
580
8,416
57
-1,050
366
Federal Public Housing Authority..
283
212
5,033
57
115
Home Owners' Loan Corporation
368
Reconstruction Finance Corporation
3,383
Total
7,535
10,717
3,182
Public issues:
Unmatured obligations:
480
930
9
15
1704
224
Federal Farm Mortgage orporation
-930
Federal Housing Administration:
Mnfnal mnrtpfigp insnranCR fund
9
13
2
(*)
Housing insurance fund. _.
-2
War housing insurance fund
2
Federal Public Housing Authority .
114
1,533
1,011
-114
Home Owners' Loan Corporation
755
176
-779
Reconstruction Finance Corporation ... _
-835
Subtotal, unmatured obligations
3 4, 092
8
3
2 1, 659
107
2
-2, 433
Matured obligations, all agencies
99
Matured interest, all agencies . .. .. .. .. ..
-1
Total ...
4,103
1,769
-2, 334
Grand total
11,638
12, 486
848
Note. — Figures are rounded and will not necessarily add to totals.
• Less than $500,000.
' Daily Treasury statement figures revised in the amount of $143 millions to include increase in demand
obligations outstanding June 30.
' Exclusive of $8 millions as of June 30, 1943, and $6 millions as of June 30, 1944, of obligations issued on the
credit of the United States by the Tennessee Valley Authority and held by the Reconstruction Finance
Corporation.
76 REPORT OF THE SECRETARY OF THE TREASURY
Redemptions of guaranteed obligations were accomplished through
Treasury facilities as follows: Federal Public Housing Authority
1% percent Series B notes and Reconstruction Finance Corporation
1}^ percent Series V notes were redeemed in cash by the issuing agencies
which obtained the necessary funds by selling other issues to the
Treasury. Federal Farm Mortgage Corporation bonds and Home
Owners' Loan Corporation bonds called for redemption during the
year, Reconstruction Finance Corporation 1 percent notes of Series W,
and three Treasury issues which were due or callable between March
15 and June 15, 1944, were refunded on March 15, 1944, in a single
large-scale operation in which thi'ee Treasury issues were offered in
exchange. Details of this operation are given on pages 63-65.
Federal Housing Administration debentures of all types outstanding
on June 30, 1943, amounted to $23,474,886, issues during the year
totalled $2,678,150, and redemptions aggregated $2,603,000, making
$23,550,036 outstanding at the end of the fiscal 1944, or a net increase
of $75,150. The debentures were redeemed pursuant to calls of the
Federal Housing Commissioner, and instructions issued by the
Secretary of the Treasury on September 28, 1942, March 27, 1943, and
September 30, 1943.
In addition, pursuant to call of the Federal Housing Commissioner,
the Secretary of the Treasury issued instructions on March 30, 1944,
for the partial redemption of mutual mortgage insurance fund deben-
tures, payable July 1, 1944. These covered debentures of mutual
mortgage insurance fund Series B, eleventh call, and housing insurance
fund Series E, second call, in amounts of $138,750 and $27,000,
respectively.
Copies of the instructions issued'during the fiscal year 1944 may be
found as exhibits beginning on page 345, and those issued in the fiscal
year 1943 in the annual report for that year. The transactions for
which Treasury facilities were used to service maturities and redemp-
tions of guaranteed market securities during the year are shown in
the table on page 722.
The provisions of law authorizing agencies to issue obligations
guaranteed by the United States have placed certain limits with
respect to the total amounts that can be issued. This legislation with
respect to the limitations established may be placed in tlii-ee groups
as follows:
(1) Definite limitation.- — Provisions stating a specific amount of
obligations which may be (a) issued, or (b) issued and outstanding
at any specified time. Wlien the legislative authority provides only
for the issue of obligations, the agency may issue obligations in a
definite amount, but after they have been retired may not issue new
obligations to replace them. Examples of this limitation on the issu-
ance of obligations are those of such agencies as the Home Owners'
REPORT OF THE SECRETARY OF THE TREASURY 77
Loan Corporation and the Federal Public Housing Authority. Under
the second provision, the agency may reissue obligations provided the
total amount outstanding does not exceed the authorized limit.
Such limitation is imposed on the issuance of obligations by the
Federal Farm Mortgage Corporation.
(2) Indirect limitation. — Provisions not stating a specific amount
of obligations that may be issued and outstanding at any time, but
the amount issued and outstanding is contingent upon specific limiting
factors. As a result there is an indhect limit upon the amount which
may be issued and outstanding at any one time. The issuance of
obligations by the Reconstruction Finance Corporation, in connection
with advances to the Federal Housing Commissioner for the payment
of losses on renovation and modernization loans, comes within this
category.
(3) No specific limitation. — Provisions not stating a specific amount
of obligations which may be issued or issued and outstanding at any
one time, but the amount is contingent upon other specific factors,
the amount of such factors also being indefinite. The authority
granted the Reconstruction Finance Corporation to subscribe to
preferred stock in national banks, State banks, or trust companies is
in this class.
Provisions of two laws enacted diu-ing the year extended the power
of the Federal Housing ^Administration to issue guaranteed obligations.
Under the act of October 15, 1943 (Public Law 159), and the act of
June 30, 1944 (Pubhc Law 392), the authority of the Federal Housing
Administration to insure the principal amount of mortgages under
Title VI of the National Housing Act, as amended, was increased
by $400 milhons and $100 milHons, respectively. The aggregate
amount of principal obligations of all mortgages insured by the
Federal Housing Administration is now limited to $5,700 millions,
which may be increased by an amount not exceeding $1,000 millions
with the approval of the President. In addition, the Commissioner
is authorized to incur total liabilities not exceeding $165 millions
under Title I of the National Housing Act, as amended, for insured
renovation and modernization loans.
The legislation increasing the power of the Reconstruction Finance
Corporation to issue guaranteed obligations during the year included
the acts of July 12, 1943 (Public Law 129), and December 23, 1943
(Public Law 216). As a result of this legislation and transactions
under previously enacted legislation, the borrowing power of the
Corporation was changed. The amount of obligations which it was
authorized to issue as of June 30, 1944, amounted to $17,003 millions,
including the amounts outstanding under indefinite authorizations,
a net decrease of $105 millions since June 30, 1943. The net decrease
resulted from the changes shown in the table which follows. In this
connection, it may be pointed out that in the table the only items
78
REPORT OF THE SECRETARY OF THE TREASURY
actually reflecting changes in borrowing power in other than an
accounting sense are the two listed under loans to the Secretary of
Agriculture, the others are a matter of presentation and reflect
transactions under existing authorizations.
Increases
For loans to Secretary of Agriculture, acts of July 12, 1913 (Public Law 129), and Dec. 23, 1943 ^
(Public Law 216): Amortnt
For loans in accordance with Title I of the Bankhead -Jones Farm Tenant Act $30,000,000
For additional funds for rural rehabilitation loans 67, 500.000
For advances to Federal Housing Commissioner (48 Stat. 1247; 12 U. S. C. 1705) 175, 000
Total increases 97, 675, 000
Decreases
Subscriptions to preferred stock in national banks, State banks, or trust companies (48 Stat. 6;
12 U.S. C.51-d) 40,274,191
Obligations of the Reconstruction Finance Corporation canceled by the Secretary of the Treas-
ury pursuant to act of Feb. 24, 1938, on account of expenditures for:
Federal Housing C ommissioner 175, 000
Regional agricultural credit corporations — expenses '. 2, 710,000
Repayment of loans to Secretary of Agriculture for farm tenancy and rural rehabilitation 159,695, 178
Total decreases - 202,854,369
Net decrease. 105,179,369
The table that follows shows, by agencies, the amounts of obliga-
tions authorized to be outstanding as of June 30,^ 1944, and the
amounts actually outstanding on that date.
Outstanding issues of Governrr.ent corporations and credit agencies whose obligations
are guaranteed hy the United States, June 30, 1944
[In millions of dollars]
Borrowing
power
Outstanding obligations
Agency
Total
Held by
Treasury
Held by others '
Unmatured
Matured *
I. Agencies issuing obligations for cash or
in exchange for mortgages:
Commodity Credit Corporation...
Federal Farm Mortgage Corpora-
tion
3,000
2,000
<800
* 4, 750
17, 003
5 62
1,604
409
398
1,399
8,593
«57
900
366
398
580
8,416
57
3 704
(*)
43
(*)
Home Owners' Loan Corporation..
Reconstruction Finance Corpora-
tion
765
176
64
(*)
Tennessee Valley Authority
Subtotal
27, 615
12,460
10, 717
1,635
107
II. Agencies issuing obligations only in
payment of defaulted and foreclosed
insured mortgages:
« 5, 865
'200
24
24
(*)
U. S. Maritime Commission
Subtotal
6,065
24
24
(•)
Total
33, 680
12, 483
10, 717 1, 659
107
Note. — Figures are rounded and will not necessarily add to totals.
*Less than $500,000.
' Excludes matured interest, all agencies, in amount of $2 millions.
2 Funds have been deposited with the Treasurer of the United States for payment of all obligations guar-
anteed by the United States, representing outstanding matured principal of $107 millions and interest of
$2 millions.
3 Daily Treasury .statement figures revised in the amount of $143 mjllions to include increase in demand
obligations outstanding June 30, 1944.
< This is a limitation on issues and the amoimt may be increased only by the amount of issues for refunding
purposes.
' Exclusive of $6 millions issued on the credit of the United States and held by the Reconstruction Finance
Corporation.
« Limit of authority to insure mortgages. This amount may be increased by $1 ,000 millions upon approval
by the President. Debentures may be tendered and issued only in exchange for insured property acquired
through foreclosure.
' Limit which may be outstanding at any one time with respect to the insuring of mortgages.
REPORT OF THE SECRETARY OF THE TREASURY 79
SOURCES OF FUNDS FOR FEDERAL BORROWING »
An analysis of the funds which the Federal Government may tap
in financing the war rests primarily on an analysis of production,
income, and savings in the economy. At the same time that produc-
tion is turning out physical goods and services income is being created.
When a tank is built and sold to the Army, for example, the producer
pays wages to his workers and dividends to stockholders; he pays
other producers for the raw materials that they provide and he sets
aside part of the income to cover depreciation and to pay his taxes.
All of the dollars of income, regardless of how they are distributed,
are equal in the aggregate to the value of total production in the
economy as a whole.
Under present wartime conditions, the Federal Government is buy-
ing a larger share of this production than it is receiving in taxes from
the income generated. On the other hand, the rest of the economy —
individuals and corporations (and State and local governments) —
has more income left after Federal taxes than the value of the goods
and services available for purchase at the present price level. It
is this surplus of income which the Government must try to reach
through its borrowing program.
The first of three sections which follow presents an analysis of the
distribution and uses of the gross income generated by production
during the fiscal years 1943 and 1944. In the second section new
liquid savings during these two years are studied with particular
reference to the amounts invested in Federal securities.^ This incor-
porates an analysis of the gross purchases of Federal securities by
investor classes, net liquidations through redemptions, cash maturities,
and market sales, and the resulting net absorption of Federal securities.
In this analysis net new investments in Federal securities are com-
pared with net new liquid savings available. Of course, securities
are absorbed by investing old accumulations of funds as well as by
drawing on new liquid savings, but it is obviously impossible to make
this distinction statistically.
The third section compares the estimates of ownership of Federal
securities by investor classes as of June 30, 1940-1944, and discusses
the changes in ownership for each of the four years.
Analysis of gross income flow
Since 1940 the annual value of goods and services produced in this
country has more than doubled, with increased war production ao-
• The statistics available for the present analysis are taken from various sources and are subject to certain
technical qualifications as noted in footnotes. The Department of Commerce, the Securities and Exchange
Commission, and the Federal Reserve System have conducted studies which, together with available
Treasury Department data, fill in the broad outlines even though certain details are lacking. In the pres-
ent analysis, figures are given for the two fiscal years 1943 and 1944. The 1943 figures have been revised
from those presented in this report last year.
2 The term "Federal securities" as used here comprises all interest-bearing public debt and guaranteed
securities of the United States Government.
80
REPORT OF THE SECRETARY OF THE TREASURY
counting for most of the gain. The production of this unprecedented
amount of goods and services, plus minor governmental payments for
relief and pensions, has, of course, resulted in the creation of an equally
unprecedented amount of income. This gross income flow amounted
to $197 billions in the fiscal year 1944.
As the gross income flow is distributed it is received initially either
by individuals or corporations. The term "individuals" is used
throughout this section to include unincorporated business, partner-
ships, and personal trust accounts. Individuals received $156 billions,
or over tliree-quarters of the total gross income flow in the fiscal year
1944. Of this total, wages and salaries amounted to $111 billions, or
over two-thirds of individual income.
The remainder of the gross income flow Is accounted for by corpo-
ration items, comprising (1) current net earnings before direct taxes
on corporations, but after dividends paid to individuals, (2) current
allowances for business reserves for depreciation, depletion, etc., and
(3) the amount of indirect taxes, such as sales taxes, which are included
because corporations are presumed to be acting as collectors on behalf of
the Government. The sum of these three corporate items — amount-
ing to $41 billions in the fiscal year 1944 — represents that part of the
gross income flow assigned to corporations rather than to individuals.
Figures for the gross income flow are summarized in the following
table.
Distribution of gross income flow between individuals and cor-p orations, fiscal years
1943 and 19 U
[In billions of dollars]
1. Individuals:
a. Wages and salaries ' -
b. Entrepreneurial net income and allowances for reserves for depreciation, deple-
tion, etc. 2
c. Rents, interest, and dividends
d. Governmental payments for relief and pensions
e. Total 3
2. Corporations:
a. Net earnings before direct taxes on corporations but after dividends paid to in-
dividuals
b. Allowances for reserves for depreciation, depletion, etc. 2
c. Indirect taxes < -
d. Total
3. Total gross income flow «.
25
28
13
14
2
3
137
156
19
20
7
8
12
13
38
41
174
197
Note. — Figures are rounded and will not necessarily add to totals.
' Includes contributions by employers and employees to social insurance funds.
2 Total business allowances for reserves for depreciation, depletion, etc., as estimated by the Department
of Commerce have been classified as between unincorporated business and corporations. Capital outlay
charged to current expense, inventory revaluation adjustment, and adjustment for discrepancies are also
included with such allowances.
3 Income payments to individuals ($131 billions in 1943 and $150 billions in 1944) plus net increment in
social insurance reserves and allowances for reserves for depreciation, depletion, etc., by unincorpo-
rated business.
< Indirect taxes— such as sales taxes— are collected through business and are here all assigned to corpora-
tions since no breakdown is feasible between corporations and unincorporated business.
• Gross national product ($172 billions in 1943 and $194 billions in 1944) plus governmental payments for
relief and pensions.
REPORT OF THE SECRETARY OF THE TREASURY
81
Part of the gross income flow distributed to individuals and corpo-
rations is transferred to government in the form of taxes, as shown in
the table below. In the fiscal year 1944, individuals paid $22 billions
in direct taxes (prmcipally net income taxes) while corporations paid
$15 billions in direct taxes (largely net income and excess profits taxes),
and $13 billions of indirect taxes were collected through business.
Transfer of gross income flow through tax payments, fiscal years 1943 and 1944
[In billions of dollars]
1943
1944
Federal <
State
and
local
Total
Federal i
State
and
local
Total
1. Individuals:
a. Direct taxes on individuals 2
2. Corporations:
a. Direct taxes on corporations
b. Indirect taxes ^
9
10
4
2
(*)
7
11
10
12
20
15
6
2
7
22
15
13
c. Total .- . - . .
14
8
22
21
8
29
3. Total -
23
10
33
41
10
51
Note. — Figures are rounded and will not necessarily add to totals.
'Less than $500 millions.
' These figures differ from figures shown elsewhere in this report on Federal net budgetary receipts ($22
billions in 1943 and $44 billions in 1944) by excluding those receipts which do not represent taxes paid from
tiie current flow of income, such as miscellaneous receipts arising from the renegotiation of war contracts for
prior years, and by iucludine amounts of Federal individual income taxes withheld by employers which
have not yet been paid to the Government.
2 Includes minor amounts of employment taxes received by the Federal Government which are not trans-
ferred to social insurance trust funds.
3 Indirect taxes— such as sales taxes— are collected through business and are here all assigned to corpora-
tions since no breakdown is feasible between corporations and tmincorporated business.
Taxes, of course, represent merely a transfer of part of the gross
income flow from one segment of the economy to another. The gross
income flow before taxes is divided only between individuals and cor-
porations, while after taxes are allowed for it is divided between
individuals, corporations, State and local governments,
Federal Government.*
For each of the four categories of income recipients, a
analysis may be made of spendings and savings. Under
conditions one recipient group — the Federal Government — spends
considerably more than its income from taxes, while the other three
recipient groups spend less than the amount of their disposable income
and thus have liquid savings accumulating. The sum of these liquid
savings is equal to the amount of the excess spendings, or deficit, of
the Federal Government, as will be noted in the following table.
and the
separate
wartime
1 For convenience, income after taxes is referred to as "disposable income"; this term should not be con-
fused with "disposable income of individuals" as used in a narrower sense by the Department of Commerce
as income payments to individuals less personal taxes and nontax payments.
613185 — 45-
82 REPORT OF THE SECRETARY OF THE TREASURY
Uses of gross income flow, fiscal^years [1943 and 1944
[In billions of dollars]
Gross
income
flow
Income
transferred
by taxes
Dis-
posable
income i
Less:
Spend-
ings»
Equals:
Liquid
savings
Fiscal year 1943
137
38
-11
-22
10
126
16
10
88
1
8
38
15
3 State and local governments
2
4 Total excluding Federal Government
174
-23
23
152
23
96
3 78
55
-4 55
6, Total --
174
174
174
Fiscal year 1944
1 Individuals
150 ! -22
134
12
10
95
1
8
39
41
-29
10
11
3 State and local governments
2
4 Total excluding Federal Government
197
-41
41
156
41
104
3 93
52
-''52
6. Total .
197
197
197
Note. — Figures are rounded and will not necessarily add to totals.
1 For convenience, income after taxes is referred to as "disposable income"; this term should not be con-
fused with "disposable income of individuals" as used in a narrower sense by the Department of Com-
merce as income payments to individuals less personal taxes and nontax payments.
2 Comprises spendings for purchases of goods and services and for governmental relief and pensions.
3 The figures used for Federal spendings differ slightly from those used elsewhere in this report for Federal
budgetary expenditures ($78 billions in 1943 and $94 billions ill 1944). As used here, they include the net
outlays of Government corporations and exclude expenditures, such as for purchases of existing assets, which
do not enter into the flow of current income.
< Difl'ers from Federal net budgetary deficit as used elsewhere in this report ($'6 billions in 1943 and $50
billions in 1944) by the net adjustments made to place Federal expenditures and receipts on the basis of flow
of current income and production.
It will be noted that in ^the fiscal year 1944 individuals spent $95
billions and saved $39 billions out of disposable income of $134
billions. Almost all of the expenditures consisted of purchases of
consumers' goods and services, but there were minor amounts of
purchases of plant and equipment and invento'ies by unincorporated
business and small amounts of residential housing also purchased by
individuals. In the fiscal year 1943 individuals spent $88 billions
and saved $38 billions from $126 billions of disposable income.
Corporations had $12 billions of disposable income in the fiscal
year 1944. Corporate spendings for capital assets amounted to only
$1 billion of this because of the difficulty of undertaking new private
construction, purchases of new equipment, or replenislmient of de-
clinmg inventories. Accordingly, corporate liquid savings including,
of course, unspent reserves aggregated $11 billions. In the fiscal
year 1943 corporate disposable income was somewhat higher, and
also liquid savings, because in a period of rising income, tax payments
lag behind the incurrence of tax liabilities.
State and local governments are currently collecting more rev-
enue than they need to cover their current expenditures. As a
result, in each of the last two fiscal years they had current surpluses
REPORT OF THE SECRETARY OF THE TREASURY 83
of $2 billions. In each year income aggregated $10 billions for these
governmental units while spendings amounted to $8 billions. The
surpluses resulted from the fact that tax collections have been at un-
usually high levels due to the extraordinary expansion of business
activity while spendings have been curtailed by the reduction in con-
struction programs, particularly for new highways.
Individuals, corporations, and State and local governments — con-
stituting all of the economy except the Federal Government — had
disposable income in the fiscal year 1944 aggregating $156 billions;
they spent only $104 billions, leaving liquid savings of $52 billions.
The Federal Government, on the other hand, had only $41 billions
of disposable income whereas its spendings amounted to $93 billions.
This left a deficit of $52 billions, exactly balancing the liquid savings
of the rest of the economy.
A major objective of war financing is to draw on these liquid savings
as far as possible to cover the Federal deficit. To the extent that
this is not done, individuals, corporations, and State and local gov-
ernments as a group will be saving in the form of currency and check-
ing accounts and the Federal Government will be borrowing equivalent
amounts from banks. A large increase in the supply of money, both
circulating media and checking accounts, w^as undoubtedly necessary
in connection with the huge increase in business which has occurred
during the war period. Every effort should be made to keep the
expansion in the monetary supply at the lowest possible level, how-
ever, in order to lessen inflationary pressures. The following para-
graphs analyze the progress made in absorbing funds through the sale
of Federal securities in the last two fiscal years.
Liquid savings and investment in Federal securities
First of all, it should be noted that a part of the liquid savings of
any given recipient group may be transferred in effect to another
group which undertakes the actual investment of the funds thus
received. For example, individuals' savings in the form of life insur-
ance are invested by the life insurance companies. Similarly, the
process of debt repayment transfers funds from one group of investors
to another. Also, the placing of funds in a mutual savings bank or
in a savings account in a commercial bank means that these institu-
tions, rather than the original savers, are responsible for the ultimate
decisions relating to the investment of such funds.
It is necessary to make allowances for such transfers of funds in
analyzing liquid savings available for net investment in Federal
securities and the progress made in absorbing these funds. In the
present analysis all of the transfers are followed through, and available
savings are classified as between net investment in Federal securities
84
REPORT OF THE SECRETARY OF THE TREASURY
and amounts placed in currency and checking accounts.^ Besides
individuals, corpor-ations, and State and local governments, three
financial groups arc analyzed, namely. Federal agencies and trust
funds, insurance companies, and mutual savings banks. Following
this, data are presented for commercial banks and Federal Reserve
Banks.
1. Individuals. — Liquid savings of individuals amounted to $39
billions in the fiscal year 1944, as was pointed out previously. The
table below shows that $15 billions of these savings were transferred to
other recipient groups in the form of private insurance, social insur-
ance, savings accounts, and other items, including debt repayment.
This left $24 billions of net savings available. Of this total, individ-
uals invested $15 billions in Federal securities during the fiscal year
and increased their holdings of currency and checking accounts by
about $9 billions.
Individuals: ' Liquid savings and investment in Federal securities, fiscal years
1943 and 1944
(In billions of dollars]
1943
1944
A. Relation of liquid savings to f&vestraent in Federal securities:
1. Liquid savings of individuals
38
39
2. Less: Transfers to other investors:
a. Private insurance -
3
3
4
3
3
b. Social insurance. -.
4
c. Ravings accounts 2 _ . _ ._
6
d. other, including debt repayment '
2
e. Total transfers.. _ . ...
12
15
3. Equals: Net savings available.
26
13
24
4. Less: Amounts placed in purrency and checking accounts
9
5. Equals: Net investment in Federal securities.
12
15
B. Analysis of investment in Federal securities:
1. Purchases from the Treasury:
a. During war loans.
4.7
9.1
14.2
b. other ..
6.4
c. Total.. ......... - .
13.9
1.7
20.7
2. Less: Liquidations through redemptions, cash maturities, and market sales...
5.9
3. Equals: Net investment in Federal securities
12.2
14.8
Note.— Figures are rounded and will not necessarily add to totals.
' Includes im incorporated business, partnerships, and personal trust accounts.
' Includes savings deposits in commercial and mutual savings banks, postal savings accounts, and savings
and loan association shares.
3 Includes net repayment of consumer debt, mortgage debt, farm and other unincorporated business debt,
and debt incurred to purchase securities; also includes purchases of non-Federal securities, and an adjust-
ment for discrepancies in reconciling detail.
1 Technically, savings made in the form of currency and checking accounts also represent a transfer of
funds from one investor group to another. Savings in the form of checking accounts require the corollary
purchase of Federal securities by commercial banks, wtiile savings in currency require, with minor excep-
tions, the purchase of Federal securities by Federal Reserve Banks. These items are not treated here as
transfers between investor groups, because they represent the particular kinds of savings which the war
financing program is intended to minimize. Treating them as transfers would eliminate them from the base
in measuring the progress made in war financing.
REPORT OF THE SECRETARY OF THE TREASURY 85
The table indicates that individuals' net absorption of Federal
securities was equivalent to more than 60 percent of net savings
available from the current income flow in the fiscal year 1944. This
compares with slightly less than 50 percent in the preceding fiscal year.
It should be borne in mind, however, that there were two complete war
loans and a major part of a third in the fiscal year 1944, as compared
with two loans in the preceding year.
How should these ratios be interpreted as a measure of success in
absorbing the funds of individuals and unincorporated business? A
number of reasons make it clear that the ratio should be expected to be
less than 100 percent, but it is virtually impossible to set any precise
figure as an optimum. First of all, as has already been noted briefly,
the increase in business activity brought about by the war has required
a much higher level of money in the form of currency and checking-
accounts than previously. The gross income flow has more than
doubled over the period, and more money for current operations is
needed all along the line. Second, many small unincorporated busi-
nesses have experienced unprecedented prosperity during the war
and have accumulated large funds out of current operations. Ap-
parently, a large volume of these funds has been placed in checking
accounts and probably also a significant amount in currency. Finally,
many individuals and unincorporated businesses are undoubtedly
accumulating large amounts in checking accounts and currency
simply because they feel that they are already doing their share in
buying Federal securities.
AU of these factors behind savings in currency and checking ac-
counts appear to be matters of savings preference or business practice
rather than a temporary building up of cash for potential spending
at the first opportunity. To the extent that these factors are opera-
tive, the need for immobilizing excess funds is lessened. On the
other hand, some of the increase in currency represents undesirable
tendencies insofar as it is being held for spending opportunities or
because of illegal transactions. It is obviously impossible to make
statistical allowances for these various factors.
The lower part of the table on mdividuals analyzes the amounts
they are estimated to have invested in Federal securities. Gross
purchases of securities from the Treasury are listed first, divided
between purchases made in war loans and other purchases from the
Treasury.' Allowance is then made for liquidations of securities
through redemptions, cash maturities, and sales in the market to other
investors. The major part of mdividuals" purchases from the
Treasury in the fiscal year 1944 occurred durmg war loans.
' Throughout this series of tables, Treasury bills and special issues to Federal agencies and trust funds are
included as part of gross purchases from the Treasury on the basis of net increases in amounts outstanding.
86
REPORT OF THE SECRETARY OF THE TREASURY
2. Corporations. — This category includes all corporations other than
banks and insurance companies, and also includes associations and
eleemosynary institutions. The table below shows the liquid savings
of corporations and their net investment in Federal securities. It is
estimated that new liquid savings of corporations decreased from $15
billions in the fiscal year 1943 to $11 billions in the fiscal year 1944.
In the former year corporations invested about two-thirds of their net
savings available m Federal securities but in the fiscal year 1944
practically all of these savings were so invested.
Corporations: ^ Liquid savings and investment in Federal securities, fiscal years
1943 and 1944
[In billions of dollars]
1943
1944
A. Relation of liquid savings to investment in Federal securities:
1. Liquid savings of corporations.- _
2. Plus: Transfers from other investors
3. Less: Transfers to other investors
15
4. Equals: Net savings available
5. Less: Amounts placed in currency and checking accounts.
6. Equals: Net investment in Federal securities..
10
B. Analysis of investment in Federal securities:
1. Purchases from Treasury:
a. During war loans
b. other
21.8
2.8
c. Total.
2. Less: Liquidations through redemptions, cash maturities, and market sales
3. Equals: Net investment in Federal securities
18.2
7.9
24.6
14.6
Note. — Figures are rounded and will not necessarily add to totals.
*Less than $500 millions.
' Includes associations, dealers and brokers, and foreign balances in this country.
3. State and local governments. — It has previously been noted that
liquid savings of State and local governments have been significant
during the war period as the result of a surplus of current revenues
over expenditures. As shown in the table below, these savings aggre-
gated $2 billions in each of the fiscal years 1943 and 1944. Part of
these liquid savings was used each year to reduce the amount of
outstanding State and local debt. Table 102 of this report shows
that State and local securities outstanding (other than in State and
local sinking, trust, and investment funds) declined by about a
billion and a half dollars during the two years ended June 30, 1944.
Practically aU of the remaining savings was invested in Federal
securities.
REPORT OF THE SECRETARY OF THE TREASURY
87
Stale and local governvients: Liquid savings'and investment in Federal securities,
fiscal rjears 1943 and 1944
[In billions of dollars]
A. Relation of liquid savings to investment in Federal securities:
1. Liquid savings of State and local governments
2. Less: Transfers to other investors... .-■_-_
3. Equals: Net savings available
4. Less: Amounts placed in currency and checking accounts.
5. Equals: Net investment in Federal securities
B. Analysis of investment in Federal securities:
1. Purchases from Treasury:
a. During war loans
b. Other
c. Total - -- ---
2. Less: Liquidations through redemptions, cash maturities, and market sales. _
3. Equals: Net investment in Federal securities -._
1943
1944
2
1
2
(*)
1
(*)
2
(*)
1
2
0.7
2.5
!i
2.5
.4
1.9
Note. — Figures are rounded and will not necessarily add to totals.
♦Less than $500 millions.
** Less than .$50 mDlions.
4. Federal agencies and trust funds. — Federal agencies and trust
funds receive liquid savings as transfers from other investors, particu-
larly individuals, through increases in postal savings deposits and in
social insurance reserves, and through repayment of loans to Govern-
ment corporations. Transfers of this kind provided Federal agencies
and trust funds with $4 billions in the fiscal year 1943 and $5 billions
in the fiscal year 1944. As shown in the table below the funds re-
ceived by Federal agencies and trust funds are fully absorbed by their
net investment in Federal securities, except for insignificant varia-
tions in their currency and checking accounts.
Federal agencies and trust funds: Liquid savings and investment in Federal
securities, fiscal years 1943 and 1944
[In billions of dollars]
Relation of liquid savings to investment in Federal securities:
1. Liquid savings of Federal agencies and trust funds
2. Plus: Transfers from other investors
3. Equals: Net savings available
4. Less: Amounts placed in currency and checking accounts.
5. Equals: Net investment in Federal securities
B. Analysis of investment in Federal securities:
1. Purchases from Treasury:
a. During war loans
b. Other..
c. Total
2. Less: Liquidations through redemptions, cash maturities, and market sales.
3. Equals: Net investment in Federal securities
1943
1944
4
5
4
5
(*)
4
5
0.7
3.5
0.8
5.1
4.1
.4
5.9
1.1
4.8
Note. — Figures are rounded and will not necessarily add to totals.
* Less than $500 millions.
5. Insurance companies. — It is estimated that insurance companies
received $4 billions in current savings transferred from other investors
88
REPORT OF THE SECRETARY OF THE TREASURY
in each of the fiscal years 1943 and 1944. This includes the net in-
crease in individual equity in life insurance (through policy payments
and loan repayments, less benefits received), and includes also net
available funds of fire, marine, casualty, and other insurance com-
panies. As the following table indicates, all of these funds have been
invested in Federal securities.
Insurance companies: Liquid savings and investment in Federal securities,
fiscal years 1943 and 1944
[In billions of dollars]
A. Relation of liquid savings to investment in Federal securities:
1. Liquid savings of insurance companies
2. Plus: Transfers from other investors
3. Equals: Net savings available
4. Less: Amounts placed in currency and checking accounts.
5. Equals: Net investment in Federal securities
B. Analj'sis of investment in Federal securities:
1. Purchases from Treasury:
a. During war loans. _ _
b. Other..
c. Total --.
2. Less: Liquidations through redemptions, cash maturities, and market sales.
3. Equals: Net investment in Federal securities
1943
4
4.1
1.4
5.5
1.6
3.9
(•)
6,8
.1
6.9
2.7
Note. — Figures are rounded and will not necessarily add to totals.
*Less than $500 millions.
6. Mutual savings hanks.- — Mutual savings banks received approxi-
mately $1 billion of savings from individuals in the fiscal year 1943
and $2 billions in the fiscal year 1944. This comprises mostly in-
creases in savings accounts of mdividuals but includes also some re-
payment of loans. As in the case of insurance companies, mutual
savings banks have been investmg all of thsir new funds in Federal
securities.
Mutual savings banks: Liquid savings and investment in Federal securities,
fiscal years 1943 and 1944
[In billions of dollars]
A. Relation of liquid savings to investment in Federal securities:
1. Liquid savings of mutual savings banks
2. Plus: Transfers from other investors
3. Equals: Net savings available
4. Less: Amounts placed in currency and checking accounts.
5. Equals: Net investment In Federal securities
B. Analysis of investment in Federal securities:
1. Purchases from Treasury:
a. During war loans
b. Otlier...
e. Total
2. Less: Liquidations through redemptions, cash maturities, and market sales .
3. Equals: Net investment in Federal securities
1
2
1
(•)
2
(*)
1
2
1.8
.7
3.8
.1
2.5
1.1
3.9
1.8
2.0
Note.— Figures are rounded and will not necessarily add to totals.
*Less than $500 millions.
REPORT OF THE SECRETARY OF THE TREASURY
89
7. Summary of investment in Federal securities by banks and nonbank
investors.- — The following table shows the gross purchases and net
absorption of Federal securities in the fiscal years 1943 and 1944 for
commercial banks and Federal Reserve Banks together and for all
nonbank investors combined.
Investment in Federal securities by banks and nonbank investors, fiscal
years 1943 and 1944
[In billions of dollarsj
Banks '
Nonbank
investors
Total
Fiscal year 1943
1. Purchases from Treasury:
a. Durine war loans 2 ._ .
8.4
20.4
21.3
23.7
29.8
b. other
44.0
c. Total. .
28.8
-3 1.9
45.0
12.8
73.8
2. Less: Liquidations through redemptions, cash maturities, and
market sales...
10.9
3. Efjuals: Net investment in Federal securities
30.7
32.2
63.0
Fiscal year 1944
1. Purchases from Treasury:
a. During war loans '
49.9
14.6
49.9
b. other.. .
10.3
24.8
0. Total
10.3
-3 13.6
64.4
26.7
74.7
2. Less: Liquidations through redemptions, cash maturities, and market
sales - ...
13.1
3. Equals: Net investment in Federal securities . .
23.9
37.7
61.6
Note. — Figures are rounded and will not necessarily add to totals.
' Comprises commercial banks and Federal Reserve Banks.
2 Excludes net purchases of Treasury bills during war loan periods, which are shown as part of other
purchases.
3 Negative figure signifies excess of market purchases over liquidations through redemptions and cash
maturities.
The table shows that nonbank investors as a group absorbed $38
billions of Federal securities in the fiscal year 1944, over $5 billions
more than in the preceding year. Gross purchases from the Treasury
by nonbank investors in the fiscal year 1944 consisted of $50 billions
of purchases in war loans, and $15 billions of other purchases, or $64
billions in all. Liquidations of Federal securities by nonbank in-
vestors aggregated $27 billions, including cash maturities of market-
able issues, redemptions of savings bonds and savings notes, and sales
in the market. Commercial banks and Federal Reserve Banks ab-
sorbed $24 billions of Federal securities during the fiscal year 1944,
partly purchased directly from the Treasury and partly acquired in
the market. This bank absorption of $24 billions was 39 percent
of net Federal borrowing as compared with 49 percent in the fiscal
year 1943. A further analysis of net absorption of Federal securities
is shown in the following section.
90
REPORT OF THE SECRETARY OF THE TREASURY
Ownership of Federal securities by investor classes
The following table shows the estimated ownership of interest-
bearing securities issued or guaranteed by the United States Govern-
ment for the end of each fiscal year, 1940 through 1944.
Ownership of Federal securities ' by investor classes as of June SO, 1940 through
19U
Class of investor
June 30
1940
1941
1942
1943
1944
A. Ownership:
In billions of dollars
1. Nonbank investors:
a. Individuals'. .
9.7
2.6
.3
7.1
6.5
3.1
11.1
2.4
.4
8.5
7.1
3.4
18.2
5.4
.6
10.6
9.2
3.9
30.3
15.7
1.3
14.3
13.1
5.3
45.1
b. Corporations'
25.7
0. State and local governments
3.2
d, Fpdfirfil nperif^ips and tnist funds
19 1
17.3
f. Mutual savings banks.. ..
7.3
g. Total nonbank investors
29.3
32.9
47.8
80.0
117.7
2. Banks:
16.1
2.5
19.7
2.2
26.0
2.6
52.2
7.2
68.4
b. Federal Reserve Banks
14.9
c. Total banks. .
18.6
21.8
28.7
59.4
83.3
3. Total interest-bearing debt outstanding.
47.9
54.7
76.5
139.5
201. 1
B. Percent owned bv:
Percent of total
1. Nonbank investors:
a. Individuals ^ . . .
20
5
1
15
14
6
20
4
1
16
13
6
24
7
1
14
12
5
22
11
1
10
9
4
22
b. Corporations'
13
r>, State and lornl govprnments
2
d. Federal agencies and trust funds..
9
e. Insurance companies _ . ..
9
f. Mutual savings banks
4
g. Total nonbank investors
61
60
62
57
59
2. Banks:
a. Commercial banks
34
5
36
4
34
3
37
5
34
b. Federal Reserve Banks .
7
c. Total banks
39
40
38
43
41
3. Total interest-bearing debt outstanding
100
100
100
100
100
Note.— Figures are rounded and will not necessarily add to totals.
1 Comprises interest-bearing public debt and guaranteed obligations of the United States Government.
2 Includes unincorporated business, partnerships, and personal trust accounts.
3 Includes associations, dealers and brokers, and investment of foreign balances in this country.
During the period covered in the table the amount of Federal secur-
ities outstandmg increased from $48 billions to $201 billions. Of the
$201 billions, nonbank investor classes owned an estimated $118
billions and commercial and Federal Reserve Banks accounted for $83
billions. Commercial banks were the largest holders of Federal
securities in June 1944, accounting for $68 billions of the total amount
outstanding. Individuals were second with $45 billions and corpora-
tions (including associations, etc.) accounted for $26 billions. The
latter figure excludes $17 billions of securities held by insurance
companies and $7 billions held by mutual savings banks.
REPORT OF THE SECRETARY OF THE TREASURY
91
Total securities outstanding on June 30, 1944, were four times as
great as four years previously. Corporations' holdings were ten times
as large and individuals' holdings almost five times as large at the end
of the fiscal year 1944 as they were June 30, 1940. Despite the large
increase in securities outstanding, nonbank investors continued to
hold about 60 percent of the total.
The net absorption of Federal securities by the various investor
classes during the last four fiscal years is summarized in the following
table.
Net absorption of Federal securities ' 6?/ investor classes, fiscal years 1941 through
19U
Class of investor
1941
1942
1943
1944
A. Estimated absorption by:
In billions of dollars
1. Nonbank investors:
a. Individuals' ._ . ..
1.4
-.2
.1
1.4
.6
.3
7.1
3.0
.2
2.1
2.0
.5
12.2
10.3
.7
3.7
3.9
1.4
14.8
10.0
c. State and local governments
1.9
d. Federal agencies and trust fnnds
4.8
4.1
f. Mutual savings hanks
2.0
g. Total nonbank investors. . . ...
3.6
14.9
32.2
37.7
2. Banks:
a. Commercial banks . ...
3.6
-.3
6.4
.5
26.2
4.6
16.2
b. Federal Reserve Banks . .
7.7
c. Total banks-
3.2
6.8
30.7
23.9
3. Total increase in interest-bearing debt outstanding
6.9
21.8
63.0
61.6
B . Percent absorbed by:
Percent of total
1. Nonbank investors:
a. Individuals'
20
-3
1
20
9
4
33
14
1
10
9
2
19
16
1
6
6
2
24
b. Corporations'
16
c. State and local governments...
3
d. Federal agencies and trust funds. ..
8
e. Insurance companies .
7
f. Mutual savings banks
3
g. Total nonbank investors. . .
52
69
51
61
2. Banks:
a. Commercial banks _. . ... .
52
-4
29
2
42
7
26
b. Federal Reserve Ranks
13
c. Total banks . . ..
48
31
49
39
3. Total increase in interest-bearing debt outstanding
100
100
100
100
Note.— Figures are rounded and will not necessarily add to totals.
1 Comprises interest-bearing public debt and guaranteed obligations of the United States Government.
' Includes unincorporated business, partnerships, and personal trust accounts.
3 Includes associations, dealers and brokers, and investments of foreign balances in this country.
As indicated in the table, in the fiscal year 1944 nonbank investors
increased their absorption of Federal securities by more than $5 bil-
lions over the preceding year although total borrowing actually de-
clined slightly. Accordingly, net borrowing from banks decreased
significantly during the fiscal year. As noted previously, banks
provided for 39 percent of total borrowing in the fiscal year 1944 as
compared with 49 percent in the fiscal year 1943.
92
REPORT OF THE SECRETARY OF THE TREASURY
The improvement in the effectiveness of the borrowing program
with respect to sales to nonbank investors is even more striking when
allowance is made for the fact that a significant portion of the borrow-
ing from banks represented fmids used to build up the Federal General
Fund balance rather than to cover Federal expenditures. This is
particularly important from the point of view of inflation control,
since funds borrowed from the banking system to increase the General
Fund balance are immobilized until such time as they may be drawn
on for expenditures. In the last four fiscal years total borrowing
from banks aggregated $65 billions, but diu'ing the same period the
General Fund balance increased by $18 billions. Thus, funds bor-
rowed from banks and expended aggregated $46 billions during the
period. Federal expenditures which were financed by increases in
the interest-bearing debt during these four years amounted to $135
billions. Nonbank investors purchased enough Federal securities to
cover almost two-thii*ds of these expenditures, with bank investors
accounting for the remaining one-third. As indicated previously,
a large part of this bank borrowing was necessary to provide extra
money (currency and checking accounts) to accompany the large
increase in business activity. The table below presents the figures
for each of the last four fiscal yesars.
Analysis of Federal expenditures financed by increases in interest-bearing debt, fiscal
years 1941 through 1944
[Dollars in billions]
1941
1942
1943
1944
Total
4
fiscal
years
X. Federal expenditures financed by increases in interest-
bearing debt:
I. Total Federal expenditures i.._
$13.8
$34.2
$79. 7
$95. 3
$222. 9
2> Less; Expenditures financed by:
a. Net budgetary receipts __
7.6
(*)
12.8
22.3
1.0
44.1
.2
86.8
b. Miscellaneous sources 2
1.2
3. Equals: Expenditures financed by increases in interest-
bearing debt- -
6.1
21.4
56.4
50.9
134.9
B. Distribution of increases in interest-bearing debt used to
finance expenditures:
1. Borrowing from nonbank investors
3.6
14.9
32.2
37.7
88.4
2. Plus: Remainder covered by borrowing from banks: 3
a. Total borrowing from banks .
3.2
.7
6.8
.4
30.7
6.5
23.9
10.7
64.7
b. Less: Increase in General Fund balance
18.3
c. Equals: Remainder covered by borrowing from
banks
2.5
6.5
24.2
13.2
46.4
3. Equals: Total incrsases in interest-bearing debt used to
finance expenditures .
6.1
21.4
56.4
50.9
134.9
Percent covered by nonbank borrowing
59%
70%
57%
74%
66%
Note.— Figures are rounded and will not necessarily add to totals.
•Less than .$50 millions.
' Includes net outlays of Government corporations and credit agencies, other than for net sales and redemp-
tions of obligations in the market.
2 Increases in noninterest-bearing debt plus net receipts of trust and miscellaneous funds, less net outlays
of Government corporations and credit agencies for net sale? and redemptions of obligations in the market,
» Commercial banks and Federal Reserve Banks.
REPORT OF THE SECRETARY OF THE TREASURY 93
GENERAL FUND
The General Fund includes all moiLeys of the Government deposited
with and held by the Treasurer of the United States, including the
moneys covered into the Treasury which can be withdrawn only in
pursuance of an appropriation by Congress. Every receipt of the
Treasury, from whatever source, and every expenditure, of whatever
nature, affect either the assets or liabilities, or both, of the General
Fund shown in the daily statement of the Treasury. The total amount
of the assets over and above the total amount of the liabilities repre-
sents the balance in the General Fund available to meet Government
expenditures for general, special, and trust accounts, etc.
The assets in the General Fund consist of gold, silver, currency,
com, unclassified collection items, etc., and deposits, to the credit of
the Treasurer of the United States and other Government officers, in
Federal Reserve Banks, special depositaries account of sales of Govern-
ment securities, national and other bank depositaries, foreign deposi-
taries, and the treasury of the Philippine Islands.
The liabilities of the General Fund consist of outstanding Treasurer's
checks, deposits of certain Government officers composed of balances
to the credit of the Post Office Department, the Board of Trustees of
the Postal Savings System, and postmasters, clerks of courts, dis-
bursing officers, etc., and uncollected items, exchanges, etc.
The balance in the General Fund is classified according to increment
on gold, seigniorage, and working balance.
The net change in the balance of the General Fund from the begin-
ning to the close of the fiscal year is accounted for as follows :
Analysis of the change in the General Fund balance between June 30, 1942, and
June SO, 19U
[On basis of daily Treasury statements, see p. 519. For a description of accounts through which Treasury
transactions are effected, see p. 520]
Balance June 30, 1943 _ $9,506,565,926.06
Add:
Receipts, net,' general and special accounts 44, 148.926,968.0V
Receipts, trust accounts, etc 5,052,721,588.47
Net increase in gross public debt _-. 64,307,296,891.23
123, 015, 511, 373. 83
Deduct:
Expenditures- general and special accounts $93, 743, 514, 863. 84
Less statutory debt retirements (sinking fund, etc.) 1, 650. 00
93,743,513,213.84
Expenditures, trust accounts, etc 9, 103, 446, 537. 69
102, 846, 959, 751. 53
Balance June 30, 1944 _ 20,168,551,622.30
1 Exclusive of employment taxes collected and deposited as provided under sec. 201 (a) of the
Social Security Act Amendments of 1939 less reimbursements to the General Fund for administrative ex-
penses. Such net amount is included in "Trust accounts, etc." on the following line.
A comparative analysis of the assets and liabilities and the balance
of the General Fund is shown for the beginning and close of the fiscal
year in the table on page 728 of this report.
94
REPORT OF THE SECRETARY OF THE TREASURY
SECURITIES OWNED BY THE UNITED STATES AND PROPRIETARY IN-
TEREST IN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
Securities owned
On June 30, 1944, the United States owned securities consisting of
capital stock, bonds, etc., of Government corporations and agencies and
indebtedness to the Government by railroads, farmers, shipowners,
and others, in the net face amount of $13,321 millions; and obligations
of foreign governments in the principal amount of $12,660 millions.
A statement of the securities owned, exclusive of foreign obligations,
at the end of the fiscal year 1944 is shown in the table on page 732.
A summary of the holdings of securities at the end of the last two fiscal
years is shown in the following table.
Summary of securities owned by the United States Government, exclusive oj foreign
obligations, June 30, 1943 and 1944
Security
June 30, 1943
June 30, 1944
Increase or
decrease (— )
Capital stock of Government corporations.
Paid-in surplus of Government corporations
Bonds and notes of Government corporations
$2, 106, 371, 183. 31
142, 617, 869. 23
7, 535, 144, 623. 79
1, 271. 491, 781. 96
$2, 099, 634, 942. 52
136, 096, 791. 06
10,717,259.623.79
1, 237, 280. 877. 24
-.$6, 736, 240. 79
-6,521,078.17
3,182,115,000.00
-34, 210, 904. 72
11, 055, 625, 458. 29
14, 190, 272, 234. 61
3, 134, 646, 776. 32
Less interagency ownership:
459, 841, 000. 00
1.000,000.00
473, 492, 576. 84
461, 091, 000. 00
1.000,000.00
407. 547, 146. 16
1, 250. 000. 00
other securities . .
-65, 945, 430. 68
Total interagency ownership
934, 333, 576. 84
869, 638, 146. 16
—64, 695, 430. 68
Net securities owned ..
10, 121, 291, 881. 45
13, 320, 634, 088. 45
3, 199, 342, 207. 00
1 Includes loans and advances by Farm Security Administration, Rural Electrification Administration, •
Federal Works Agency, etc.
In accordance with the acts approved February 24, 1938 (52 Stat.
79), and March 28, 1941 (55 Stat. 55), the Secretary of the Treasury
canceled during the year obligations of the Reconstruction Finance
Corporation amounting to nearly $3 millions, representing expendi-
tures previously made by the Corporation. This brought the total
of the obligations of the Reconstruction Finance Corporation canceled
to $2,784 millions, as shown in the following table.
Reconstruction Finance Corporation: Amount
Obligations canceled to June 30, 1943 i $2,781,442,007.21
Obligations canceled during 1944 pursuant to the act of Feb. 24, 1938,
on account of expenditures for —
Federal Housing Administrator (sec. 4 of National Housing Act).. $175,000.00
Expenses of regional agricultural credit corporations (sec. 201' (e)
of Emergency Relief and Construction Act of 1932; sec. 33 of
Farm Credit Act of 1937) 2,710,000.00
2, 885, 000. 00
Total to June 30, 1944 2,784,327,007.21
I For detail of cancelations, see annual reports for fiscal years 1943 p. 113; 1942 p. 41; 1941 p. 51; and 1940
pp. 114-115.
REPORT OF THE SECRETARY OF THE TREASURY 95
Proprietary interest in Government corporations and credit agencies
In order to reflect the amount of the Government's interest in
Government corporations and credit agencies, the Treasury compiles
from reports received from such agencies a "Combined Statement of
Assets and Liabilities of Government Corporations and Credit Agen-
cies of the United States," which is pubUshed in the daily Treasury
statement. (See page 148.) This statement shows the amount and
classification of the assets and liabilities of the various agencies, the
privately owned proprietary interest in such agencies, and the pro-
prietary interest of the United States. The statement as of June 30,
1944, appears as table 91 beginning on page 758, and a summary
table of the Government's proprietary interest in such agencies as
of June 30, 1933 through 1944, appears as table 92 on page 768 of
this report.
MONETARY DEVELOPMENTS
International monetary cooperation
Stabilization agreements . — Through the renewal of expirmg stabiliza-
tion agreements and through operations conducted under the existing
stabilization and monetary agreements, the Treasury continued, during
the fiscal year 1944, its established policy of cooperation with friendly
foreign governments in the stabilization of their currencies.
On July 1, 1943, the stabilization agTeement between the United
States and Ecuador, originally entered into on February 27, 1942, was
extended for one year through June 30, 1944. Under this agreement,
the United States stabilization fund undertook to purchase Ecuadoran
sucres up to an amount of $5 millions for the purpose of stabilizing the
United States dollar-Ecuadoran sucre exchange rate. At the close of
the fiscal year, discussions looking to the further extension of this
agreement had been initiated.
The stabilization agreement between the United States and Iceland,
signed May 5, 1942, under which the United States stabilization fund
undertook to purchase Icelandic kronur up to the amount of $2
millions for the purpose of stabilizing the United States dollar-Icelan-
dic krona exchange rate was extended for one year from July 1, 1943,
through June 30, 1944.
The agreement of September 26, 1942, between the United States
and Liberia was intended to facilitate the conversion of the Liberian
currency system from a British coin basis to a United States dollar
basis. Prior to the end of the fiscal year 1944 the purpose of the opera-
tions under this agreement had been achieved and by mutual consent
the agreement was allowed to lapse on June 30, 1944. At that date,
under an arrangement with the British Government, the British coins
96 REPORT OF THE SECRETARY OF THE TREASURY
acquired by the United States stabilization fund in accordance with
the Liberian agreement were in process of being sold to the British
Government for dollars as expeditiously as transport facilities per-
mitted the delivery of the British coins.
The stabilization agreement between the United States and Brazil,
originally entered into on July 15, 1937, for a live-year period and
subsequently amended and extended to terminate July 15, 1947, was
amended on November 24, 1943, to increase the amount of gold made
available for sale to Brazil from $200 millions to $300 millions.
The assets and liabilities of the exchange stabilization fund as of
June 30, 1943 and 1944, with supporting schedules, are shown in the
table beginning on p. 730.
Proposals jor international currency and financial cooperation. — The
Secretary of the Treasury made public on August 20, 1943, a revised
draft, dated July 10, 1943, of the Treasury's tentative proposal for an
international stabilization fund of the United and Associated Nations.
The revised draft was prepared by the technical experts of the Treas-
ury in cooperation with the experts of other departments of the Gov-
ernment after extended discussions with the technical experts of nearly
thirty countries. These technical, exploratory discussions were held
in response to an invitation sent in March 1943 by the Secretary of the
Treasury to the finance ministers of the United Nations and the
countries associated with them, requesting them to send their experts
to Washington to discuss the feasibility of international monetary
cooperation along the lines suggested in the preliminary draft of the
Treasury's tentative proposal, which was submitted concurrently
for their study. Wliile suggestions of the foreign teciinical experts
were included in the revised version, the Secretary pointed out that
the revised draft did not necessarily reflect the views of the experts
of those countries, that it was in every sense still a preliminary docu-
ment, and that it had not received the official approval of the Treasury
or of the United States Government. (See exhibit 39, p. 354.)
A tentative proposal for a bank for reconstruction and development
of the United and Associated Nations, prepared by the technical
staffs of the Treasury and of other departments of the Government,
was made public on November 23, 1943. This proposal was sent by
the Secretary of the Treasury to the finance ministers of the United
Nations and the countries associated with those nations with the
request that it be studied by their teciinical experts. In his foreword,
the Secretary stated that the primary aim of such an international
bank should be to encourage private capital to go abroad for produc-
tive investment by sharing the risks of private investors and by par-
ticipating with private investors in large ventures, and that the bank
should perform only that part of the task which private capital
could not do alone. The proposal outlined a plan for the establish-
REPORT OF THE SECRETARY OF THE TREASURY 97
ment of a bank with a capital of about $10 billions to be subscribed
by all countries which become members. (See exhibit 40, p. 365.)
On April 21, 1944, the Secretary appeared before the Senate Com-
mittees on Foreign Relations and Banking and Currency, and the
Special Senate Committee on Post-War Economic Policy and Planning,
and before the House of Representatives Committees on Foreign
Affairs, Ways and Means, Banking and Currency, and Coinage,
Weights and Measures, and the Special House Committee on Post-War
Economic Policy and Planning to report the progress of the discussions
on the fund and bank proposals. He stated that technical experts
of the United Nations had agreed upon a set of basic principles for an
international monetary fund and that progress was being made in
the discussion of the proposal for a world bank. He expressed the
hope that after studying the recommendations of the technical
experts the governments of the United Nations would come to the
conclusion that there was sufficient basis of agreement at a tecluiical
level to warrant the convening of a formal conference. The Secretary
made public the joint statement by experts on the establishment of an
international monetary fund of the United and Associated Nations.
(See exhibit 41, p. 372.)
After further consultation among the representatives of the inter-
ested governments, the desirability of convening a formal conference
became apparent and the President invited the United Nations and
the nations associated with them to send delegates to the United
Nations Monetary and Financial Conference to be held at Bretton
Woods, N. H., beginning July 1, 1944. The President designated
the Secretary of the Treasury as head of the American delegation to
the Conference and in a letter to the Secretary, dated June 9, 1944, the
President stated that it was his hope that the Conference would
formulate for presentation to the participating governments definite
proposals for an international monetary fund and possibly a bank for
reconstruction and development. (See exhibit 42, p. 379.) At the
close of the fiscal year, acceptances of the President's invitation had
been received from 44 nations.
Domestic monetary events
One-cent piece.— The coinage of the zinc-coated steel one-cent piece,
which had been instituted in February 1943 as a war measure in order
to conserve vital war metal, was discontinued on December 31, 1943,
after the passing of the acute phase of the copper stringency. The
coinage of copper-zinc one-cent pieces was resumed on January 1,
1944.
Silver policy. — Throughout the fiscal year 1944 the Treasury con-
tinued the policy inaugurated in April 1942 of putting all available
silver into urgent war uses.
613185—45 8
98 REPORT OF THE SECRETARY OF THE TREASURY
No new purchases of foreign silver were made during the year, thus
permitting sucli silver to go into industrial and other uses. Similarly,
the greater part of the silver produced in the United States during the
fiscal year was left available for important war uses, since the Treas-
ury's purchases of newly mined domestic silver under the act of July 6,
1939, amounted to only 861,294 ounces, i. e., about 2 percent of the
total domestic production estimated at 42.8 million ounces.
Nearly 41 million ounces of silver were sold for war purposes
under the provisions of the act of July, 12 1943, which authorized
the President, thi'ough the Secretary of the Treasury, upon the
recommendation of the Chah-man of the War Production Board,
to lease domestically or to sell, at a price of not less than 71.11
cents per fine ounce, silver held or owned by the United States.
Lend-leasing of silver. — Up to June 15, 1944, approximately 4,000
short tons of silver had been shipped by the United States to allied
and friendly foreign countries under lend-lease arrangements for
industrial and coinage purposes essential to the conduct of the war.
On that date, the Secretary announced that the United States Gov-
ernment had agreed to lend-lease to the government of India 100
million ounces (approximately 3,429 tons) of silver to be used to
maintain an adequate supply of coinage for the large number of United
Nations forces in India and for India's expanded war production, and
to help to keep prices stable in this important United Nations supply
base and war theater. (See exhibit 43, p. 380.) All lend-leased silver
is to be returned to the United States Treasury on an ounce-for-ounce
basis after the end of the war as specified in the respective agreements.
Military currencies.- — On August 2, 1943, it was announced that the
allied expeditionary forces in Sicily were introducing in the liberated
regions an "Allied Military Currency," designated in terms of the
local monetary unit, the lira. The currency was prepared in the
Bureau of Engraving and Printing, to be used by the allied forces for
the pa3^ment of troops and for expenditures for local supplies and
services and also to be used, if necessary, to supplement the regular
lira currency in providing an adequate circulating medium.
The issuance and use of military currency is carefully controlled to
insure that it is employed only for purposes essential to military oper-
ations or for the continued operation of essential trade and commerce
and for Government administration. Wlien the United States Army
obtains allied military lire for expenditures for pay of troops and for
the purchases of supplies and services in the area, the relevant appro-
priation of the War Department is charged with the dollar equivalent
of such expenditures. In connection with all expenditures complete
records are being kept and a detailed accounting procedure has been
set up covering the issuance and use of this currency. These records
also will facilitate the adjustment of other financial matters, such as
REPORT OF THE SECRETARY OF THE TREASURY 99
those for civil affairs, growing out of the miUtary operations of the
alhed forces in the occupied area. (See exhibit 44, p. 380.)
When the alhed troops landed in Normandy on June 6, 1944,
they carried with them a supply of a new French franc currency to
insure that adequate supplies of currency would be available for the
pay of allied troops and for the purchase of local supplies and serv-
ices. This currency is freely interchangeable with and is supple-
mentary to the franc currency of the Bank of France.
On February 9, 1944, it was announced that the special Hawaiian
series of United States currency had been taken by American marines,
sailors, and soldiers into Central Pacific strongholds from which the
Japanese had been driven. This currency, originally introduced in
Hawaii in July 1942, consists of United States silver certificates and
Federal Reserve notes bearing the distinctive overprint ''Hawaii" on
each end of the face and across the reverse side of the bills. This
step was taken to facilitate identification of the currency being used
in combat areas and to make easier the isolation of this particular
currency should it fall into enemy hands. (See exhibit 45, p. 383.)
A discussion of developments in foreign funds control will be found
on page 126.
TAXATION DEVELOPMENTS
During the fiscal year 1944 two major tax measures became law: the
Revenue Act of 1943 on February 25, 1944, and the Individual Income
Tax Act of 1944 on May 29, 1944. The evolution of these acts and
their provisions are summarized under the following headings: I. De-
velopment of the 1943 revenue program; II. Major features of the
Revenue Act of 1943; III. Development of simplification plans; and
IV. Major features of the Individual Income Tax Act of 1944. A
summary of other revenue laws enacted during the fiscal year 1944 is
presented under a fifth heading: V. Other revenue legislation.
I. Development of the 1943 revenue iirogram
Initially, in January 1943, the Administration's goal for additional
revenue was stated in the President's Budget Message as "not less than
$16 billions of additional funds by taxation, savings, or both, during
the fiscal year 1944." After passage in June of the Current Tax Pay-
ment Act of 1943, which served to postpone Congressional considera-
tion of the 1943 general revenue program, a revenue go il of $12 billions
was adopted.^ As presented to the House Ways and Means Com-
mittee in October 1943, the Administration's program called for $10.5
billions of added revenue in a full year of operation. The Revenue
Act of 1943, as passed over the President's veto in February 1944,
provided added revenues estimated at $2.2 billions per year (without
I For a discussion of developments relative to the Current Tax Payment Act of 1943, see the Annual Report
of the Secretary of the Treasury for 1943, pp. 106-111.
100 REPORT OF THE SECRETARY OF THE TREASURY
taking into account the postponement of automatic increases in social
security payroll taxes and the potential cost of the special relief pro-
visions in the act).
A. Budgetary developments. —
With the rapid approach to full mobilization during 1942 and 1943
came correspondingly rapid expansion of Government expenditures.
Estimates of expenditures for the fiscal year 1943 rose from $59 billions
in the Budget Message for 1943 to $80 billions in the Budget Message
for 1944; estimates of net receipts under then-existing revenue laws
rose from $16.5 billions to $23 billions.
Expenditures for the fiscal year 1944 in the Budget Message for
that year were estimated at $104 billions and net receipts at $33 bil-
lions; in other words, net receipts were estimated at 32 percent of
expected expenditures. In calling for at least $16 billions of addi-
tional funds by taxation, savings, or both, for 1944, the President in
the Message stated that this goal was set with the view to checking
inflationary spending and raising current revenues to 50 percent of
expenditures. By reducing the volume of additional borrowing and
by supporting the stabilization program, the $16 billion program would
also aid in making post-war problems manageable.
Revised estimates of receipts and expenditures for the fiscal year
1944, taking into account the provisions of the Current Tax Payment
Act of 1943 (approved June 9, 1943), and other developments, were
issued in the Statement by the President on the Summation of the
1944 Budget on August 1, 1943. Although expenditures estimates
remained at $104 billions, net receipts estimates were revised upward
$5 billions to $38 billions, or 37 percent of expected expenditures.
In the Statement, the President reiterated the need for "a truly stiff
program of additional taxes, savings, or both," pointing out that such
a program was urgently needed further to absorb purchasing power
"as a deterrent to bidding up prices and resorting to the black market."
Budget figures were revised again in November 1943, when the
Budget Director announced estimates placing net receipts at $41
billions and total expenditures at $98 billions, a ratio of net receipts
to expenditures of 42 percent.
B. Development and presentation oj Treasury proposals. —
Alternative plans for raising $16 billions of additional annual revenue
were developed by the Treasury and discussed with other executive
agencies late in 1942, but were tabled pending the settlement of the
pay-as-you-go issue. Discussions of the general revenue program
were formally resumed in June 1943. The Congressional committees
decided at that time to postpone hearings on general revenue legisla-
tion until late summer or early fall. Discussions throughout the
summer of 1943 centered around a goal of $12 billions, the reduction
REPORT OF THE SECRETARY OF THE TREASURY 101
from $16 billions having been made on the basis of revisions in revenue
estimates taking account of the Current Tax Payment Act.
The Treasury sought the views of other executive departments on
taxation in a series of conferences during August and September 1943.
In these and other conferences during September, Treasury revenue
proposals were discussed and the Administration program calling for
$10.5 billions in additional revenue annually was developed. The re-
duction from the $12 billions goal took effect entirely in the individual
income tax proposals, the consensus being that inequalities in ability
to pay ruled out the tax rates necessary to reach the higher goal.
The $10.5 billions revenue program was presented to the House
Ways and Means Committee in a statement by the Secretary of the
Treasury on October 4, 1943. (See exhibit 46, p. 384.) Judge Vinson,
Director of Economic Stabilization, appeared before the committee
October 6 and 7 "in support of the program recommended by the
Secretary." The Treasury's revenue proposals, for the most part,
were not adopted by the Ways and Means Committee of the House of
Representatives or the House; the House bill (H. R. 3687) provided
for about $2 billions in additional annual revenues. In a statement
to the Senate Finance Committee, November 29, 1943, the Secretary
of the Treasury reiterated the need for at least $10.5 billions in added
revenue. (See exhibit 47, p. 416.) Action by the Senate Finance
Committee and the Senate did not increase materially the yield of the
House biU.
In addition to its statements on the general revenue program the
Treasury expressed its position on several other revenue matters.
With respect to individual income tax simplification, the Treasury in
September 1943 suggested to the Ways and Means Committee several
alternative methods of simplifying the 1943 Victory tax; made addi-
tional recommendations in the Secretary's statement of October 4 ; and
on November 29 and December 15, 1943, presented further views on
alternative methods of integrating the Victory tax with the regular
income tax structure. (For the November 29 statement, see exhibit
48, p. 420.)
On the subject of renegotiation of war contracts a statement of the
Treasury position was made to the Ways and Means Committee on
September 10, 1943 (see exhibit 49, p. 446), and the attitude of the
Treasury on the amendments to the renegotiation statute proposed by
the Senate Finance Committee was expressed in a press release of
December 20, 1943.
The Secretary of the Treasury made a statement favoring expanded
social security benefits and increased payroll taxes as a part of his
geneml statement of October 4 to the Ways and Means Committee.
He also reiterated the Treasury's opposition to the sales tax in a sup-
102 REPORT OF THE SECRETARY OF THE TREASURY
plementary statement before the Senate Finance Committee on
November 29. (See exhibit 47, Supplemental Statement I, p. 418.)
The Treasury also submitted several analytical studies for the use of
the congressional committees. Of these studies the following are pub-
lished in the Hearings on Revenue Revision of 1943 before the Com-
mittee on Ways and Means: (1) "The Need for More Taxes," pages
23-52; (2) "Taxation of Increases in Individual Incomes," pages 90-
107; (3) "Post-war Expenses Related to Wartime Income," pages 135-
169; and (4) "Considerations Respecting a Federal Retail Sales Tax,"
pages 1095-1272.
C. Treasury proposals. — ■
1. General Statement.
The program recommended by the Treasury to raise an additional
$10.5 billions annually was made up as follows:
Increase over yield
of existing law
(in millions)
Individual income tax $6, 529
Corporation taxes 1, 138
Estate and gift taxes 402
Excise taxes 2, 492
Total 10,561
The Secretary of the Treasury stated that if payroll taxes were
increased (as he recommended in a supplementary statement), the
proposed $6.5 billions schedule of income taxes would have to be
reduced to avert the burden of excessive taxation on lower income
groups. In addition to the revenue recommendations, the Secretary
made other suggestions to reduce the complications in our tax laws.
The Secretary of the Treasury pointed out that the tax proposals he
was presenting had been measured igainst (1) the ability of the pro-
posals to raise money and to combat inflation, (2) the degree to which
they might interfere with war production, (3) their impact on people
with fixed incomes or fixed obligations and on people with inadequate
incomes, and (4) their practicability and cost from the standpoint of
administration.
2. Individual Income Tax.
The chief reliance for additional revenue, to the extent of almost
two-thirds of the Treasury's 1943 program, was placed on the indi-
vidual income tax. To lessen the ultimate impact of the increased
tax on the lower income groups and to provide equitable current relief
for persons wath fixed incomes, the Treasury developed suggestions
for a post-war credit or refund of part of the tax, the credit to be taken
currently where income had not increased substantially. JVIoreover,
with the more-than-tenfold expansion of the number of taxpayers and
the introduction of current collection, it became urgently necessary to
simplify the tax.
REPORT OF THE SECRETARY OF THE TREASURY 103
Accordingly, the Treasury proposed (1) repeal of the Victory tax,
(2) repeal of the earned income credit, (3) reduction of exemptions for
married persons and dependents, (4) increased surtax rates throughout
the scale, and (5) withholding at graduated rates from salaries and
wages. Two different suggestions for post-war refund of part of the
income tax were also submitted.
a. CHANGES IN RATES, EXEMPTIONS, AND CREDITS.
No increase in the normal tax rate of 6 percent was proposed, but
increases in surtax rates were proposed for all brackets. As in 1942,
it was again recommended that, to make the progression more gradual
in the lower end of the income scale, the first bracket of surtax income,
0 to $2,000, be divided into $500 brackets. Surtax rates on the lirst
$500 bracket were to be increased from 13 to 21 percent, and on the
fourth $500 from 13 to 30 percent. In the range from $2,000 to
$60,000, surtax rate increases of approximately 20 percentage points
were proposed. In the top bracket ($200,000 and over) the proposed
rate change was from 82 to 90 percent. At the same time, repeal of
the Victory tax (levied at net rates of approximately 3 percent) was
recommended.
It was further recommended that the exemption for married persons
be lowered from $1,200 to $1,100 and the dependent credit from $350
to $300, the single person's exemption to remain unchangel at .?50Q
Repeal of the 10 percent earned -income credit was also urged.
b. VICTORY TAX.
The Treasury felt that the complicated Victory tax offered the
major opportunity for prompt simplification of compliance operations
for millions of income taxpayers. In September 1943, the Treasury
laid before the Ways and Means Committee several alternative
methods of simplifying the 1943 Victory tax without materially
affecting burdens. The suggestion adopted by the Ways and Means
Committee (and later enacted) was to change the 1943 Victory tax to
accord with, the assumption that all post-war credits could be taken
currently. This action reduced the complexity of the Victory tax
computation on 1943 returns. The further Treasury suggestion that
the 1943 Victory tax be changed to a flat 3 percent was not adopted
at that time, but was later incorporated for 1944 in the Revenue
Act of 1943.
In his statement of October 4, 1943, the Secretary of the Treasury
urged the repeal of the Victory tax as the foremost step toward tax
simplification. It was pointed out that repeal would also relieve
9 million lower income families from the income tax. The $300
millions previously payable by these families was to be absorbed in
104 REPORT OF THE SECRETARY OF THE TREASURY
the proposed schedule of surtax rates combined with the proposed
lowering of exemptions. The proposal was not accepted by the
Congress.
As passed by the House, the revenue bill (H. R. 3687) substituted
for the Victory tax a new minimum tax designed to retain on the tax
rolls the 9 million taxpayers who would have been dropped under the
Treasury proposals. In its statement to the Senate Finance Com-
mittee on November 29, 1943 (see exhibit 48, p. 420), the Treasury
opposed the minimum tax provisions because of their complexity and
urged again that the Victory tax be dropped and that the income tax
be adjusted to absorb the Victory tax burden. It was urged that this
step be taken whether or not more far-reaching changes in the surtax
scale were made. A further analysis of the complications of the
minimum tax was submitted to the Senate Finance Committee on
December 15, 1943. The Committee accepted neither the minimum
tax nor the Treasury's integration plan. However, it changed the
Victory tax to a flat 3 percent rate for all persons regardless of marital
or dependency status, a step which the Treasury considered preferable
to adoption of the minimum tax.
C. OTHER SIMPLIFICATION PROPOSALS.
The Treasury again, as it had in 1942, urged the Congress to
eliminate the earned -income credit and thus permit the consolidation
of the normal tax and surtax into a single tax schedule. Since the
law designated the first $3,000 of net income as earned net income
regardless of its source, the credit was deprived of its chief "significance,
yet it continued to complicate tax returns and computations.
A further change recommended to simplify compliance was the
withholding of taxes from wages and salaries at graduated rates.
This move would have increased by several millions the number of
taxpayers kept on*^a strictly current basis by withholding and would
have correspondingly reduced the number of persons required to file
declarations of estimated tax.
d. POST-WAR CREDITS.
To lighten the ultimate burden of the proposed tax increases on
the lower income groups, the Treasury suggested two alternative
post-war credit plans as possibilities for the Committee's considera-
tion. One suggestion would have granted post-war credits of $2.3
billions by refunding after the w\ar 50 percent of the first $50 of tax,
plus 25 percent of the next $50, plus 5 percent of the balance, with
a maximum credit of $250. The other suggestion would have granted
post-war credits of $3.5 billions by refunding 50 percent of the first
$50 of tax, plus 25 percent of the next $150 of tax, plus 10 percent
of the balance, with a maximum credit of $400.
REPORT OF THE SECRETARY OF THE TREASURY 105
It was further suggested that if a post-war credit were adopted
special provision should be made to allow immediate use of the post-
war credit for tax payment where the taxpayer's income had not
increased substantially.
e. TAXATION OF INCREASES IN INCOME.
The Ways and Means Committee on July 6, 1943, directed the tax
staffs of the Joint Committee on Internal Revenue Taxation and of
the Treasury Department to study the problem of taxing increases
in individual income. In a series of conferences in July, August,
and September, the staffs were unable to find a satisfactory method
of isolating and taxing such increases. The Treasury submitted a
study to the Ways and Means Committee on October 4, 1943, en-
titled "Taxation of Increases in Individual Income." The study
pointed out the advantages and disadvantages and especially the
technical difficulties of such a tax, reaching the conclusion that "the
tax on wartime income increases is, on balance, undesirable." How-
ever, the suggestion of the Secretary of the Treasury that persons
with fixed incomes should be allowed to use currently any post-war
credit that might be provided was designed to prevent proposed rate
increases from bearing too harshly on persons whose incomes had
not risen during the war.
f. OTHER CHANGES.
Disallowance of the deduction for Federal excise taxes paid except
where incurred as a trade or business expense or in the production
of income was recommended by the Treasury. This was incorporated
in the tax bill by the House.
The Treasury approved of several changes made by the Senate in
the penalties relating to the declaration and payment of estimated
tax. The most important of these permitted the taxpayer to use
without penalty his preceding year's income as the basis for his
current-year declaration of estimated tax. Persons with unpredict-
able incomes were thus given a means of estimating their tax without
incurring the risk of a penalty.
The Treasury approved of a provision inserted in the revenue bill
of 1943 granting special treatment for back pay exceeding 15 percent
of an individual's gross income. The provision limited the tax attrib-
utable to such back pay to an amount computed as if the back pay
had been included in the gross income of the taxable years to which
such pay is attributable.
3. Corporation Taxes.
In his statement of October 4, 1943, the Secretary of the Treasury
recommended that corporation taxes be increased. He pointed out
that despite increases in taxes, net corporation income after taxes
had risen greatly since 1939 and that additions to capital out of
106 REPORT OF THE SECRETARY OF THE TREASURY
earnings would amount to an estimated $11 or $12 billions for the 3
years, 1941, 1942, and 1943. He, therefore, recommended increases
in corporation taxes designed to raise an additional $1,1 billion, but
at the same time urged that small corporations be given special
favorable treatment.
a. RATES, EXEMPTIONS, AND CREDITS.
The Treasury recommended that the surtax on larger corporations
(those with net income in excess of $25,000) be increased by 10
percentage points to raise the combined normal and surtax rate from
40 to 50 percent. On smaller corporations the increase suggested was
4 percentage points. No change in excess-profits tax rates was
recommended.
The bill passed by the House made no change in the surtax rates
but raised the excess-profits tax rate from 90 to 95 percent. The
House also reduced, by one percentage point, the excess-profits credit
allowed on invested capital for corporations with more than $5 millions
but no more than $200 millions of invested capital, and raised the
specific exemption for excess-profits taxes from $5,000 to $10,000.
In its statement before the Senate Finance Committee on November
29, 1943, the Treasury endorsed the increase in the specific exemption
(which had been recommended by the Treasury in 1942) and also the
reductions in the invested-capital credit. However, the action of the
House in increasing excess-profits taxes rather than surtaxes was
opposed on the grounds: (1) That the change would increase tax
liabilities for comparatively few corporations, (2) that excess-profits
tax increases would not strike corporate profits generally but only a
restricted segment of such profits, (3) that the corporate surtax, be-
cause of its broad coverage and the fact that it reaches war profits
that are not designated as excess profits in the tax law, offered greater
assurance that all corporations which had benefited from the war
would make an additional tax contributon, and (4) that an increase
in the already high excess-profits tax rate would be more likely to
impair incentives to efficient management than an increase in the
substantially lower surtax rates.
b. CARRY-BACK OF LOSSES AND UNUSED EXCESS-PROFITS
CREDITS.
In the Revenue Act of 1942 the Congress had adopted provisions
allowing a 2-year carry-back of losses and unused excess-profits
credits, under which many corporations would become eligible for tax
refunds during the reconversion period. After studying these pro-
visions the Treasury concluded that the benefits which the carry-
backs were intended to give corporations with difficult reconversion
problems would not be fully realized unless measures were adopted
for speeding up the refunds. The proposed method for accelerating
REPORT OF THE SECRETARY OF THE TREASURY 107
refunds so as to make cash available at the time when it would be
most needed, was outlined in the Treasury's statement of October
27, 1943, to the Subcommittee on War Contract Termination of the
Senate Committee on Military Affairs. (See exhibit 50, p. 449.) It
was proposed that a corporate taxpayer anticipating carry-back
refunds by reason of a current decline in earnings should be permitted
to postpone the payment of taxes currently due (on the income
earned in the preceding year) in an amount equal to the estimated
refund. The acceleration proposal w^as discussed by Treasury
representatives before the House Ways and Means Committee and
the Senate Finance Committee but was not incorporated in the
revenue bill.
C. TECHNICAL AND RELIEF PROVISIONS.
Both the House and the Senate inserted in the tax bill provisions
designed to grant tax relief to certain types of corporations. A
number of these measures were opposed by the Treasury. Several
which were incorporated in the act as passed were also cited as ob-
jectionable by the President in his Message vetoing H. R. 3687.
(See exhibit 51, p. 455.)
The Treasury pointed out that adjustments to provide tax relief
are desirable in some cases to alleviate hardship and promote equity,
but that reliefs improperly granted simply result in loss of revenue
and inequitable distribution of tax burdens among business enter-
prises. It opposed the following proposals as unnecessary or
unjustified:
(1) The extension of percentage depletion and excess-profits tax
exemption to minerals not designated as "strategic" by the War
Production Board.
(2) The granting of special excess-profits tax treatment, originally
designed, to take account of accelerated depletion of certain natural
resources, to pipe-line companies transporting natural gas.
(3) The treatment of income from cutting of timber as a capital
gain taxable at a maximum rate of only 25 percent.
(4) A provision prolonging excess-profits tax exemption for certain
air lines holding Government contracts for mail transportation.
(5) A provision permitting reorganized corporations to use the
adjusted cost basis of the predecessor corporation as the basis for
computing depreciation and excess-profits credit.
(6) The allowance to railroads of full deduction against current
income of capital losses on investments in securities of other railroads.
(7) The Senate amendment broadening greatly the excess-profits
tax relief for new coal and iron properties and new timber tracts.
The Treasury indicated its approval of a technical provision in the
House bill designed to discourage corporate acquisitions made for
the purpose of avoiding income and excess-profits taxes. This provi-
108 REPORT OF THE SECRETARY OF THE TREASURY
sion disallowed benefits from an acquisition when its principal purpose
was found to be tax avoidance.
4. Estate and Gift Taxes.
The Treasury recommended that the estate tax exemption be
reduced from $60,000 to $40,000 and that estate and gift tax rates be
increased throughout the scale. The lowest rate, applicable to the
first $5,000 of net estate, would have been increased from 3 to 5 per-
cent. Modest rate increases were proposed in the remaining lower
brackets, e. g., on the portion of net estate from $10,000 to $15,000,
from 11 to 12 percent. Sharper rate increases were proposed in the
middle and higher brackets, e. g., $70,000 to $100,000, 28 to 37 per-
cent; $450,000 to $500,000, 32 to 60 percent; $900,000 to $1,000,000,
37 to 75 percent; and $2,000,000 to $2,500,000, 49 to 80 percent.
The maximum rate would have been increased from 77 to 80 percent,
and would have applied to the portion of net estate over $1,500,000
instead of over $10,000,000, as under the law then in effect. It was
further proposed that the differential between estate and gift tax rates
be retained, i. e., that gift tax rates be set at three-quarters of the
proposed estate tax rates.
5. Excise and Sales Taxes.
After making detailed analyses of different industries and consider-
ing the mamier in which producers and consumers would be affected,
the Treasury recommended that an additional $2.5 billions be raised
from excise taxes (a) by increasing rates and changing the bases of
several existing excises and (6) by enacting new excises on soft drinks
and on candy and chewing gum.
The Treasury regarded selective excises as a desirable source of
additional war revenue for several reasons: (1) They involved only
modest increases in administrative costs for the Government and in
compliance costs for taxpayers, (2) their net effect would be to reduce
rather than increase inflationary pressures, and (3) being levied on only
a few nonessentials and thus giving consumers a real choice between
paying higher taxes and decreasing their purchases, they would not
cause hardship for consumers.
The sales tax was opposed by the Treasury because, in contrast to
selective excises, it would (1) involve much greater administrative
and compliance effort, (2) sharply increase the cost-of-living index
(both directly and indirectly through increasing the farm parity index
and through the impact on business costs) and would thus interfere
with, rather than support, the Government's wartime stabilization
program, and (3) impose hardship on lower income groups by forcing
them to reduce their consumption of the necessities of life.
In selecting commodities and services for proposed excise taxation,
the Treasury tried to avoid levies which would interfere with the
REPORT OF THE SECRETARY OF THE TREASURY 109
stabilization program. The Treasury recommended the repeal of the
tax on the transportation of property, which had been enacted in 1942,
on the ground that it disturbed existing price and competitive relation-
ships and conflicted with the Government's efforts to stabilize prices.
The termmation of numerous excise tax exemptions on sales of
goods and services to the Federal Government was requested by the
President in a letter dated August 11, 1943, to the Chairman of the
Committee on Ways and Means. In order to save manpower used
by the Federal Government and private business in administering
these exemptions, it was recommended that the exemption of sales to
Federal agencies from manufacturers' and retailers' excise taxes and
from taxes on transportation and communications be ended.
6. Social Security Taxes.
In his October 4, 1943, statement to the Ways and Means Com-
mittee, the Secretary of the Treasury strongly urged that the social
security system be amplified and extended and that payroll taxes be
increased. On the ground that expansion of the system would con-
tribute to the future security of American working men and farmers,
and that it would also serve a useful purpose in combating inflation,
the Treasury endorsed proposals for higher payroll taxes. At the
same time, however, it was noted that, in order to avoid undue bur-
dens on the low-income groups, the individual income tax increases
proposed by the Treasury would have to be scaled down if payroll
taxes were increased.
The increase in social security payroll taxes scheduled by statute
for January 1, 1944, was postponed until March 1, 1944, by a joint
resolution signed by the President December 22, 1943. Previously,
on December 20, in a statement to the press the Secretary of the
Treasury urged that Congress allow the scheduled increase to become
effective. In the Senate, a provision further postponing these in-
creases until January 1 , 1945, was inserted into the tax bill and became
part of the Revenue Act of 1943. In his message of January 10, 1944,
transmitting the 1945 Budget to the Congress, the President strongly
urged the retention of the social security rate increases scheduled
by law.
7. Renegotiation of War Contracts.
At hearings on the renegotiation of war contracts before the Ways
and Means Committee (held from September 9 to 21, 1943), the
Treasury presented a statement of its views. Its recommendations
related primarily to changes which had been proposed in the basic
structure of renegotiation, namely, that renegotiation should be based
on profits after (a) deducting all taxes and (6) allowing for reserves
for post-war reconversion and contingencies. The Treasury opposed
the proposal to deduct taxes on the grounds that (1) the Government
110 REPORT OF THE SECRETARY OF THE TREASURY
would in effect be paying the taxes of firms with excessive profits.
(2) renegotiation would cease to be a procurement procedure and
would encroach directly on the tax field, and (3) the Government
would find it impossible to pursue sound pricing procedures on war
contracts. On the subject of reconversion and contingency reserves,
the Treasury pointed out that the eft'ective consideration of allowances
for these reserves required a broader setting than renegotiation and
urged that the tax implications of this move be studied before final
disposition of the problem was made.
At the hearings before the Senate Finance Committee on the
Kevenue Act of 1943, the Treasury suggested that the provision in
the House bill resting the jurisdiction for contractors' appeals on
renegotiation in The Tax Court of the United States was unwise and
might endanger the prompt collection of revenue by overburdening
that court. It was urged instead that jurisdiction over appeals be
granted to the Court of Claims. The Treasury also concurred in the
revisions recommended to the Finance Committee by the Joint Price
Adjustment Board on which it was represented.
In a statement to the press on December 20, 1943, the Secretary
of the Treasury characterized as unworkable and inequitable the
extensive revisions in the renegotiation statute proposed by the
Senate Finance Committee. Specific reference was made to (1) pro-
posed adjustments which would reopen already settled cases and
postpone final settlement on contracts for a number of years, (2)
exemptions to makers of standard commercial articles, and (3)
exemptions to subcontractors whose goods did not enter into the
final product.
II. Major features of the Revenue Act of 1943 '
A. General statement. —
The Revenue Act of 1943, which became law on February 25, 1944,
over the Presidential veto, provided an estimated $2.2 billions in
additional revenue annually (not taking into account the revenue
effects of its changes in payroll taxes and its special relief provisions) .
Approximately half of this increase took effect in the excise taxes,
the other half consisting principally of income and excess-profits
taxes and to a lesser extent of increased postal rates. The act froze
the social security payroll taxes for old-age and survivors' benefits at
existing levels for the calendar year 1944; amended the statute pro-
viding for renegotiation of war contracts; and made a number of
technical amendments, including several designed to provide relief
to certain corporate tax payers.
1 The changes in rates, exemptions, and credits made by the 1943 act are shown in tabular form in exhibit
53, beginning on p. 458.
REPORT OF THE SECRETARY OF THE TREASURY HI
B. Individual income tax. —
1. Rates, Exemptions, and Credits.
No changes were made in the norm il and surtax rates on the mcome
of individuals.
The tax withholding rate on the wages of nonresident aliens brought
into the United States under authority of the War Manpower Com-
mission was reduced from 30 to 10 percent on the gross amount of
wages.
The personal exemptions and the dependent credit were left un-
changed: $500 for single persons, $1,200 for married persons and
heads of families, and $350 for each dependent.
The date for determination of marital and dependency status was
set at July 1 of the taxable year for purposes of all returns. Formerly
taxpayers other than those filing on the simplified form (Form 1040A)
were required to prorate the exemptions and credits if their status
changed during the taxable year.
2. Victory Tax.
The Victory tax rate was reduced from 5 to 3 percent of Victory tax
net income in excess of $624, regardless of family status. The Victory
tax base was not changed, but the current credits allowed against the
Victory tax were repealed.
3. Deductions.
The 1943 act introduced several new deductions from taxable
income of certain groups of individuals. It provided a special deduc-
tion of $500 from gross income for all blind persons. The amounts
received as mustering-out payments for service in the military or
naval forces of the United States were excluded from gross income.
Also excluded were amounts received as cost-of-living allowances or
post allowances by (1) clerks or employees in the Foreign Service of
the United States, (2) ambassadors, ministers, diplomatic, consular or
Foreign Service officers; and (3) other civilian officers or employees of
the Government of the United States stationed outside the continental
United States.
Under prior law Federal excise taxes paid were allowed as a deduc-
tion for income tax purposes to taxpayers upon whom they were
legally imposed. The 1943 act repealed this deduction, except where
the tax paid is a trade or business expense or is incurred in the pro-
duction of income.
In the case of sole proprietors and partners, deductions (other than
taxes and interest) attributable to a business operated at a loss of
more than $50,000 for each of five consecutive years are limited to a
net loss of $50,000 in any such year; and the net operating loss deduc-
tion under section 122 of the Internal Revenue Code, to the extent
attributable to such business, is disallowed.
112 report of the secretary of the treasury
4. Other Changes.
Another provision of the Revenue Act of 1943 hmits the tax attrib-
utable to back pay received or accrued by an individual during the
taxable year. If the back pay exceeds 15 percent of the gross income
for the taxable year, the maximum tax attributable to such back pay
shall be the tax resulting from the inclusion of such amounts in the
gross income for the taxable years to which the back pay is attributable.
Back pay is defined to include (a) remuneration deferred for a variety
of causes such as bankruptcy or receivership of the employer, litiga-
tion, or, where the employer is a government, for lack of funds, (b)
retroactive pay increases ordered, recommended, or approved by a
government agency, and (c) payments attributable to prior years
arising out of violation of laws pertaining to fair labor standards or
practices.
The penalties connected with the filing and payment of estimated
tax under the Current Tax Payment Act of 1943 were revised. The
penalty for substantial understatement of the tax was retained, but
was made inapplicable where the tax is computed on the preceding
year's income at current year's rates and exemptions, and is paid on
time in equal quarterly installments, or is paid in advance. The
penalties for failure to file a declaration and for failure to pay an install-
ment of estimated tax were made more liberal by graduating them
according to the length of time the failure continues, and by making
them inapplicable where there is a reasonable cause for the delay.
The so-called second antiwindfall provision of the Current Tax
Payment Act of 1943, relating to additional increase in 1943 tax where
income was substantially increased in comparison with income for the
base year, was repealed.
C. Corporation taxes. —
1. Rates, Exemptions, and Credits.
No changes in corporate normal and surtax rates were made by the
act. However, several changes were made in the excess-profits tax
rates, exemption, and credits. The excess-profits tax rate was raised
from 90 to 95 percent, thus increasing the net rate (after the 10 percent
post-war credit) from 81 percent to 85.5 percent. The specific ex-
emption was increased from $5,000 to $10,000. The act retained the
80 percent maximum eft'ective rate limitation on combined corporate
income and excess-profits taxes. The invested capital credit with
respect to invested capital in excess of $5,000,000 was revised as
follows :
REPORT OF THE SECRETARY OF THE TREASURY
113
Invested capital
First. $5,000,000
Next $5,000,000
Next $190,000,000
Over $200,000,000
Revenue
Act of 1943
2. Relief Provisions.
a. Excess-profits tax.
A number of extensions were made in the relief afforded by the 1942
act to owners of gas, mineral, and timber properties. (1) Natural gas
companies were permitted to exclude from the tax base nontaxable
income from exempt excess output in the same manner as owners of
coal and iron mines. (2) The owners of new coal and iron properties
and of timber tracts (those not in operation for at least 6 months during
the base period) were granted the same treatment as the owners of old
properties and tracts. In the case of such new properties one- third
of the current output was to be treated as excess outpat. (3) Lessors
of any mineral properties or timber tracts were granted the same relief
as had formerly been extended only to the operators of such properties
or tracts. (4) To the list of strategic minerals, the producers of which
are granted full excess-profits tax exemption, were added fluorspar,
flake graphite, and vermiculite.
Under prior law, corporations subject to Title IV of the Civil Aero-
nautics Act were exempt from excess-profits tax if their income subject
to excess-profits tax was equal to or less than compensation received
from the United States for the transportation of mail by plane. This
provision was extended by permitting such corporations to deduct the
excess of mail compensation over income subject to excess-profits tax
of 1 year from income subject to excess-profits tax of another year
through the device of a carry-over or carry-back of unused excess-
profits tax credit, but only for the purpose of determining whether the
corporation is exempt from excess-profits tax in such other year.
b. Other relief.
Other relief provisions in tlie 1943 act broadened the statute per-
mitting the use of the predecessor's basis of property for purposes of
computing depreciation, capital gains and losses, etc., in tlie case of
certam corporate reorganizations. The applicability of the statute
granting this privilege to insolvent railroad corporations was extended
back to include the taxable year beginning January 1, 1939. A
statute was passed involving similar treatment for insolvency reor-
ganizations other than of railroads, but this amendment was made
applicable only to taxable years beginning in 1943 and thereafter.
In the case of corporations reorganizing under section 77B of the
613185—45 n
114 REPORT OF THE SECRETARY OF THE TREASURY
National Bankruptcy Act, an amendment permitted the reorg:anized
taxpayer to retain tiie old basis of property without reduction for can-
celation of debt, if the reorganization involved adjustment of the
capital structure or debt structure without transfer of the assets to
another corporation and was consummated prior to September 22,
1938.
In the case of gains from the sale or exchange oi property pursuant
to Federal Communications Comniission order, it was provided that
at the election of the taxpayer no gain should be recognized if the
property disposed of were exchanged for other similar properties, or if
the proceeds were either used to acquire other similar property or held
in a replacement fund, or if the basis of other depreciable assets of the
taxpayer were reduced to the extent of the money which was not so
expended.
Relief was also extended to the owners of certain mineral properties
under a provision extending percentage depletion for the duration of
the war to producers of flake graphite, vermiculite, beryl, feldspar,
mica, lepidolite, spodumene, talc, barite, and potash. Under another
provision the furnacing of quicksilver and the cyanidation of gold
were recognized as ordinary treatment processes for the purpose of
determining gross income from such mineral properties.
Finally, taxpayers owning timber, or having the contract right to
cut timber from the property of another, were permitted to elect to
treat income from the cutting of timber in any taxable year as a capital
gain rather than as ordinary income. The same treatment was
granted to timber owners who disposed of standing timber under leas-
ing contracts.
3. Prevention of Tax Avoidance.
With a view to discouraging corporate acquisitions made for the
purpose of avoiding income and excess-profits taxes, it was specifically
provided that the tax benefits from such acquisitions should be dis-
allowed wholly or partially in cases where (a) control of a corporation
has been acquired, and (6) the principal purpose of such acquisition
is found to be tax avoidance.
4. Other Changes.
Other minor changes in the tax laws affecting corporations were:
a provision permitting mutual fire insurance companies issuing
perpetual premium policies to be taxed in the same manner as stock
insurance companies other than life; the allowance of a deduction to
corporations for gifts and contributions, whether or not for charitable
purposes, to organizations of war veterans; and the disallowance of the
credit for dividends paid on the preferred stock of public utilities with
respect to arrearages dating back to taxable years ending prior to
October 1, 1942.
REPORT OF THE SECRETARY OF TPIE TREASURY 115
D. Estate and gift taxes. —
No changes were made in the exemptions and rates of estate and
gift taxes. However, two technical amendments were made to the
estate and gift laws. An amendment to the estate tax law provided
that in the case of unlisted stock and securities the value of which
cannot be determined with reference to bid and asked prices or sales
prices by reason of their not being listed on an exchange and of the
absence of sales, the value thereof shall be determined by taking into
consideration, in addition to other factors, the value of listed stock or
securities of corporations engaged in the same or a similar line of
business.
The gift tax was amended to provide that in the case of a trust
created prior to January 1, 1939, if on and after January 1, 1939, no
power to revest title to the property could be exercised either by the
grantor alone, or in conjunction with any other person not having a
substantial adverse interest in the disposition of the property or the
income therefrom, then a relinquishment by the grantor on or after
January 1, 1939, and prior to January 1, 1945, of power or control
with respect to the distribution of such property or the income there-
from, shall not be deemed to constitute a transfer of property for gift
tax purposes: Provided that if the trust was created or the power to
revest the property in the grantor was relinquished while a gift tax
law was in effect, the amendment is inapplicable unless (1) a gift tax
was paid with respect to such creation or relinquishment which has
not been credited or refunded, or a gift tax return was filed and the
value reported did not exceed the specific exemption and exclusion
claimed on that return, and (2) the grantor consents, in accordance
with regulations prescribed, to treat the original transfer as having
been a transfer of property subject to gift tax.
E. Excise taxes. —
Liquor taxes were increased to the following rates: Distilled spirits,
$9 per proof gallon; still wines, not more than 14 percent alcohol, 15
cents per wine gallon; still wines, more than 14 percent and not over
21 percent alcohol, 60 cents per wine gallon; still wines, more than 21
percent and not over 24 percent alcohol, $2 per wine gallon; champagne
or sparkling wine, 15 cents per half pint; artificially carbonated wine,
10 cents per half pint; liqueurs, cordials, and the like, 10 cents per
half pint; fermented malt liquors, $8 per barrel.
The rate on imported perfumes containing distilled spirits was
increased to $9 per wine gallon.
Floor stocks taxes on distilled spirits, wines, and fermented malt
liquors were imposed at rates equal to the tax rate increases on these
commodities.
The tax on admissions was increased to 1 cent for each 5 cents or
major^fraction^thereof paid. The taxes on permanent use or lease
116 REPORT OF THE SECRETARY OF THE TREASURY
of boxes or seats in any place of amusement, and the sales of tickets
outside of box offices were increased to 20 percent.
The 1943 act increased the cabaret tax to 30 percent of the total
charge. This rate was later reduced to 20 percent, effective July 1,
1944, under a provision of the Public Debt Act of 1944.
Taxes on club dues and initiation fees were increased to 20 percent.
The tax on bowling alleys was increased to $20 per alley, and the
tax on billiard and pool tables to $20 per table, except that the tax
was made inapplicable to a billiard or pool table in a hospital if no
charge was made for the use of such table.
Excise taxes on furs, toilet preparations, electric light bulbs and
tubes, and jewelry, except on watches retailing at nor more than $65
and alarm clocks retailing at not more than $5, were increased to 20
percent.
The manufacturers' excise tax on luggage was suspended; in lieu
thereof a 20 percent retailers' excise tax was imposed.
Taxes on telegraph, telephone, radio, and cable facilities were in-
creased as follows : Telephone or radiotelephone message or conversa-
tion for which the toll charge is more than 24 cents, domestic tele-
graph, cable or radio dispatches, and leased wire, teletypewriter, or
talking circuit special service, to 25 percent; wire and equipment
service, to 8 percent; local telephone service, to 15 percent.
The excise tax on transportation of persons was increased to 15
percent.
The manufacturers' excise tax on vacuum cleaners was repealed.
The increases in the excise taxes under the 1943 act are to end on
the first day of the first month which begins 6 months or more after
the termination of hostilities in the present war.
The 1943 act also terminated the exemption of sales to the Federal
Government from manufacturers' and retailers' excises, import taxes,
and taxes on pistols and revolvers, communications services, trans-
portation of persons, and transportation of property, except in the
case of articles sold under a contract entered into prior to the time
such sales became taxable, or under any agreement supplemental to
such contract bearing the same Government contract number. It
further provided that the Secretary of the Treasury may authorize
exemption if he determines that the imposition of the taxes will cause
substantial burden or expense which can be avoided by granting tax
exemption and that the full benefit of such exemption will accrue to
the United States.
F. Social security taxes. —
The automatic 1 percent increase in social security payroll taxes
scheduled for the calendar year 1944 by the Federal Insurance Con-
tributions Act was further postponed until January 1, 1945.
REPORT OF THE SECRETARY OF THE TREASURY 117
G. Renegotiation of war contracts. —
Title VII of the Revenue Act of 1943 amended section 403 of the
Sixth Supplemental National Defense Appropriations Act, 1942 (the
Renegotiation Act), and Title VIII added a new section entitled
''Repricing of War Contracts."
The act created a joint War Contracts Price Adjustment Board.
It also established certain factors which should be taken into con-
sideration in determining excessive profits. It exempted (a) con-
tractors whose aggregate annual sales under war contracts were not
in excess of $500,000, replacing the figure of $100,000 under prior
law, (6) agricultural commodities up to the first stage where they
have an established market, (c) contractors who are exempt under
the Federal income tax law, and {(i) construction contracts awarded
under competitive bidding. Provision was made for the deduction
of the amortization of emergency facilities as recomputed if the facility
ceases to be necessary for national defense, or if hostilities cease prior
to the end of the 5-year emergency period for that facDity.
The act further provided for allowance in computing excessive
profits of items "estimated to be allowable" as deductions for tax
purposes (except the carry-backs of uiuised losses and excess-profits
credits) .
Procedural changes were also made which provided for appeal by
an aggrieved contractor to The Tax Court of the United States (after
discretionary review by the War Contracts Price Adjustment Board
created by this act). Renegotiation was to be terminated on Decem-
ber 31, 1944, with the President being given the power to terminate
renegotiation 6 months earlier or to extend its application for 6 months
after this date; but the termination date was not to be later than the
date of termination of hostilities. In addition to the major changes
just listed, Title VII of the act made numerous minor changes in the
renegotiation statute.
Title VIII, Repricing of War Contracts, provided that the Secretary
of a department or other head of a Government procurement agency
could reprice any contract or subcontract when excessive profits
were being earned under it. An aggrieved contractor could sue for
damages in the appropriate court. This title was to terminate upon
cessation of hostilities. Further discussion of war contracts renego-
tiation appears on pages 21 and 125.
118 REPORT OF THE SECRETARY OF THE TREASURY
H. Postal rates. —
Rates of postage on mail and. special services were increased to the
following levels: First-class mail for local delivery, 3 cents per ounce;
air mail, 8 cents per ounce ^ ; money orders, 10 to 37 cents per order;
registered mail, 20 cents to $1.35 per article; insured mail, 10 to 70
cents per article; collect-on-delivery service, 24 to 90 cents per article.
On fourth-class mail the rates in each class were increased by 3 per-
cent of present rates or 1 cent, whichever was greater. The increases
in the postal rates, fees and charges shall cease to be in effect on the
first day of the first month which begms at least 6 months after
termination of hostilities in the present war.
Ill, Development of simplification plans
By providing a system of withholding and current quarterly pay-
ments, the Current Tax Payment Act of 1943 removed the 1-year lag
in income tax payment and provided a system of easy budgeting of
taxes for wage earners. However, the need for tax simplification re-
mained and was in fact mtensified. Action was therefore taken early
in 1944 to simplify income tax compliance.
Some simplification had been achieved in 1941 when, on the rec-
ommendation of the Treasury, a short form embodying a tax table
(Supplement T) was provided by the Congress for persons with small
incomes. In the interest of further simplification the Treasury
proposed, both in 1942 and 1943, that the earned-income credit be
eliminated. This was done by the Revenue Act of 1943. In the
fall of 1943 the Treasury also recommended the adoption of graduated
withholding and the absorption of the Victory tax into the regular
income tax. The 1943 act incorporated neither of these proposals,
although it somewhat simplified the Victory tax.
The Secretary of the Treasury, in mtroducing suggestions for
simplification in October 1943, stated that it was vitally important
to take every possible step to remove the complications in the tax
laws making necessary the fiUing out of long and difficult tax forms
by the taxpayer. In his Budget Message of January 10, 1944, the
President urged "Tax simplification to reduce the burdens of com-
pliance of the many millions of taxpayers by elimination of returns
where feasible and by other measures * * *." The urgency was
widely recognized in the Congress, and a number of bills embodying
simplification plans were introduced for consideration.
During the latter part of 1943, the Treasury tax staffs, including
the Bureau of Internal Revenue, the Division of Tax Research, and
the Office of the Tax Legislative Counsel, had explored alternative
1 Administrative order PM 16604 (Postal Bulletin, December 26, 1941) issued by the Postmaster General
under the authority of 48 Stat. 943 (5 U. S. C. 372), established the rate of 6 cents for each half ounce or
fraction thereof for air mail sent to or by the armed forces of the United States overseas served through
Army and Navy post offices. This rate was continued by instructions of the Third Assistant Postmaster
General, February 28, 1944.
REPORT OF THE SECRETARY OF THE TREASURY 119
methods of simplifying the individual income tax. During the early
months of 1944, at the instance of the congressional committees on
taxation, the tax staffs of the Joint Committee on Internal Revenue
Taxation and of the Treasury Department continued this work as a
joint effort. On March 10, 1944, the Secretary of the Treasury wrote
to the Honorable Robert L. Doughton, Chah^man of the Committee
on Ways and Means of the House, and to the Honorable Walter F.
George, Chairman of the Senate Finance Committee, assuring them
of the complete cooperation of the Treasury Department in the
simplification endeavor and urging speedy enactment of the proposed
legislation. (See exhibit 52, p. 457.)
The plans developed by the congressional and Treasury tax staffs
were discussed in a series of meetings with the Ways and Means Com-
mittee in February and March. No public hearings were held.
On March 17 the Committee announced its tentative approval of a
simplification plan. Agreement on this plan, modified only slightly
by changes in the House Ways and Means and Senate Finance Com-
mittees, was so widespread that no dissenting vote was recorded in
either house of Congress during its passage. The bill was signed by
the President on May 29, 1944.
IV. Major features of the Individual Income Tax Act of 1944- ^
The 1944 act drastically revised filing procedures. It made the
following major changes:
1. It broadened the scope of the simplified table (Supplement T)
method of tax computation (a) by raising the upper limit of the table
from $3,000 to $5,000, (6) by extending its use to all types of income,
and (c) by raising the standard allowance for deductions incorporated
in the table from 6 to 10 percent.
2. It revised the wage-bracket withholding tables to place them on
substantially the same basis as the Supplement T final-liability table
and thus to increase the exactness of withholding (a) by narrowing the
wage brackets, (6) by incorporating the 10 percent standard deduc-
tions allowance, and (c) by graduating tax withholding to cover both
the first and second brackets of surtax.
3. It provided that persons with gross incomes of less than $5,000
derived entirely from wages, interest, and dividends and including not
more than $100 from sources not subject to withholding should bo
given the option of having the collectors of internal revenue compute
their tax.
4. It provided an optional $500 standard allowance for deductions
for persons with gross incomes of $5,000 or more.
' The changps in rates, exemptions, and credits made b> the 1944 act are shown m tabular form in ex-
hibit 53, p. 458.
120
REPORT OF THE SECRETARY OF THE TREASURY
5. It repealed the Victory tax and substituted for it a new 3 percent
normal tax on the net income of each person in excess of a flat exemp-
tion of $500 (husband and wife filing a joint return being allowed an
exemption of $500, plus an additional $500 or the amount of the smaller
of their two incomes, whichever is less).
6. It combined the levies previously known as the normal tax and
the surtax into a new surtax with rates ranging from 20 percent on the
first $2,000 of surtax net income to 91 percent on the portion of surtax
net income over $200,000 (the new rates in the higher brackets incor-
porating adjustments to absorb the previous differential burden of the
Victory tax in those brackets) .
7. It changed the personal exemption for surtax purposes to a uni-
form $500 for the taxpayer, for his spouse, and for each of his de-
pendents.
In effect, these changes, together with the regulations issued pur-
suant to the 1944 act, divided taxpayers into three groups:
Group
Filing procedure
Taxpayers with gross incomes of less
than $5,000 derived entirely from
wages, interest, and dividends and
including not more than $100 from
sources not subject to withholding,
and whose actual deductions are less
than 10 percent of gros.s income.
Taxpayers with gross incomes of less
than $5,000 who receive any income
from sources other than wages, inter-
est, and dividends or more than $100
from sources not subject to with-
holding or who elect the 10 percent
standard deduction.
Taxpayers who fa) receive gross in-
comes'of $5,000 or more or (b)
claim actual deductions instead of
the 10 percent allowance, regardless
of size of income.
The estimated 30 million taxpayers in
this group will file withholding re-
ceipts instead of the longer return and
will have their tax liabilit}^ determined
by the collectors of internal revenue
on the basis of the revised Supple-
ment T table (which allows them a
10 percent standard allowance for
deductions) .
The estimated 10 million taxpayers in
this group will file the regular return
(Form 1040) but will determine their
liability from the expanded Supple-
ment T table.
The estimated 10 million taxpayers in
this group will file the regular return
and compute their tax directl}^ How-
ever, those with gross incomes of
$5,000 or more are given the option
of taking a $500 standard deduction
in lieu of listing and claiming actual
deductions.
The 1944 act made several other changes in the individual income
tax. It simplified the definition of a dependent and the treatment of
a dependent's income. A dependent was redefined as any closely
related person for whom the taxpayer furnishes over half of tlie support,
provided that such person does not receive an annual gross income of
$500 or more, and is a citizen of the United States or a resident of the
United States or a contiguous country. The act further provided that
the earnings of a minor are to be included in his own income and ex-
REPORT OF THE SECRETARY OF THE TREASURY 12 1
eluded from the gross income of the parent, thus estabUshing uniform-
ity among the various States with reference to Federal income tax-
ation of the compensation for services performed by a minor child.
The act simplified declaration procedure and reduced by an esti-
mated 4 millions the number of persons required to file declarations of
estimated tax. Under prior law, persons with less than $100 of income
from sources not subject to withholding were required to file declara-
tions whenever their anticipated wages and salaries exceeded $2,700 if
single or $3,500 if married. Under the 1944 act, the requirement was
raised to $5,000 plus an additional $500 for the taxpayer's spouse and
each of his dependents. The new requirement was made effective for
1945 and subsequent years.
The date for the filing of the final declaration and for payment of
the final installment of estimated tax was changed, effective in 1944,
from December 15 to January 15 of the following year, with the addi-
tional provision that, on or before January 15, taxpayers may file their
final return in lieu of a declaration (or an amendment thereof) required
on that date.
The act altered the definition of a farmer for purposes of the decla-
ration requirements. Under prior law, a farmer was defined as a tax-
payer who derives 80 percent or more of his gross income from farming.
The act lowered the requirement to 66^3 percent of the gross income,
eft'ective in 1944. The date for the filing of declarations by farmers
was extended from December 15 to January 15, and, as in the case of
other taxpayers, it was provided that a final return might be filed in
lieu of a declaration.
Finally, the act changed the date for determination of marital
status to the last day of the taxable year and simplified filing require-
ments to provide for the filing of a return by every person with a gi'oss
income of $500 or more.
V. Other revenue legislation
Other laws affecting the revenue were as follows :
Pubhc Law 172, October 26, 1943, amending sections 735 and 711 of
the Internal Revenue Code to exempt from the excess-profits tax the
bonus payments received for mineral products recovered from mine
tailings.
Public Law 178, October 28, 1943, amending sections 435 and 453 of
the Internal Revenue Code and to provide that the credits under the
Victory tax shall be taken currently.
Public Law 180, November 4, 1943, amending section 3475 of the
Internal Revenue Code to make minor revisions in the Government
exemption from the tax on transportation of property.
Public Law 201, December 17, 1943, amending section 722 of the
Internal Revenue Code to extend the time within which applications
122 REPORT OF THE SECRETARY OF THE TREASURY
for general relief under the excess-profits tax must be made; amending
sections 292 and 3711 of the Internal Kevenue Code to prevent pay-
ment of interest on deficiencies and overpayments resulting from or
based upon relief under section 722 of the Internal Revenue Code; and
amending section 162 of the Internal Revenue Code to extend the
time for establishing a pension trust exempt under section 165 of the
Internal Revenue Code to December 31, 1944.
Public Law 211, December 22, 1943, amending sections 1400 and
1410 of the Internal Revenue Code to freeze the taxes imposed on em-
ployers and employees under the Federal Insurance Contributions Act
to 1 percent for the first two calendar months of 1944.
Public Law 225, February 3, 1944, providing for mustering-out
payments to members of the armed forces and exempting such pay-
ments from taxation.
Public Law 229, February 14, 1944, exempting certain alien farm
labor from tax withholding under section 143 (b) of the Internal
Revenue Code,
Public Law 274, March 31, 1944, authorizmg the Secretary of the
Navy to accept gifts or bequests for the United States Naval Academy
and providing that such gifts or bequests shall be deemed to be a gift
or bequest to or for the use of the United States for the purpose of
Federal income, estate, and gift taxes.
Public Law 333, June 20, 1944, amending section 21 of the Second
Liberty Bond Act to increase the debt limit of the United States; and
amending section 1650 of the Internal Revenue Code to reduce the
cabaret tax from 30 to 20 percent.
Public Law 345, June 20, 1944, amending section 3508 of the Internal
Revenue Code to extend through June 30, 1947, an additional 2 years,
the provisions of the Sugar Act of 1937 and the taxes with respect to
sugar.
Public Law 390, June 30, 1944, amending the act of September 16,
1942, to extend through June 30, 1946, an additional 2 years, the sus-
pension in part of the processing tax on coconut oil; amending section
400 of the Internal Revenue Code to correct a clerical error in the
Supplement T tax table.
CUSTOMS SERVICE IN THE WAR
In addition to its normal functions the Customs Service is charged
with the physical control of exports, vessels, vehicles, and persons to
insure that no articles are taken from the United States except under
license or similar authorization; with the physical enforcement of the
provisions of the Foreign Funds Control Act and the regulations pro-
mulgated thereunder as they relate to the exportation and importation
of currency, negotiable instruments, secm-ities, and other evidences of
indebtedness; with the control of American citizens leaving the United
REPORT OF THE SECRETARY OF THE TREASURY 123
States to insure that they hold valid passports; and with the enforce-
ment of the Trading with the Enemy Act in the censorship of tangible
communications brought into or taken from the United States other-
wise than in the regular course of the mails.
Active cooperation is given by the Customs Service to the Army and
Navy intelligence services and to the Federal Bureau of Investigation.
The Customs Service is also furnishing substantial assistance to the
Coast Guard in the protection from sabotage of vessels, harbors, ports,
and waterfront facilities.
Customs officers cooperate with the War Production Board and the
Ofiice of Price Administration in the enforcement of certain regulations
of those organizations. In the case of the War Production Board the
Customs Service assists in controlling the importation of restricted
materials. It assists the Office of Price Administration in the rationing
of ships' supplies and imports of sugar, processed foods, meats, fats,
fish, cheeses, tires, shoes, and rubber.
A further discussion of the war activities of the Customs Service will
be found on page 216.
SPECIAL PROCUREMENT ACTIVITIES
Lend-lease
The Procurement Division's share in the lend-lease program con-
tinued to constitute its most important task in connection with the
war in terms of volume of goods involved. An increased diversifica-
tion of requirements and sources necessitated the making of a greater
number of contracts under this program during the fiscal year 1944
than in either of the preceding years. A total of 26,788 contracts
were entered into, which was an increase of 2,534 "■ over 1943. Ex-
penditures for the purchases included in these contracts during the
year totaled $1,086,587,324. Aggregate expenditures since receipt of
the first requisition for lend-lease purchases on April 3, 1941, have
been $3,676,101,926 ', representing 63,009 ' contracts.
The Procurement Division is continuing to administer space totaling
3 million square feet of open space and VA million square feet of closed
space at seven lend-lease storage depots located in Army installations
in addition to the extensive use of commercial storage facilities
throughout the country. These depots and facilities are also being
used for the storage and distribution of material for civilian use and
consumption in the liberated areas.
Surplus property disposal
Changes in military requirements continued to result in avail-
ability of increasing quantities of materiel and other supplies for
' Includes revisions for earlier years.
124 REPORT OF THE SECRETARY OF THE TREASURY
redistribution. For the first time during this war the various military
services were the principal sources of surplus property turned over to
the Procurement Division for disposal. Surplus property disposals
in 1944 amounted to $88,260,017, which was almost 10 times that of
the previous year. About 73 percent of this total, consisting of pro-
ceeds of $64,383,426, was sold in private commercial channels and to
lend-lease. The remainder constituted transfers to Government
agencies. In 1943, on the other hand, the principal sources of prop-
erty turned over to fehe Division were Government nonwar agencies.
Most of the property in that year was of such a type that it could be
disposed of by transfer to some Government agencies, and only about
5 percent ($521,000) of total disposals of $9,076,000 ■■ were made to
private commercial channels.
The increase in surplus property handled by the Procurement
Division reflected a general increase in all surplus property growing
out of the war program. Since an organization developed chiefly for
the task of insuring proper utilization of Government property within
Federal agencies was obviously inadequate in size and experience for
the responsibility of disposing of huge quantities of goods to com-
mercial firms, comprehensive plans were formulated and steps were
taken looking to the building of an organization which could assume
this responsibility. Impetus was given to this move by Executive
Order No. 9425, dated February 19, 1944, which established the
Surplus War Property Administration and named the Procurement
Division as the disposal agency for surplus war property in the con-
sumer-goods category, as well as certain other types of property in
the disposal of which it had previous experience. The Division
continued to handle all negotiations for sale of surplus materials to
other lend-lease countries.
During the last few months of the fiscal year, the initial steps were
taken in the direction of building an organization adequate to assume
the increased responsibilities assigned to the Procurement Division.
The Office of Surplus Property was established within the Division
to take the place of the Federal Property Utilization Branch. In
the Washington central office, the services of a number of business
men were engaged for the purpose of determining policies to be fol-
lowed in the disposal of surplus property. Much revamping and
expanding of the surplus property organization in the regional offices
were also carried on.
In order to insure adequate facilities for handling the disposal of
consumer goods, attention was focused first on installing in each of
the eleven regional offices of the Procurement Division a system of
inventory accounting to provide the complete and detailed informa-
tion prerequisite to efficient disposal of property. By the end of the
' Revised.
REPORT OF THE SECRETARY OF THE TREASURY 125
year the Office of Surplus Property was in position to account for and
dispose of the increasingly larger quantities of property being turned
over to it. It had laid a solid foundation on which to build the
organization necessary to handle the still larger inventories which,
it was anticipated, would become its responsibility in the future.
National Youth Administration. — All equipment, material, and
supplies of the National Youth Administration were placed in the
custody of the Procurement Division during the year, in accordance
with an act approved July 12, 1943 (57 Stat. 539). The act per-
mitted any non-Federal vocational education authority which was
using any of it on June 30, 1943, to continue to do so during the war
and for a period not to exceed 6 months thereafter. The act further
provided that the Director of Procurement could lend any of the
remaining property not required by a Federal agency to any non-
Federal vocational education authority which applied for it prior to
October 12, 1943, upon certification by the United States Commis-
sioner of Education that the property was to be used for vocational
education purposes.
Under regulations issued to carry out the provisions of the act,
approximately 2,000 loans were made to non-Federal vocational
education authorities. About 200 completed facilities consisting of
residence centers, shops, and shop equipment were transferred to
Federal agencies. Another act of Congress approved June 28, 1944
(58 Stat. 547), provided that any personal property belonging to the
National Youth Administration and lent to any public school system
or institution of higher learning within any State should become the
property of such school system or institution. Plans were initiated
accordingly to confirm title to this property.
Renegotiation of war contracts
By authority of the law directing the renegotiation of contracts,
the Procurement Division continued to renegotiate war contracts con-
summated by the Division, and cooperated with the War and Navy
Departments and the United States Maritime Commission, and when
the predominate interests were those of the Procurement Division
renegotiated contracts for those agencies. (See also pages 21 and
117 of this report.)
Strategic and critical materials
Acquisitions of strategic and critical materials during the year were
represented by purchases in the amount of $7,024,540, bringing to
$55,775,716 "■ the total purchases from the inception of the program.
These purchases were authorized by the act of June 7, 1939 (Public
No. 117), and consist of those materials for which dependence must
' Includes revisions for earlier years.
126 REPORT OF THE SECRETARY OF THE TREASURY
be placed on sources outside the United States, or of which the
domestic supply is inadequate to meet war demands. The purchases
of strategic and critical materials in 1944 were $2,142,867 more than
in 1943.
A discussion of the other activities of the Procurement Division
will be found beginning on page 252.
FOREIGN FUNDS CONTROL ACTIVITIES
The Treasury Department, through Foreign Funds Control, has
been primarily responsible for planning and executing this Govern-
ment's program of financial warfare against our enemies. In carrying
out this program Foreign Funds Control has vigorously pm'sued the
vital objectives of weakening the enemy's financial resources, prevent-
ing financial operations contrary to our war ejffort, and facilitating
financial operations supporting the war effort of the United Nations.
During the fiscal year 1944 Foreign Funds Control continued activi-
ties previously begun and expanded others. The Control continued
to freeze the $8.5 billions in assets held within the United States by
persons in enemy, enemy-occupied, and European neutral countries
and to regulate the use to which such assets may be put; and to
investigate and regulate international financial transactions. Main-
tenance of import controls over securities and currency was continued,
thus closing United States markets to Axis loot. Cooperation was
given through the State Department to the other American Repubhcs
to secure the adoption by them of effective controls over enemy
property and transactions. The Control continued also to partici-
pate in the administration of the Proclaimed List of Certain Blocked
Nationals by which persons in foreign countries who are assisting the
enemy are designated enemy "nationals", and, pursuant to which,
measures are taken to destroy their financial and economic power and
abihty to contribute to the enemy's war effort. Administration of
this Government's controls over financial and commercial communi-
cations with enemy nationals was continued; and other appropriate
measures were adopted which were designed to interfere with enemy
operations in European neutral countries and to prevent the enemy
from obtaining foreign exchange through the sale in neutral countries
of gold, securities, currency, or other assets.
During the fiscal year 1944, the import controls were expanded to
cover the importation and exportation of checks, drafts, etc. (Gen-
eral Ruling No. 5-A). In cooperation with the American Commission
for the Protection and Salvage of Artistic and Historic Monuments
in War Areas, steps were taken to make certain that the Axis would
not be able to dispose of its looted art objects in the United States
market (Treasury Decision No. 51072). Steps were taken to bring
additional funds under control tlirough requiring the disclosure of
REPORT OF THE SECRETARY OF THE TREASURY 127
beneficial owners before transactions in certain omnibus accounts
were licensed (General Ruling No. 17). Following the establishment
of civil administrations in Sicily and Italy arrangements were made
to permit living expenses remittances to those areas completely liber-
ated (General License No. 32-A and amendments).
During the year the Control and the Federal Reserve Banks, acting
as field agents, acted upon nearly 98,000 applications, 14 percent of
which were denied. In addition, hundreds of thousands of relatively
"safe" transactions were permitted to be effected under various
general and blanket licenses which have been issued to avoid placing
any unnecessary burdens on legitimate business activities. One
such General License, for instance, authorizes all transactions inci-
dent to trading with persons in the "Generally Licensed trade area"
which consists of the American Republics; the British Commonwealth
of Nations; the Union of Soviet Socialist Republics; the Faroe Islands;
the Netherlands West Indies; the Belgian Congo and Ruanda-Urundi ;
Greenland; Iceland; Syria and Lebanon; New Hebrides; and French
Equatorial Africa (General License No. 53). Also during the year
there was taken a census of American-owned Property Abroad which
has shown the existence of such property valued at more than $14.4
billions.
In addition, in connection with the liberation of territory formerly
under enemy domination, the Treasury Department discharges broad
responsibilities with respect to the financial aspects of the overseas
operations of our military and naval forces. The Department par-
ticipates in the planning and preparation of fisc il, financial, banking,
and property control measures which must be applied in the various
theaters of war and also integrates this Government's financial and
economic control measures with those established by the military
authorities or by post-liberation governments. In this connection
detailed research in this country is carried on with respect to the
important financial interests in the countries involved.
WAR CONTRIBUTIONS
Conditional gifts
Under the Second War Powers Act, approved March 27, 1942, the
Secretary of the Treasury, through June 30, 1944, accepted 1,320
donations of money, in the amount of $4,673,601.87, for specific pur-
poses in furtherance of the war program. Of this amount, $4,641,-
480.05 was covered into the Treasury by warrants as of June 30, 1944.
The balance, $32,121.82, represents checks which must be cleared
through banking channels before the funds are available for covering
into the Treasury. The donations in most instances were made by
groups of individuals. A summarization follows.
128
REPORT OF THE SECRETARY OF THE TREASURY
Donations of money accepted under the Second War Powers Act, 1942, and covered
into the Treasury by warrants
Purpose for which contributed
Aircraft -
Vessels -
Guns and ammunition
Welfare and recreation
Buildings and appurtenances. ..
Medical supplies
Vehicles
Miscellaneous equipment.
Foreign relief and rehabilitation
War financing-
Total....
Mar. 27, 1942,
through
June 30, 1943
$2, 445, 371. 80
92, 390. 09
75, 808. 35
57, 660. 95
69, 475. 35
4, 720. 00
479, 123. 42
1, 733. 25
31, 747. 42
80, 000. 00
3, 338, 030. 63
July 1, 1943,
through
June 30, 1944
$330, 841. 34
7, 399. 86
52, 554. 57
192, 493. 36
72, 219. 44
29, 366. 06
567, 314. 41
30, 585. 38
20, 375. 00
300. 00
1, 303, 449. 42
Total
$2, 776, 213. 14
99, 789. 95
128, 362. 92
250, 154. 31
141, 694. 79
34, 086. 06
1, 046, 437. 83
32, 318. 63
52, 122. 42
80, 300. 00
4, 641, 480. 05
In addition, donations of property accepted during the fiscal year
1944 for use in connection with the various war activities included
automobiles, boats, small firearms, medical equipment and supplies,
training equipment and films, radio equipment, patent rights, indus-
trial machinery, raw silk and fabricated textile products, recreation
facilities and equipment, musical instruments, phonograph records,
cigarettes, and various other items. The property accepted had a
total estimated valuation of $333,554.70, and in practically all in-
stances was received directly by the war agency concerned.
Unconditional donations
From December 7, 1941, the day on which Pearl Harbor was at-
tacked, through June 30, 1944, unconditional donations numbering
17,054 and amounting to $1,079,015.99 were received and covered
into the Treasury by warrants. The 17,054 donations do not repre-
sent the total number of donors inasmuch as the donations of approxi-
mately 25,500 individuals were grouped and treated as single dona-
tions; for example, 7,000 employees of an aeronautical corporation
sent in individual checks which were recorded as one donation. Also
numerous donations of war savings stamps from individuals in groups
have been received and recorded as single contributions. These gifts
of stamps were received from groups ranging from ten to more than
a thousand individuals in number, and from $5 to $600 in amount.
Group donations of stamps and money came from students of elemen-
tary and high schools, members of labor and fraternal organizations,
employees of private concerns, Army and Nav}^ personnel, war
plants, etc.
In addition, from December 7, 1941, through June 30, 1944, a total
of $464,140.44 was realized and covered from the sale of scrap alumi-
num donated to the United States for war purposes.
REPORT OF THE SECRETARY OF THE TREASURY 129
SALARY STABILIZATION
Provision for stabilization of salaries was included by Congress in
the general wartime program to stabilize the cost of living. The
Treasury Department through the Salary Stabilization Unit of the
Bureau of Internal Revenue continued during the fiscal year 1944 to
stabilize salaries tlirough action taken upon requests received from
employers for adjustments in compensation of their employees. Re-
quests for salary and bonus adjustments on hand July 1, 1943, num-
bered 19,383; during the year 251,608 requests were received and
257,491 rulings were issued, leaving 13,500 requests on hand June 30,
1944. Certain details of these cases and other types handled are
covered in the administrative report of the Salary Stabilization Unit
beginning on page 241.
During the year the regulations were clarified and amended. The
authorizing legislation, together with major Executive orders and reg-
ulations subsequently published are summarized in the paragraphs
which follow.
Congress by act of October 2, 1942, amending the Emergency Price
Control Act of 1942, authorized and directed the President to issue
a general order stabilizing prices, wages, salaries, and other factors
affecting the cost of living and to provide for making such adjust-
ments therein as he found necessary to aid in the effective prosecu-
tion of the war or to correct gross inequities.
Pursuant to this authority, the President on October 3, 1942, is-
sued Executive Order No. 9250 outlining the policies to be followed
in the administration of the act, and delegating to various agencies
his authority thereunder. By that order he created the Office of
Economic Stabilization and appointed a Director thereof. The Di-
rector, by regulations dated October 27, 1942, approved by the
President, delegated the National War Labor Board and the Com-
missioner of Internal Revenue as his agents to administer the wage
and salary policies. By an amendment to his regulations, approved
by the President on November 30, 1942, the Director also delegated
the Secretary of Agriculture as one of his agents. Regulations,
Treasury Decision 5186, outlining the policies and procedure to be
followed with respect to employees under the jurisdiction of the
Commissioner were promulgated on December 2, 1942.
On April 8, 1943, the President issued Executive Order No. 9328
which provided for certain changes in policies and procedure. As a
result of this Executive order, the Director, on May 12, 1943, issued
a clarifying statement, and on August 28, 1943, completely revised
the amended regulations, formulating the program more specifically
and outlining the policies and procedures to be followed with respect
to salary and wage adjustments. The primary prerequisites to ap-
proval of salary and wage adjustments are that the increases shall
613185—45 10
130 REPORT OF THE SECRETARY OF THE TREASURY
not raise salary levels which existed on September 15, 1942, and shall
not increase the level of production costs appreciably, or furnish the
basis either to increase prices or to resist otherwise justifiable reduc-
tions in such prices.
Authority over wage adjustments by the Na,tional War Labor
Board, as expressed in Executive Order No. 9250, was reaffirmed by
these regulations. Jurisdiction over salary adjustments is divided
between the Board, the Commissioner of Internal Revenue, and the
War Food Administrator, jurisdiction under the latter having been
transferred from the Secretary of Agriculture. The Commissioner of
Internal Revenue was given authority over all adjustments to salaries
in excess of $5,000 per annum, and adjustments to salaries of execu-
tive, administrative, and professional employees under $5,000 per
annum who are not represented in their relations with their employer
by duly recognized or certified labor organizations, and who do not
come within the classification of "agricultural labor." Wages and
salaries of employees engaged in "agricultural labor" were placed
under the jurisdiction of the War Food Administrator.
Subsequently, the Commissioner promulgated amended regulations.
Treasury Decision 5295, which were approved on September 4, 1943.
Under the regulations as amended certain salary increases may be
granted without appro"val of the Commissioner of Internal Revenue,
provided they are made in accordance with a salary agreement or
salary rate schedide in effect prior to October 3, 1942, or approved
by the Commissioner thereafter, and as a result of (a) individual pro-
motions or reclassifications, (b) merit increases within established
salary rate ranges, (c) operation of an established plan of salary in-
creases based on length of service, (d) increased productivity under
incentive plans, (e) operation of a trainee system, and (/) such other
reasons as may be prescribed in rulings or regulations promulgated by
the Commissioner from time to time. Decreases in salary rates below
$5,000 cannot be made without prior approval of the Commissioner
unless the employee is demoted to a position carrying a lower rate of
pay. Adjustments which may be made with approval of the Com-
missioner are those necessary (a) to correct substandards of living,
(b) to compensate in accordance with the Little Steel Formula, (c) to
adjust salaries up to the minimum of the tested and going rates paid
for the same work in the most nearly comparable plants or establish-
ments in the same labor market, and (d) to permit individual promo-
tions to higher positions, reclassification of jobs, to recognize increased
duties and responsibilities, individual merit increases, length of service
increases, incentive payments and the like, provided the adjustments
do not increase the level of production costs appreciably or furnish
the basis for increased prices or resistance to justifiable reductions in
prices. Adjustments may be made also to maintain proper differen-
REPORT OF THE SECRETARY OF THE TREASURY 131
tials in pay rates of employees in immediately interrelated job classi-
fications and, in rare and unusual cases, where the critical needs of
war production so require.
An act of Congress, approved June 30, 1944 (Public Law 383),
extending the act of October 2, 1942, stipulated that its provisions
should terminate on June 30, 1945, and contained one amendment
affecting salary stabilization. Section 4 as amended now provides
that the findings and certification of any agency provided for by the
act shall be final with respect to changes affecting wages or salaries
in any dispute case between employees and carriers subject to the
Railway Labor Act, as amended.
ESTIMATES ,OF RECEIPTS
The Secretary of the Treasury is required each year to prepare and
submit in his annual report to Congress estimates of the public
revenue for the current fiscal year and for the fiscal year next ensuing
(Public No. 129, February 26, 1907). These estimates are now
made in December of each year on the basis of legislation existing
at the time of making the estimates. The estimates here presented
are consistent with the program of Government expenditures out-
lined in the Budget of the United States Government for the fiscal
year ending June 30, 1946.
The details of estimated and actual receipts are shown in table
111 beginning on page 837. Thi'oughout the tables shown in this
exposition the figures are rounded and will not necessarily add to
totals.
Total and net receipts
Total receipts, general and special accounts, are estimated (on the
daily Treasury statement basis) in the amounts of $47,022.8 millions
in the fiscal year 1945 and $42,854.8 millions in the fiscal year 1946.
The estimated total receipts in the fiscal year 1945 exceed by $1,614.3
millions the actual total receipts of $45,408.4 millions in the fiscal
year 1944, while estimated total receipts of $42,854.8 millions in the
fiscal year 1946 represent a decrease of $4,168.0 millions from the
estimated total receipts in the fiscal year 1945.
Net receipts, general and special accounts, are estimated (on the
daily Treasury statement basis) in the amounts of $45,729.7 millions
in the fiscal year 1945 and $41,254.9 millions in the fiscal year 1946.
The estimated net receipts in the fiscal year 1945 exceed by $1,580.8
millions the actual net receipts of $44,148.9 millions in the fiscal
year 1944, while estimated net receipts of $41,254.9 millions in the
fiscal year 1946 represent a decrease of $4,474.8 millions from the
estimated net receipts in the fiscal year 1945.
132
REPORT OF THE SECRETARY OF THE TREASURY
The percentage distribution, by sources, of estimated total receipts
in the fiscal years 1945 and 1946, as compared with actual receipts
in the fiscal years 1943 and 1944, is shown in the following table.
Percentage distribution of total receipts
General and special accounts receipts
Individual income tax
Corporation income and excess profits taxes.
M iscellaneous internal revenue
Employment taxes '
Customs
Miscellaneous receipts
Total receipts.
Actual,
1943
27.8
41.0
19.5
6.4
1.4
3.9
100.0
Actual,
1944
43.6
32.8
11.6
3.9
.9
7.2
Estimated,
1945
39.1
35.5
13.9
3.8
.7
7.0
100.0
100.0
Estimated,
1946
35.3
37.1
15.2
4.8
.8
6.8
100.0
' Includes railroad unemployment insurance contributions.
Several shifts in the relative importance of the major tax sources
in the period from the fiscal year 1943 through the fiscal year 1946
are shown in the above table: (1) The individual income tax shifts
to the position of greatest importance in the fiscal year 1944 because
of the nonrecurring increases arising from the transition to a current
payment basis; (2) by the fiscal year 1946, however, corporation
income and excess profits taxes represent the largest percentage since
the lower level of incomes reflected in individual income tax receipts
does not affect the corporate tax receipts until a year later; (3) the
relative stability of excise tax receipts, included under miscellaneous
internal revenue, and employment tax receipts causes them, in
spite of steady absolute increases over the period, to appear percent-
agewise of less importance in the two years of larger aggregate tax
receipts, namely, the fiscal years 1944 and 1945; (4) miscellaneous
receipts are of greater significance, both absolutely and relatively,
in the fiscal year 1944 than in other years of the period because of
the recoveries of excessive profits on renegotiated war contracts,
included in this item, which are expected to be at their peak in this
fiscal year; (5) customs receipts continue to decline in relative
importance.
Fiscal year 1945
The estimated receipts in the fiscal year 1945 and actual receipts in
the fiscal year 1944 are compared by major sources in the following
table.
REPORT OF THE SECRETARY OF THE TREASURY
133
Total and net receipts by sources
In millions of dollars
General and specia accounts receipts
Individual income tax
Corporation income and excess profits taxes
Miscellaneous internal revenue
Employment taxes '
Customs
Miscellaneous receipts ._.
Total receipts
Deduct: Net appropriation foi: Federal old-age and
survivors insurance trust fund
Net receipts _._
Actual,
1944
19, 779. 2
14, 875. 7
5, 291. 0
1,751.2
431.3
3, 280. 1
45, 408. 4
1, 259. 5
44, 148. 9
Estimated,
1945
18, 385. 6
16, 670. 2
6,551.0
1, 806. 8
326.1
3, 283. 1
47, 022. 8
1, 293. 1
45, 729. 7
Increase or
decrease (— ),
1945 over 1944
-1,393.6
1, 794. 5
1, 260. 0
55.6
-105.2
3.0
1,614.3
33.5
1, 580. 8
Includes railroad unemployment insurance contributions.
While the fiscal year 1945 receipts are estimated to be larger than
the actual receipts in the fiscal year 1944, there is a divergence of
trend by tax sources. The major items of increase include the excise
taxes, where rate increases and the elimination of Government
exemptions increase receipts, and corporation taxes, which are stdl
collected a year later than the incurrence of the liability. The in-
crease m tax receipts from larger corporation incomes more than off-
sets the decrease in the amounts estimated to be received as recoveries
from renegotiation of war contracts, which decline as experience with
war purchases makes for more efficient procurement. A partially
offsetting decrease occurred in the case of the individual income tax
where the fiscal year 1944 receipts were more affected than those of
the fiscal year 1945 by the abnormal bunching of receipts due to the
transition to a pay-as-you-go basis.
Individual income tax. — The yield of the individual income tax in
the fiscal years 1944 and 1945 is shown in the following table.
General and special accounts receipts
Actual,
1944
Estimated,
1945
Increase or
decrease (— ),
1945 over 1944
In millions of dollars
Withheld
9, 177. 8
10, 417. 6
183.7
9, 970. 1
8, 284. 3
131.2
792 3
Not withheld
—2, 133. 3
Back taxt's .
—52 5
Total individual income tax._
19, 779. 2
18, 385. 6
— 1,393 6
Individual income tax receipts of $18,385.6 millions are again the
most important tax source although smaller in absolute amount by
$1,393.6 millions than those of the preceding year. The abnormal
bunching of receipts in the fiscal year 1944 in connection with going
on a pay-as-you-go basis arose chiefly from the following circum-
stances:
134
REPORT OF THE SECRETARY OF THE TREASURY
(1) The portion of the nonrecurring offset to the remitted 1942
liabihties (i. e., payment on "unforgiven tax"), estimated at $900
miUions in the fiscal year 1945, is $400 millions less than the amount
estimated to have been received in the fiscal year 1944.
(2) The payments in the first half of the calendar year 1943 in
settlement of part of the calendar year 1942 liabilities, together with
amounts withheld on 1943 salaries and wages at Victory tax with-
holding rates, were much smaller than would have been received if
the current law had been in effect during that time interval. These
low payments in partial liquidation of 1943 liabilities were received
in the fiscal year 1943. Fiscal year 1944 collections were therefore
large in a nonrecurring way because they included the balance of
the calendar year 1943 liability payments which were abnormally
large.
Corporation income and excess profits taxes. — An increase of $1,794.5
millions is shown from this source, the details of which are given in
the following table.
General and special accounts receipts
Actual,
1944
Fsfimatpd I Iiicease or
Estimated, Ljecrease (-),
1945 over 1944
1945
In miUions of dollars
Income tax and excess profits tax
Declared value excess profits tax
Back taxes..
Adjustment to daily Treasury statement basis
Total corporation income and excess profits taxes
13, 242. 1
109.9
1,414.8
+108. 9
14, 875. 7
15, 192. 3
123.5
1, 354. 4
16, 670. 2
1, 950. 2
13.6
-60.4
-108. 9
1, 794. 5
Receipts in the fiscal year 1945 from corporation taxes are esti-
mated to provide the wartime peak from this tax source. Following
the conversion of plant from peacetime to war uses in the calendar
year 1942, and as a consequence of growing wartime Government
expenditures, corporate profits continued to expand rapidly during
the calendar year 1943 and are estimated to have nearly maintained
the peak level in the calendar year 1944. Government expenditures
increased markets for products and lowered unit costs as production
facilities were used to a larger extent of capacity and as more experi-
ence was gained both by corporations and by labor in the production
of new and unfamiliar lines.
Miscellaneous internal revenue. — The yields of the major groups
under miscellaneous internal revenue are compared in the following
table.
REPORT OF THE SECRETARY OF THE TREASURY
135
General and special accounts receipts
Capital stock tax
Estate and gift taxes
Liquor taxes
Tobacco taxes.
Stamp taxes
Manufacturers' excise taxes
Retailers' excise taxes
Miscellaneous taxes
Adjustment to daily Treasury statement basis
Total miscellaneous internal revenue
Actual,
1944
Estimated,
1945
Increase or
decrease (— ),
1945 over 1944
In millions of dollars
380.7
372.5
-8.2
511.2
514.5
3.3
1,618.0
2, 063. 5
445.5
988.4
921.2
-67. 2
50.8
62.8
12.0
502.7
800.2
297.5
225.2
420.0
194.8
1, 076. 2
1, 396. 3
320.1
-62.3
62.3
5, 291. 0
1, 260. 0
With the exception of the receipts from the tobacco taxes which are
adversely affected by the increased amount of tax-free withdrawals of
cigarettes going to the armed forces, the receipts from every major
grouping of excise taxes show an increase in the fiscal year 1945 over
those of the preceding year.
The receipts from liquor taxes are at a new peak in the fiscal year
1945. Supplies of distilled spirits are more ample as a result of the
resumption of the distilling of beverage alcohol during the so-called
"liquor holidays." Increased wartime tax rates on liquors also con-
tribute to the record receipts.
Following the passage of the Revenue Act of 1943, and as old con-
tracts for delivery expne, the Federal Government is paying a tax
on its purchase of taxable items. This amount which the Federal
Government pays to itself, and which therefore does not improve its
fiscal position, is estimated at $243.2 millions in the fiscal year 1945.
The effect of the repeal of these Federal exemptions is shown almost
entirely in the receipts from the manufacturers' excise tax group and
reflects principally the purchases of war materials.
In general, increases in the receipts from other excise taxes are
due to higher tax rates together with a rising volume of spending by
individuals.
Employment taxes. — Receipts from the employment taxes are dis-
tributed as follows:
General and special accounts receipts
Actual,
1944
Estimated,
1945
Increase,
1945 over 1944
Federal Insurance Contributions Act
Federal Unemployment Tax Act
Taxes on carriers and their employees
Railroad unemployment insurance contributions i
Total employment taxes
Deduct: Net appropriation for Federal old-age and
survivors insurance trust fund -.
Net employment taxes
In millions of dollars
1, 292. 1
179.9
267.1
12.1
1, 751. 2
1, 259. 5
491.7
1, 322. 6
190.7
280.5
13.0
1,806.8
1, 293. 1
513.7
30.5
10.8
13.4
.9
55.6
33.6
22.0
' Not classified as an employment tax under the Internal Revenue Code.
136
REPORT OF THE SECRETARY OF THE TREASURY
The tax rates and the statutory coverage of the employment taxes
are the same in the two fiscal years so that larger amounts of covered
salaries and wages cause the increased tax yields. The receipts
from the Federal Insurance Contributions Act are appropriated to
the Federal old-age and survivors insurance trust fund except for
administrative expenses.
Customs. — Customs receipts decrease to $326.1 millions in the
fiscal year 1945 from receipts of $431.3 millions in the fiscal year
1944. The dominating causes of changes in customs receipts are
exigencies of shipping space, increased duty-free imports of strategic
materials (particularly sugar) under Executive Order No. 9177,
dated May 30, 1942, and the improving domestic supply situation
in connection with liquors, wool, and metals.
Miscellaneous receipts. — Miscellaneous receipts in the fiscal year
1945 amount to $3,283.1 millions, an increase of $3.0 millions over
comparable receipts in the preceding year. This small increase occurs
despite smaller recoveries from the renegotiation of war contracts as
the Government acquires more experience in procurement pricing.
Fiscal year 19 46
The estimates of receipts in the fiscal years 1945 and 1946 are com-
pared by major tax sources in the following table.
Total and net receipts by sources
[In millions of dollars]
General and special accounts receipts
Estimated,
1945
Estimated,
1946
Increase or
decrease (— ),
1946 over 1945
Individual income tax
Corporation income and excess profits taxes, _
Miscellaneous internal revenue
E mployment taxes i
Customs. __
Miscellaneous receipts
Total receipts
Deduct: Net appropriation for Federal old-age and
survivors insurance trust fund
Net receipts _
18, 385. 6
16, 670. 2
6, 551. 0
1, 806. 8
326.1
3, 283. 1
15, 109. 0
15, 913. 2
6, 519. 9
2, 066. 9
326.3
2,919.4
-3, 276. 6
-757. 0
-31.1
260.1
.2
-363. 7
47, 022. 8
1, 293. 1
42, 854. 8
1, 599. 9
-4,168.0
306.8
45, 729. 7
41, 254. 9
-4, 474. 8
' Includes railroad unemployment insurance contributions.
Receipts are expected to be smaller in the fiscal year 1946 than in
the fiscal year 1945. Alajor sources of revenue contributing to the
decrease are (1) the individual income tax receipts which are smaller
because of estimated lower incomes and because of the nonrecurring
payments in the fiscal year 1945, (2) the corporation tax receipts
which are less because of lower corporate incomes, and (3) miscel-
laneous receipts which are lower because of the decreasing recoveries
from renegotiation of war contracts.
REPORT OF THE SECRETARY OF THE TREASURY
137
Partly offsetting these declines are increases in receipts from em-
ployment taxes as a result of higher tax rates for certain of these taxes
affecting receipts in tlu'ee months of the fiscal year.
Individual income tax. — The yield of the individual income tax in
the fiscal years 1945 and 1946 is shown in the following table.
General and special accounts receipts
Estimated,
194.';
Estimated,
1946
Increase or
decrease (—),
1946 over 1946
In millions of dollars
Withheld -
9,970.1
8, 284. 3
131.2
8, 243. 0
6, 734. 0
132.0
-1,727.1
-1,550.3
.8
Total individual income tax
18, 385. 6
15, 109. 0
-3,276.6
Individual income tax receipts decrease to $15,109.0 millions in the
fiscal year 1946. The last of the nonrecurring offsets to the remitted
1942 liabilities (i. e., payment on " unforgiven tax") will be paid in the
fiscal year 1945 in an amount estimated at $900 millions. No corre-
sponding amount is collectible in the fiscal year 1946. This fact,
together with a reduction in the level of incomes on which receipts are
based, accounts for the lower yield in the fiscal year 1946.
Corporation income and excess profits taxes. — The details of the
yield of taxes on corporation incomes are shown below.
General and special accounts receipts
Income tax and excess profits tax
Declared value excess profits tax.
Back ta.xes
Total corporation income and excess profits taxes
Estimated,
1946
Increase or
decrease (— ),
1946 over 1945
In millions of dollars
15, 192. 3
123.5
1,354.4
16, 670. 2
14,312.9
112.5
1, 487. 7
15,913.2
-879. 4
-10.9
133.3
-757.0
Receipts in the fiscal year 1946 from the corporation taxes on income
are estimated at $15,913.2 millions, somewhat below the $16,670.2
millions expected in the fiscal year 1945. The high level of corporate
income attained in 1943 is not expected to increase even with the
continued high level of Government war expenditures. Costs catch
up and cut into corporate profits as mihtary services create manpower
shortages (leading to the employment of less efficient labor, frequently
at higher hourly rates and with much overtime), as machines under
wartime exigencies are not adequately maintained or replaced, and as
ceilings prevent selling prices from rising correspondingly. Hence
the fiscal year 1946 estimated corporation tax receipts reflecting 1944
and 1945 corporate incomes are slightly less than the receipts arising
138
REPORT OF THE SECRETARY OF THE TREASURY
from the peak 1943 and 1944 corporate profits, but nevertheless they
are larger than the fiscal year 1944 receipts arising* from 1942 and
1943 income experience.
Miscellaneous internal revenue. — The estimates of yields from the
more important groups included under miscellaneous internal revenue
are shown in the following table.
General and special accounts receipts
Estimated,
1945
Estimated,
1946
Increase or
decrease (— ),
1946 over 1945
In millions of dollars
Capital stock tax
Estate and gift taxes
Liquor taxes
Tobacco taxes. _
Stam p taxes
Manufacturers' excise taxes
Retailers' excise taxes
Miscellaneous taxes
Total miscellaneous internal revenue
372.5
350.0
-22.5
514.5
522.7
8.2
2, 063. 5
2, 023. 8
-39.7
921.2
886.1
-35.2
62.8
59.2
-3.6
800.2
997.4
197.2
420.0
392.2
-27.8
1,396.3
1, 288. 6
-107.7
6, 551. 0
6, 519. 9
-31.1
In general, a decline in the volume of Government expenditures is
expected to result in some reduction in individual incomes, which will
be reflected in reduced buying of various taxable items. This will be
offset in part, however, by some increase in the production and sale
of other taxable civilian goods, the supphes of which have been
restricted by war requirements.
Estimated revenues in the fiscal year 1946 include an increased
amount of tax payments by the Government on taxable items pur-
chased largely for war uses, owing to a greater tax coverage of
Government purchases during this first full year under the new pro-
vision of the tax laws. Collections from this source, which represent
no improvement in the Federal fiscal position, are estimated at $301.0
millions in the fiscal year 1946, as compared with $243.2 millions in
the previous fiscal year. Including this item of increase, there is a
fairly large increase in revenues from the manufacturers' excise tax
group, which increase is more than offset by decreases in other sources
of excise taxes, so that the excise tax receipts as a whole show a
decrease.
REPORT OF THE SECRETARY OF TPIE TREASURY
139
Employment taxes. — The relative magnitudes and changes in yield
from employment taxes are as follows:
General and special accounts receipts
Estimated,
1945
Estimated,
1946
In(!rease or
decrease
(-), 1946
over 1945
In millions of dollars
Federal Insurance Contributions Act
P^ederal Unemployment Tax Act
Taxes on carriers and their employees
Kailroad unemployment insurance contributions '
Total employment taxes. _
Deduct: Net appropriation for Federal old-age and
survivors insurance trust fund
Net employment taxes
1, 322. 6
190.7
280.5
13.0
1, 806. 8
1, 293. 1
513.7
1, 629. 7
182.8
243.4
11.0
2, 066. 9
1, 599. 9
467.0
307.1
-7.9
-37.1
-2.0
260.1
306.8
1 Not classified as an employment tax under the Internal Revenue Code.
The estimates of receipts under the Federal Insurance Contribu-
tions Act assume existing law, that is, that the freeze in tax rates will
not be continued in the calendar year 1946 but that the rates will ad-
vance to 2}^ percent on employer and 2}^ percent on employee. If
this increase were not effective the fiscal year 1946 receipts would be
reduced by $434.0 millions.
Customs. — Wliile numerous items of customs receipts are expected
to vary between the fiscal years 1945 and 1946, total receipts from this
source in each of these years are estimated at approximately $326
millions.
Miscellaneous receipts. — Miscellaneous receipts in the fiscal year
1946 are expected to be $2,919.4 millions, a decrease of $363.7 millions
from the previous year. Smaller recoveries from the renegotiation of
war contracts account for the decrease since other items included in
miscellaneous receipts increase in the aggregate.
ESTIMATES OF EXPENDITURES
Actual expenditures for the fiscal year 1944 and estimates for the
fiscal years 1945 and 1946 are summarized in the following table.
Further details will be found in table 111, beginning on page 849 . The
estimates are based upon figures submitted to the Congress in the
Budget for 1946.
140
REPORT OF THE SECRETARY OF THE TREASURY
Actual exvenditures for the fiscal year 1944 and cstitnated expenditures for the fiscal
years 1945 and 1946
[In millions of dollars. On basis of 1946 Budget document]
Federal expenditures ' (excluding trust account and debt
transactions)
Actual,
1944
Estimated,
1945
Estimated,
1946
War activities:
General and special accounts - .
87, 038. 7
2,681.6
88. 000. 0
1, 000. 0
69, 400. 0
600.0
89, 720. 3
89, 000. 0
70, 000. 0
Other activities:
General and special accounts:
2, 609. 0
266.7
729.9
3, 099. 3
3, 750. 0
2,172.0
1, 290. 5
3, 099. 9
4, 500. 0
Refunds
2. 724. 8
Veterans' pensions and benefits 2 ._
Other..
2, 704. 7
3,201.0
Subtotal - -
6, 704. 8
« 1, 152. 1
10, 912. 3
«224.2
13, 130. 4
Government corporations and credit agencies (net) .. .
» 27. 0
Total, including corporations and credit agencies
5, 552. 7
10, 688. 2
13, 103.4
Grand total, including corporations and credit agencies .
95, 273. 0
99, 688. 2
83, 103. 4
Note. — Figures are rounded and will not necessarily add to totals.
» Excess of receipts over expenditures (deduct).
1 Amounts shown for Government corporations and credit agencies represent net expenditures from
checking accounts maintained with the Treasurer of the United States.
2 Includes amounts classified under general public works program in the Budget.
Attention is invited to the attached reports of bureaus and divi-
sions 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
141
FISCAL SERVICE OF THE TREASURY DEPARTMENT
The Fiscal Service of the Treasury Department, at the head of
which is the Fiscal Assistant Secretary, comprises the Bureau of Ac-
counts, the Bureau of the Public Debt, and the Office of the Treasurer
of the United States. Under an order of the Secretary of the Treasury,
the Under Secretary, in the event of a vacancy in the office of the
Fiscal Assistant Secretary, acts as Fiscal Assistant Secretary and per-
forms all duties and functions assigned to that office. A discussion
of the activities of the Fiscal Service follows.
Bureau of Accounts
The supervision of the administration of the accounting functions
and activities in the Treasury Department and all its bureaus, divi-
sions, and offices is exercised under the dkection of the Secretary of
the Treasury by the Fiscal Assistant Secretary through the Commis-
sioner of Accounts. The function of authorizing the installation,
maintenance, revision, and elimination of accounting records, reports,
and procedures in the Treasury Department is exercised by the Fiscal
Assistant Secretary through the Commissioner of Accounts.
The Commissioner of Accounts, at the head of the Bureau of
Accounts, has supervision over the activities and functions of the
Division of Bookkeeping and Warrants, Division of Disbursement,
Division of Deposits, Section of Surety Bonds, Treasury Budgetary
Section, and Section of Investments.
The duties and functions of the units under the Bureau of Accounts
are discussed in the following pages.
The Commissioner, in collaboration with the Bureau of the Budget
and General Accounting Ofl&ce, also supervises work in the Treasury
Department in connection with the development of standards, termi-
nology, classifications, a system of financial reporting, and summary
accounts required by Executive Order No. 8512.
Office of Commissioner of Accounts
Budgetary administration and financial reporting. — Under Executive
Order No. 8512, dated August 13, 1940, prescribing regulations for the
purpose of improving budgetary administration and financial report-
ing, the Secretary of the Treasury, with the approval of the Director
of the Bureau of the Budget, was directed to estabfish (a) uniform
accounting terminology, (b) uniform classifications of assets and
liabilities, and revenues and expenditures, and (c) uniform standards
for the valuation of assets and the determination of liabilities and the
treatment of revenues and expenditures in relation thereto; and to
maintain a complete system of summary accounts through which
the financial data of the various agencies will be coordinated and
integrated.
143
144 'ORT OF THE SECRETARY OF THE TREASURY
On March 3, 1942, the order was amended by Executive Order No.
9084, which provides that prior to estal)Ushing uniform terminology,
classifications, principles and standards, they be referred to the
Comptroller General of the Ignited States for consideration and deter-
mination as to wheth(>r they are in conflict with the forms, systems,
and procedures prescribed by the Comptroller General as required by
section 309 of the Budget and Accounting Act
The President, in a letter dated April 7, 1944, requested the Ad-
ministrator of the Foreign Economic Administration to establish a
clearing house which would obtain information on foreign transac-
tions— including transactions on account of international aid, relief
in liberated areas, procurement abroad, loans and financial aid, in-
ventories, information concerning military and nonmilitary mstalla-
tions, improvements, and stock piles abroad, and all other govern-
mental outlays and disbursements abroad as well as receipts from
abroad. The President's letter further diiected that the facilities
established by Executive Order No. 8512, as amended, should be
utilized whenever appropriate in collecting information on cash dis-
bursements, receipts, and other related financial transactions abroad.
Pursuant to the above request, the Bureau of Accounts collaborated
with the Foreign Economic Administration in the development of a
Budget-Treasury regulation relating to reports of cash transactions
abroad.
Activities under Reorganization Plan No. III. — Several additional
surveys have been made during the fiscal year, including a study to
revise the procedure for depositing into the Treasury funds collected
by other departments and agencies and a study of recording and report-
ing lend-lease purchases and classification of purchases in the Procure-
ment Division, Treasury Department.
In lieu of depositing funds with the Chief Disbursing Officer by
Government agencies in Washington, D. C, the revised procedure
provides for the deposit of collections directly with the Office of the
Treasurer of the United States and for the transmission of copies of
documents to the Chief Disbursing Officer. This arrangement will
meet the accounting requirements of the General Accomiting Office.
A test of several departments and agencies shows that the extension
of the revised procedure will save manpower and reduce the number
of certificates of deposit to be handled.
The lend-lease procedure was modified so that each requisition
with all its supporting contracts, invoices, and transfers constitutes a
separate account. This reduced considerably the amoimt of tabulat-
ing work necessary to the preparation of the lend-lease reports and
reduced the time necessary to prepare such reports by approximately
65 percent.
Other studies were also made such as (a) the establishment of a
uniform individual earnings record so that at present the entire
Treasury Department maintains the employee's earnings account
on the same basis, and (b) the collaboration with the General Account-
ing Office in formulating plans to establish a branch office of the Gen-
eral Accounting Office in New York for the purpose of effecting a
current audit of the accounts of the disbursing officer of the War
Department issuing Army dependency benefit checks.
Daily Statement of the United States Treasury. — Beginning with the
month of July 1943, receipts horn income taxes withheld under the
REPORT OF THE SECRETARY OF THE TREASURY 145
Current Tax Payment Act of 1943, approved June 9, 1943, were
classified separately in the daily Treasury statement. During the
fiscal year 1944 there were several changes in classifications and pres-
entation of the daily Treasury statement. Executive Order No.
9280 as amended by Executive Orders Nos. 9322, 9334, and 9392 pro-
vided for the reorganization and consolidation of certain bureaus
within the Department of Agriculture and accordingly there were
changes and a rearrangement in the classification of expenditures of
that Department. Other changes in classifications were made as a
result of transfer of functions imder Executive Orders Nos. 9385, 9406,
and 9423, which transferred functions to the Foreign Economic
Admmistration, the War Production Board, and the Department of
the Interior, respectively.
Annual ajjpraisal of assets and liabilities of the Commodity Credit
Corporation. — Under the act approved March 8, 1938 (52 Stat. 107),
as amended by the act approved July 1, 1941 (55 Stat. 498), the Secre-
tary of the Treasury is required to make an appraisal as of March 31
of each year of the assets and liabilities of the Commodity Credit Cor-
poration for the purpose of determining the net worth of the Corpora-
tion. In the event that any such appraisal shall establish that the
net worth of the Corporation is less than $100,000,000, the Secretary
of the Treasury is required to restore the amount of the capital impair-
ment, funds for which are appropriated by the Congress, In the
event any appraisal shall establish that the net worth of the Corpora-
tion is in excess of $100,000,000, such excess must be deposited by the
Corporation in the Treasury as miscellaneous receipts. In the act
approved February 28, 1944 (58 Stat. 105), the Comptroller General
is required to make an annual audit of the financial transactions of
the Corporation beginning with the fiscal year 1945, and to furnish
a copy of each such audit report to the Secretary of the Treasury for
his consideration in appraising the assets and liabilities for determin-
ing the net worth of the Corporation under the act of March 8, 1938,
as amended. The following statement shows the results of appraisals.
Appropriations for restoration of capital impairment: Amount
Act of June 25, 1938 (appraisal as of Mar. 31, 1938, H. Doc. 670,75th Cong.) $94,285,404.73
Act of Aug. 9, 1939 (appraisal as of Mar. 31, 1939, H. Doc. 317, 76th Cong.) 119,599,918.05
Act of Julys, 1941 (appraisal as of Mar. 31, 1941, H. Doc. 248,77th Cong.) 1,637,445.51
Total appropriations _-_ 215,522,768.29
Less amount returned to Treasury:
Appraisal as of Mar. 31, 1940 $43, 756, 731.01
Appraisal as of Mar. 31, 1942 -.. 27,815,613.68
71,572,244.69
Net payments to Corporation ' 143,960,623.60
> Exclusive of impairment as of Mar. 31, 1943, in the sum of $39,436,884.93, for which no appropriation was
made. The appraisal of Mar. 31, 1944, has not been completed.
Securities and funds, Philippine invasion.— During the fiscal year
1944 the Department continued to receive inquiries relating to valu-
ables salvaged from the Philippine Islands at the time of the Japanese
invasion. However, none of the items held in custody had been
released during the past year. Records, secin-ities, and other valu-
ables deposited for safekeeping remain in the custody of the Federal
Reserve Bank of San Francisco, subject to the order of the Secretary
of the Treasury.
613185—45 11
146
REPORT OF THE SECRETARY OF THE TREASURY
Rebuilding the account of the Treasurer of the United States with
the Treasury of the PhiUppine Islands for the month of December
1941 has continued as additional information has become available.
Advances to Federal Reserve Banks for industrial loans. — Advances to
Federal Reserve Banks for industrial loans were authorized by the
act approved June 19, 1934 (48 Stat. 1105), which amended the
Federal Reserve Act, as amended, by adding section 13 (b). The
provisions under which the Secretary of the Treasury makes these
advances were described on pages 184 and 185 of the annual report for
1940.
No advances were made to the banks during the fiscal years 1939
through 1944, the latest advance having been made on October 14,
1937. Amounts received by the Treasury during the year aggregated
$245,236.85. The following statement summarizes the transactions
in comiection with these advances to Federal Reserve Banks.
Advances to Federal Reserve Banks for industrial loans, and payments by such banks
to the Treasury, through June SO, 1944
Federal Reservo Bank
Atlanta
Boston
Chicago -
Cleveland -._
Dallas
Kansas City..
Minneapolis. -
New York
Philadelphia- -
Richmond
St. Louis
San Fran Cisco -
Total 139,299,556.99
Advances by Treasury
Maximum
authorized
$5, 272,
10, 23J3,
19, 748,
14, 146,
4, 359,
4, 131,
3,509,
42, 529,
14, 620,
5, 808,
5, 093,
9, 850,
031.55
236. 88
516. 70
863. 66
338. 10
276.30
467. 65
210. 65
883. 52
291.43
112.25
328. 30
Total advances
through June
30, 1944
$750,
2, 875,
1, 417,
1,015,
1,251,
1,145,
1, 007,
7,752,
4, 198,
3, 420,
547,
2, 156,
934. 44
115.98
7P1.33
671. 33
788. 08
717. 73
746. 96
044. 63
400. 60
662. 05
832. 83
795. 01
27, 546, 310. 97
Payments received by Treasury
During fiscal
year 1944
$15. 138. 69
55, 807. 86
631. 80
599.31
738. 20
1,841.53
75.13
17, 878. 16
83, 968. 01
24, 307. 34
1,114.92
43,135.90
245, 236. 85
Total through
June 30, 1944
$54, 152. 94
163, 688. 92
142, 389. 07
74^ 881. 19
99, 890. 46
45, 355. 01
34,959.90
135, 142. 38
547,411.12
163, 789. 03
7,062.86
43, 135. 90
1,511,858.78
AiJjprojyriations and expenditures under the Social Security Act. — The
Social Security Act, approved August 14, 1935, as amended (42 U. S. C,
Ch. 7), provides for the establishment of a system of Federal old-age
and survivors benefits, and for grants to the several States to enable
them to make adequate provision for aged and blind persons; needy,
dependent, and crippled children; maternal and child welfare; public
health services; and the administration of State unemployment com-
pensation laws.
Section 201 (a) of the Social Security Act Amendments of 1939,
approved August 10, 1939, makes permanent appropriations to the
Federal old-age and survivors insurance trust fund for the fiscal year
1941 and each year thereafter equal to 100 per centum of the employ-
ment taxes received under the Federal Insurance Contributions Act
and covered into the General Fund of the Treasury.
The amounts appropriated through June 30, 1944, under the various
authorizations contained in the Social Security Act, as amended, and
total expenditures from such appropriations through June 30, 1944, are
shown in table 13 on page 584. Receipts, expenditures, and invest-
ments of the Federal old-age and survivors insurance trust fund and
REPORT OF THE SECRETARY OF THE TREASURY
147
the unemployment trust fund are shown in tables 77 and 79 on pages
743 and 745.
Colorado River Dam fund.- — The Colorado River Dam fund was
established under the act of December 21, 1928, which provided for
the construction of works commonly referred to as the Boulder Canyon
project. All revenues and expenditures pertaining to the fund are
under the direction of the Secretary of the Interior.
Under an act of Congress approved July 19, 1940 (54 Stat. 774),
the Secretar}^ of the Interior was authorized to promulgate and to put
into effect charges for electrical energy generated at the dam site.
The act further provides that the receipts from these charges be used
to meet costs of operation and maintenance; to repay to the Treasury,
with interest, the advances made to the fund for the project; to
provide $300,000 annually to each of the States wherein the project
is located, namely, Arizona and Nevada, beginning with the year of
operation ended May 31, 1938; and to transfer $500,000 annually to
the Colorado River development fund beginning with the year of
operation ended May 31, 1938.
The act states that the first $25,000,000 of advances made by the
Treasury to the Colorado River Dam fund is an allocation for flood
control, and repayment may be deferred for 50 years after date of
receipt by the fund of such advances, that is, to June 1, 1987, and
]-epayments shall be made at that time in the manner Congress shall
determine. For this reason, this sum of $25,000,000 is not included
under the caption "Advances" in the statement below.
The act further stipulates that interest charges for purposes of
advances and reimbursements shall be computed at the rate of 3
percent, in lieu of the 4 percent rate specified in previous legislation.
The statement which follows is on an operating year basis and reflects
the necessary revisions required under the act approved July 19,1940
Stahfs of Colorado River Dam fund as of close of each operating year, 1933 through
1944
Operating
year
ended
May 31
Charges i
Credits 2
Advances
Interest on
advances
Interest on
amount
outstanding
Total
Reimburse-
ments
Interest
on reim-
burse-
ments
Balance due
1933
$11,890,532.62
18, 424, 397. 76
23, 607, 521. 44
19, 976, 009. 81
7, 410, 641. 30
5, 685, 000. 00
5, 590, 265. 49
4, 050, 000. 00
4, 800, 000. 00
3, 546, 585. 62
4, 700, 000. 00
2, 725, 000. 00
$101,529.95
249,674.11
399, 464. 48
319,761.45
147, 073. 83
88, 848. 90
74,926.12
67, 278. 68
87, 875. 34
.56, 1,52. 98
99, 139. 68
45, 625. 00
"$359,"76i.'88
930, 776. 89
1, 678, 909. 77
2, 338, 150. 21
2, 635, 026. 17
2, 853, 385. 76
2, 968, 930. 04
3, 074, 824. 99
3,100,892.58
3, 240, 748. 91
3, 421, 620. 09
$11,992,062.57
19, 033, 833. 75
24, 937, 762. 81
21, 974, 681. 03
9, 895, 865. 34
8, 408, 875. 07
8, 518, 577. 37
7, 086, 208. 72
7, 962, 700. 33
6, 703, 631. 18
8, 039, 888. 59
6, 192, 245. 09
$11,992,062.57
1934
19, 033, 833. 75
1935
24, 937, 762. 81
1936 . .
21, 974, 681. 03
1937
9, 895, 865. 34
1938
1939
1940
1941
1942
1943
1944
$1, 100, 000. 00
4, 600, 000. 00
3, 500, 000. 00
7, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
5, 000, 000. 00
.$30, 221. 91
67, 101. 35
56, 377. 05
93, 780. 80
41, 753. 42
10, 849. 32
49, 057. 38
7, 278, 653. 16
3, 851, 476. 02
3, 529, 831. 67
868, 919. 53
4, 661, 877. 76
6, 029, 039. 27
1, 143, 187. 71
Total--
112, 405, 954. 04
1, 737, 350. 52
26, 603, 027. 29
140, 746, 331. 85
25,200,000.00
349, 141. 23
3 1 15, 197, 190. 62
' Excludes $25,000,000 of advances allocated to flood control, repayment of which is deferred to June 1, 198''
' Reimbursements have been applied toward reduction of "interest on advances."
3 Includes $2,791,236.58 representing unpaid interest.
148 REPORT OF THE SECRETARY OF THE TREASURY
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
(5 U. S. C. 255), maintains the official accounts relating to the receipt,
appropriation, and expenditure of the public moneys, covering all
departments and establishments of the Government. The Division
makes analyses of acts of Congress carrying appropriations and main-
tains the necessary appropriation accounts in its ledgers; it issues
warrants for placing funds to the credit of disbursing officers, for the
payment by the Treasury of claims settled by the General Accounting
Office, and for covering into the Treasury the revenues and receipts of
the Government. The Division also compiles and publishes an annual
digest of the appropriations made by Congress. The volume of work
performed in the Division during the fiscal year 1944 was increased
by war activities.
Donations accepted by the Secretary of the Treasury under the
Second War Powers Act, 1942, are shown in the table on page 128.
Financial rejwrts. — There is compiled and published, in accordance
with U. S. C. title 5, section 264, an annual Combined Statement of
Receipts, Expenditures, and Balances of the United States Govern-
ment, designating the amounts of receipts, whenever practicable, by
ports, districts, and States, and the expenditures by each separate
head of appropriation. This report is required to be submitted to
the Congress on the first day of the regular session in each year.
Other financial statements pertaining to the receipts, appropria-
tions, and expenditures of the Government and its various agencies
are prepared periodically during the year for inclusion in the daily
Treasury statement, the monthly Treasury Bulletin, and the Annual
Report of the Secretary of the Treasury.
During the fiscal year 1944 a monthly combined statement covering
information with respect to the financial condition of Government
corporations and credit agencies was prepared and published in the
daily Treasury statement on the last day of each month. Beginning
with the fiscal year 1945 this statement is published in the daily
Treasury statement on a quarterly basis. The statement for the first
quarter, ended September 30, appeared in the daily Treasury state-
ment of November 15, 1944. Subsequent quarterly statements will
be published in the daily Treasury statements of February 15, May 15,
and August 15. Also, a statement of contiDgent liabilities of the
United States is published in the daily Treasury statement on the
first day of each month. These statements, as of June 30, 1944, will
be found as tables 91 and 58, beginning on pages 758 and 716 of this
report.
A complete annual financial report from information submitted by
Government corporations and credit agencies under Budget-Treasury
Regulation No. 2 (Executive Order No. 8512) is also compiled.
A summary report is compiled monthly from financial data sub-
mitted by the departments and agencies under Budget-Treasury Reg-
ulation No. 1 (Executive Order No. 8512). This summary report
consists of a series of tables showing the current status of the appro-
priations and contract authorizations available to each agency of the
Government during the fiscal year in progress. A section of the report
REPORT OF THE SECRETARY OF THE TREASURY 149
is devoted to war activities in order to give a complete picture of that
program since July 1, 1940.
Division oj Disbursement
The Division of Disbursement exercises the disbursing functions, in
Washington and in the field, for all departments and establishments
of the Government with the exception of the Post Ofl&ce Department,
United States Marshals, the Panama Canal, the War and Navy ^
Departments, and certain Government corporations.
On June 30, 1944, the Division maintained the Central Office in
Washington, D. C, 20 regional offices in the United States, and 5
regional offices in Alaska, Puerto Rico, Hawaii, the Vii-gin Islands,
and Panama. Disbursing functions were also maintained at 25 points
in foreign countries and 1 point in Alaska on account of war activities.
During the year the Division made 61,009,197 payments, of which
60,031,420 were by check and 977,777 in cash. These payments were
supported in the disbursing accounts by 7,378,940 vouchers. The
Division also received, deposited, and accounted for 10,898,153 collec-
tion items. Included in the foregoing are 13,310,770 items of pay-
ments and collections for agencies which have been established in
connection with the war.
Voluntary payroll savings plan. — In connection with the voluntary
payroll allotment plan for the purchase of war savings bonds, the
Chief Disbm-sing Officer serves as the Bond Issuing Officer for depart-
ments and agencies served by the Division of Disbursement.
During the year there was collected by the Division of Disburse-
ment, through withholdings from salaries of Federal employees, the
sum of $123,119,305.44 on account of bond allotments, against which
4,343,544 war savings bonds were issued by the Division at the pur-
chase price of $118,248,351.61, this amount having been covered into
the Treasury as public debt receipts. The difference will be applied
to the purchase of bonds to be issued when withheld amounts to the
credit of the individual employee equal the purchase price of a bond
of the denomination specified by the employee.
Victory and income tax withheld.- — In accordance with Public Law
753, approved October 21, 1942, and Public Law 68, approved June
9, 1943, there was withheld by the Division of Disbursement from
salaries of Federal employees on account of the Victory and income
tax an aggregate of $146,983,100.59. These funds were currently
deposited into a special deposit account in the Treasury to the credit
of the Chief Disbursing Officer, and were paid over to collectors of
internal revenue quarterly, as provided by regulations, on the basis
of vouchers submitted by the administrative agencies concerned.
Bonding of certifying officers. — Under the provisions of Public Law
389, approved December 29, 1941, providing for the bonding of officers
and employees authorized to certify vouchers for payment by dis-
bursing officers in the executive branch of the Government, there were
approximately 9,000 such bonded certifying officers at the close of the
fiscal year 1944.
labulating card checks. — The Division of Disbursement is cooper-
ating in the Treasury Department's program providing for the pay-
* Except civilian pay rolls.
150 REPORT OF THE SECRETARY OF THE TREASURY
ment by the Federal Reserve Banks of checks drawn on the Treasurer
of the United States, and for the use of tabuhxting card checks, m heu
of the former style of paper checks, in that operation. In May 1943
in the regional disbursing office at Chicago, 111., the Division of
Disbursement made the first conversion from paper checks to tabu-
lating card checks for its regular disbursements. At the close of the
fiscal year 1944 all checks issued by the 20 regional offices in the
continental United States were on card checks, except for a small
number issued under disbursing symbols which it has not been deemed
feasible to convert. Tlie program for conversion m the Washington
office was started in May 1944 and will be completed during the early
part of the fiscal year 1945. This change will result in transferring
from the Treasurer's office at Washington to the Federal Reserve
Banks the payment of approximately 68,700,000 checks during the
fiscal year 1945, leaving approximately 16,000,000 checks to be paid
by the Treasurer's office at Washington.
Agent cashiers.— There are approximately 1,800 employees of other
Government agencies who are bonded and designated as agent cashiers
to the Chief Disbursing Officer of the Treasury Department. The
majority of these agent cashiers are located in the United States and
make emergency payments which it has been found impracticable to
make through the regional disbursing offices of the Division of
Disbursement because of the need for immediate cash payments.
The other agent cashiers are appointed for duty in various parts of the
world in comiection with war operations.
Staggered pay days and cash payments to employees. — The execution
of the plans for staggered pay days for Government employees in the
District of Columbia and for paying those in lower grades in cash
rather than by check, adopted during 1942, has materially eased the
strain on local check cashing facilities and has been generally helpful
to the employees. However, the practice of paying employees on the
last day of the pay period continues to be a serious administrative
problem which the Treasury, Bureau of the Budget, and General
Accounting Office are undertaking to work out.
Changes in and simplification of dtijdicate check procedvre. — Because
of the increased number of duplicates of lost checks which had to be
issued the regulations and procedure were greatly simplified by a
revision of Treasury Department Circular No. 327, on April 29, 1944,
and Treasury Department Forms 2244 and 2244a (Bond of Indemnity
and Application for Duplicate Check). A copy of the revised circular
is shown on page 507 of this report.
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 deposi-
taries, as prescribed by the regulations incorporated in Department
Circulars Nos. 92 and 176, as amended; the qualification of Federal
savings and loan associations as fiscal agents of the United States
under Circular No. 568; the maintenance of a record of cash collateral
pledged in lieu of securities by issuing agents designated under Cir-
cular No. 657 for the sale and issuance of war savings bonds, Series
E; and the execution of the duties devolving upon the Secretary of
REPORT OF THE SECRETARY OF THE TREASURY
151
the Treasury as a result of the enactment of the Government Losses
in Shipment Act, as amended.
Depositary junctions.- — The following statement shows the number
and classes of depositaries maintained by the Treasury and the
Government deposits held by such depositaries as of June 30, 1944.
Number of depositaries and amount of Government deposits held on June 30, 1944i
by classes of depositaries
Depositaries
Amount
Federal Reserve Banks (including branches)
Insured bank depositaries:
To credit ot Treasurer of United States
To credit of other Government ofTicers
Insular and territorial depositaries (including Philippine Treasury):
To credit of Treasurer of United States
To credit of other Government officers
Foreign depositaries:
To credit of Treasurer of United States
To credit of other Government officers
Special depositaries _
Total
$1, 441, 880, 141. 75
196, 823, 579. 49
80, 569, 507. 05
48,617,867.24
83, 226, 133. 34
12,221,722.04
52.241,951.88
18, 006, 530, 000. 00
'19,922,110,902.79
1 Does not include $9,072,500 time deposits with depositaries for withheld ta.xes.
During the year there were 6,838 changes and adjustments effected
in the depositary system of the Treasury. These changes and ad-
justments are summarized in the following table.
Adjustments
Insured bank
depositaries
Special de-
positaries
Designated . . ._
397
154
1,244
284
370
767
Discontinued _ ...
49
Amount for which qualified:
Increased
3,565
Decreased. . ' . .
8
Total ... . -
2,449
4,389
The number of changes and adjustments in insured bank deposi-
taries indicates a substantial increase over , those which occurred
during the fiscal year 1943. This is the result of continued requests
for the designation of new depositaries and for authority to use
existing depositaries by the War and Navy Departments.
Regulations of the Treasury covering special depositaries of public
moneys were amended December 15, 1943. Department Circular
No. 92, revised as of that date, designates all incorporated banks
and trust companies in the United States, Alaska, Hawaii, Puerto
Rico, Virgin Islands, and the Panama Canal Zone as special deposi-
taries, subject to qualification in accordance with the provisions of
the circular. The determination as to the ma.\imum amount of
deposits for which a special depositary is qualified is committed to
the several Federal Reserve BanlvS acting under the direction of the
Secretary of the Treasury.
Designation of banks as depositaries Jor withheld taxes. — The Current
Tax Payment Act of 1943 became effective July 1, 1943, introducing
several changes relating to the collection and payment of income taxes.
The act provides for the collection at the source of income taxes on
152 REPORT OF THE SECRETARY OF THE TREASURY
salaries and wages. Under regulations issued by the Treasury the
major proportion of the accumulated funds are deposited monthly by
employers in certain designated depositary banks, against which the
depositaries issue their receipts to the employers. These receipts are
transmitted with quarterly tax returns filed with collectors of internal
revenue. Amounts deposited in the depositaries are promptly re-
mitted to the Federal Reserve Banks for credit in the Treasurer's
account. This procedure has made these funds available to the Treas-
ury on a more current basis, as compared with the previous method
of quarterly tax payments.
Department Circular No. 714, as amended, prescribes regulations
governing the payment through depositary banks of funds withheld
as taxes in accordance with the provisions of the act. This circular
and the amendment dated July 22, 1943, appeared as exhibits 66 and
67 in the annual report for 1943. The circular was further amended
on November 30, 1943, and April 4, 1944 (see exhibit 60 on page 509),
to provide for a modification of the requirements in connection with
the signing of depositary receipts by officers of depositaries, and to
provide for a change in the basis to be used by Federal Reserve
Banks and branches in computing allotments of 2 percent depositary
bonds. Second Series, to depositaries for withheld taxes. As of June
30, 1944, 9,192 banks were qualified as depositaries for withheld taxes,
and 2 percent depositary bonds. Second Series, in the net amount of
$89,261,000 have been allotted to these depositaries. Of this amount,
$80,188,500 of bonds were purchased by the depositaries with their
own funds and $9,072,500 were invested from a like amount of Treas-
ury cash balances maintained with such banks. During the year
remittances totaling $6,336,149,070.43 were received by Federal Re-
serve Banks and branches from depositaries for withheld taxes.
Depositary bonds. — Department Circular No. 660, dated May 23,
1941, as amended, prescribes the regulations of the Treasury govern-
ing the issuance of 2 percent depositary bonds. These bonds are
allotted to banks designated as depositaries and financial agents of
the Government and provide an income which offsets the costs
incurred by depositaries in handling the Government's business.
As of June 30, 1944, 2 percent depositary bonds. First Series, in
the face amount of $411,938,750 had been issued and $26,878,000
had been redeemed. The amount outstanding on that date was
$385,060,750, which does not include bonds issued to depositaries for
withheld taxes.
Designation oj agencies for the issuance of war savings bonds, Series
E. — The Division maintains a record of cash collateral pledged, in
lieu of securities, by designated agents for the sale and issuance of
war savings bonds of Series E, as specified in Department Circular
No. 657, as amended. As provided in the third amendment, dated
July 17, 1942, to Department Circular No. 657, these agents are no
longer required to pledge collateral security for consignments of war
savings bond stock. As a result of this provision the number of
issuing agents which have deposited cash collateral has continued to
decrease. As of June 30, 1944, there were 160 issuing agents qualified
by the pledging of cash collateral aggregating $595,963.75.
Federal savings and loan associations. — On June 30, 1944, the Federal
Home Loan Bank System reported to the Treasury that 1,465 Federal
savings and loan associations were eligible to qualify as fiscal agents
REPORT OF THE SECRETARY OF THE TREASURY 153
under Department Circular No. 568, dated Septemberjl5, 1936, for
the purpose of collecting delinquent accounts arising out of insurance
and loan transactions of the Federal Housing Commissioner. Of this
number 85 had qualified for this purpose either by the pledge of col-
lateral security or the filing of an acceptable surety bond.
Social security. — Under existing arrangements between the Treasury
and the Social Security Board, various depositaries of public moneys,
designated by the Secretary of the Treasury, were authorized to carry
balances of Treasury funds as a basis for servicing State unemploy-
ment compensation benefit payment accounts and clearing accounts.
As of June 30, 1944, 65 banks were designated for this purpose with
authority to maintain Treasury balances totaling $15,100,000.
Banking jacilities at Army posts and natal stations.- — The Treasury,
through the use of its depositary system, continued to provide bank-
ing facilities at Army posts and naval stations where it was deter-
mined that such facilities would aid in the prosecution of the war.
As of June 30, 1944, 227 depositaries and financial agents of the
Government were providing banking facilities at 269 Army posts and
naval stations. During the fiscal year 1944, 15 facilities were termi-
nated. The following statement shows the character and approximate
monthly volume of such business handled by all banking facilities in
the United States during the fiscal year 1944.
Checks cashed: Amount
Drawn on Treasurer of the United States (850,000 checks) $70,500,000
other checks cashed (1,525,000 checks) 85,300,000
Deposits accepted:
For credit to the Treasurer of the United States 83,000,000
other deposits 184,200,000
Cash furnished finance and disbursing officers 61,700,000
War bonds and stamps sold _ 9,500,000
Sales of travelers' checks, cashiers' checks, bank money orders, etc. (160,000 sales) 17, 500, 000
Total monthly dollar volume _ 511,700,000
Government Losses in Shipment Act. — The Government Losses in
Shipment Act, approved July 8, 1937 (50 Stat. 479), as amended
by an act approved August 10, 1939 (53 Stat. 1358), was designed
to provide within the Government an adequate means of prompt
replacement of losses resulting from the shipment by the executive
departments, mdependent establishments, agencies, wholly owned
corporations, officers and employees of the United States of certain
articles, things, or representatives of value, thus eliminating the
necessity of purchasing insurance from private companies for such
replacements. The articles, things, or representatives of value
declared to be "valuables" by the Secretary of the Treasury, within
the meaning of that term in section 7 (a) of the act, include money
of the United States and foreign countries, securities and other instru-
ments or documents, precious metals and stones, and works or collec-
tions of artistic, historical, scientific, or educational value. The
shipment of "valuables" is governed by regulations designed to
minimize the risks of loss, destruction, or damage, and to facilitate
replacement under the provisions of the act, in the event such pro-
cedure becomes necessary.
Under the provisions of section 3 (i) of the Public Debt Act of 1943
(Public Law 34), the fund for payment of Government losses in
shipment was made available for replacement of any losses resulting
from payments made in connection with the redemption of savings
bonds, under regulations to be prescribed by the Secretary of the
154
REPORT OF THE SECRETARY OF THE TREASURY
Treasury. No pavinents have been made out of the fund for this
purpose.
The monetary value of shipments, reported to have been made
during the fiscal year 1944 under the Government Losses in Shipment
Act, as amended, of the classes of valuables which were covered by
the Treasury's contracts with insurance companies prior to the
enactment of the act amounted to $171,256,772,313. This represents
an increase of $20,391,345,995 over shipments made during the fiscal
year 1943. The estimated premium savings in connection with
shipments for 1944 were more than $3,500,000, and the premium
savings since the inception of the act have been more than $9,500,000,
by using any one of the three bases on which the estimates are made,
as shown in the following table.
Estimated premium savings during the fiscal years 1943 and 1944 and the tota
estimated savings through June 30, 1944
On the basis of premium rates for-
Fiscal year
1943
Fiscal year
1944
August 15, 1937,
through June
30, 1944
Fiscal year 1938 L__.
Fiscal year 1937 2._..
Fiscal years 1936-38 3
$3, 165, 000
3, 947, 000
3, 800, 000
$3, 583, 000
4, 470, 000
4, 303, 000
$9, 530, 000
12, 092, 000
11,621,000
> Lowest rates under Insurance contract system.
2 Rates in effect at time estimates of premium savings were presented to Congress.
3 Average based on rates effective in last three years of Government insurance contract system.
Other classes of valuables covered under the provisions of the
Government Losses in Shipment Act and having an aggregate value
of $222,225,070,944 were shipped during the year; however, these have
not been included in the calculation of estimated premium savings
in the above table because, as a general practice, the Government did
not insure them prior to the effective date of the act.
The following table shows the loss experience resulting from ship-
ments of valuables under the act during the fiscal year 1944.
Number and value of items reported lost, settled, and unadjusted, fiscal
year 1944
Items reported lost
Number
Value
Unadjusted July 1, 1943 . .- --
64
169
$649,237.15
698, 958. 47
Total to be settled -
233
1,348,195.62
Settled by replacement out of fund. .. .._ ._.
167
1
24
84,889.66
Settled bv credit in accounts • .
571,000.00
Settled witliout replacement or credit . _
5, 246. 71
Total settled .. .
192
661, 136. 37
Unadjusted June 30, 1944 .
41
687,059.25
Section 3 (a) of the act provides for payment of losses arising from
agency f mictions performed by the Post Office Department for the
Treasury, irrespective of the manner in which losses occurred. Such
losses may result from fire, theft, robbery of a post office, embezzlement,
or similar contingencies. The increase in the nimiber of losses
reported, from 123 in 1943 to 169 in 1944, may be attributed chiefly
REPORT OF THE SECRETARY OF THE TREASURY
155
to the loss or destruction of motor veliicle tax stamps and funds,
war savings stamps and funds, and war savings bonds and funds,
while in the custody of the Post Office Department acting in the
capacity of agent for the Treasury in the sale of such stamps and
bonds.
Pursuant to section 3 (b) of the act, as amended, there were executed
during the year 39 agreements of indemnity, in the aggregate amount
of $463,448.55, in connection with which no payments have been
required. The total number of agreements executed thi'ough June
30, 1944, was 58, amounting to $543,508.22.
Fund for the payment of Government losses in shipment {revolving fund) , June 30, 1944
I. Receipts AND Expenditures
Receipts:
Appropriations
Transferred from the securities trust fund (Sept
21, 1939)1
Recoveries of payments for losses
Total receipts
Expenditures:
Pajmien t for losses
Balance in fund
Cumulative
through June
30, 1943
$602, 000. 00
91,803.13
262.50
694, 065. 63
2 12, 889. 15
681, 176. 48
Increase or
decrease (— ),
fiscal year 1944
$222. 09
222. 09
4, 889. 66
-84, 667. 57
Cumulative
through June
30, 1944
$602, 000. 00
91, 803. 13
484. 59
694, 287. 72
3 97, 778. 81
596, 508. 91
II. Fund Assets
June 30, 1943
Increase or
decrease (— )
June 30, 1944
Unexpended balances:
To credit of disbursing officer _ .
$2, 551. 39
678, 625. 09
$35,110.34
-119,777.91
$37, 661. 73
558 847 18
On books of the Division of Bookkeeping and
Warrants .
Total fund assets
681, 176. 48
-84, 667. 57
596, 508. 91
' The act of Aug. 10, 1939 (53 Stat. 1358), amended the Government Losses in Shipment Act, and in section
1 the Secretary of the Treasury was authorized and directed to transfer to this fund the amount standing
to the credit of the securities trust fund.
' Includes payment in the amount of $64.44 representing an excess recovery previously paid into the
fund from the securities trust fund.
» Includes approximately $8,000 in settlement of losses which do not represent actual monetary loss to
the Government,
Section of Surety Bonds
The Secretary of the Treasury, under the act of Congress approved
August 13, 1894 (28 Stat. 279), as amended by the act approved
March 23, 1910 (36 Stat. 241), issues certificates of authority to
corporate surety companies to qualify as acceptable sureties on bonds
and other obligations in favor of the United States.
On June 30, 1944, there were 83 domestic companies holding cer-
tificates of authority, 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.
Dm-ing the year 3 certificates of authority were issued to domestic
companies qualifying them as sole sureties on bonds in favor of the
United States. There were also 7 branches of foreign companies
holding certificates of authority authorizing them to act only as
reinsurers on bonds in favor of the United States.
156 REPORT OF THE SECRETARY OF THE TREASURY
The Section of Surety Bonds reviews the financial statements of
surety companies authorized to transact business with the United
States; determines their underwriting limitations; makes examina-
tions into their financial condition at their home offices, when neces-
sary; and performs other duties to determine whether the companies
observe the requirements of Federal law and the regulations of the
Secretary of the Treasury issued pursuant thereto.
The Section of Surety Bonds has custody of all fidelity bonds in
favor of the United States, except those filed with the Post Office
Department and the Federal courts, and notifies the accounting
officers of the receipt and filing of such bonds. It examines and
approves as to corporate surety all fidelity and surety bonds with a
few exceptions as referred to above.
During the year 81,328 bonds and consent agreements cleared
thi-ough the Section for approval as to corporate surety. This number
includes official bonds and consent agreements totaling 48,349, which
is an increase in these classes of more than 22 percent over the pre-
ceding year. This total increase was largely due to the continued
expansion of the Army and the Navy.
A further amendment to the act of Congress approved March 2,
1895, was approved under date of March 31, 1944 and provides that
the payment and acceptance of the annual premium on corporate
surety bonds furnished by officers and employees of civilian agencies
of the United States shall be a compliance with the requirement for
the renewal of such bonds. A copy of this amendment (Public Law
275) appears as exhibit 61 on page 514 of this report.
Treasury Budgetary Section
This Section, which is in the Bureau of Accounts, constitutes in part
the operating staff of the Budget Officer of the Department, coordi-
nating departmental estimates of appropriations, justifications, and
reports and performing related duties in accordance with the require-
ments of the Budget Officer, Treasuiy Department. The Section also
performs similar duties for the Commissioner of Accounts and has
administration of special deposit accounts of the Secretary of the
Treasury, which cover alien property trust funds in the Treasury,
offers in compromise under the provisions of section 3469 of the Re-
vised Statutes, Philippine trust funds held in interest-bearing accounts,
cash collateral furnished by issuing agents for the sale of war savings
bonds. Series E, and accounts pertaining to withheld foreign check
payments.
Alien property trust fund. — A statement of the alien property trust
fund as of June 30, 1944, follows.
Alien 'property trust fund, June 30, 1944
Credits (net):
Trusts $38,742,098.15
Earnings on investments, etc 26,462,259.98
Total — 65,204,358.13
Assets:
Investments:
Participating certificates issued under sec. 25 (e) of the Trading with
the Enemy Act:
Noninterest-bearing $20,861,206.97
5% interest-bearing 34,347,476.76
55,208,683.73
Cash balance with the Treasurer of the United States 9,995,674.40
Total fund assets June 30. 1944 65,204,358. 13
REPORT OF THE SECRETARY OF THE TREASURY
157
Checks issued by the Treasury Department durmg the year to the
Alien Property Custodian on account of the ahen property trust fund
amounted to $50,000, on account of distribution of income.
Philippine funds in the United States Treasury. — Under the act of
March 8, 1902 (32 Stat. 54), reenacted in section 3343 (b) of the In-
ternal Revenue Code, approved February 10, 1939, it was provided
that all duties and taxes collected in the United States upon articles
coming from the Phihppine Archipelago and upon foreign vessels
coming therefrom were to be held as a separate fund and paid into the
treasury of the Phihppine Islands to be expended for the government
and benefit of the Islands.
A summary follows showing customs duties, tonnage taxes, and
internal revenue taxes, exclusive of taxes with respect to coconut oil,
appropriated to Philippine accounts and payments therefrom during
the fiscal years 1934 through 1944.
Fiscal year
Receipts •
appropriated
Payments to
Philippine
Government '
Unpaid balance
1934
$527, 426. 40
491, 458. 50
645, 890. 13
755, 865. 76
813, 852. 30
569, 468. 06
703, 874. 28
538, 089. 63
420, 293. 47
35, 192. 34
4, 909. 08
$813, 371. 78
502, 551. 53
745, 957. 75
891, 725. 93
934, 689. 47
626, 347. 68
482, 106. 02
2, 987. 84
78.32
426. 77
37.76
$568, 653. 59
1935
557, 560. 56
1936
457, 492. 94
1937
321, 632. 77
1938
200, 795. 60
1939
143, 915. 98
1940
365, 684. 24
1941
900, 786. 03
1942
1, 321, 001. 18
1943
1, 352, 975. 72
1944_ .
1, 357, 847. 04
' Reduced by amounts carried to surplus fund as follows: 1936, $17,540.28; 1937, :
1940, $957.78; 1941, $36,822.72; 1942, $747.58; and 1943, $2,791.03.
2 Includes certain refunds and adjustments.
9,783.75; 1939, $15,151.70;
Under the act of June 11, 1934 (48 Stat. 929; 48 U. S. C. 1157), the
Secretary of the Treasury was authorized to accept, upon such condi-
tions as he might prescribe, deposits of public moneys of the Philippine
Government. The act provided an indefinite appropriation for the
payment of interest on such deposits other than demand deposits at
such rates not in excess of 2 percent per annum as the Secretary might
prescribe.
Thereafter, the Secretary of the Treasury agreed to accept not to
exceed $55,000,000 of Philippine moneys in a time deposit account,
amounts deposited with the Treasury by the Philippine Government
in excess of that sum to be maintained in a demand deposit account.
Since December 10, 1934, the balance in the time deposit account has
been maintained at $55,000,000. The balance in the demand deposit
account as of June 30, 1944, was $90,896,425.52.
Section 602}^ of the act of May 10, 1934 (48 Stat. 763), provided
that taxes collected with respect to coconut oil wholly of Philippine
production or produced from materials wholly of Philippine growth
or production should be paid to the treasury of the Philippine Islands
subject to certam conditions. An agreement was consummated
between the Secretary of the Treasury and the Philippine Government
under which coconut oil moneys payable to the Philippine treasury
would be transferred on periodic settlements of the General Account-
ing Office to a special deposit account in the name of the Secretary of
158
REPORT OF THE SECRETARY OF THE TREASURY
the Treasury subject to withdrawal by the Philippine Government on
ninety days' notice in wu-iting. Interest at the rate of 2 percent per
annum is paid on the daily balances m this account. A summary of
transactions in the account from the time of its establishment to date
follows.
Fiscal year
Deposits
Withdrawals
Balance at end
of year
1938 ..
.$56, 854, 779. 06
20,355,455.65
4, 559, 016. 46
72, 850. 96
$56, 854, 779. 06
1939 . .. -.
$32, 000, 000. 00
1 17, 564, 016. 41
45, 210, 234. 71
1940 --
32, 205, 234. 76
1941 . .-
32, 278, 085. 72
1942 .- -
5,000,000.00
27, 278, 085. 72
1943. .
27, 278, 085. 72
1944 -
2 511, 159. 24
26, 766, 926. 48
' Includes $7,564,010.41 transferred to account established under act of August 7, 1939.
2 Transferred to account established imder act of August 7, 1939.
Section 6 of the act of August 7, 1939 (53 Stat. 1232), provided
that collections on or after January 1, 1939, on account of the excise
taxes imposed by section 2470 of the Internal Revenue Code, and the
import taxes imposed by sections 2490 and 2491 of the Internal
Revenue Code, and any moneys hereafter appropriated in accordance
with the authorization contained in section 503 of the Sugar Act of
1937 (50 Stat. 915) shall be held as separate funds and paid into the
treasury of the Philippines to be used for the purpose of meeting new
or additional expenditures which will be necessary in adjusting Philip-
pine economy to a position independent of trade preferences in the
United States and in preparing the Philippines for the assumption of
the responsibilities of an independent state.
An account was established in the fiscal year 1940 for the deposit of
the funds referred to in section 6 of the act of August 7, 1939. "With-
drawals by the Philippine Government from this account are subject
to ninety days' notice m writing. Interest at the rate of 1 percent
is paid on the daily balances in this account.
A summary of transactions in the account from the time of its
establishment to date follows.
Fiscal year
Deposits
Withdrawals
Balance at end
of year
1940 .. . ..
$17,274,092.01
15, 258, 938. 13
25, 566, 369. 12
3, 517, 267. 87
2,976,071.64
$17, 274, 092. 01
1941 ...
$20,000,000.00
9,000,000.00
12, 533, 030. 14
1942 ._
29, 099, 429. 26
1943
32, 616, 697. 13
1944
35, 592, 768. 77
Appropriation of funds to the Government of the Commonwealth of the
Philippines for national defense. — Public Law 371, approved December
23, 1941, appropriated, hi accordance with the provisions of section 503
of the Sugar Act of 1937 (50 Stat. 915) such moneys as had been col-
lected prior to the passage of the act of December 23, 1941, for the
purpose of enabling the Secretary of War to meet expenses for each
and every purpose necessary to provide for public relief and civilian
defense in the Philippine Islands.
On June 30, 1944, there had been established upon the books of
the Treasury Department approximately $39,000,000 which was
REPORT OF THE SECRETARY OF THE TREASURY 159
available for appropriation to the Government of the Commonwealth
of the Philippines.
In accordance with provisions of Public Law 371, $35,000,000 was
appropriated for this purpose.
Suppleinentary sm king fund for the 'payment of bonds of the Philip-
pines.—Vnder section 6 of the act of March 24, 1934, entitled "An
Act to provide for the complete independence of the Philippine Islands,
to provide for the adoption of a constitution and a form of government
for the Philippine Islands, and for other purposes," as amended by
the act of August 7, 1939, it was provided that on and after January
1, 1941, the Philippine Government shall impose and collect an export
tax on every Philippine article shipped from the Philippines to the
United States, except as otherwise specifically provided. It was
further provided that the Philippine Govenmient shall pay to the
Secretary of the Treasury of the United States, at the end of each
calendar quarter, all of the moneys received during such quarter from
export taxes (less refunds), imposed and collected in accordance with
the provisions of this section, and said moneys shall be deposited in
an account with the Treasurer of the United States and shall consti-
tute a supplementary sinking fund for the payment of bonds of the
Philippines, its provinces, cities, and municipalities, issued prior to
May 1, 1934, under authority of acts of Congress.
Accordingly, there was established with the Treasurer of the United
States a special deposit account in the name of the Secretary of the
Treasury entitled "The Secretary of the Treasury for Account of the
Philippine Goverimient — Supplementary Sinlving Fund for the Pay-
ment of Bonds of the Philippines, its Provinces, Cities, and Munici-
palities, Issued Prior to May 1, 1934, under Authority of Acts of
Congress (Symbol 891-855)."
The following statement shows the cumulative transactions since
the inception of the fund and its status as of June 30, 1944.
Supplementary sinking fund for the payment of bonds, issued prior to May 1, 1934
of the Philippines, its provinces, cities, and municipalities, June SO, 1944
I. Receipts and Expenditures
Receipts:
Taxes on exports. _ $1,586,135.92
Interest on investments 98,469.06
Total receipts. '. 1,684,604.98
Expenditures
Balance in fund. 1,684,604.98
II. Fund Assets
Investments:
Philippine Government bonds: Face amount Principal cost
4%due Dee. 1, 1946 $207,000 $205,242.50
4!^% due Dec. 1, 1950 33,000 35,961.30
5% due Feb. 1, 1952 32,000 35,549.73
4}.^% due July 1. 1952 258,000 270,623.81
41^% due July 15, 1952 373,000 400,089.14
5% due Apr. 1. 1955^ 21,000 19,877.50
41/5% due May 1, 1957 5,000 5,775.40
4H%due July 1, 1957 64,000 73,726.97
4^% due Mar. 1, 1958 43,000 50,099.35
4i^%due Apr. 1. 1958 36,000 41,936.38
4J.5%due Apr. 1, 1959 70,000 76,627.88
4)^% due Sept. 15, 1959 41,000 48,339.08
4H%due Oct. 1, 1959 19,000 22,386.07
41/^% due Oct. 15, 1959 6,000 6,857.06
1,208,000 1,293,092.17
Cash balance with Treasurer of the United States 391,512.81
Total 1,684,604.98
160 REPORT OF THE SECRETARY OF THE TREASURY
Foreign check control. — In accordance with the provisions of
Executive Order No. 8389 of April 10, 1940, as amended, and PubUc
No. 828, approved October 9, 1940 (see annual report for 1941, p.
106), disbursing officers had witlilield as of June 30, 1944, from delivery
to payees residing in occupied territories 520,737 checks aggregating
$24,375,168.98, of which the proceeds of 414,019 checks aggregating
$17,221,111.41 were deposited in the special deposit account entitled,
''Secretary of the Treasury, Proceeds "Withheld Foreign Checks";
10,857 checks aggregating $836,033.10 were released to payees; and
3,550 checks aggregating $194,975.20 were canceled on advice of ad-
ministrative agencies which authorized the issue of such checks to the
payees. On June 30, 1944, a balance of 92,311 checks aggregating
$6,123,049.27, the proceeds of which were subject to deposit in the
special deposit account, were held by disbursing officers pending
disposition.
Of the $17,221,111.41 deposited in the special deposit account,
$104,065.40 has been paid to individual claimants; $11,073.52 has
been returned to the appropriations from which payments were
made; and $4,317,400.22 has been covered into the Treasury as mis-
cellaneous receipts on account of the $1,000 limitation on veterans'
payments. On June 30, 1944, the proceeds of 332,165 checks aggre-
gating $12,788,572.27 remained in the special deposit account to the
credit of approximately 19,211 individuals.
Section of Investments
The Section of Investments supervises the collections of principal
and interest on foreign obligations and on railroad obligations owned
by the United States and held by the Treasury; collects on other
obligations owned by the United States, which have been turned over
to the Treasury by other departments for collection; handles matters
relating to the mvestments and securities held in the custody of the
Treasurer of the United States and the Federal Reserve Banks for
which the Secretary is responsible, other than those related to public
debt operations; and makes payments on awards under the Settlement
of War Claims Act of 1928, under the claims agreement of October 25,
1934, between the United States and Turkey, and under the acts of
April 10, 1935, and December 18, 1942, covering claims against the
Republic of Mexico, payment of claims under the Settlement of
Mexican Claims Act of 1942, and claims of American Nationals
against Alexico — Expropriation of Petroleum Properties — agreement
of November 19, 1941. In connection with these activities, accounts
are kept and various related matters are handled by the Section.
Obligations of foreign governments
Finland exercised its option to postpone payment of amounts
aggregating $845,287.24, payable during the period from June 15,
1941, through December 15, 1942, as provided^under Public Resolu-
tion No. 110, approved June 12, 1941. The postponed amounts do
not bear interest beyond the dates on which they were originally
payable. Under date of October 14, 1943, an agreement was executed
between the Minister of Finland and the Secretary of the Treasury
under which the Republic of Finland would undertake to pay to the
REPORT OF THE SECRETARY OF THE TREASURY
161
United States the postponed amounts in twenty equal annuities of
$42,264.36 each, payable in United States dollars in equal semi-annual
installments on June 15 and December 15 of each calendar year
beginning January 1, 1945, and concluding with the calendar year
beginning January 1, 1964. (See copy of agreement on page 514.)
The United States received during the year payments from the
Government of Finland amounting to $382,360.12 on account of its
indebtedness, $91,353.05 of which applied on principal due and
$291,007.07 on interest due.
The following statement shows the payments due from foreign
governments during the periods July 1 through December 31, 1943,
and Januarj'" 1 through June 30, 1944.
Amounts due and payable, July 1 through December 31, 1943, and January 1
through June SO, 1944
Country-
Funding agreements
Supplemental
agreements
Total
Principal
Interest
July 1 through December 31, 1943
$4,158,000.00
2, 293, 742. 91
286, 265. 00
136, 220. 00
38, 522, 864. 99
$4, 158, 000. 00
Czechoslovakia -
2, 293, 742. 91
$161,000.00
84.000.00
447, 265. 00
$13,695.06
233, 915. 06
38, 522, 864. 99
Germany (Austrian indebtedness)
Great Britain . .-
42,000,000.00
625, 000. 00
17, 370. 00
75, 950, 000. 00
217, 920. 00
33, 185. 07
2, 490, 875. 00
119,009.00
107, 783. 67
3, 582, 810. 00
• 907, 559. 81
154, 062. 50
117,950,000.00
742, 920. 00
50, 555. 07
Italy
2, 490, 875. 00
66,400.00
186, 009. 00
T.it.hiiflni.i. .
107, 783. 67
Poland ---
1, 842, 000. 00
5, 424, 810. 00
Rnmnnia
907, 559. 81
Yugoslavia.. . ... .
154, 062. 50
Total
44, 695, 770. 00
128, 960, 897. 95
13, 695. 06
173, 670, 363. 01
January 1 through June 30, 1944
$5, 000, 000. 00
1,296,023.07
$4,158,000.00
2, 293, 742. 90
286, 265. 00
134. 750. 00
38, 522, 865. 00
$9, 158, 000. 00
Czechoslovakia.
3, 589, 765. 97
286, 265. 00
Finland
$13,695.06
148, 445. 06
60,097,093.41
882, 626. 31
98, 619, 958. 41
Qermanv (Austrian indebtedness) '
882, 626. 31
Great Britain
75, 950, 000. 00
217, 920. 00
33, 185. 09
2, 490, 875. 00
119,609.00
107, 783. 69
3, 582, 810. 00
907, 559. 81
154,062.50
75, 950, 000. 00
Greece . .. -. .
533, 000. 00
750, 920. 00
Hungary
33, 185. 09
Italy
18, 300, 000. 00
20, 790, 875. 00
Latvia
119, 609. 00
Lithuania
58, 740. 00
166, 523. 69
Poland -
3,582,810.00
Rumania
494, 000. 00
648,000.00
1, 401, 559. 81
Yugoslavia . ....
802, 062. 50
Total
87, 309, 482. 79
128,959,427.99
13, 695. 06
216, 282, 605. 84
' The German Government has been notified that the Government of the United States will look to the
German Government for the discharge of this indebtedness of the Government of Austria to the Govern-
ment of the United States.
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, 1944, appears as table 67 on page 734.
The total amounts previously due from foreign governments on
613185—45 12
162
REPORT OF THE SECRETARY OF THE TREASURY
account of their indebtedness to the United States under the funding
and moratorium agreements and not paid as of November 15, 1944,
according to contract terms, are shown in the following statement.
Total amounts due and not paid as of November 15, 1944
Country
Belgium. -.
Czechoslovakia-.-
Estonia
France.
Germany (Austrian indebted-
ness) •
Great Britain
Greece
Hungary 2
Italy-
Latvia
Lithuania
Poland
Rumania '
Yugoslavia
Total
Funding agreements
Principal
$55, 800, 000. 00
32, 466, 108. 90
1, 614, 000. 01
667, 238, 2()3. 83
4, 563, 370. 31
407, 000, 000. 00
11, 301, 000. 00
172, 985. 00
180, 500, 000. 00
656, 500. 00
586, 445. 00
18, 975, 000. 00
13, 509, 560. 43
5, 551, 000. 00
1, 399, 934, 233. 48
Interest
$89, 094, 000. 00
4, 587, 485. 81
6,829,465.00
616, 365, 839. 98
1, 729, 349, 481. 58
4, 456, 867. 50
693, 766. 29
36, 608, 541. 74
2, 735, 476. 85
2,415,841.08
85, 475, 610. 00
9, 075, 598. 10
1, 463, 593. 78
2, 589, 151, 567. 71
Moratorium
agreements
annuities
$9, 689, 077. 60
3, 656, 255. 60
731, 705. 80
60, 937, 594. 40
278,137.84
194,415,301.00
1, 342, 747. 60
84,511.60
17,923,117.60
305, 485. 20
273, 665. 20
9, 124, 594. 20
975,001.60
299, 737, 195. 24
Total
$154,583,077.60
40,709,850.31
9, 175, 170. 81
1,344,541,698.21
4,841,508.15
2, 330, 764, 782. 58
17, 100, 615. 10
951, 262. 89
235,031,659.34
3, 697, 462. 05
3, 275, 951. 28
113,575,204.20
23, 560, 160. 13
7, 014, 593. 78
4, 288, 822, 996. 43
> The German Government has been notified that the Government of the United States will look to the
German Government for the discharge of this indebtedness of the Government of Austria to the Government
of the United States.
' The Hungarian Government has deposited with the foreign creditors' account at the Hungarian Na-
tional Bank an amount of Hungarian currency equivalent to the interest payments due from December 15,
1932, to June 15, 1937. The debt funding and moratorium agreements with Hungary provide for payment
in dollars in the United States.
3 Excludes the amount of $100,000 which the Rumanian Government paid to the United States Treasury
on June 15, 1940, as "a token of its good faith and of its real desire to reach a new agreement" covering
Rumanian indebtedness to the United States.
Receipts from Germany
The status of the indebtedness of Germany to the United States as
of June 30, 1944, under the debt funding agreement of June 23, 1930,
covering the costs of the American Amiy of Occupation and the
awards of the Mixed Claims Commission, United States and Ger-
many, is summarized in the following tables.
Amount of indebtedness of Germany to the United States, June SO, 1944
Class
Indebtedness
as funded
Total indebted-
ness, June 30, 1944
Principal
Interest accrued
and impaid
Army costs (reichsmarks) -
1,048,100,000
2,121,600,000
1,051,173,832.75
2,200,140,000.00
997, 500, 000
2,040,000,000
153,673,832.75
Mixed claims (reichsmarks)
160, 140, 000. 00
Total (reichsmarks)
3,169,700,000
$1,278,340,010
2 3,251,313,832.75
$1, 311, 254, 868. 75
3, 037, 500, 000
$1,225,023,750
213, 813, 832. 75
Total (in dollars, at 40.33 cents to the
reichsmark)
$86, 231, 118. 75
' Includes interest accrued under unpaid moratorium agreement annuities.
2 Includes 4,027,611.95 reichsmarks deposited by the German Government in the Konversionskasse fiir
Deutsche Auslandsschulden and not paid to the United States in dollars as required by the debt and mora-
torium agreements.
REPORT OF THE SECRETARY OF THE TREASURY 163
Payments received from Germany through June 30, 1944
Class
Total payments
received to
June 30, 1944
Payments of
principal
Payments of
interest
51, 456, 406. 25
87,210,000.00
50, 600, 000. 00
81,600,000.00
856, 406. 25
5, 610, 000. 00
138, 666, 406. 25
$33, 587, 809. 69
132, 200, 000. 00
$31,539,595.84
6, 466, 406. 25
Total (in dollars)
$2, 048, 213. 85
Amounts not 'paid by Germany according to contract terms, June SO, 1944
Date due
1933 reichsmarks-
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Sept. 30,
Mar. 31,
Total-- do---.
Total (in dollars, at 40.33 cents to the
reichsmark)
1934 --
1934- .
1935..
1935..
1936- -
1936- .
1937. .
1937- .
1938- -
1938..
1939. .
1939- .
1940- .
1940- .
1941- -
1941..
1942..
1942- .
1943- .
1943- .
1944..
-do..
-do...
.do---
.do---
-dc-
-do---
.do--.
.do.--
-do-.-
-do---
.do---
-do...
-do---
.do.--
.do.--
-do.-.
-do---
-do---
.do.-.
-do--.
.do--.
Funding agreement
Principal
122, 400, 000
20, 400, 000
82, 900, 000
29, 700, 000
29, 700, 000
29, 700, 000
29, 700, 000
28, 600, 000
28, 600, 000
28, 600, 000
28, 600, 000
29, 700, 000
29, 700, 000
29, 700, 000
29, 700, 000
33, 050, 000
33, 050, 000
33, 050, 000
33, 050, 000
33, 050, 000
33, 050, 000
776, 000, 000
$312, 960, 800
Interest
2, 498, 562. 50
3, 855,
4, 534,
5, 212,
5,891,
6, 569,
7, 248,
7, 927,
8, 585,
9,244,
9, 902,
10,561,
11,240,
11,918,
12, 597,
13, 275,
14,015,
14, 754,
15, 493,
16, 232,
16, 972,
687. 50
250. 00
812. 50
375. 00
937. 50
500. 00
062. 50
687.50
312. 50
937. 50
562. 50
125. 00
687. 60
250. 00
812. 50
093. 75
375. 00
656. 25
937. 50
218. 75
208, 532, 843. 75
$84, 101, 295. 88
Moratorium
agreement
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1,529,049.45
1, 529, 049. 45
1,529,049.45
1,529,049.45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
1, 529, 049. 45
30, 580, 989. 00
$12,333,312.86
Total
' 4, 027,
123,929,
25, 784,
88, 963,
36, 441,
37, 120,
37, 798,
38, 477,
38, 056,
38, 714,
39, 373,
40, 031,
41, 790,
42, 469,
43, 147,
43, 826,
47, 854,
48, 594,
49, 333,
50, 072,
49, 282,
50, 022,
611.95
049. 45
736. 95
299. 45
861. 95
424. 45
986. 95
549. 45
111.95
736. 95
361. 95
986. 95
611.95
174. 45
736. 95
299. 45
861. 95
143. 20
424. 45
705. 70
937. 50
218. 75
1,015,113,832.75
$409, 395, 408. 74
1 Represents 4,027,611.95 reiehsmarks deposited by the German Government in the Konversionskasse
fiir Deutsche Auslandsschulden and not paid to the United States in dollars as required by the debt and
moratorium agreements.
Treasury administration of alien and mixed claims
The Settlement of War Claims Act of 1928 (45 Stat. 254) 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.
For a more detailed discussion of these awards and payments see
pages 123 to 128 of the annual report for 1941.
Mixed Claims Commission and Private Law No. 509: Claims against
Germany. — During the fiscal year 1944 an additional payment of
$6,905.38 was made on account of the Class 2 awards of the so-called
sabotage claims against Germany. This award plus interest to Jan-
uary 1, 1928, amounts to $3,850.68. This payment completed the
sabotage payments. The Class 3 claimants received payments aggre-
164
REPORT OF THE SECRETARY OF THE TREASURY
gating $21,763,576.77, placmg them on the same basis as the Chiss 3
claimants wlio received, awards prior to October 31, 1939.
Total payments made on the additional sabotage awards thi'ough
September 30, 1944, are as follows:
Awards (plus
interest to
Jan. 1, 1928)
Payments
Class
Awards (plus
interest to
Jan. 1, 1928)
Interest from
Jan. 1, 1928,
to date of
payment
Total
1
$72, 501. 37
1, 058, 005. 23
30, 598, 657. 59
$72,501.37
2 1, 058, 005. 23
21,763,576.77
$47, 394. 01
691, 293. 74
'$119,895.38
2
1, 749, 298. 97
3,
5 21, 763, 576. 77
Total
31, 729, 104. 19
22, 894, 083. 37
738, 687. 75
23, 632, 771. 12
• Payments completed prior to Sept. 30, 1941.
2 One award (plus interest to Jan. 1, 1928), amounting to $3,850.68, paid during the fiscal year.
3 Payments completed during 1942.
After the Class 3 additional sabotage claims were satisfied by pay-
ment of the same percentage payments made on this class of awards
certified for payment prior to October 31, 1939, they shared in the
distributions of 5 percent and 4.4358855 percent authgrized on March
19, 1941, and September 17, 1941, respectively, to be paid to all
Class 3 claimants. No segregation of these payments has been
made as the sabotage claimants and the claimants whose awards were
certified prior to October 31, 1939, are receiving payments on an
equal basis.
The payments to American and German nationals on account of the
awards of the Mixed Claims Commission and the War Claims Arbiter
are made out of the German special deposit account established under
the provisions of section 4 of the vSettlement of War Claims Act of
1928. The priorities established in the act and the status as of Sep-
tember 30, 1944, of such priorities up to the seventh priority are as
follows:
Priority
No.
On account of —
Nationals
Amount due Sept.
30, 1944
1
Administrative expenses^-
2
Class 1 awards ...
American . .
Completed.
3
Class 2 awards . .
do
$42,830.84.1
4
Payment $100,000 a/c Class 3 awards. -
do
Completed.
6
Payment of 80 percent of (2), (3), and (4), and
interest to Jan. 1, 1928.
Tentative awat-ds, War Claims Arbiter.
.... do
$16,222.48.1
6
German
Completed.
7..- --
50 percent of ship and patent claims
do
Do.
Applications for payment of these amounts to claimants were not received or approved as of Mar. 11,
1940.
Up to September 30, 1944, the Treasury has made payments in t^^e-
aggregate amount of $163,624,321.52 on account of awards of ishe
Mixed Claims Commission, from which there has been deducted
$818,122.09 representing one-half of 1 percent authorized by the
Settlement of War Claims Act of 1928, making net payments toj
REPORT OF THE SECRETARY OF THE TREASURY
165
claimants of $162,806,199.43. Of the deductions, $779,505.05 has
been covered into the Treasury as miscellaneous receipts in accord-
ance with the provisions of the act as reimbursement to the United
States for expenses incurred. The balance of $38,617.04 is payable
to the German Government for defraying such expenses as may be
incurred by that government for the adjudication of claims. On
February 16, 1931, $24,150.09 of this amount was paid to the German
Government.
The following summary shows the number and amount of awards
certified to the Treasury by the Secretary of State, the amount paid
on account, and the balance due thereon as of September 30, 1944.
Further details by classes of awards may be found in table 109, page 833.
Mixed Claims Commission, United States and Germany — Number and amount of
awards, amounts paid, and balance due, certified to the Secretary of the Treasury by
the Secretary of State, as of September SO, 1944 ^
Awards certified
Total num-
ber of
awards
Total amount
7,026
.$181, 698, 235. 30
Less amounts paid by Alien Property Custodian and others ..
187, 226. 85
181,511,008.45
81, 465, 086. .36
Interest thereon to date of payment or, if unpaid Sept. 30, 1944, at 5
percent per annum as specified in the Settlement of War Claims
Act of 1928 .
112,748,819.62
375, 724, 914. 43
2. Payment made on account to Sept. 30, 1944:
6,671
2 152,403,920.71
Interest to Jan. 1, 1928, at rates specified in awards -
8, 938, 824. 97
Interest at 5 percent per annum from Jan. 1, 1928, to date of pay-
ment as directed by the Settlement of War Claims Act of 1928
2, 281, 575. 84
Total payments to Sept. 30, 1944 .. .. _
163, 624, 321. 52
818, 122. 09
Net payments made to claimants to Sept. 30, 1944
162, 806, 199. 43
3. Balance due on account:
355
101, 625, 804 99
Interest to Jan 1, 1928, at rates specified in awards.
7, 544. 14
Accrued interest at 5 percent per annum from Jan. 1, 1928, on to-
tal amount payable as of Jan. 1, 1928, to Sept. 30, 1944
110, 467, 243. 78
Balance due claimants as of Sept. 30, 1944 ..
212, 100, 502. 91
' Includes pajTnents on account of Private Law No. 509, approved July 19, 1940.
2 Includes payments on account of interest to Jan. 1, 1928, on Class 3 awards and Private Law No. 509.
Payments on this class of awards are first applied on account of the total amount payable as of Jan. 1, 1928
(which is treated as a principal payment for this purpose), as directed by the Settlement of War Claims Act
of 1928 until total of all payments on the three classes equals 80 percent of the amount payable Jan. 1, 1928.
Payment of accrued interest since Jan. 1, 1928, on this class of claims has been deferred in accordance with
the act.
War Claims Arbiter. — Under the Settlement of War Claims Act of
1928, it was the duty of the War Claims Arbiter, within certain limi-
tations, to hear the claims of 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.
166
REPORT OF THE SECRETARY OF THE TREASURY
War Claims Arbiter: Claims of German nationals. — The Treasury
completed up to June 30, 1935, payment of 50 percent of the amount
of all awards made by the War Claims Arbiter in favor of Geniian
nationals as required by paragraph 7 of section 4 (c) of the Settlement
of War Claims Act of 1928. No payments were made on these
awards subsequent to that date.
The followmg summary shows the number and amount of awaids
in favor of German nationals certified to the Treasury for payment,
the pajTiients made on account, and the balance due thereon as of
September 30, 1944.
War Claims Arbiter — Number of awards, amounts paid, and balance due on account
of claims of German nationals for ships, patents, and a radio station as of Sep-
tember 30, 19U-
Awards certified
Total
(315 awards)
Ships
(27 awards)
Patents and
radio station
(288 awards)
1. Amount due on account:
Principal of awards including interest to Jan. 1,
1929.. . ---
$86, 738, 320. 83
38, 837, 107. 75
'$74,252,933.00
33, 096, 965. 60
$12,485,387.83
Interest at 5 percent per annum from Jan. 1, 1929,
on total amount payable as of Jan. 1, 1929, or
on the principal amount remaining unpaid to
Sept. 30, 1944 ..
5, 740, 142. 15
Total due claimants _.. .
125, 575, 428. 58
107, 349. 898. 60
18, 225, 529. 98
J'ayments made on account to Sept. 30, 1944:
Principal of awards
43, 368, 899. 24
37, 126, 205. 21
6, 242, 694. 03
Interest at 5 percent per annum from Jan. 1, 1929,
on total amount payable as of Jan. 1, 1929. or
on the principal amount remaining impaid to
Sept. 30, 1944 . . .
Total payments to Sept. 30, 1944
43, 368, 899. 24
37, 126, 205. 21
6, 242, 694. 03
3. Balance due on account:
Principal of awards . .. _..
43, 369, 421. 59
38, 837, 107. 75
37, 126, 727. 79
33, 096, 965. 60
6, 242, 693. 80
Interest accrued at 5 percent per annum from
Jan. 1, 1929, on total amount payable as of Jan.
1, 1929, or on the principal amount remaining
unpaid to Sept. 30, 1944. ..
5, 740, 142. 15
■Ralancfi diifi claimants
82, 206, 529. 34
70, 223, 693. 39
11,982,835.95
• Includes awards amounting to $522.58 to members of the former ruling family of Germany (sec. 3 (j).
Settlement of War Claims Act of 1928, as amended).
War Claims Arbiter: Claims of Hungarian nationals. — The awards
made by the Arbiter to Hungarian nationals in the sum of $39,125
with interest at the rate of 5 percent per annum from July 2, 1921,
to December 31, 1928, amounting to $14,675 have been paid with the
exception of one award amounting to $137.51, together with interest
thereon at the rate of 5 percent per annum from December 31, 1928.
No payments were made dm'ing the year on these awards.
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, 1944, and the balance
held in the account.
REPORT OF THE SECRETARY OF THE TREASURY 167
Funds deposited in the German special deposit account and payments made therefrom
through September 30, 1944
Receipts
From investments by Alien Property Custodian under
Trading With ttie Enemy Act, as amended:
Unallocated interest fund $25,000,000.00
Less refunds ---- 4,138,793.03
20, 861, 206. 97
20 percent German property retained 34, 347, 476. 76
Earnings on 20 percent German property retained 5, 722, 003. 96
$60, 930, 687. 69
From Germany:
214 percent of Dawes' annuities available for reparations
(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 forships, patents, and radio station 86, 738, 320.83
Expenses of administration, War Claims Arbiter, on
account of German nationals 113, 624. 20
80,851,945.03
Deposits by Attorney General of the United States (Alien
Property Bureau) under section 25 (d) of Trading With the
Enemy Act, as amended;
German Government - 137, 268. 13
German nationals 440,059.92
577, 328. 05
Earnings and profits on investments by Secretary of the Treasury 5,632,094.28
Total receipts - $207,388,818.62
Payments on Account
Awards of the Mixed Claims Commission:
Under agreement of Aug. 10, 1922 154, 957, 135. 69
Under agreement of Dec. 31, 1928 7,684,835.94
Private Law No. 509 164,227.80
162, 806, 199. 43
Awards of War Claims Arbiter:
Forships 37,126,205.21
For patents and one radio station 6, 242, 694. 03
43,368,899.24
One-half of 1 percent deducted from Mixed Claims payments covered into
Treasury.. • 778,679.79
One-half of 1 percent deducted ft om Mixed Claims payments on account of
awards entered under agreement of Dec. 31, 1928 (act of June 21, 1930), and
paid to Germany ($14,466.95 withheld but not paid) 24,150.09
One-half of 1 percent deducted on account of Private Law No. 509 withheld
and covered into the Treasury ._ 825.26
Advances to special fund, expenses of administration of the Settlement of
War Clauns Act of 1928 (Office of the Secretary of the Treasury) 64, 175. 00
Expenses of administration. War Claims Arbiter account of German na-
tionals 113,624.20
Total payments 207,156,553.01
Cash balance in German special deposit account 232,265.61
Tripartite Claims Commission: Claims against Hungary. — The
awards entered by the Tripartite Claims Commission against Hmigary,
in favor of American nationals, amounted to $199,975.57. During
the fiscal year 1944 no payments were made on account of such awards.
As of June 30, 1944, awards aggregating $7,257.35 had not been paid
because claimants had not filed applications as required by law.
Claims of American nationals against Turkey
The Special Claims Commission, United States and Turkey,
established under the agreement of December 24, 1923 (see page 196
of the annual report for 1940 for further details of this agreement),
made awards in 33 cases aggregating $899,338.09, which were reduced
by $70,891.06 on account of expenses incurred by the United States,
leaving net awards amounting to $828,447.03 payable from funds
168 REPORT OF THE SECRETARY OF THE TREASURY
received from the Republic of Turkey. Under the provisions of the
act of February 27, 1896 (29 Stat. 32), these awards were certified on
August 19, 1937, by the Secretary of State to tlie Secretary of the
Treasury for payment. During the fiscal year 1944 a pro rata payment
was authorized to be made to the claimants by the Treasmy from
funds amounting to $100,000 available for that purpose. The
check covering the final payment of $99,338.09 due June 20, 1944,
was received on July 1, 1944, and is available for distribution to
claimants.
Statements of awards made by Special Claims Commission, United States and
Turkey, as of June SO, 1944
Amount awarded to claimants:
Amomit of claims $539,844.13
Interest allowed.. 359,493.96
Total 899,338.09
Less deductions on account of expenses incurred by the United States. 70, 891. 06
Amount of awards $828,447.03
Amount received from Republic of Turkey through June 30, 1943 800, 000. 00
Amount due from Republic of Turkey: Final installment due June 20, 1944, re-
ceived by Treasury July 1, 1944 99,338.09
Total 899,338.09
Less reimbursement for expenses by the United States 70, 891. 06
Available for payment to claimants -- 828,447.03
Amount paid to claimants:
Through June 30, 1943... 612,974.60
During fiscal year 1944 92,208.67
Total 705,183.27
Balance due claimants for which vouchers have not been received... 123,263.76
Claims of American nationals against Mexico
Under the convention between the United States and Mexico
dated April 24, 1934, covering the settlement of the claims presented
by the Government of the United States to the Commission estab-
lished by the Special Claims Convention concluded September 10,
1923, the amount to be paid by the Government of Mexico to the
Government of the United States was fixed at $5,448,020.14. (See
page 129 of the annual report for 1941 for further details.)
On June 20, 1938, the Secretary of State certified to the Secretary
of the Treasury for payment a list of awards entered by the Special
Mexican Claims Commission aggregating $9,137, 341.79, subsequently
adjusted to $9,140,541.89, which were subject to reduction on a
percentage basis as provided in section 4 of the act approved April
10, 1935. The final awards as adjusted aggregated $5,210,108.92.
The expenses of the Commission were determined to be $241,549.31,
and this amount was transferred to miscellaneous receipts on De-
cember 4, 1940.
As of June 30, 1944, there had been received and made available
for distribution to claimants the sum of $4,954,552.19. Amounts
aggregating 95.09 percent of the final awards of $5,210,108.92 have
been authorized to be distributed to the claimants.
REPORT OF THE SECRETARY OF THE TREASURY 169
Statement of awards made by Special Mexican Claims Commission, United States
and Mexico, as of June 30, 1944
Amount of final awards to claimants after application of sec. 4 of the act approved Apr. 10,
1935 ,$5,210,108.92
Amount received from Government of Mexico:
Through June 30, 1943, $4,500,000 principal and $186,621.30 interest $4,686,621.30
Jan. 6, 1944, $500,000 principal and $9,480.20 interest 509,480.20
Total through .Tune 30, 1944 5,196,101.50
Less amount transferred to miscellaneous receipts to cover the expenses of the Commis-
sion 241,549.31
Available for payment to claimants 4,954,552. 19
Amount paid to claimants:
Fiscal year 1939 2,087,193.47
Fiscal year 1940 678,717.90
Fiscal year 1941 537,124.56
Fiscal year 1942 516,380.29
Fiscal year 1943 . 505,672.15
Fiscal year 1944 484,399.06
Total to June 30, 1944 4,809,487.43
Balance due claimants:
For which vouchers have not been received 144,805. 15
For subsequent distribution 259. 61
• — ■ 145, 064. 76
Settlement of Mexican Claims Act of 194^
Under the convention between the United States and Mexico dated
November 19, 1941, the Government of the United Mexican States
agreed to pay, and the Government of the United States agreed to
accept, the sum of $40,000,000 in United States currency as the balance
due from the Government of the United Mexican States in full settle-
ment, Hquidation, and satisfaction of the following claims:
(a) All claims filed by the Governments of the United States and the
United Mexican States with the General Claims Commission, estab-
lished by the two countries pursuant to the convention signed
September 8, 1923;
(b) All agrarian claims of nationals of the United States of America
against the Government of the United Alexican States, which arose
subsequent to August 30, 1927, and prior to October 7, 1940, including
those referred to in the agreement effected by the exchange of notes
signed by the Government of the United States and the Government of
the United Mexican States on November 9 and 12, 1938, respectively;
and
(c) All other claims of nationals of either country, wli^ch arose
subsequent to January 1, 1927, and prior to October 7, 1940, and
involving international responsibility of either Government toward
the other Government as a consequence of damage to or loss or
destruction of or wrongful interference with the property of the
nationals of either country.
Under Article IV of the agreement it is provided that there is
credited against the sum of $40,000,000 the sum of $3,000,000 repre-
senting the aggregate payments made, prior to the signing of the
agreement, pursuant to the agreement in relation to agrarian claims,
effected by the exchange of notes signed November 9 and 12, 1938.
There shall also be credited the additional sum of $3,000,000 which
will be paid on the date of the exchange of ratification of the agreement
signed November 19, 1941.
The balance of $34,000,000 is to be paid in annual installments of
$2,500,000 beginning one year after the date of the signing of the
agreement, until the complete liquidation of the debt. The Govern-
170 REPORT OF THE SECRETARY OF THE TREASURY
ment of the United Mexican States may, in its discretion, for the pur-
pose of reducing the period for complete liquidation of the balance due,
increase the amount of any of the annual installments, or pay any such
installment or installments in advance.
The agreement was ratified by the Senate of the United States on
January 29, 1942, signed by the President of the United States on
February 10, 1942, and ratified by the Mexican Government on
February 12, 1942; ratifications were exchanged at Washington
on April 2, 1942, and the agreement was proclaimed by the President
of the United States on April 9, 1942.
To provide for the settlement of the claims covered by the agree-
ment of November 19, 1941, Congress passed the "Settlement of
Mexican Claims Act of 1942," approved December 18, 1942. Under
section 8 of this act there was created in the Treasury a special fund
known as the Mexican claims fund. The Secretary of the Treasury
is authorized and directed to cover into the fund (1) the sum of
$3,000,000 representing the total amount of payments heretofore
made by the Government of Mexico under the agrarian claims agree-
ment of 1938, (2) the sum of $3,000,000 which was paid by the Govern-
ment of Mexico upon exchange of ratifications of the agreement of
November 19, 1941, (3) such other sums as are paid by the Govern-
ment of Mexico pursuant to the agreement of November 19, 1941,
and (4) the sum of $533,658.95 representing the total amount of
awards and appraisals, plus interest, made with respect to the claims
on behalf of Mexican nationals against the Government of the United
States which were filed with the General Claims Commission.
The amounts covered into the Mexican claims fund as of June 30,
1944, are as follows:
Amount
Under the agrarian claims agreement of 1938 $3,000,000.00
Paid on exchange of ratifications of tlic agreement 3,000,000.00
Annual installments due from Government of Mexico through November 1943 5,000,000.00
Appropriated by the Government of the United States covering amount of awards and
appraisals made on behalf of Mexican nationals 533, 658.95
Total 11,533,658.95
The Settlement of Mexican Claims Act of 1942 makes no provisions
for payment to Mexican nationals out of the Mexican claims fund
as the Government of Mexico agreed to pay its own nationals the
amount of $533,658.95 on account of awards or appraisals made on
their behalf.
Under date of December 28, 1942, the Secretary of State certified
to the Secretary of the Treasury for pajrment under section 6 (b) the
awards and appraisals made in favor of American nationals and during
the fiscal year the American Mexican Claims Commission certified
for payment decisions made under the provisions of sections 4 (b) and
4 (c) of the act, as follows:
Secretary of state: Amount
Decisions rendered by the General Claims Commission $201,461.08
Appraisals agreed upon by the Commissioners designated by Governments of the United
States and Mexico, respectively, pursuant to the general claims protocol between the '
United States and Mexico signed April 24, 1934. 2,599,166.10
Total _.. 2,800,627.18
American Mexican Claims Commission:
Decisions under the provisions of sections 4 (b) and 4 (c) of the act... - .- 24,536,085.61
Grand total 27.336,712.69
REPORT OF THE SECRETARY OF THE TREASURY 171
In accordance with the provisions of section 8 (c) of the Settk^ment
of Mexican Claims Act of 1942 the Secretary of the Treasury author-
ized a distribution of 30 percent of the above awards and appraisals
certified for payment.
The following statement shows the status of the Mexican claims
fund as of June 30, 1944.
Credits: Amount
Payments received from Government of Mexico under agreement of November 19, 1941.. $11, 000, 000. 00
Appropriation made by Government of the United States on account of awards and
appraisals made on behalf of Mexican nationals.. 533,658. 95
Total. 11,533,658.95
Amount paid to American claimants during the fiscal year 1943 $637,036. 24
Amount paid to American claimants during the fiscal year 1944 6,333,636. 13
6, 970, 672. 37
Balance in fund June 30, 1944 4,562,986.58
Assets — unexpended balances June 30, 1944:
To credit of disbursing officer 2,062,654.00
On books of Division of Bookkeeping and Warrants 2,500,332.58
Total fund assets June 30. 1944. 4,562,986.58
The priorities established in the act and the status as of June 30,
1944, are as follows:
Priority No. 1— Section 8 (c) of act:
30 percent of awards and appraisals certified pursuant to sections 4 (b), 4 (c), and 6 (b) of
Certified as of June .30, 1944, $27,336,712.69 $8,201,013.81
Certified subsequent to June 30, 1944, $1,170,959.82 351,287.95
Total required to pay Priority No. 1... 8,552,301.76
Less payments through June 30, 1944 6,970,672.37
Balance payable on Priority No. 1 1,581,629.39
Priority No. 2— Section 8 (d) of act:
Amount available as of June 30, 1944, for payment on awards which American Mexican
Claims Commission may certify pursuant to section 5 (d) of act 2,981,357. 19
Unexpended balance June 30, 1944 4,562,986.58
Claims of American nationals against Mexico — Expropriation of petroleum
properties
Under date of November 19, 1941, the Governments of the United
States and Mexico entered into an agreement making provision for
determining the amount due to the American companies and interests
whose properties and rights had been affected to their detriment by
acts of the Mexican Government through acts of expropriation or
otherwise on March 18, 1938, and subsequent thereto excepting those
which had already made separate arrangements with the Mexican
Government. Under this agreement the two Governments each
appointed an expert whose duty it was to determine the just compen-
sation to be paid the American owners for their properties and rights
and interests. The compensation found to be due to the affected
United States nationals was to be completed within a period of not
more than 7 years. A deposit of $9,000,000 was made and held in a
suspense account to be applied on account of the compensation
determined to be due.
In accordance with the joint report submitted by the experts
designated by the respective Governments, the Government of
Mexico entered into a further agreement under which it agreed to
pay to the Government of the United States the sum of $23,995,991,
172
REPORT OF THE SECRETARY OF THE TREASURY
United States currency, plus interest at 3 percent from March 18,
1938. The total amount due as of September 30, 1943, was as follows:
Principal $23,995,991.00
Interest at 3 percent from Mar. 18, 1938, through Sept. 30, 1943 3,985,964.20
27,981.955.20
Less deposit dated Feb. 10, 1942 -.-- 9,000,000.00
Balance due Sept. 30, 1943 18,981,955.20
The application to principal and interest of the payments made
through September 30, 1943, and of the payments to be made there-
after is shown in the following table.
Date
Amount paid
Applied on
Balance of
Interest
Principal
principal
$23,995,991.00
Feb. 10, 1942 ...
$9, 000. 000. 00
3,796,391.04
Sept. 30, 1943- -
Sept. 30, 1944 -
Sept. 30, 1945
12, 796, 391. 04
4, 085, 327. 45
4, 085, 327. 45
4, 085, 327. 45
4,085,327.45
$3, 985, 964. 20
455, 566. 92
346, 674. 10
234, 514. 50
118, 990. 12
$8, 810, 426. 84
3, 629, 760. 53
3, 738, 653. 35
3, 850, 812. 95
3, 966, 337. 33
15, 185, 564. 16
11,555,803.63
7, 817, 150. 28
Sept. 30, 1946
3, 966, 337. 33
Sept. 30, 1947
Total -
29, 137, 700. 84
5, 141, 709. 84
23, 995, 991. 00
Under the provisions of the act of February 27, 1896 (29 Stat. 32),
the Secretary of State has certified to the Secretary of the Treasury
for payment the claims of eleven companies aggregating $23,104,731.
The claims of two companies aggregating $891,260 have not yet been
certified for payment.
The status of the account of the Mexican Government as of June
30, 1944, was as follows:
Principal Interest Total
Amount payable $23,995,991.00 $5,141,709.84 $29,137,700.84
Less amount paid to June 30, 1944. 8,810,426.84 3,985,964.20 12,796,391.04
Balance due 15,185,564.16 1,155,745.64 16,341,319.80
The following statement shows the amounts paid to the claimants
as of June 30, 1944:
Principal Interest Total
Amount received from Government of Mexico $8,810,426.84 $3,985,964.20 $12,796,391.04
Amount paid claimants 8,483,189.64 3,837,917.37 12,321,107.01
Balance due claimants 327,237.20 148,046.83 475,284.03
Railroad obligations
Total receipts during the fiscal year on account of realization on
railroad securities acquired under section 210 of the Transportation
Act, 1920, as amended, were $1,334,091.68.
The following statement shows the total amount of railroad obliga-
tions, by classes, originally held by the United States Government
(exclusive of certain miscellaneous obligations acquired by the Director
General of Railroads), the amount held on June 30, 1944, and pay-
ments received on account.
REPORT OF THE SECRETARY OF THE TREASURY
173
Summary of railroad obligations held by the Government as of June SO, 1944, by
classes
Class
Principal amount
originally held
Principal
amount held
June 30, 1944
Total payments received
Principal
Interest
Transportation Act:
Sec. 207 .
$282, 712, 837. 36
290, 800, 667. 00
346, 556, 750. 00
98, 401, 755. 00
62, 103, 453. 28
$5, 007, 000. 00
» 23, 690, 977. 23
1 $277, 695, 167. 90
3 266, 599, 186. 68
346, 556, 750. 00
98, 401, 755. 00
62, 103, 453. 28
$54, 373, 134. 70
Sec. 210
93, 829, 939. 96
Federal Control Act:
45, 338, 918. 25
Sec. 7
23, 100, 562. 27
Sec. 12 --.
4, 248, 171. 96
Total
1, 080, 575, 462. 64
28, 697, 977. 23
1, 051, 356, 312. 86
220, 890, 727. 14
' Stock of the Kansas, Oklahoma & Gulf Ry. Co. in the face amount of $212,500 was sold on the market
for $201,830.54, resulting in a difference of $10,669.46 between the receipts and the principal originally held.
' Includes loans aggregating $4,486,600 to four carriers, the assets of which have been completely liquidated
and were insufflcient to meet such claims.
3 Notes of Wichita Northwestern Ry. Co., Virginia Blue Ridge Ry., and Wilmington, Brunswick &
Southern R. R. Co. were sold pursuant to the provisions of act of Aug. 13, 1940, for $67,246.91, resulting in a
difference of .$510,503.09 between the receipts and the principal originally held.
Section 204, Transportation Act, 1920, as amended. — On January 7,
1941, section 204 was amended by Public No. 893, to permit the re-
opening by certain short-line rail carriers of claims agamst the United
States before the Interstate Commerce Commission. Under the act
the Commission is authorized to ascertain and certify to the Secretary
of the Treasury the amounts payable to carriers under this section as
.amended. The act provides that no claim certified shall be for an
amount in excess of $150,000. No payments were made during the
fiscal year as no appropriation was available for payment of any
amounts certified for payment. Since June 30, 1944, one claim has
been received amounting to $21,296.92, for which there is no appro-
priation.
Under section 204 (g) of the Transportation Act, 1920 (approved
February 28, 1920), an indefinite appropriation was made to pay
claims of this character. The amount previously paid under section
204 was $10,967,801.80, as reported in the Secretary's annual report
for the fiscal year 1937, page 83. The Permanent Appropriation
Repeal Act of 1934 repealed the indefinite appropriation made for
the payment of this class of claims. However, a specific appropriation
of $800,000, available for the fiscal year 1942, was made in the Second
Deficiency Appropriation Act, 1941, approved July 3, 1941 (Public
Law 150). The Interstate Commerce Commission certified to the
Secretaiy of the Treasury for pa5rment claims aggregating $184,602.58,
of w^hich claims aggregating $167,529.85 were paid during the fiscal
year 1942. Claims certified to the Secretary of the Treasury during
the fiscal year 1943 aggregating $22,139.11 and one claim amounting to
$17,072.73 which was outstanding in the fiscal year 1942 were paid
during the fiscal year 1943. In the Treasury and Post Office Depart-
ments Appropriation Act, 1943, approved March 10, 1942 (Public
Law 495), $600,000 of the unexpended balance was made available
until June 30, 1943. The total payments under this section aggre-
gated $11,174,543.49 as of the end of the fiscal year.
Section 207, Transportation Act, 1920, as amended. — The following
statement shows the amount of obligations of carriers acquired under
section 207 and held on June 30, 1944.
174
REPORT OF THE SECRETARY OF THE TREASURY
Obligations acquired under the provisions of section 207 of the Trans-portation Act,
1920, and held as of June 30, 1944
Carrier
Principal
amount of
promissory
note or of
directly
held
security
Collateral,
face
amount
Class of collateral or of
directly held security
Principal
in default
Interest in
default
Chicago, Milwaukee, St.
Paul & Pacific R.R. Co.
Minneapolis & St. Louis
R. R. Co.
Washington, Brandywine
& Point Lookout R. R.
Co.
Waterloo, Cedar Falls &
Northern Ry. Co.
$3, 207, 000
1, 250, 000
50, 000
500, 000
$1, 500, 000
75, 000
625, 000
5% noncumulative preferred
stock of carrier.
Refunding and extension
mortgage, 5% bonds of
carrier.
First mortgage, 6% bonds of
carrier.
Temporary general mort-
gage, 7% bonds of carrier.
$1, 250, 000
2 50, 000
500, 000
$1, 350, 000. 00
2 28, 408. 98
604, 931. 50
Total
5, 007, 000
1, 800, 000
1, 983, 340. 48
' Securities directly held.
' Pursuant to Private Law 162, approved Dec. 17, 1943, the Secretary of the Treasury is authorized and
directed to accept the sum of $50,000 in full settlement and discharge of the indebtedness, including interest.
Section 210, Transportation Act, 1920, as amended. — 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 Inter-
state 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. No expenditures under this section
were made during the fiscal vear. The net expenditures on this
account amounted to $33,040,740.24 to June 30, 1944.
Total loans (including renewal loans and repavments thereof
aggregating $59,800,000) to June 30, 1944, amounted to $350,600,667;
repayments amounted to $326,399,186.68, and losses on sales under
the act of August 13, 1940, aggregating $510,503.09 reduced the loans
outstanding as of that date to $23,690,977.23.
The following statement shows the amount of obligations held on
June 30, 1944, on account of loans to carriers under section 210, and
the amount of principal and interest in default.
Obligations held on June SO, 1944, on accoimt of loans to carriers under section 210
of the Transportation Act, 1920, as amended, and the amount of principal and
interest in default
Carrier
Loans out-
standing
Principal in
default
Interest in
default
Alabama, Tennessee & Northern R. R. Corporation
Des Moines & Central Iowa R. R. Co. (formerly the Inter-
Urban Ry. Co.)
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 Southern R. R. Co.._-
Waterloo, Cedar Falls & Northern Ry. Co..
$151, 500. 00
633,
200,
' 75,
792,
1, 382,
'3,500,
' 872,
14, 438,
347,
138,
1,260,
500. 00
000. 00
000.00
000.00
000.00
000. 00
600.00
827. 01
550. 22
000.00
000.00
$151, 500. 00
633, 500. 00
200, 000. 00
792, 000. 00
1, 382, 000. 00
14, 438, 827. 01
347, 550. 22
1, 260, 000. 00
$95, 445. 00
596, 661. 34
689, 040. 00
9, 427, 003. 45
1, 648, 455. 71
Total 23,690,977.23 19,205,377.23 12,456,605.50
' A.ssets of these carriers have been completely liquidated, and were insufficient to meet these claims.
REPORT OF THE SECRETARY OF THE TREASURY
175
Federal control of railroads
Administration. — The Treasiuy coutinued during the fiscal year
1944 the hquidation of matters growing out of the control of the
American transportation system, which was exercised through the
United States Railroad Administration during the period from De-
cember 28, 1917, to February 29, 1920.
Finances. — Total receipts on account of the Federal control of rail-
roads for the fiscal year 1944 were $13,188.30, and expenditures were
$7,970.40, resulting in net receipts of $5,217.90, as compared with net
receipts of $753.82 for 1943.
At the close of business on June 30, 1944, the cash and appropria-
tion balance aggregated $41,349.70 as compared with $36,131.80 at
the close of 1943.
A statement of receipts and expenditures follows.
Receipts and expenditures in connection with Federal control of railroads, fiscal years
1943 and 19U
Balances at beginning of year:
Secretary of the Treasury, special deposit account...
Unrequisitioned appropriation balances:
Federal control of transportation systems .-.
Total balances.
Receipts:
Collections of interest on obligations of carriers
Victory tax withheld from Federal employees.
Treasury Department _
Federal tax withheld from salaries of Federal em-
ployees, Treasury Department
Collection of miscellaneous claims referred to Wash-
ington from field, including transportation
charges, undercharges, etc
Total receipts —
Total balances and receipts.
Expenditures:
Employees' compensation liability awards
Deposit with the Workmen's Compensation Board
of Ontario, account of compensation liability
Claims for unpaid wages, back-pay awards, and
Liberty bond subscription refunds
Payments to collector of internal revenue of Victory
tax withheld from Federal employees. Treasury
Department-
Payments to collector of internal revenue of Federal
tax withheld from salaries of Federal employees.
Treasury Department..
Administrative expenses (pay rolls)
Total expenditures
Transfers from appropriation account to surplus fund...
Balances at end of year:
Secretary of the Treasury, special deposit account..
Federal control of transportation systems
Total balances
Total expenditures and balances 419,206.77
1943
$30, 236. 44
385, 141. 54
$415, 377. 98
38.48
3, 790. 31
786. 42
212. 55
19.28
'2,'656."72
30, 986. 10
5, 145. 70
3. 828. 79
419, 206. 77
3, 074. 97
380, 000. 00
36, 131. 80
1944
$30, 986. 10
5, 145. 70
$36, 131. 80
12, 795. 00
3.20
38.00
352. 10
784. 27
5,117.84
33.50
22.40
32.30
23, 409. 00
17, 940. 70
13, 188. 30
49, 320. 10
7, 970. 40
41, 349. 70
49, 320. 10
Securities, etc. — No collections were made since November 24, 1936,
on account of the obligations of carriers acquired under section 207 of
the Transportation Act, 1920, as amended, which are listed on page 174.
Claims. — The principal claims presented during the period were on
account of refunds of mstallments paid on subscriptions for Liberty
Loan bonds by employees of carriers during Federal control. Total
176 REPORT OF THE SECRETARY OF THE TREASURY
payments on account of allowed claims of this character amounted to
$33.50 during the year.
Compensation payments — United States railroad employees. — Ex-
penditures on account of the compensation award of a raUroad em-
ployee residing in the United States amounted to $784.27 during the
year.
Canadian Workmen's Compensation Board. — The Canadian Work-
men's Compensation Board, located at Toronto, Canada, has juris-
diction over certain cases of disability resulting from accidents during
the period of Federal control on those railroads having lines extending
into Canada. Payments under Canadian compensation awards, made
from funds so deposited with the Board, amounted to $2,605.00 during
the calendar year 1943. Interest amounting to $1,360.36 was added
to the fund, leaving a balance of $28,928.87 to cover awards as of
December 31, 1943. The figures showing the balance as of June 30,
1944, are not available inasmuch as the Board's reports are on a
calendar year basis. However, the status of the fund (in Canadian
dollars) as of December 31, 1943, was as follows:
Balance Dec. 31, 1942 $27,319.70
Payments from Treasury 2,853.81
Interest Jan. 1, 1943, through Dec. 31, 1943 1,360.36
Total 31,533.87
Payments of awards by Board during 1943 - 2,605.00
Balance Dec. 31, 1943 - 28,928.87
Tax refunds and other collections. — Under the terms of the Federal
Control Act and the standard contract with the carriers, the Director
General paid 2 percent of all Federal income taxes assessed against
carriers formerly under Federal control. Subsequently, the United
States Board of Tax Appeals held that such taxes should not have been
assessed against either the carriers or the Director General. No ad-
justments of these claims were made during the fiscal year. Further
claims for such paid taxes amounting to $438,770.84 are still pending
before the Board of Tax Appeals (now The Tax Court of the United
States).
All unpaid judgments which have not expired by reason of the
statute of limitations, and other claims are being reviewed from time
to time to determine whether any amounts can be collected thereon.
Collections from this source amounted to $49 during 1943 and $100
during 1944.
Federal Farm Mortgage Corporation
Under section 32 of the Emergency Farm Mortgage Act of 1933,
approved May 12, 1933 (49 Stat. 43), as amended, the Secretary of
the Treasury is authorized to pay to the Federal Farm Mortgage Cor-
poration such amount as the Governor of the Farm Credit Administra-
tion certifies to the Secretary of the Treasury is equal to the amount
by which interest payments on mortgages held by such Corporation
have been reduced. Public Law 629, approved June 27, 1942 (56
Stat. 391), extended to June 30, 1944, the period for which payments
are to be made to the Federal Farm Mortgage Corporation on account
of reductions in interest, and made this provision applicable to interest
on purchase-money mortgages and on real estate sales contracts taken
by the Federal Farm Mortgage Corporation which is payable on
installment dates on or after July 1, 1942, and prior to July 1, 1944.
REPORT OF THE SECRETARY OF THE TREASURY
177
A statement of the amounts appropriated and payments to the
Federal Farm Mortgage Corporation follows.
Appropriations on account of reductions in interest rate on mortgages, and payments
to the Federal Farm Mortgage Corporation for this purpose, fiscal years 1938
through 1944
Ainounls appropriated:
Through June 30, 1943.... .- $51,725,000.00
Treasury Department Appropriation Act, 1944, approved June 30, 1943 7,400,000.00
Total through June 30, 1944 59, 125,000.00
Payments to Federal Farm Mortgage Corporation: '
Through June 30, 1943 $48,433,786.26
Fiscal year 1944 7,215,126.54
Total through June 30, 1944 55,648,912.80
Transfers from appropriation account to surplus fund 1, 142,888.06
56, 79 1 , 800. 86
Unexpended appropriations, June 30, 1944 2,333, 199. 14
) On basis of daily Treasury statements.
Federal land banks
Capital stock.— Under the act of January 23, 1932 (12 U. S. C. 698),
amending the Federal Farm Loan Act, it is the duty of the Secretary
of the Treasury on behalf of the United States, upon the request of
the board of directors of any Federal land bank made with the ap-
proval of the Farm Credit Administration, to subscribe from time to
time for capital stock of such bank. The act further provides that
such stock may at any time, in the discretion of the directors and with
the approval of the Farm Credit Administration, be paid off at par
and retired in whole or in part and that the Farm Credit Admin-
istration may at any time require such stock to be paid off at par
and retired in whole or in part if, in its opinion, the bank has resources
available for such purpose, The proceeds of all repayments on account
of stock subscribed for by the Secretary of the Treasury are held in
the Treasury and are available for the purpose of paying for other
stock thereafter issued pursuant to said act.
To enable the Secretary of the Treasury to pay for said stock,
$125,000,000 was appropriated under the act approved February 2,
1932. During the year no stock was subscribed for by the Secretary.
The following statement shows the shares that were repaid during the
year and the amount held by the Secretary on June 30, 1944.
Subscriptions to stock of Federal land banks held by the Secretary of the Treasury and
repayments thereon during the fiscal year 1944
[Par value of shares]
Federal land banlv
Shares held
June 30,
1943
Shares repaid
fiscal vear
1944' 1
Shares held
June 30,
1944 =
Baltimore . ...
$1, 637, 380
1, 487, 355
115,176,055
1, 0.«5, (195
1,038,850
1, 054, 150
$23, 900. 00
34, 135. 00
42, 555. 00
53,110.00
139,985.00
1,0,54,150.00
$1, 613, 480. 00
Columbia
St. Paul
1, 453, 220. 00
115, 133,500.00
Wichita.- .
1, 031, 985. 00
Omaha . -.
898, 865 00
Spolvane ._
Total
121,478,885
1, 347, 835. 00
120,131,050.00
■ On ba?is of daily Treasury statements.
2 The Federal land banks of Springfield, Louisville, New Orleans, St. Louis, Houston, Spokane, and
Berkeley had no outstanding capital stock held by the Secretary of the Treasury as of June 30, 1944.
613185—45-
-13
178
REPORT OF THE SECRETARY OF THE TREASURY
Payments on account of inductions in interest rates on mortgages and
subscriptions to paid-in surplus. — The Secretary of the Treasury is
directed, under certain conditions, to make payments to Federal land
banks equal to the amount by which interest payments on mortgages
held by such banks have been reduced pursuant to the Federal Farm
Loan Act, as amended, and he also subscribes, under specified con-
ditions and in the manner prescribed by the Federal Farm Loan Act, as
amended, to the paid-in sm-plus of each Federal land bank an amount
equal to the amount of all extensions and deferments of any obligation
that may be or may become unpaid under the terms of any mortgage.
Amendments to the law under which subscriptions are made to the
paid-in surplus of the Federal land banks are contained in the Farm
Credit Act of 1937, approved August 19, 1937. The period for which
payments to Federal land banl-is on account of reductions in interest
rates may be made was extended to June 30, 1944, pursuant to Public
Law 629, approved Jmie 27, 1942 (56 Stat. 391). This law also made
the provisions relating to the reduction of interest applicable to in-
terest on real estate sales contracts taken by Federal land banks which
is payable on installment dates after June 30, 1942.
A statement as of June 30, 1944, of the amounts appropriated on
account of reductions in interest rates on mortgages and of payments
to Federal land banks for this purpose is here set forth.
Appropriations on account of reductions in interest rates on mortgages and payments
to Federal land bunks for this purpose through June 30, 1944
1. Amount? appropriated:
Through June 30, 1943 $200,867,000.00
Treasury Department Appropriation Act, 1944, approved June 30, 1943 21,800,000.00
Total through June 30, 1944 282,667,000.00
2. Payments to Federal land banks:
Federal land bank
Spring- tield
Baltimore
Columbia
Louisville
New Orleans.
St. Louis
St. Paul
AVichita
Houston
Berkeley
Omaha
Spokane.
Total.
Amount paid
through June 30,
1943
Amount paid
fiscal year 1944 i
Amount paid
through June 30,
1944
$9, 289, 322. 53
$852, 440. 50
$10,141,763.03
10, 957, 728. 69
889, 861. 91
11,847,590.60
10,318,870.11
800, 425. 95
11,119,296.06
25, 208, 631. 86
1, 846, 867. 73
27, 055, 499. 59
13, 183, 052. 39
976, 809. 24
14, 1.59, .861. 63
22, 284, 582. 63
1, 809, 583. 30
24, 094. 165. 93
36, 454, 974. 25
3, 492, 341. 45
39, 947, 315. 70
20, 367, 547. 32
1, 652, 416. 47
22, 019, 963. 79
28.623,115.54
2, 315, 936. 23
30, 939, 051. 77
14, 974, 273. 74
1,258.892.17
16, 233, 165. 91
44, 476, 826. 01
4, 089, 802. 68
48, 566, 628. 69
1.'^. 504, 031. 41
1, 250, 999. 20
16, 755, 030. 61
251, 642, 956. 48
21, 236, 376. 83
272, 879, 333. 31
3. Transfers from appropriation account to sm'plus fund.
4. Unexpended appropriations, June 30, 1944
$3, 016, 755. 22
6,770,911.47
1 On basis of daily Treasury statements.
REPORT OF THE SECRETARY OF THE TREASURY
179
Appropriations for subscriptions to paid-in surplus to June 30, 1937,
amounted to $189,000,000. No appropriation for this purpose has
been made since that date. A statement as of June 30, 1944, of the
amounts appropriated for subscriptions to the paid-in surplus of
Federal land banks on account of extensions and deferments, and net
repayments by the Federal land banks follows.
Appropriations for subscriptions to the paid-in surplus of Federal land banks on
account of extensions and deferments, and payments for this purpose to June SO,
1944
1. Amounts appropriated through June 30, 1944 _ - $189,000,000.00
2. Payments to Federal land banks:
Federal land bank
Springfield
Baltimore
Columbia
New Orleans.
St. Louis
St. Paul
Wichita
Berkeley
Omaha
Spokane
Total.
Amount paid
through
June 30, 1943
$7, 317,
4, 190,
9, 136,
8, 175,
10,813,
36, 220,
16, 850,
3, 950,
30, 740,
14, 222,
138. 66
251. 29
953. 42
.585. 41
256. 57
901. 15
213. 90
945. 55
238. 50
384. 78
141,617,869.23
Net amount paid
fiscal year 1944 i
, 224, 585. 41
"703,"507."24"
2 5, 000, 000. 00
2 6, 521, 078. 17
Amount paid
through
June 30, 1944
317, 138. 66
190,251.29
136, 953. 42
951, 000. 00
813, 256. 57
924, 408. 39
850, 213. 90
950, 945. 55
740, 238. 50
222, 384. 78
135, 096, 791. 06
3. Unexpended appropriations, June 30, 1944 $53,90.3,208.94
' On basis of daily Treasury statements.
2 Excess of repayments (deduct).
Federal savings and loan associations
Under the act of June 13, 1933 (48 Stat. 133), as amended April 27,
1934 (48 Stat. 645), the Secretary of the Treasury was authorized on
behalf of the United States to subscribe for preferred shares and full-
paid income shares in Federal savings and loan associations upon
request of the Federal Home Loan Bank Board. An appropriation
of $50,000,000 to enable the Secretary of the Treasury to purchase
such shares was reduced by an allocation of $700,000 to the Federal
Home Loan Bank Board. The details concerning the provisions of
law under which these subscriptions were made and the appropriations
are contained in the annual report for 1940, pages 176 and 177.
The Home Owners' Loan Corporation also was authorized to pur-
chase full-paid income shares of Federal savings and loan associations
after the funds available to the Secretary of the Treasury for the
purchase of such shares had been exhausted. The funds available
to the Secretary of the Treasury were exhausted on October 25, 1935.
During the fiscal year 1944 the sum of $6,757,200 was received on
account of shares repaid, making the total shares repaid to June 30,
1944, $44,573,200.
The following statement shows the transactions in connection with
the subscriptions by the Secretary of the Treasury to preferred and
full-paid income shares in these associations during the fiscal year
1944.
180
REPORT OF THE SECRETARY OF THE TREASURY
Preferred and full-paid income shares of Federal savings and loan associations sub-
scribed by the Secretary of the Treasury through June 30, 1944, ond dividends
received
[Par value of shares]
Preferred
shares
Full-paid in-
come shares
Total
$637, 800
$48, 662, 200
$49, 300, 000. 00
Shares held on June 30, 1943 .
11, 484, 000
6, 757, 200
11, 484, 000. 00
6, 757, 200. 00
Shares held on June 30, 1944 _ ^
4, 726, 800
4. 726, 800. 00
Dividends received on preferred and full-paid income
shares:
Through June 30, 1943 -
10, 121, 257. 47
During 1944
234, 51 2. 98
Through June 30, 1944
10, 355, 770. 45
Undelivered war savings bonds and cash received from war contractors
In connection with the operation of the payroll savings sj^stem for
the pnrchase of war savings bonds by employees of private contractors
performing work for the Government under cost-plus-a-fixed-fee con-
tracts, arrangements have been made for the safekeeping by the
Treasury Department of undelivered bonds and unclaimed payroll
deductions. These bonds and funds, which belong to persons whose
whereabouts are unknown, are received by the Treasury through the
various departments and establishments having jurisdiction over
the contracts. The bonds and funds are held subject to reclaim by
employees upon proper identification. These arrangements have
been made with the War Department, Navy Department, United
States Maritime Commission, Defense Plant Corporation, and the
Federal Public Housing Authority. The unclaimed bonds and funds
received and returned as of June 30, 1944, are set forth in the table
following.
Cash
Bonds
Number
Amount
Number
Amount
Received-. _ - .
14. 064
407
$56, 288. 84
4. 741. 33
966
86
$28, 402. 00
Returned .._
2, 200. 35
Balance
13, 657
51. .547. 51
880
26, 201. 65
Trust and special funds invested by the Treasury Department
Under various provisions of law creating trust and special funds,
the Secretary of the Treasury or the Treasurer of the United States
is authorized to invest such portions of the funds as are not required
to meet current withdrawals. The following statement shows the
amount of Govermnent and other securities held in these funds at
the close of the fiscal year. Further details on each of these funds
are shown in the tables beginning on page 736.
REPORT OF THE SECRETARY OF THE TREASURY
181
Securities held as investments in trust and special funds, at par value, June 30, 1944
[In thousands of dollars]
Fund
Adjusted service certiflcate fund
Alnsworth Library fund, Walter Reed General Hospital-
Alaska Railroad retirement and disability fund
Canal Zone retirement and disability fund
Civil service retirement and disability fund
District of Columbia teachers' retirement fund
District of Columbia water fund
District of Columbia workmen's compensation fund
Federal old-age and survivors insurance trust fund
Foreign service retirement and disability fund
Library of Congress trust fund
Longshoremen's and harbor workers' compensation fund-
National Institute of Health gift fund
National park trust fund
National service life insurance fund
Pershing Hall Memorial fund
Railroad retirement account
Unemployment trust fund
U. S. Government life insurance fund..-
U. S. Naval Academy general gift fund
Total.
Government
securities
16, 890
10
1,755
9,187
1,450,913
10, 480
1,773
44
5, 408, 834
7,012
254
79
18
1, 213, 425
191
318, 500
5, 870, 000
1, 054, 093
85
15, 363, 543
Other
securities
180
13, 880
14, 313
Total
16,890
10
1,755
9,187
1,450,913
10, 733
1,773
44
5, 408, 834
7,012
180
254
79
18
1, 213, 425
191
318, 500
5, 870, 000
1, 067, 973
85
15, 377, 856
Bureau of the Public Debt
The Bureau of the Pubhc Debt, under the Commissioner of the
Pubhc Debt, is a branch of the Fiscal Service of the Treasury Depart-
ment. The Bureau is charged with tlie conduct of transactions in the
public debt issues of the United States. As agent, the Bureau also
conducts transactions in the interest-l)earing issues of the insular gov-
ernments and of Government corporations and credit agencies. The
Bureau is also charged with the procurement of distinctive paper for
the currency and public debt issues, with the verification of United
States currency redeemed by the Treasurer of the United States and of
imperfect securities delivered by the Bureau of Engraving and Print-
ing, and with the destruction of redeemed currency and other securities
authorized to be destroyed.
Two offices are maintained — one in Washington, the other in
Chicago. The Washington Office is charged with all functions assigned
to the Bureau except those relating to savings bonds after their issue,
which functions are assigned to the Chicago Office.
Washington Office
The W^ashington Office of the Bureau comprises five major offices.
A summary of their duties and activities during 1944 follows.
Office of the Commissioner
The Office of the Commissioner exercises general control over the
activities of the Bureau, both in Washington and Chicago. Wlien a
new issue of public debt securities is to be offered, the Office prepares
the necessary documents incident to the offering and directs the
handling of subscriptions for and allotments of the securities to be
issued. General supervision is exercised over the conduct of trans-
actions in securities after their issue, either by the divisions of the
182
REPORT OF THE SECRETARY OF THE TREASURY
Bureau in Washington, by other branches of the Government service,
or by the Federal Reserve Banks and branches, fiscal agents of the
United States. The Office directs the production of securities and
prepares regulations governing transactions in public debt obligations
after their issue. During the fiscal year 1944, the new security issues
included 10 offerings of Treasurj^ bonds, 4 of Treasury notes, 8 of
certificates of indebtedness, and 52 of Treasury bills, a total of 74
offerings. Excluding Treasury bills, these issues amounted .to
$63,335 millions in the aggregate, of which $42,601 millions were for
cash and $20,734 millions for refunding of other securities. A net
increase of $2,862 millions resulted from the weekly Treasury bill
operations. During the year receipts from continuing sales of United
States savings bonds amounted to $15,498 millions, and of Treasury
savings notes, $8,954 millions.
Division of Loans and Currency (Washington)
This office is the agency tbrough which public debt obligations of
the United States are issued. It is also responsible for the issue of the
securities of various Government corporations and credit agencies and
for the issue of obligations of the insular governments, for which the
Treasury Department acts as agent. It conducts transactions in
such obligations after their issue (except in savings bonds, which are
conducted at its Chicago branch), and maintains the accounts of the
registered issues of transferable securities, and issues checks in pay-
ment of interest thereon. The oflSce undertakes the safekeeping of
securities for certain Government oflices. It verifies and delivers to
the Destruction Committee canceled currency redeemed by the
Treasurer of the United States 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 issue and retirement of securities conducted through the Division
of Loans and Currency in Washington during the fiscal year 1944.
Transactions in public debt and insular securities and in securities of various Govern-
ment corporations and credit agencies, fiscal year 1944
[Principal amount]
Transaction
Bearer
Registered
Total
Public debt securities:
On hand July 1, 1943
$104,233,415,400
1, 533, 007, 000
263, 104, 300, 000
$33, 167, 529, 895
2, 975, 425
58,812,963.240
$137, 400, 945, 295
Unissued stock returned to Division
Received from Bureau of Engraving and
Printing .. .
1, 535, 982, 425
321,917,263,240
Total to be accounted for
308, 870, 722, 400
91, 983, 468, 560
460, 854, 190, 960
Stock shipments to Federal Reserve
Banks and branches, Post Office De-
partment, and issuing agents for
United States savings bonds
Issued by Division _ ..
IGO, 663, 202, 450
223, 859, 600
9, 453, 172, 700
33, 159, 598, 475
14, 900, 381, 065
984, 073, 170
199, 822, SCO, 925
15, 124, 240, 665
Unissued stock delivered to the Register
of the Treasury __.r.
10, 437, 245, 870
Total disposals
176, 340, 234, 750
49, 044, 052, 710
225, 384, 287, 460
On hand June 30, 1944
Retirod and redeemed
192, 530, 487, 650
759, 210, 010
42, 939, 415, 850
8, 534, 367, 830
235, 469, 903, 500
9, 293, 577, 840
REPORT OF THE SECRETARY OF THE TREASURY
183
Transactions in public debt and insidar securities and in securities of various Govern-
ment corporations and credit agencies, fiscal year 1944 — Con.
Transaction
Bearer
Registered
Total
Insular securities and securities of Govern-
ment corporations and credit agencies:
On hand July 1, 1943
$4, 184, 416, 319
416, 018, 000
$892, 888, 050
803, 170, 000
$5, 077, 304, 369
Received from Bureau of Engraving
1, 219, 188, 000
4, 600, 434, 319
1, 696, 058, 050
6, 296, 492, 369
Stock shipments to Federal Reserve
460, 193, 500
444,000
2,421,115,100
460, 193, 500
Issued by Division
739, 797, 650
666, 789, 850
740,241.650
Unissued stock delivered to the Regis-
ter of the Treasury -
3, 087, 904, 950
Total disposals .-_ .
2, 881, 752, 000
1,406,587,500
4, 288, 340, 100
On hand June 30, 1944 .
1,718,681,719
2, 449, 225
289, 470, 550
415, 353, 300
2, 008, 152, 269
Retired and redeemed -^
417, 802, 525
Individual registered accounts.— Individual accounts are main-
tained in the Washington office in connection with registered issues
of the United States (excluding savings bonds) and of securities of
various Government corporations and credit agencies; and interest is
paid periodically in the form of checks on the interest-bearing debt.
The accounts open June 30, 1944, were as follows:
Registered issues
Number of
accounts
Principal
Public debt:
419, 086
21,013
$25, 455, 238, 876. 40
Matured loans (Liberty, Victory, Treasury, postal savings
bonds, etc.)
16, 169, 320. 00
Total public debt issues
440,099
25,471,408,196.40
Others:
Interest-bearing loans:
183
5,814
512
15, 338, 000. 00
Consolidated Federal farm loan bonds . .
31,038,800.00
Federal Housing Administration debentures
23, 532, 936. 23
Total interest-beai'ing loans .
6,509
69, 909, 736. 23
Matured loans:
Home Owners' Loan Corporation bonds
428
2,118
2
1,198,000.00
3, 593, 000. 00
Federal Housing Administration debentures - .
17, 100. 00
2,548
4, 808, 100. 00
9,057
74, 717, 836. 23
1 Excludes savings bonds and adjusted service bonds.
There were 155,697 individual accounts closed for registered
Liberty bonds, Victory notes, special Treasury notes, certificates of
indebtedness, postal savings issues, depositary bonds, and Treasury
bonds, etc.; and 9,371 accounts were decreased, representing retire-
ments of securities in the amount of $7,575,051,360 par value. In
connection with the same loans, 134,621 new accounts, involving
$13,071,729,690 of principal, were opened. During the year 21,932
changes of address for mailing of interest checks were made.
184
REPORT OF THE SECRETARY OF THE TREASURY
Interest on registered Treasury bonds was paid on due dates in the
form of 736,099 checks amounting to $222,344,163.91; on registered
securities of the postal savings loans, etc., 58,785 checks for $4,234,-
233.25 were issued; and on registered issues of special Treasury notes
and certificates of indebtedness, interest payable by 12 checks amount-
ing to $69,986,518.58 was paid. Also 1 check was issued in payment of
interest amounting to $22,507,108.04 on the 4]i percent adjusted
service bonds — United States Government life insurance fund series;
and 2,716 checks were issued in payment of interest amounting to
$5,902,809.43 on the 2 percent depositary bonds. There were re-
ceived from the Bureau of Engraving and Printing 883,500 checks as
stock.
Clairns. — Claims for relief, on account of lost, stolen, destroyed, or
mutilated securities, handled by the Division of Loans and Currency
in Washington during the year were as follows:
Claims
Number of
claims
Number of
securities
Par amount of
securities
Public debt issues '
On hand July 1, 1943
12, 335
17,151
37, 517
31, 940
$6,011,556.30
3,817,052.20
Total to be accounted for _ _ .
29, 486
69, 457
9, 828, 608. 50
Settled by:
Reissue or redemption of securities ^
593
2,542
2,701
495
1,523
3, 867
7,288
918
5.54, 816. 50
733, 375. 00
Disallowance of claims and credit allowed
625, 079. 55
other dispositions ^ . -_
57, 237. 00
Total disposals
6,331
13, 69G
1,970. 508. 05
On hand .Tunc 30, 1944 _
23, 155
55, 861
7, 858, 100. 45
Home Owners' Loan Corporation, Federal
Farm Mortgage Corporation, aud consolidated
Federal farm loan bonds
On hand July 1, 1943
275
50
1,267
256
,$457, 800. 00
152.925.00
Total to be accounted for ^
Settled by reissue, redemption, recovery or no relief
325
33
1,523
116
610,72.5.00
49, 703. 75
On hand June 30, 1944
292
1,407
.561,021.25
Includes adjusted service bonds.
Safekeeping oj securities. — During the year transactions in seciuities
held in safekeeping were as follows:
Issues
On hand July 1,
1943
Received and re-
ceipts issued
Released
On hand June 30,
1944
$10, 910, 685, 906. 40
2, 300. 00
6, 454, 500. 00
186,000,000.00
$10, 401, 044, 000. 00
$6, 754, 822. 000. 00
$14. 556, 907, 906. 40
2, 300. 00
6, 454, 500. 00
Adjusted service bonds
Insular securities
Home Owners' Loan Corpo-
ration bonds
732,000,700.00
348, 000, 700. 00
580, 000, 000. 00
Total
11,113,142,706.40
11,133,044,700.00
7, 102, 822, 700. 00
15,143,364,706.40
REPORT OF THE SECRETARY OF THE TREASURY
185
Mutilated jmper and redeemed currency. — Mutilated paper verified
and delivered to the Destruction Committee consisted of 82,927,216
sheets and coupons, of which 82,918,914 sheets and coupons were
received from the Bureau of Engraving and Printing and 8,302 sheets
from the Division of Paper Custody.
Redeemed currency, unfit for circulation, counted and delivered to
the Destruction Committee during the year amoimted to 849,262,097
pieces, representing $1,189,170,886.77, detailed as follows:
Currency
Pieces
Face value
United states notes -.
39,382,011
809, 773, 337
105, 306
172
1,271
$147, 096, 336, 00
1, 038, 965, 730. 00
3, 106, 530. 00
2, 000. 00
290 77
Gold certificates .. .-
Treasury notes . . . -.. _ __ .
Fractional currency
Total
849, 262, 097
1, 189, 170, 886. 77
In addition to the securities which were delivered to the Register
of the Treasury, the Division canceled and delivered to the Register
1,764,532 coupons amounting to $339,805,139.92. Of these, 1,663,529
were public debt coupons amounting to $322,992,275.21 and 101,003
amounting to $16,812,864.71 were coupons from securities of Govern-
ment corporations and credit agencies.
Reports. — Various periodical and special statements, charts, etc.,
were prepared by the Washington Office for use in planning financing
operations. During the year there was incorporated in these state-
ments information obtained from 90,491 reports covering holdings of
Government and Government-guaranteed securities submitted by
banks and insurance companies and from 243,215 reports reflecting
sales of United States savings bonds submitted by corporations gen-
erally and by other agencies.
Office of the Register of the Treasvry {Washington)
This Office is charged with the receipt, from any source, of all re-
deemed, exchanged, or unissued public debt securities, including in-
terest coupons and war savings stamps, canceled and retired on any
account, and with their final audit and subsequent custody. The
Office performs similar functions with respect to the securities issued
by various Government corporations and agencies, and retires bonds
of the insular possessions which are exchanged for other securities.
The Register renders monthly certifications to the Comptroller Gen-
eral of all public debt securities redeemed by the Treasurer of the
United States, and establishes credits due the Division of Loans and
Currency and the Federal Reserve Banks for securities canceled by
them on account of exchanges, etc.
The following statement shows the number of pieces and face value
of the various classes of securities which were received by the Washing-
ton office during the fiscal year 1944.
186
REPORT OF THE SECRETARY OF THE TREASURY
Summary of securities received by the Washington Office of the Register of the Treasury
on account of transactions, fiscal year 1944
Security
Bearer
Pieces
Registered
Pieces
Amount
Redeemed
Public debt securities:
Postal savings bonds, etc.
Liberty loans
Treasury bonds
Treasury notes
Treasury notes— tax series and savings
series
United States savings bonds
Depositary bonds
Adjusted service bonds
Certificates of indebtedness
Treasury bills
Treasury (war) savings securities
Interest coupons
Other securities:
Home Owners' Loan Corporation:
Bonds
Interest coupons
Interest checks _ ._
Federal Farm Mortgage Corporation:
Bonds
Interest coupons
Interest checks
Consolidated Federal farm loans of the
Federal land banks:
Interest coupons
Interest checks
Federal Housing Administration:
Debentures __
Interest checks
Federal home loan banks:
Consolidated debentures
Interest coupons
Reconstruction Finance Corporation:
Notes
Interest coupons
Commodity Credit Corporation:
Notes
Interest coupons
Federal National Mortgage Association;
Notes -
Interest coupons. _-
Federal Public Housing Authority:
Notes
Interest coupons
36
4,693
717, 667
87, 693
415, 224
344, 604
22, 462
14, 842, 777
272,916
933, 063
336, 805
729, 720
870, 461
5,310
29
57, 351
60, 708
34
64, 577
5,901
5,996
14, 938
30, 804
Total.
19, 823, 769
$12, 510. 00
1, 626, 700. 00
2, 649, 302, 200. 00
1, 643, 044, 800. 00
17, 045, 971, 000. 00
51, 146, 938, 000. 00
33, 699. 00
1, 596, 285, 713. 60
710,734,200.00
25, 455, 468. 94
859, 238, 400. 00
16, 942, 015. 71
29, 208, 853. 92
165, 310, 000. 00
690. 00
895, 628, 000. 00
4, 748, 967. 93
129, 000. 00
4, 632, 169. 21
55, 563, 000. 00
453, 585. 31
114, 091, 000. 00
1, 570, 673. 16
76, 966, 920, 646. 78
50
926
231, 236
315
1, 325, 186
4
439
122, 102
225
773
4,784
2,811
31, 425
"ii,"558
12, 042
1,453
1,463
1, 746, 734
.$34, 430. 00
388, 350. DO
220.091,600.00
1, 305, 628, 000. 00
6, 872, 875, 300. 00
S, 080. 00
37, 440, 000. 00
6,105,100.00
5, 688, 778, 000. 00
7, 130. 00
274, 419, 000. 00
433, 698. 75
30, 363, 900. 00
""'"594,'463'o6
1, 030, 772. 76
2, 603, 000. 00
672, 610. 60
14,441,462,275.11
Retired on account of exchanges for other securities, etc.
Public debt securities:
Postal savings bonds, etc
Liberty loans
Treasury bonds
Treasury notes
Treasury notes— tax series and savings
series
United States savings bonds
Depositary bonds
Adjusted service bonds
Certificates of indebtedness _ _ _ _ _
Treasury bills_
First 3J^% Liberty loan interim certifi-
cates
Other securities:
Insular possessions loans
Home Owners' Loan Corporation bonds.
Federal Farm Mortgage Corporation
bonds
Consolidated Federal farm loans of the
Federal land banks, bonds
Federal Housing Administration deben-
tures
403
716
480, 297
123, 971
184, 043
4,758
18
34, 007
23, 247
18, 653
$144, 740. 00
59, 850. 00
3,570,413,200.00
3, 946, 796, 500. 00
9, 312, 180, 000. 00
1, 408, 236, 000. 00
18, 000. 00
57, 583, 600. 00
17,871,600.00
22, 495, 900. 00
6,065
$3, 325, 600. 00
808, 236, 900. 00
419, 257, 000. 00
265, 580, 000. 00
75.00
56, 973, 000. 00
24, 600. 00
17, 240, 000. 00
200, 000. 00
109, 955, 000. 00
6, 924, 400. 00
5, 197, 600. 00
359, 300. 00
REPORT OF THE SECRETARY OF THE TREASURY
187
Summary of securities received by the 'Washington Office of the Register of the Treasury
on account of transactions, fiscal year 1944 — Continued
Security
Bearer
Registered
Pieces
Amount
Pieces
Amount
Retired on account of exchanges for other securities,
etc. — Continued
Other securities— Continued.
Federal liorae loan banks, consolidated
debentures _-_ _.-
4
848
1,320
925
.$120, 000. 00
5, 122, 000. 00
5, 870, 000. 00
2, 005, 000. 00
Reconstruction Finance Corporation
notes -
Commodity Credit Corporation notes, ,.
Federal Public Housing Authority notes.
Total
873,211
18,348,916,440.00
104, 476
$1 693 274 325 00
Unissued stock retired
Public debt securities:
Postal savings bonds, etc
4,183
17.5, 901
1
610, 948
78, 917
228
205
14
1
$922, 320. 00
Treasury bonds..- ..
283, 647
182, 917
.$995, 218, 350. 00
1, 440, 613, 500. 00
560,341,850.00
Treasury notes
No value
Treasury notes— tax series and savings
series _ _ _.- -__ __ _ .-_
1, 034, 4^2, 500. 00
United States savings bonds _
395, 563, 600. 00
Depositary bonds. .
Excess profits tax refund bonds
No value
Adjusted service bonds - -
700. 00
Certificates of indebtedness. .
366, 179
23, 717
4, 072, 209
9, 970, 639, 000. 00
3, 188, 445, 000. 00
606, 454, 440. 91
Treasury bills ...
Interest coupons .
Other securities:
Insular possessions loans
3,561
104,715
13, 275, 000. 00
Home Owners' Loan Corporation:
Bonds. ..
883, 227
87, 368
101,579
37, 310
660, 614, 700. 00
12, 489, 891, 88
117, 160, 900. 00
1,239,813.12
434, 598, 000. 00
Interest coupons . .
Federal Farm Mortgage Corporation:
Bonds. .. ... . . .
16, 454
218, 484, 100. 00
Interest coupons . .
Consolidated Federal farm loans of the
Federal land banks:
Bonds
8
2, 500. 00
Interest coupons
141, 127
8, 866, 380. 76
Federal Housing Administration deben-
tures
789
430, 250. 00
Federal home loan banks, consolidated
debentures.. ..
1
96, 119
10. 335
6,205
15, 348
1,757
14, 237
18, 798
4,016
5, 000. 00
1, 612, 977, 000. 00
575, 910. 00
182, 874, 000. 00
1, 457, 780. 24
16, 887, 000. 00
472, 750. 95
146, 850, 000. 00
242, 734. 68
Reconstruction Finance Corporation:
Notes
Interest coupons
Commodity Credit Corporation:
Notes
Interest coupons
Federal National Mortgage Association:
Notes
Interest coupons .
Federal Public Housing Authority:
Notes
Interest coupons
Total
6, 346, 096
18,964,084,152,54
995, 925
2, 658, 100, 820. 00
Recapitulation
Public debt securities:
Postal savings bonds, etc
Libertv loans
439
5, 409
1,481,611
394, 581
$157, 250. 00
1, 686, 550. 00
7, 214, 933, 750. 00
7, 030, 454, 800. 00
10, 298
926
485, 772
330
1. 948, 792
78,910
979
205
122, 608
227
$4, 283, 350. 00
388, 350. 00
Treasury bonds ..
1, 588, 670, 350. 00
1. 724, 885. 000. 00
Treasury notes — tax series and savings series. .
8, 172, 937, 800. 00
United State.s savings bonds
395, 560, 445. 00
Depositarv bonds. , .,
94, 413, 000. 00
Excess profits tax refund bonds. ..
No value
Adjusted service bonds .
6, 130, 400. 00
Certificates of indebtedness
965, 446
373, 079
1
22, 462
18,914,986
36,328,790,000.00
55,743,619,000.00
50.00
33, 699. 00
2, 202, 740, 154. 51
5, 706, 018, 000. 00
Treasury bills
First 3}4% Liberty loan interim certifi-
cates ..
Treasury (war) savings securities
773
7, 130. 00
Interest coupons..
188
REPORT OF THE SECRETARY OF THE TREASURY
Summary of securities received by the Washington Office of the Register of the Treasury
on account of transactions, fiscal year 1944 — Continued
Security
Other securities:
Insular possessions loans
Home Owners' Loan Corporation:
Bonds
Interest coupons
Interest checks
Federal Farm Mortgage Corporation:
Bonds
Interest coupons
Interest checks
Consolidated Federal farm loans of the
Federal land banks:
Bonds
In teres t coupons
Interest checks
Federal Housing Administration:
Debentures
Interest checks
Federal home loan banks;
Consolidated debentures
Interest coupons
Reconstruction Finance Corporation:
Notes
Interest coupons
Commodity Credit Corporation:
Notes --- --
Interest coupons
Federal National Mortgage Association:
Notes
Interest coupons
Federal Public Housing Authority:
Notes
Interest coupons
Bearer
Pieces
Registered
Pieces
Amount
Recapitulation— Continued
1, 190, 150
1, 020, 431
401, 631
767, 030
18, 653
1,011,588
Total.
5,315
29
154, 318
71.043
7, 559
79, 925
7, 658
20, 233
34. 661
34, 820
$18, 000. 00
1,428,932,500.00
37, 945, 360. 82
994, 270, 900. GO
18, 181, 828. 83
22, 495, 900. 00
38, 075, 234. 68
165, 435, 000. 00
690. 00
2. 513, 727, 000. 00
5, 324, 877. 93
188, 873. 000. 00
6, 089, 949. 45
72, 450. 000. 00
926. 336. 26
262, 946, 000. 00
1, 813, 407. 84
27, 043, 076 114, 279, 921, 239. 32
3,671
110,501
"'2,'8li
49, 933
'il,508"
2,847
12, 042
2, ,539
1,463
2, 847, 135
.$13, 475, 000. 00
818, 972, 000. 00
433," 698.' 75
255, 772, 400. 00
594, 463." 00
5, 200, 100. 00
1,030,772.76
3, 392, 550. 00
672, 610. 60
18, 792, 837, 420. 11
Note.— Redeemed securities are audited through March 1944 settlement.
Division of Public Debt Accounts and Audit (Washington)
This Division maintains administrative control accounts for all se-
curity transactions in the public debt which are conducted by the
various Treasury offices and by the Federal Reserve Banks and
branches as fiscal agents of the United States, and for savings bond
transactions conducted by the post offices, Division of Disbursement
of the Treasury Department, Government Printing Office, Library
of Congress, and War and Navy Departments as issuing agents; and
for transactions involvmg distinctive and nondistinctive paper used
in prmting public debt and other securities, currency, stamps, etc.,
m the Bureau of Engravmg and Printing; conducts administrative
examinations and audits of such transactions and of the securities
involved; maintains control accounts for various classes of unissued
currency in reserve, and conducts administrative examinations and
physical audits of such unissued stocks and cash balances in custody,
and of collateral securities held in trust in the Office of the Treasurer
REPORT OF THE SECRETARY OF THE TREASURY 189
of the United States. Included in the administrative control ac-
counts are transactions in securities of various Government corpora-
tions and agencies.
The control accounts of transactions in the public debt maintained
by the Washington office with other branches of the Bureau of the
Public Debt, with the Office of the Treasurer of the United States
and various other branches of the Government, and with the Federal
Reserve Banks as fiscal agents of the United States greatly increased
during the past year in consequence of the war financing and the
more extended participation of branches of Federal Reserve Banks
in such transactions.
In addition to maintaining the administrative debt accounts, the
Washington office conducted 129 audits involving physical counts of
securities, currency, distinctive and nondistinctive paper, interest
checks, etc., amounting to about $13,285 millions in face value and
105,164,830 in number of pieces; an examination and audit of 2,141
individual accounts of holders of registered bonds; and an audit of
the numerical registers involving an examination of 51,885,257 spaces
representmg bonds retired or outstanding. Other special audits
under instructions of the Secretary of the Treasury were also con-
ducted.
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
and securities of various Government corporations and credit agencies
which became due and payable on their respective interest-payment
dates, and the amount of each form of such securities and unpaid in-
terest outstanding each month. It prepared estimates of interest to
become payable on public debt securities in future fiscal years, and
of 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 Banlvs for public debt and
other securities for the use of Federal Reserve Board examiners in
their periodical examinations of those banks. Numerous data per-
taining to public debt and other transactions for various interested
offices and individuals were also compiled.
Division of Paper Custody {Washington)
This Division receives from the contractors all distinctive paper
used in printing public debt obfigations and paper currency of the
United States and issues such paper to the Bureau of Engraving and
Printing against orders to print; it also maintains records of receipts
and issues of Federal Reserve notes stored in the Federal Reserve
vault. In connection with the manufacture of paper, a field force is
maintained at the mill of the contractors.
The followmg tables summarize the operations of the Division
during the year.
190 REPORT OF THE SECRETARY OF THE TREASURY
Receipts and iss\ies of distinctive and nondistinctive paper, fiscal year 1944
[In sheets]
Kind
On hand
July 1, 1943
Received
Issued
On hand
June 30, 1944
Distinctive
United States currency and Federal Reserve notes-
Unlted States bonds . _ _
22, 893, 276
4, 660, 487
1, 029, 638
184, 093
142, 206, 069
73, 269, 123
250,000
142, 979, 652
68, 749, 847
1, 279, 638
IC, 351
22,119,693
9, 179, 763
Cuban currency - .-
173, 742
Total- --- --
28, 767, 494
215, 725, 192
213, 019, 488
31, 473, 198
Nondistinctive
Parchment, artificial parchment, and parchment
deed .. . .-. ..
743, 162
49, 605
2, 268, 447
383, 896
393, 960
733, 098
Philippine Islands postal card
49, 605
Miscellaneous ._
1, 486, 742
i, 489, 418
2, 265. 771
Total
3, 061, 214
1, 870, 638
1, 883, 378
3, 048, 474
Receipts and issues of Federal Reserve notes, fiscal year 1944
[In thousands of dollars]
Federal Reserve notes
On hand
July 1, 1943
Received
Issued
On hand
June 30, 1944
Series 1928 .. ...
2, 812, 100
3, 515, 640
2, 812, 100
Series 1934
9, 797, 240
8, 139, 160
5, 173, 720
During the year 214,657,071 sheets of paper were counted prior to
issue to the Bureau of Engraving and Printing for authorized work.
Destruction Committee ( Washington)
The following table summarizes the securities (including redeemed
canceled currency) and miscellaneous items received from the various
offices and destroyed by the Destruction Committee during the year.
Number and face amount of securities and miscellaneous items destroyed by the
Destruction Committee, fiscal year 1944
Office making delivery, and items
Number of
pieces
Face value
Division of Loans and Currency and Treasurer of the United States:
United States notes _
39, 221, 351
806, 540, 967
105, 306
172
1,271
$146, 575, 936. 00
Silver certificates
1,035,191,130.00
Gold certificates. .__
3, 106, 530. 00
Treasury notes
2, 000. 00
Fractional currency
290. 77
Total
845,869,067
1,184,875,886.77
Comptroller of the Currency, national banks, and Federal Reserve
Bank agents:
Federal Reserve notes
231,519,095
7, 593, 893
450, 179
2,154,523,365.00
Federal Reserve Bank notes
63, 648, 933. 00
National bank notes
6,139,408.00
Total-
239, 563, 167
2,224,311,706.00
Register of the Treasury:
Principal pieces...
7,493,662
23, 570, 942
33, 864, 413, 775. 34
Coupons.- ._
350, 600, 269. 91
Total
31,064,604
34,215,074,045.25
REPORT OF THE SECRETARY OF TFIE TREASURY
191
Nuviber and face amount of securities and miscellaneous items destroyed by the
Destruction Committee, fiscal year iS^^— Continued
Office making delivery, and items
Number of
pieces
Face value
Bureau of the Public Debt, Chicago Office:
$725, 514, 565. 55
Redeemed savings stamps, Federal Reserve Banks and branches.
22,990,071.65
244, 855. 05
Total
748,749,492.25
Farm Credit Administration — principal pieces _
572, 580
17,597,118.42
700, 006, 993. 83
Foreign Funds Control— forras T. F. E. L. 2 .-.
1,048
22, 296
Total
595, 924
717,604,112.25
Division of Loans and Currency:
For Bureau of Engraving and Printing— mutilated work (sheets).
49, 742, 894
8,302
33,176,020
112,669
Total
83. 039, 885
1,200,132,647
39,090,615,242.52
Chicago Office
The functions assigned to the Bureau of the PubHc Debt in connec-
tion with United States savings bonds and stamps which have been
issued are performed in the Cliicago Office under the administration of
a Deputy Commissioner. The Chicago Office comprises the Adminis-
trative Office, Division of Loans and Currency, Office of the Register
of the Treasury, Division of PubHc Debt Accounts and Audit, and
the Division of Savings Bonds. The first four units are branches of
offices in Washington. A resume of the duties and of the activities
during 1944 of each of these units foHows.
Administrative Office {Chicago)
The Administrative Office exercises general supervision over the
entire Chicago office and handles all administrative matters relating
to Budget accounts, supplies, equipment, personnel, procedure, and
office space.
The total number of employees of the Chicago office increased from
6,820 at the beginning of the year to 8,285 on June 30, 1944, a net
increase of 1,465. In order to secure additional employees and at the
same time replace 5,140 separations from the service during the year,
about 14,500 persons were interviewed and 6,605 were appointed.
The average montliiy turnover during the year was 5.8 percent.
Recruitment continues to present one of the most serious problems con-
fronting the office. ■•^IM
The Destruction Committee in Chicago supervised the destruction
of 1,447,260 pounds of canceled war savings stamps. The material
from these and other miscellaneous items was sold for $26,702.
192
REPORT OF THE SECRETARY OF THE TREASURY
Division of Loans and Currency {Chicngo)
This office, under an Assistant Chief in Charge, handles (1) the
registration of savings bonds that have been sold, (2) the maintenance
of interest accounts for Series G bondholders, and (3) transactions
with savings bond owners in connection with redemptions, reissues,
etc.
Every savings bond issued is registered in two ways: (1) By serial
number and (2) by name of owner. Registration is accomplished
thi'ough the medium of stubs from the savings bonds sold. These
stubs are in the form of standard punch cards, each of which carries
a full description of the bond issued. Sorting and other processing
of the stubs are done largely by mechanical means.
Registration of Series E bonds. — The stubs received from all bonds
issued during each month are first sorted by denominations and serial
numbers. The stubs are then microfilmed, establishing a numerical
record of every bond issued. The name of the owner is then key
punched in the stub, after which the stubs are sorted alphabetically
by names of owners and interfiled with the stubs of prior months of
the same calendar year, thus establishing a file of each person's owner-
ship of bonds issued during that year. A summary of the operations
during 1944 follows.
Series E bond stubs
Number of
stubs
Mechanical processing:
113, 179, 129
302, 738, 772
415,917,901
Number of stubs
261,504,629
.. .-- 265,565,307
Processed during year:
Numerically sorted
Microfilmed
Key puncbprl
216,547,759
Alphabetically sorted -.. - -.
170.800.280
Alphabetical sort ready for manual processing:
Forfiling . - -.. - .-.
169, 957, 780
For manual sort .. . .. - - _
20, 909, 652
Total
190, 867, 432
On hand June 30, 1944, in various stages of processing
225, 050, 469
Manual processin?:
On hand July 1, 1943
42, 756, 621
Received for filing ._ .__,.____ _..._....
169, 957, 780
Received from manual sort -. - - - -
20, 909, 652
Total to be processed-- _ _ , - . _ -
233, 624. 053
Inserted in files .. _._ -_ -..-_.
182, 481, 093
On hand June 30, 1944
51, 142. 960
The alphabetical punching and machine sorting of Series E stubs
were increased from 14 letters to 16 letters, thereby eliminating much
of the manual sorting preparatory to inserting the stubs in the files.
In addition to microfilming 265,565,307 Series E stubs in numerical
sequence, microfilming of Series A tlu'ough Series E stubs in alpha-
betical order was started in Januarv 1944. By the end of the year
106,163,550 alphabeticallv sorted stubs of Series A through D, E-1941,
and E-1942 were filmed. At the close of the year 76,302,186 Series
E stubs were available for alphabetical filming.
REPORT OF THE SECRETARY OF THE TREASURY
193
Registration of Series F and G bonds. — The stubs received from Scries
F and G issued bonds are processed in the same manner as those from
Series E bonds. A summary of the operations during the year follows.
Mechanical processing:
On hand July 1, 1943 (processing incomplete)
Received during year from bonds issued
Total to be processed
Processed during year and ready for filing.
On hand June 30, 1944, in various stages of processing
Manual processing:
On hand July 1, 1943
Received for filing _ - .
Total to be processed
Inserted in files
On hand June 30, 1944
Number of
Series F
stubs
752, 053
1, 139, 589
1, 891, 642
1,462,421
Number of
Series Q
stubs
752, 053
1, 139, 589
1, 891, 642
855, 696
1, 035, 946
199,114
2, 644, 258
2, 843, 372
2, 227, 639
615, 733
199, 114
2, 644, 258
2, 843, 372
2, 825, 946
17, 426
Series G bond interest accounts. — During the year 846,912 new
accounts were opened for Series G bondholders. Interest on these
bonds is paid semiannually in the form of checks. Since Series G
bonds are dated as of the first of the month in which payment for
the bonds is received and since these bonds are on continuous sale
there are interest payments to be made in every month of the year.
During the year 4,033,385 interest checks were prepared and interest
was paid in the amount of $167,460,098.75, as compared with
1,675,584 interest checks for $77,498,228.75 in the previous year.
In connection with Series G bond accounts, the following operations
were performed during the year: Number
Series G stubs punched and verified -.. 2, 690, 958
Control cards punched 36,956
Statistical cards reproduced 1, 851, 854
Coowner cards reproduced 415,816
Stubs tabulated for interest summary cards 2, 850, 113
Interest summary cards cut 1,302, 762
Check issue cards reproduced 3, 752, 561
Checks written 3,752,561
Stencils cut and verified ._ 713, 189
Important revisions of the Series G bond interest payment pro-
cedures were accomplished during the year.
Statistical work. — There were processed during the year 15,585,981
stubs of savings bonds to provide sales data, 107,614 advices of ship-
ment of redeemed savings bonds to provide redemption data, and
1,090,000 statistical report forms for postmasters. About 60,000
cards were punched and processed in reporting Treasury sales data
and 500,000 cards were punched and processed in preparing pay rolls
and statistics for the annual budget.
Bond transactions. — During the year 656,446 bonds were received
which required transactions with the owners in connection with
redemption, reissue, and other transactions. Of this number 626,550
were examined and retired. This involved searching of 1,076,419
items.
Authorities for bond redemptions in estate cases, etc. — During the
year 44,430 bond cases and 47,239 legal papers were received for
determination of authorities for bond redemptions chiefly in connec-
613185—45 14
194
REPORT OF THE SECRETARY OF THE TREASURY
tion with the settlement of estates. About 254,245 bonds were
examined. The work is approximately current notwithstanding
large increases over the previous year in bond cases and legal papers
received.
Claims. — Claims for lost, stolen, and. destroyed savings bonds
handled during the year arc shown in the following table.
Claims
Fiscal year
1943
Fiscal year
1944
On hand at beginning of year
2,500
46, 106
24, 109
Received during year .
1 60, 259
Total to be accounted for...
48, 606
84, 368
Disposals:
Recovery of securities .
10, 630
14, 030
22, 047
Sent to Washington ----- - --- - --
45, 668
Total disposals
24, 660
67, 715
On hand at end of year. . . _.
2 24, 109
16, 653
' Excludes 14,978 cases involving stock credits, which cases were forvrarde.d to Washiugton for settlement.
> Includes 163 cases on which caveats had not been placed.
Office of the Register of the Treasury (Chicago)
This Office, under an Assistant to the Register of the Treasury, is
charged with the receipt, audit, clearance, and certification for credit
of canceled United States savings bonds and stamps which have been
redeemed or retired on any account, and with the subsequent storage
of the savings bonds.
The following table shows the number of canceled savings bonds
audited and filed during the year.
Pieces
Amount
Redeemed ...
71, 189, 938
2, 198, 721
9, 198, 977
$2, 163, 188, 182. 47
Exchanged
341, 000, 550. 00
Unissued .. _. ..
1,620,128,625.00
Total
82, 587, 636
4,130,317,357.47
A new procedure was instituted during the year which eliminated
the necessity of sorting canceled bonds in numerical order for pur-
poses of posting to the numerical registers. The sorting of bonds in
numerical order has been eliminated by preparation of a punch card
for each bond by the transmitting agencies from which is tabulated
a numerically arranged list of bonds for posting to the numerical
registers.
During the year 31,594,826 albums containing redeemed war savings
stamps in the amount of $423,234,827.80 and 479,173 unissued stamps
in the amount of $90,630.70 were audited and filed. This work is
on a substantially current basis. There were 54,698,560 canceled
albums and 1,090,918 unissued stamps assembled from the files and
delivered to the Destruction Committee (Chicago).
REPORT OF THE SECRETARY OF THE TREASURY 195
Division of Piihlic Debt Accounts and Audit {Chicago)
This Division, under an Assistant Chief of Division, is charged with
the verification of the issues and retirements of United States savings
bonds through appropriate accounts and audits. A verification of
the cash received by the Treasurer of the United States from the sales
of savings bonds and the estabUshment of the monthly series are
accomplished by this Division through audit of the original registra-
tion stubs appertaining to the bonds sold by issuing agents. The
stubs are submitted by the Post Office Department on account of
sales by postmasters; by the Federal Reserve Banks and branches on
account of their own sales and those of their agents; and by the War
and Navy Departments, the Library of Congress, the Government
Printing Office, and the Treasury Disbursing Office and its 25 regional
offices, representing their respective sales. During the year 309,-
123,020 original registration stubs, representing cash receipts of
$19,542,967,850, were audited on these accounts.
In addition, 11,392,222 canceled and unissued savings bonds were
audited of Avhich 2,129,551 were on reissues, 68,876 on claims issues,
and 9,193,795 spoiled in issue, including 332,829 excess stock.
Division of Savings Bonds (Chicago)
The Division during the year functioned chiefly as a promotional
adjunct of the War Finance Division of the Treasury, and in such
connection was responsible for distribution of advertising material
for the promotion and sale of savings bonds and stamps. The special
mailing lists consisted of 218 groups with a total of about one and one-
quarter million plates.
The Division conducted correspondence with owners and prospec-
tive purchasers of war bonds and sent reminder purchases notices
at regular intervals to approximately 68,000 participants in the
Regular Purchase Plan.
Treasurer of the United States
Public moneys are received and disbursed through the accounts of
the Treasurer of the United States. Depositary accounts are carried
with several hundred designated Government depositaries. Checking
accounts with disbursing officers of the Government are maintained
on the books of the Treasurer. Funds appropriated by Congress for
the use of the various departments and establishments of the Govern-
ment are advanced to disbursing officers as required through credits
to their accounts with the Treasurer, and disbursements are made
by checks drawn by disbursing officers against such accounts. The
Treasurer is the official custodian of the public money; he is also fiscal
agent for the payment of the principal of and interest on the public
debt, for the issue and redemption of United States paper currency,
for the redemption of Federal Reserve notes, Federal Reserve Bank
notes, and national bank notes, and is treasurer of the Board of
Trustees of the Postal Savings System and trustee and custodian of
miscellaneous securities and trust funds. He acts as special agent
for the payment of the principal of and interest on bonds and other
obligations of the insular governments and of Government corpora-
tions and agencies.
196
REPORT OF THE SECRETARY OF THE TREASURY
The program to decentralize the payment of certain classes of
checks by arranging with the Federal Reserve Banks to act as fiscal
agents for the Treasurer in payment of such checks was further
extended during the fiscal year to include substantially all payments
made by the twenty regional offices of the Division of Disbursement
located in the continental United States.
A comparison of the receipts and expenditures of the Government
for the fiscal years 1943 and 1944, exclusive of postal* revenues and
payments payable therefrom, is shown in the following table. ♦
Su7n7r.ary of receipts and expenditures, fiscal years 1943 and 1944
[On basis of daily Treasury statements, see p. 519]
1&43
1944
Increase or
decrease (— )
General and special accounts:
$22, 2S1. 642, 709. 24
78, 178. 885. 240. 87
.$44, 148, 926, 968. 07
93, 743, 513, 213. 84
$21,867,284,258.83
Expenditures, excluding statutory debt
retirements (sinking fund, etc.)
15, 564, 627, 972. 97
Excess of expenditures, excluding
statutory debt retirements ..
55, 897, 242, 531. 63
49, 594, 586. 245. 77
-6. 302, 656, 285. 86
Trust accounts, etc:
Receipts ._ .-_ .
3. 926, 252, 842. 21
5,052,721,588.47
1, 126, 468, 746. 26
Expenditures:
Trust accounts, etc
Transactions in checking accounts of
Government agencies, etc. (net)...
3.593. S.")!, 348. 14
2, 193, 685, 465. 83
4, 700, 377, 863. 19
4. 403, 068, 674. 50
1,106,826,515.05
2, 209, 383, 208. 67
Total expenditures
5.787,236,813.97
9, 103. 446, 537. 69
3,316.209,723.72
Excess of expenditures
1, 860, 983, 971. 76
4. 050, 724, 949. 22
2, 189, 740, 977. 46
The total public debt obligations outstanding on June 30, 1943,
were $136,696,090,329.90 and the receipts and retirements during
the fiscal year 1944 were $153,785,399,539.98 and $89,478,102,648.75,
respectively, making $201,003,387,221.13 of obligations outstanding
on June 30, 1944, an increase for the year of $64,307,296,891.23.
The public debt retirements chargeable against ordinary receipts
during the year amounted to $1,650 and are included in the total
retirements shown in the preceding paragraph.
The amount of interest paid on the public debt durmg the year is
classified as follows :
Class of interest payment
Interest coupons paid
Registered interest checks paid
Accrued interest iiaid in cash on obligations at redemption __
Discount on Treasury bills sold
Discount accrued on ITnited States savings bonds -.
Interest ijaid on obligations, special series (transfer-counter warrant transactions)
Total paid
Less repayments
Net payments
Amount
, 595, 684, 364. 42
467. 661, 284. 40
12,5,812,287.09
51,018,753.92
223, 189, 953. 71
161.517,692.31
2, 624, 884, 335. 85
15, 904, 530. 23
2, 608, 979, 805. 62
The number of pieces of public debt principal obligations examined,
verified, and redeemed during the year was 121,784,837 as compared
with 56,433,991 pieces for the previous year. Checks in payment of
REPORT or THE SECRETARY OF THE TREASURY
197
interest on the registered obligations of the United States verified and
paid totaled 4,270,326 pieces, and the matnred interest coupons of
Government obligations examined, verified, and paid totaled 14,845,579
pieces.
The gold holdings of the Treasury as of June 30, 1944, were 604,-
954,335.5 ounces amounting to $21,173,401,741.86, valued at $35
an ounce, a decrease of 34,687,257.4 ounces and $1,214,054,009.19
from the previous year. The details of these holdmgs are shown in
the table on page 728 of this report. The decrease in gold holdings
was due prhicipally to a net reduction of $1,214,473,161.81 in holdings
by mints and assay offices on account of transfers to foreign accounts
for earmark, exports, etc. (valued at $35 an ounce); receipts of gold
(paid for at $20.67+ an ounce) under the order of December 28, 1933,
of the Secretary of the Treasury amounted to $247,561.52; and the
increment resulting from reduction in the weight of the gold dollar
amounted to $171,591.10.
Paper cin-rency of each class issued and redeemed during the year
and the amounts outstanding, including Treasury and Federal Re-
serve Bank holdings on June 30, 1943 and 1944, were as follows:
Outstanding
June 30, 1943
Issued
Redeemed
Outstanding June 30, 1944
Class
In Trcasurj'
Outside
Treasury
Gold certificates - - _
$2, 873, 222, 179
1, 965, 154, 828
346,681,016
1, 156, 048
14, 404, 174, 100
632, 971, 232
133, 357, 652
$3, 126, 260
1, 104, 830, 232
155, 196, 000
700
2, 210, 805, 510
63, 880, 433
6, 139, 408
$659, 710
25, 216, 321
2,171,346
1,676
78, 788, 148
659, 509
472, 298
$2, 869, 436, 209
1, 812, 736, 275
•^44 VlQ fi7n
Silver certificates
$977, 628, 000
155, 196, 000
United States notes
Treasury notes of 1890
1 153 672
Federal Reserve notes
7, 334, 605, 000
35, 920, 000
19, 449, 185, 442
604, 351, 290
126 745 946
Federal Reserve Bank notes. --
National bank notes. ._
Total
20, 356, 717, 055
8, 503, 349, 000
3, 543, 978, 543
107, 969, 008
25,208,118,504
United States paper currency shipped durhig the year from the
Treasury in Washington to Federal Reserve Banks and branches and
others amounted to $1,175,514,690, an increase of $50,628,910 over
the previous year.
The Treasurer's Office directed shipments of current silver and
minor coins between the United States Treasury, the United States
mints, and the Federal Reserve Banks and branches for use in public
disbursements, etc., as follows:
Kind
Shipments from
Treasury to
Federal Re-
serve Banks
and branches
Shipments from
mints to Treas-
ury and Fed-
eral Reserve
Banks and
branches
Shipments be-
tween Federal
Reserve Banks
and branches
Silver:
Standard dollars .
$19, 340, 997. 00
27, 073, 400. 00
32, 575, 000. 00
31,102,400.00
11,812,649.35
15,302,316.93
$290, 000. 00
Half dollars
$295, 000. 00
Quarter dollars
275, 000. 00
550, 000. 00
85, 000. 00
Dimes
Minor:
Five-cent coins. . .
155, 000. 00
Cents _
Total
450, 000. 00
137, 206, 763. 28
1, 200, 000. 00
198 REPORT OF THE SECRETARY OF THE TREASURY
Shipments and transfers of gold coin and bullion and of uncurrent
silver and minor coins to the mints from the Treasury and the Federal
Reserve Banks and branches were authorized in the amounts of
$429,690 and $1,946,410, respectively.
The proceeds of currency received into the Treasurer's cash by the
Currency Redemption Division during the year amounted to
$490,674,891, of which $335,743,818 was in Federal Reserve notes,
$63,440,779 in Federal Reserve Banlc notes, $5,967,525 in national
bank notes, and $85,522,769 in United States currency.
Canceled Federal Reserve notes amounting to $2,004,175,335 were
received from Federal Reserve Banks and branches for credit of
Federal Reserve agents. These notes are not taken into the Treas-
urer's cash because settlement therefor is made between the Federal
Reserve Banks and the Federal Reserve agents.
Public moneys on deposit in designated Government depositaries
on June 30, 1944, to the credit of the Treasurer and to the credit of
other Government officers amounted to $19,715,145,810.52 and
$216,037,592.27, respectively, including items in transit. The table
on page 728 shows the amounts in the various depositaries on June 30
of the last two years.
Transfers to establish, to increase, and to restore the Treasurer's
balance with depositary banks during the fiscal year 1944 numbered
2,296 and aggregated $902,337,319.
Principal obligations of Government corporations and agencies and
insular governments redeemed by the Treasurer during the year
amounted to $2,795,379,650; checks issued by the Treasurer in pay-
ment of interest on such registered obligations paid during the year
amounted to $3,215,909; interest coupons on such obligations paid
amounted to $84,727,998; and interest paid in cash when such obliga-
tions were redeemed amounted to $23,362,128.
Funds were advanced to United States disbursing officers by ac-
countable warrants issued in an aggregate amount of $126,311,085,988,
Treasurer's checks aggregating $9,677,624 were issued on settlem^ent
warrants in payment of claims settled by the Comptroller General.
Checks drawn on the Treasurer of the United States by Govern-
ment disbursing officers and agencies were paid during the fiscal
year 1944 to the estimated number of 290,025,490, of which 123,227,357
were paid for the Treasurer by Federal Reserve Banks acting as his
agents. The total number of checks paid during the previous fiscal
year was 201,676,720, of which number 15,290,259 were paid through
the Federal Reserve Banks. Thus, the number of all checks in-
creased during the fiscal year by 44 percent, and the number of pay-
ments at Federal Reserve Banks increased by 706 percent.
Balances to the credit of disbursing officers and Government agen-
cies in 10,112 accounts on June 30, 1944, amounted to $19,432,921,597,
an increase of $465,434,880, as compared with the total of such bal-
ances in 7,545 accounts on June 30, 1943.
Payments to correct irregularities in negotiation of checks were
made during the year to the number of 12,322 amounting to
$828,178.10, while in the previous year the number was 4,906 amount-
ing to $281,072.69.
Duplicate checks to the number of 52,414 were requested by payees
or endorsees during the year as compared with 27,578 during the
previous year, the original check in each case having been lost,
REPORT OF THE SECRETARY OF THE TREASURY
199
stolen, wholly or partly destroyed, or so mutilated or defaced as to
impair its value to its owner or holder.
Drafts in 33 different kinds of foreign currencies, aggregating 1,620
in number, were purchased by the Treasurer for various agencies of
the Government at a cost of $225,868.44.
Payments aggregating $1,026,872,555.66 were made to Govern-
ment officers located in 25 different foreign countries by means of
371 cable transfers.
Commercial checks, drafts, and postal express money orders, etc.,
aggregating 2,467,899 items and amounting to $2,569,997,803.31 were
deposited by Government officers with the Treasurer of the United
States for collection.
The Treasurer is custodian of securities pledged for the safekeep-
ing and prompt payment of Government deposits in bank deposi-
taries, of postal savings funds in depositaries designated to receive
such funds, and, under provisions of law or by direction of the Sec-
retary of the Treasury, of various trust funds comprised of bonds
and other obligations and of securities placed in safekeeping by var-
ious Government executive departments and bureaus. The face value
of such securities held on June 30, 1943, and June 30, 1944, classified
according to the purpose for which held, is shown in the following
table.
Purpose for which held
June 30, 1943
June 30, 1944
To secure deposits of public moneys in depositary banks
To secure deposits of postal savings funds
For District of Columbia:
Teachers' retirement fund
W ater fund
Other . ,
United States savin gs bonds held for various depositors
For the Board of Trustees, Postal Savings System
For the Secretary of War _
For the Secretary of the Treasury :
Foreign obi igations
Obligations on account of sales of surplus property
Capital stock and obligations of Government corporations and
agencies
Other
For Farm Credit Administration
For Federal Deposit Insurance Corporation
For Federal Savings and Loan Insurance Corporation
For Federal Farm Mortgage Corporation
For Alien Property investment account
M iscellaneous
$262, 466, 000
14, 092, 000
10, 264, 250
1, 773, 000
398, 570
35, 731, 600
1,357,942,760
12, 420, 330
12, 072, 484, 757
46. 737, 095
8, 589, 598, 352
4, 894, 269
316, 738, 400
34, 5U0
115,000,000
20,861,207
129, 367, 382
$424, 822, 025
10, 597, 050
10, 708, 050
1,773,000
402, 170
60, 706. 025
1, 759, 425, 730
11,365,230
12, 072, 400, 757
46, 737, 095
11,237,797,565
6,361,325
176,000,000
468, 725, 300
20, 861, 207
117,736,557
Total.
22, 980, 804, 472
26, 426, 419. 086
BUDGET AND IMPROVEMENT COMMITTEE
The Budget and Improvement Committee is responsible, under the
direction of the Budget Officer, for the preparation and review of es-
timates submitted by Treasury bureaus and divisions for annual or
deficiency appropriations. It is also responsible, under the direction
of the Budget Officer, for the investigation of administrative methods
and procedure in their relation to appropriation estimates and for
other investigations upon assignment by the Administrative Assistant
to the Secretary. To facilitate the investigations, a Subcommittee
on Investigations is assigned the responsibility for determining,
through the inspection of field as well as departmental activities, the
justification for proposed increases in appropriations and makes other
surveys upon assignment.
200 REPORT OF THE SECRETARY OF THE TREASURY
The review of appropriation estimates includes a thorough exami-
nation of the items by the individual committee members to whom
respective bureaus or divisions are assigned. The entire committee
then conducts formal hearings at which the bureau or division heads,
or their representatives, present oral testimony in further support of
the estimates. The committee, after deliberation, submits its recom-
mendations to the Budget Officer for his guidance in determining the
items which should be approved for transmittal to the Bureau of the
Budget.
In addition to the regular estimates of appropriations for the fiscal
year 1945, supplemental and deficiency estimates aggregating $59,-
732,700 were received during the fiscal year 1944.
Reserves amounting to $10,936,827 were set aside from the ordi-
nary appropriations for the fiscal year 1944 by the bureaus and offices
of the Department. During the year reserves amounting to $4,510,-
000 were released by the Director of the Bureau of the Budget after
approval of the committee, leaving a reserve of $6,426,827 at the
end of the year. Of the appropriations made to the Treasury De-
partment for the fiscal year 1945, $26,111,643 has been set aside as
reserves for savings and contingencies.
For the fiscal year 1946 estimates aggregating $11,240,637,327 were
approved by the Departmental Budget Officer and submitted to the
Director of the Bureau of the Budget. Such estimates included
$303,732,079 for annual appropriations; $2,727,541,843 for permanent
and indefinite appropriations and special funds;$3,116,647,175 for trust
funds; $4,500,000,000 for interest on the pubHc debt; and $592,716,230
for public debt retirements chargeable against ordinary receipts.
BUREAU OF THE COMPTROLLER OF THE CURRENCY i
The Bureau of the Comptroller of the Currency is responsible for
the execution of all laws relating to the supervision of national bank-
ing associations and all banks and building and loan associations in
the District of Columbia. The Bureau is also responsible for the
liquidation of suspended national banks placed in charge of receivers.
Under the Emergency Banldng Act of March 9, 1933, approval of
the Comptroller of the Currency is required for the issuance and
retirement of preferred stock of national banking associations. Other
duties include those incident to the formation and chartering of new
national banking associations, the establishment of branch banks, the
consolidation of banks, and the conversion of State banks into national
banks.
Changes in the condition of active national banks
The total assets of the 5,042 active national banks on June 30, 1944,
amomited to $70,401 millions, an increase of $11,429 millions since
June 30, 1943, when 5,066 banks reported. The deposits of the active
banks in 1944, excluding reciprocal interbank demand balances,
totaled $65,833 millions, which was $11,064 millions more than in
1943. The loans and securities totaled $53,518 millions, representing
an increase of $10,599 millions during the year. Capital funds of
$4,111 millions were $285 millions more than in the preceding year.
The assets and liabilities of active national banks on the date of
each report from June 30, 1943, to June 30, 1944, are shown in the
following statement.
' More detailed information concerning the Bureau of the Comptroller of the Currency is contained in
the annual report of the Comptroller.
REPORT OF THE SECRETARY OF THE TREASURY
201
Abstract of reports of condition of active national banks on the date of each report
from June 30, 1943, to June SO, 1944
[In thousands of dollars]
Assets
Loans and discounts, including overdrafts-
U. S. Government securities, direct obli-
gations
Obligations guaranteed by U. S. Govern-
ment
Obligations of States and political subdi-
visions
Other bonds, notes, and debentures
Corporate stocks, including stocks of Fed-
eral Reserve Banks
Total loans and securities
Cash, balances with other banks, including
reserve balances, and cash items in pro-
cess of collection '
Bank premises owned, furniture and fix-
tures
Real estate owned other than bank prem-
ises
Investments and other assets indirectly
representing bank premises or other real
estate
Customers' liability on acceptances out-
standing. _-
Interest, commissions, rent, and other in-
come earned or accrued but not collected.
O ther assets
Total assets '_
Liabilities
Demand deposits of individuals, partner-
ships, and corporations
Time deposits of individuals, partner-
ships, and corporations
Deposits of U. S. Government and postal
savings
Deposits of States and political subdivi-
sions
Deposits of banks i
Other deposits (certified and cashiers'
ch ecks, etc.)
Total deposits '
Demand deposits '
Time deposits
Bills payable, rediscounts, and other
liabilities for borrowed money
Mortgages or other liens on bank premises
and other real estate
Acceptances executed by or for account of
reporting banks nnd outstanding
Interest, discount, rent, and other income
collected but not earned
Interest, taxes, and other expenses accrued
and unpaid
Other liabilities
Total liabilities ' _ - _ .
Capital Accounts
Capital stock
Surplus
Undivided profits. . .,
Reserves and retirement account for pre-
ferred stock
Total capital accoimts
Total liabilities and capital ac-
counts 1
June 30,
1943 (5,066
banks)
9, 190, 143
28,514,634
1, 675, 768
2, 026, 333
1, 340, 099
171,744
4^, 918, 721
15, 227, 391
566, 697
47, 530
49, 285
30, 509
86, 079
46, 140
58, 972, 352
30,518,146
8,971,178
4, 589, 354
2, 900, 361
7, 156, 360
633, 962
54, 769, 361
.^5, 429, 851
9, 339, 510
4, 231
67
34, 390
25, 622
98, 816
214, 460
55, 146, 947
1,498,008
1, 474, 673
584, 169
268, 555
3, 825, 405
58, 972, 352
Oct. 18,
1943 (5,058
banks)
10, 775, 316
-35, 709, 814
1,984,169
1,266,527
14.5,811
49,881,637
15,423,238
564, 415
40, 748
47, 769
34,411
107,788
56, 978
66,156.984
30,901,323
9, 501, 379
10,853,187
2, 603, 884
7, 313, 763
613,519
61,787,055
61,918,952
9, 868, 103
36, 718
66
37, 836
26, 442
111,884
238, 413
1,496,455
1, 510, 737
635, 839
275, 539
3, 918, 570
66,156,984
Dec. 31,
1943 (5.046
banks)
10. 133, 532
32, 552, 251
1, 626, 304
1,933,187
1,243,450
149, 061
47, 637, 785
10, 080, 664
547, 470
33, 990
47, 275
26, 207
101,664
56, 862
64,531,917
33, 2.54, S37
9, 926, 259
5,951,128
2, 934, 654
7, 160, 133
929, 170
60, 156, 181
49, 847, 504
10, 308, 677
8,155
61
31,642
23, 881
118,469
234, 086
60, 572, 475
1,531,515
1, 619, 769
541, 595
266, 563
3, 959, 442
64,531,917
Apr. 13,
1944 (5,048
banks)
9, 950, 486
'36, 732, 082
1,996,461
1,291,048
146, 186
50,116,263
15, 399, .509
542, 465
30, 764
49, 374
32, 582
103, 024
59,153
66, 3.33, 134
33, 557, 069
10, 494, 797
7, 201, 664
2, 947, 639
6, 985, 579
623, 232
SO, 927, 316
10, 882, 664
56, 600
61
37, 838
24, 472
1.38,829
199, 550
62, 267, 330
1, .547, 780
1, 628, 622
613, 174
276, 228
4, 065, 804
66,333,134
June 30,
1944 (5,042
banks)
11,229,680
38, 156, 365
634, 504
2, 032, 998
1,318,488
146, 168
63,518,203
16, 059, 734
532, 377
25, 582
49, 356
34, 003
116,883
64, 807
70, 400, 945
32, 745, 584
11,056,548
10,825,128
2, 998, 352
7, 403, 551
804, 090
65, 833, 253
5i, 408, 676
11.4^4.577
6,205
60
37, 869
23, 867
147,566
241,516
66, 290, 336
1,553,578
1,692,172
604, 198
260, 661
4,110,609
70,400,945
• Excludes reciprocal interbank demand balances with banks in the United States.
202
REPORT OF THE SECRETARY OF THE TREASURY
Summary of changes in the National Banking System
The authorized capital stock of the 5,049 national banks in existence
on June 30, 1944 (including 4 banks that had discontinued business
although not in formal liquidation and 3 banks chartered during the
year but not open for business as of that date) consisted of common
capital stock aggregating $1,442 millions, an increase of $82 millions,
and preferred capital stock aggregating $115 millions, a decrease dur-
ing the year of $23 millions. The total net increase of capital stock
was $58 millions. During the year charters were issued to 20 national
banking associations which had common capital stock aggregating
over $4 millions. There was a net decrease of 18 in the number of
national banks in the system during the year by reason of voluntary
liquidations, one receivership, and two consolidations under the act of
November 7, 1918, as amended.
Changes in the number and capital stock of national banks during
the fiscal year 1944 are shown in the following summary.
Organization, capital stock changes, and liquidations of national banks, fiscal year
19U
Charters granted
Increases of capital stock:
3 banks, by new issues
130 banks, by regular increases
482 banks, by stock dividends..
11 banks, by conversion of preferred capital stock
3 banks, by consolidation (act Nov. 7, 1918, as amended) .
Total increases
Voluntary liquidations
Receiverships
Decreases of capital stock:
13 banks, by reduction
544 banks, by retirement
Closed under consolidation (act Nov. 7, 1018, as amended).
Total decreases
Net changes during the year.. .
Charters in force June 30, 1943.
Charters in force June 30, 1944.
Number
of banks
38
-18
■ 5, 067
' 5, 049
Capital stock
Common
$4, 730, 000
18, 985, 057
61, 961, 366
1, 015, 890
400, 000
87, 092, 313
2, 594, 800
600, 000
2, 380, 200
5, 575, 000
+81, 517. 313
1, 360, 656, 916
1, 442, 174, 229
Preferred
$155,870
155, 870
778, 430
22, 785, 246
23, 563, 676
-23, 407, 806
138, 418, 848
115,011,042
I This figure differs from that shown in the preceding table. Banks that have discontinued business
although not in formal liquidation do not submit reports of condition but arc included in this table. In-
cluded also are 3 banks chartered during the period that had not opened for business as of June 30, 1944.
BUREAU OF CUSTOMS
The principal functions of the Bureau of Customs are to enter and
clear vessels; supervise the discharge of cargo; ascertain the quantities
of imported merchandise, appraise and classify such merchandise,
and assess and collect the duties thereon; control the customs ware-
housing of imported merchandise; enforce customs and other laws
by patrolling the international borders and inspecting international
traffic by vessel, highway, railway, and air; review protests against
the payment of duties; determine and certify for payment the amount
of drawback due upon the exportation of articles manufactured or
REPORT OF THE SECRETARY OF THE TREASURY
203
produced from duty-paid or tax-paid imports; prevent the smuggling
of contraband merchandise and the release of prohibited articles;
prevent and detect undervaluations and frauds on the customs rev-
enue; apprehend violatoi's of the customs laws; enforce the Anti-
dumping Act and perform certain duties under the Foreign Trade
Zones Act.
Collections
After two successive years of diminishing revenue, customs col-
lections in 1944 increased greatly over the preceding year and attained
a level Avhich was exceeded only once during the past decade. With
a total of $434,259,038 in 1944, collections were 32 percent greater
than in 1943, and only 11 percent smaller than in 1937. The upward
trend in collections which prevailed during the last five months of
the preceding fiscal year continued at a less rapid rate durmg the first
nine months of the current year, attaining a peak of $42,998,953 in.
March, an amount larger than for any single month smce June 1937-
During the last tliree months of the fiscal year 1944, however, col-
lections declined sharply, the total in June ($30,163,209) being lower
than for any other month of the fiscal year. An extension of the
scope of Executive Order No. 9177, which authorized the free entry
by certain governmental agencies of emergency purchases of war
materials abroad, became effective during this period and partially
accounted for the decreased revenues. The types of collections dur-
ing the past two years are sliown in the following table.
Customs collections ^ and refunds, fiscal years 1943 and 1944
[On basis of accounts of Bureau of Customs]
Type
1943
1944
Percentage
increase or
decrease (— )
Collections:
Duties:
Consumption entries
$167, 310, 457
149,417,688
571, 506
229, 662
903, 406
95, 336
6, 938, 492
491, 365
$228, 716, 830
192, 644, 820
580, 640
402, 775
1, 086, 413
86, 519
7, 051, 058
741, 565
36.7
Warehouse withdrawals
28 9
Mail entries.-- _. ..-
1.6
Baggage entries,
75. 4
Informal entries 2 ... ... _ _
20.3
Appraisement entries.
-9.2
Increased and additional duties.
1.6
other duties... _•
50.9
Total duties
325, 957, 912
431, 310, 620
32.3
Miscellaneous:
Fines, penalties, and forfeitures
' 499, 679
-■ 99, 836
20, 987
-■ 123, 718
1,316,685
' 104, 966
669, 325
100, 641
32, 971
1C4, 730
1, 827, 552
153, 289
34.0
Liquidated damages
.8
Sale of seizures _ . -__ ...
57.1
Sale of Government property, unclaimed and aban-
doned merchandise
33.1
Tonnage tax and navigation fees
38.8
All other customs receipts
46.0
Total miscellaneous
' 2, 165, 871
2. 948, 418
36.1
Total customs collections
-■ 328, 123, 783
434, 259, 038
32.3
Refunds:
Excessive duties
3, 957, 401
10, 344, 298
19, 318
3, 910, 845
10, 451, 478
89, 156
-1.2
Drawback payments
1.0
other
361 5
Total refunds
14, 321, 017
14, 451, 479
.9
"• Revised.
' Excludes customs duties of Puerto Rico, which are deposited to the credit of the Qovernnient of Puerto
Rico, but includes fines and other minor collections of Puerto Rico.
' Entries of less than $100 in value.
204 REPORT OF THE SECRETARY OF THE TREASURY
All the important types of duties showed greater revenue in 1944
than in the previous year, duties on appraisement entries being the
only type to show a decrease. The largest relative increase appeared
in duties collected on baggage entries, owing partly to increased tourist
travel and partly to dutiable articles brought in the baggage of mem-
bers of the armed forces returning from overseas. Duties on mail
entries were very little larger than during the preceding year although
the number of such entries was considerably greater, a condition due
to the great number of free mail entries which arrived from members
of the armed forces stationed abroad.
Wool continued to be the most important source of customs revenue
during 1944, almost one -third of the total customs receipts being
derived from importations of raw wool and manufactures thereof.
Second in absolute importance and of far greater relative importance
than ever before were imports of alcoholic beverages which yielded
over two and one-half times more revenue during the past year than
in 1943. Sugar was also a more important source of customs revenue,
both relatively and absolutely, than during the previous year. In-
creased revenues were also recorded for commodities covered by all
but four of the remaming schedules of the Tariff Act.
Statistics on the value of commodities included in the tariff sched-
ules, on estimated duties and import taxes, and on the value of and
duties on merchandise imported from countries in the Western
Hemisphere are shown in the tables beginning on page 812.
Volume of business
In order to present statistics of the volume of customs business
which are analogous to collections, the data which follow are limited
to the area in which all collections are turned in to the Treasury of
the United States. Since all customs receipts in the Vu-gin Islands
and all except fines and other minor collections in Puerto Rico are
deposited to the credit of those respective governments, none of the
data for the Vu-gin Islands and none except those on seizures for
Puerto Rico are included below.
Entries of merchandise.— The number of entries of merchandise
increased sharply in 1944, ending a five year period of successive
decreases. The downward trend began when the European War
started and was largely due to the changes in kinds and channels of
trade. Imports from Europe and the Orient prior to World War
No. 2 consisted generally of package goods of comparatively smaU
size and great variety. There were few bulk cargo shipments. The
closing of these markets as the war progressed reduced the number of
entries more rapidly than it affected collections. The demand for
war materials and the limited shipping facilities during the period of
submarine activity necessitated a continuance and even a pronounced
increase in importations of those commodities usually shipped in
bulk, and for which a single entry might cover the enthe cargo of a
vessel. As the submarine menace passed, a considerable variety of
articles similar to those previously brought from Europe or the Orient
REPORT OF THE SECRETARY OF THE TREASURY
205
began to flow in from countries in the VVestern Hemisphere. In
most instances these were shipped as a part of general cargo to
various consignees and necessitated many entries for each shipload
of merchandise.
The only type of entry to show a pronounced numerical decline in
1944 was the warehouse withdrawals, the number of such transactions
being only about two-thirds that of 1943, although there was a con-
siderable increase in the collections made under this type of entry.
This reflected not only the further depletion of the stocks of package
goods remaining in customs bonded warehouses but also increased
importations of such commodities as raw wool, sugar, and alcoholic
beverages which are handled in large quantities and yield large rev-
enues per entry. The number of entries of merchandise during the
past two years is shown in the following table.
Number oj entries of merchandise, fiscal years 1943 and 1944
Type
1943
1944
Percentage
increase or
deerease(— )
315, 632
30, 816
163, 163
300, 728
370, 322
227, 499
8,626
-■ 505, 131
389, 962
30, 834
111,402
332, 027
624, 375
264, 755
9,962
485, 957
23. 5
Warehouse and rewarehouse entries,-. .
.1
-31.7
Mail entries .
10.4
68.6
16.4
Appraisement entries
15.5
All others
-3.8
Total . -.
■■1,921,917
2, 249, 274
17.0
"■ Revised.
Vessel, airplane, and highivciy traffic.— Yor the third consecutive year
border traffic increased. The only declines occurred in the number of
undocumented vessels which were required to report to customs officers
and in the number of passengers carried thereon and this was the least
important means used for crossing international boundaries. The
growth of the United States merchant marine during the year, the ac-
celeration in vessel movements by reason of the operation of the lend-
lease program, and the transportation of military personnel and sup-
plies caused a larger number of documented vessels to be entered than
for more than a decade; and the number of passengers arriving on such
vessels also increased sharply over the previous year. Although there
was only a small increase in the number of automobiles and passenger
trains crossing the border, the number of passengers arriving by auto-
mobiles and busses and by passenger train increased by 13 percent and
49 percent, respectively. For the first time in seven years the number
of ferr;f trips increased and the number of ferry passengers was also
greater than in 1943. The following statement covers the leading
classes of traffic for the last two years.
206
REPORT OF THE SECRETARY OF THE TREASURY
Nttmber of vehicles and persons entering the United States from abroad, fiscal years
1943 and 1944
Kind of entrant
1943
1944
Percentage
increase or
decrease (—)
Vehicles:
7, 789, 628
•■ 29, 931
-• 25, 937
•• 58, 840
33, 680
17,216
422, 247
7, 915, 026
39, 529
21,713
63, 780
34, 079
25, 865
434, 994
1.6
32.0
Undocumented vessels . . -- _-.
-16.3
Ferries
8.4
1.2
50.2
3.0
Passengers by:
Automobiles and busses
23, 622, 645
-■ 388, 962
' 161, 305
■•1,416,910
2, 085, 463
197, 993
2, 254, 539
11,971,485
26, 742, 425
676,312
67, 900
1, 721, 506
3,101,303
338, 992
2, 886, 262
14, 566, 267
13.2
73.9
Undocumented vessels _ _
-.57.9
21.5
48.7
Aircraft .- - - -- --
71.2
28.0
Pedestrians -
21.7
42, 099, 802
50, 100, 967
19.1
"■ Revised.
Airplane traffic on international lines continued its expansion for
the thirteenth consecutive year. The number of airplanes arriving
from abroad was 50 percent larger and airplane passengers were 71
percent more numerous than during the preceding year. More than
one-third of the planes and more than tw^o-fifths of the passengers
arrived at the port of Miami, Fla. Large increases in airplane traffic
were also recorded at Fort Fairfield, Maine; Baltimore, Md.; Wash-
ington, D. C; Seattle, Wash.; and Great Falls, Mont.; while smaller
increases took place at Bangor, Maine; Burlington, Vt.; Buffalo and
New York, N. Y.; Brownsville, Tex.; Bellingham, Wash.; Pembina,
N. Dak.; Detroit, Mich.; and Fairbanks and Juneau, Alaska. Inter-
national traffic into San Antonio, Tex., on the other hand, which had
been substantial during the previous year was of little importance
during 1944. The following table shows the number of airplanes
and airplane passengers entering the United States during the past
two fiscal years.
Number of airplanes and airplane passengers entering the United States, fiscal years
194s and 1944
District
Northern border;
Maine
Vermont
New York...
Buffalo
Maryland. . .
Michigan
Dakota
Montana
Washington .
Other
Total
Airplanes
568
84
784
608
345
730
148
6,397
1944
2,806
1,041
1, 291
614
805
953
688
718
1,247
131
10, 294
Airplane passengers
1943 I 1944
9, 895
10, 588
14,593
2, 648
1, 985
8,097
5, 562
3,397
4,200
61, 445
22, 714
16, 155
16, 145
4,775
9,627
11,596
9,441
9,968
10,995
1,303
112,719
Percentage increase or
decrease (— )
Airplanes Passengers
14.5. 5
15.8
18.7
8.1
858. 3
21.6
1.3.2
108.1
70.8
-11.5
60.9
129.6
52.6
10.6
80.3
.385. 0
43.2
69.7
193.4
161.8
171.5
83.4
REPORT OF THE SECRETARY OF THE TREASURY
207
Number of airplanes and airplane passengers entering the United States, fiscal years
194s and 1944 — Continued
District
Airp
anes
Airplane passengers
Percentage increase or
decrease (— )
1943
1944
1943
1944
Airplanes
Passengers
Southern border:
348
403
1,586
371
11
93
362
360
1,505
361
218
1
4,151
2, 299
20, 972
4,096
187
184
5,360
5,404
23, 548
6, 14(i
5,070
1
4.0
-10.7
-5.1
-2.7
1,881.8
-98.9
29.1
El Paso
1.35. 1
Laredo.
Galveston
12.3
50.0
New Orleans
2,611.2
Arizona .-
-99.5
Total - --- --
2,812
2,807
31, 889
45, 529
-.2
42.8
Florida .
6,638
922
447
9,553
1,146
2,065
94, 181
4,992
5,486
146, 044
6,463
28, 237
43.9
24.3
302.0
55.1
Alaslia.
29.5
414.7
Total
8,007
12, 704
104, 059
180, 744
59.4
72.7
17, 216
25, 865
197, 993
338, 992
50.2
71.2
Drawback transactions. — All types of drawback transactions con-
tinued to decline for the second successive year, the total drawback
allowed amounting to $10,424,184 or $1,590,625 less than in 1943.
More than 99 percent of the drawback allowed was drawback on
merchandise manufactured from imported materials, of which the
most important during 1944 were copper, raw wool, cane sugar,
tungsten, lead, zinc, and aluminum. The number of drawback
notices of intent and the number of drawback entries decreased by
33 and 41 percent, respectively. A comparison of these transactions
during the past two years is presented in the following table.
Drawback transactions, fiscal years 1943 and 1944
Transaction
1943
1944
Percentage
increase or
decrease (— )
Drawbacli entries received
Number
15, 946
120, 983
96, 593
89. 706
7,376
13, 206
4,270
Number
9,334
80, 762
64, 334
61, 382
4,779
11,011
3,113
—41.5
Drawback notices of intent:
Originating in the district
—33 3
Received from other districts
—33 4
Forwarded to other districts for disposition
—31 6
Certificates of manufacture received
Import entries used in drawbaclv liquidation ._
-35.'2
— 16.6
Certificates of importation issued...
—27 1
Drawbacli allowed:
Manufactures from imported merchandise
Duty paid on merchandise e.\ported from continuous
customs custody . .
Amount
.$11,954,454.18
22, 763. 42
35, 929. 85
1, 662. 46
Amount
$10, 402, 553. 88
10, 403. 42
11, 227. 16
-13.0
— ,54 3
Merchandise which did not conform to sample or speci-
fications and returned to customs custody and ex-
ported
Salt used in curing fish ._ . ...
-68.8
Total drawback allowed
Internal revenue refund on account of domestic alcohol
12, 014. 809. 91
257,982.12
10, 424, 184. 46
434, 771. 67
-13.2
68.5
Total
12, 272, 792. 03
10, 858, 956. 13
11 5
208
REPORT OF THE SECRETARY OF THE TREASURY
The following table shows the principal commodities on which
drawback was paid during the past two years.
Principal commodities on which drawback was paid, fiscal years 1943 and 1944
Commodity
Copper. _
Wool
Sugar
Tungsten ore
Lead ore, matte, pigs
VAnc ore and blocks
Aluminum, crude
Tobacco, unmanufactured...
Butter
Bauxite ore
Petroleum, crude
Machinery and parts
Manganese
Carpets and rugs
Coal-tar products
Flaxseed
Nickel
Haw cotton
Iron and steel manufactures.
Tallow, inedible
$2, 397,
656,
3, 221,
331,
865,
371,
479,
150,
122,
134,
416,
794. 38
360. 83
663. 16
605. 95
333. 88
615. 98
006. 25
242. 57
708. 21
280. 85
924. 39
264,
50,
649,
163,
218,
196,
143.
102,
490. 14
316. 03
003. 56
358. 42
027. 20
412.42
312. 63
470. 81
1944
$2, 492, 519. 32
2, 266, 309. 61
1,034,269.56
852, 843. 13
607, 223. 47
598, 229. 08
559, 462. 84
137, 444. 54
127, 420. 55
124, 179. 87
118,058.68
108, 224. 57
91,951.97
89, 957. 29
85, 825. 98
85, 447. 15
05, 080. 94
93, 197. 08
33, 400. 06
69, 135. 09
Percentage
increase or
decrease (— )
4.0
245.3
-67.9
157.2
-29.8
61.0
16.8
-8.5
3.8
-7l!7
-65.2
78.8
-86.8
-47.7
-70.2
-52. 6
-76.7
-32.5
Protests and a]) peals. — A much smaller number of protests were
filed during 1944 than during the previous year, continuing the decline
evidenced since the start of the war. The number of appeals for
reappraisement also declined rather sharply as some of the difficulties
encountered during preceduig years by appraising officers in ascer-
taining the correct foreign value of imported merchandise were over-
come. The following statement shows the progress of this work
during the past two 3^ears.
Number of protests and appeals, fiscal years 1943 and 1944
Status
1943
1944
Percentage
decrease
Protests:
Filed with collectors by importers -
<■ 10, 882
666
' 14, 072
4,548
6,762
404
7,644
2,944
37.9
39.3
45.7
35.3
' Revised.
Ajypraise'ment. — The importation of new classes or types of mer-
chandise from countries of the Western Hemisphere increased during
the past year even more than during the earlier war years. Prior to
the war comparatively few classes of manufactured articles were
brought from Mexico and South American countries, merchandise
received from these countries being largely raw or unmanufactured.
During 1944 manufactured articles arrived from these countries in
increasing quantities so that the value of merchandise dutiable at ad
valorem rates amounted to $201,303,824 and ad valorem duties of
$35,687,613 were collected thereon, representing increases of 16 and
27 percent, respectively, over the totals for the preceding year.
Owing, no doubt, to the demands of the American market, the
REPORT OF THE SECRETARY OF THE TREASURY
209
manufactured articles imported from Mexico and South America
improved to such an extent in quahty that they compared favorably
with the same or similar articles previously imported from Europe.
Many problems arose during the past year as to the correct valuation
of commodities imported for the first time as well as of articles which
were improved m construction or finish. This was complicated both
by difficulty in obtairiing satisfactory information relative to market
conditions in foreign countries and by the rather wide use of multiple
currencies. As a result, merchandise covered by over 15,000 invoices
remained unappraised at the end of the year. Legislation which will
help solve this problem has been recommended.
Prices and values of imported merchandise have exhibited an up-
ward trend for the past several years and this, moreover, was accom-
panied by price fluctuations as improvements or refinements in the
construction of manufactured articles were made. Appraising officers,
therefore, had an unusual amount of work to perform in order to keep
posted as to the foreign and export values of imported merchandise.
Not only were commodities received from countries which did not
previously export them to the United States, but because of war con-
ditions certain classes of merchandise, which previously were imported
at a limited number of ports, were received at many additional ports.
These conditions necessitated the transfer of appraising personnel or
the detail of trained personnel to meet the temporary diversion of
cargo.
Differences in opinion as to the classification and value of unported
merchandise, when not settled by the appraising officers, were referred
to the Bureau for instructions. The Customs Information Exchange,
which is a clearing house for customs information, played a large part
in adjusting these dift'erences.
The activities of the Customs Information Exchange are reflected
by the following statistics.
Activity
1943
1944
Number
Number
11, 261
15, 304
854
1,457
1,637
2,542
946
618
321
224
667
7,026
419
373
11, 508
15, 253
Percentage
increase or
decrease (— )
Appraisers' reports of value or classification received
Differences in classification reported
Differences in value reported.
Appraisement appeals reports received
Changes in value circulated
Reports and price lists affecting values circulated
Requests for foreign investigations
Copies of foreign reports and price lists forwarded to interested
appraising officers
35.9
70.6
55.3
-34.7
-30.2
953.4
-11.0
32.5
Laboratories. — During the fiscal year 1944 the work load of the
nine customs laboratories was significantly increased, the result not
only of an increase in the number of samples tested but also of a
change in the character of work performed. The number of samples
tested in 1944 was 110,236 compared with 91,955'' in the previous
fiscal year and 100,652 ' in 1942.
In previous years approximately 50 percent of the samples received
represented im.portations of sugar, the polariscopic tests of which
lend themselves to routine analytic procedures. During the fiscal
■ Revised.
613185—45-
-15
210 REPORT OF THE SECRETARY OF THE TREASURY
year 1944 the sampling and testing of sugar importations were dis-
continued so that only about half as many sugar samples were ana-
lyzed as in the previous year. On the other hand, six times as many
samples of alcoholic beverages were tested in 1944 as during the
previous year. In 1943 liquor samples comprised only 8 percent
of the total samples tested while during the past fiscal year they
represented 40 percent of the total. Since alcoholic beverage tests
require considerably more attention by the analyst, this change
significantly increased the actual work load of the laboratories.
In addition to their regular customs work the customs laboratories
undertook, as in the previous year, to test large numbers of samples
for various war agencies, including the United States Maritime Com-
mission, Lend-Lease Administration, Panama Canal, Army, Navy,
Marine Corps, Metals Reserve Company, War Food Administration,
Office of Price Administration, and others. The war agencies, in
using customs laboratories for testing and other work, availed them-
selves of technically trained personnel to conduct their tests. In
addition, both the United States Maritime Commission and the War
Food Administration during the past year placed in customs labora-
tories 16 technically trained employees from their own rolls to conduct
their tests under the supervision of customs chemists.
As a result of major research investigations designed to improve
the analytic work of the laboratories, as well as customs' sampling
of merchandise, new methods for sampling alcoholic beverages and
sugar were developed. The special investigative section of the Balti-
more laboratory also developed new and improved fingerprinting
powders and devices for assisting investigators in surveillance work.
Law enforcement activities
Seizures.— For the third successive year more seizures for viola-
tions of the customs laws were made than during the preceding year.
Every t5'pe of seizure except seizures of prohibited articles was more
numerous than in 1943. The total value of goods seized in 1944 by
customs officers, moreover, was more than three times as great as in
the previous year. This increase was accounted for by the seizures
of distilled liquor. As the result of the depletion in stocks of domestic
distilled liquors, owing to the diversion of all domestic alcohol for the
production of synthetic rubber and for other war piu-poses, there was
a heavy demand for imported distilled liquors, much of which was
sent to the United States by shippers who never previously entered
the American market and were not familiar with the requirements as
to the marking of such shipments to indicate the names of the con-
signee and the net content of the container. As a result, huge seizures
had to be made for noncompliance with the customs laws and regula-
tions of the United States. In most instances the violation was
unintentional and the accrued forfeiture was remitted. It was impos-
sible, however, to consider these cases as other than seizures. The
quantitv of liquor seized for such technical violations amounted to
2,398,982 gafions, valued at $24,255,239.
A somewhat similar situation existed in the case of the cargo of
vessels seized for a violation of the law which provided that no vessel
of under 30 net tons burden may bring into the United States dutiable
merchandise without a special license issued by the Secretary of the
REPORT OF THE SECRETARY OF THE TREASURY
211
Treasury, and that every vessel not exceeding 500 net tons from a
foreign port with spirits, wines, or other alcohoHc hquors on board
have a certificate issued by a United States consular officer or other
authorized person for the importation of such merchandise. The
value of the cargo seized for such violations amounted to $3,984,380
in 1944 and $6,300,582 in the previous year. In most instances, these
violations were due to shipping shortages occasioned by the war, which
caused persons to engage in a trade with which they were unfamiliar,
and although the seizures were actually made, the violation was not
sufficiently flagrant to justify the actual forfeiture of the goods which
was remitted either unconditionally or upon payment of a compara-
tively small sum. Exclusive of this type of seized goods, the value
of merchandise seizures during the past year was $1,178,644 compared
with $931,997 during the previous year. Increases in value were also
recorded for colors, dyes, etc., textiles and textile materials, rubber
manufactures, guns and ammunition, cigars, hardware, machinery
parts, and livestock.
Excluding the technical seizures of distilled liquor, mentioned above,
there were 6,505 seizures of distilled liquors in 1944, an increase of
67.1 percent over the previous year. These liquors aggregated 5,324
gallons and were valued at $96,044; they represented increases of
120.6 and 211.6 percent, respectively, over 1943.
Narcotics seizures were more numerous than in 1943 but declined
sharply in quantity and value. No seizures of major importance
were made during the entire year. The largest seizure of smoking
opium (140 ounces) was made at Douglas, Ariz.; the largest seizure
of crude opium (128 ounces) was made at New Orleans, La.; and the
largest seizure of marihuana (553 ounces) was made at Hidalgo, Tex.
The quantity of seized narcotics during 1944 was 2,627 ounces of
marihuana and 5,990 ounces of all other drugs as compared with
4,131 ounces of marihuana and 7,507 ounces of other drugs in the
previous year. The number and principal types of seizures made
for the violation of customs laws by the Customs Service and other
governmental agencies during the past two years are shown in the
following table.
Seizures for violations of the customs laws, fiscal years 1943 and 1944
Seizure
Merchandise:
Number,
Value:
Jewelry, etc
Wearing apparel and luggage
Toilet articles and medicine
Textiles and raw wool
Furs — skins and manufactured
Edibles and farm produce .._
House furnishings, including rugs.
Guns and ammunition
Hardware
Cameras and other sport goods. __
Stationery supplies and books
Cigars, etc
Prohibited articles
Livestock (except horses)
Colors, dyes, etc
Lubricating and fuel oil
Cargo of seized vessels
1943
1944
5,816
9,449
$175, 163
$227, 301
101,2%
70, 238
176, 754
51, 976
16, 224
97. 505
16, 946
33, 851
63, 637
.56, 730
107, 864
27, 568
2,055
6,851
12,703
28, 836
17,644
3,2S9
7,422
8.302
4.446
11,574
4,810
13,261
2,363
4, 945
3,884
449, 998
8, 723
982
6, 300, 582
3, 984, 380
Percentage
increase or
decrease ( — )
29.8
-30. 7
-70.6
501.0
99.8
-10.9
-74.4
233.4
127.0
-81.4
11.9
160.3
175.7
109.3
11,485.9
-S8.7
-36.8
212 REPORT OF THE SECRETARY OF THE TREASURY
Seizures for violations of the customs laws, fiscal years 1943 and 1944 — Continued
Seizure
1944
mcrease or
decrease (— )
Merchandise — Continued.
Value — Continued.
Gasoline
Chemicals
Vehicle accessories
Lumber
Brick and granite
Metal
Machinery parts
Eubher, excluding tires ,
Medical and scientific instruments
Miscellaneous
Total value
Prohibited articles:
Obscene, number
Lottery, number
Narcotics:
Number
Value
Liquors:
Number
Quantity (gallons) _ -
Value
Boats, automobiles, airplaues, and horses: Value
Grand total:
Number
Value
$100, 150
44, 114
18, 896
9,991
6, 543
9,404
13,898
2,892
1,569
2,606
$12
3,912
10,712
7, 341
356
10,381
31,048
14, 953
2,239
4,483
7, 232, 579
5, 163, 024
.584
279
729
$137, 587
3,894
2,413
$30, 823
$2,378,611
339
129
878
$75, 546
7,020
2, 404, 306
$24,351,283
$662, 758
11.302
$9, 779, 600
17.815
$30,252,611
-91.1
-43.3
-26.5
-94.6
10.4
123.4
417.0
42.7
72.0
-28.6
-42.0
-53.8
20.4
-45.1
80.3
99,-539. 7
78, 903. 6
-72.1
57.6
209.3
In addition to the goods that were seized, claims aggregating
$11,247,736 were initiated by the Customs Service against importers
in connection with various irregularities and frauds which did not
necessitate a seizure or which were discovered after the goods had
gone into consumption.
The following table presents the record of customs seizures classified
according to the various agencies which were instrumental in appre-
hending violators of customs laws.
For the second successive year the number of automobiles seized
was greater than during the previous year. This increase was due to
Seizures for violations of customs laws, classified according to agencies participating,
fiscal year 1944
Total
Narcotics 2
Liquor
Lot-
tery
and
ob-
scene,
num-
ber
Merchandise
Num-
ber 1
Value
Num-
ber
Value
Num-
ber
Value
Num-
ber
Value
Customs Agency Service:
Investigative Unit
Enforcement Unit
Customs Service, exclusive of
Agency Service
757
555
16, 180
$1,920,940
196, 995
28,096,578
18
60
777
$1,845
6,155
67, 074
53
112
6,697
$1,616,871
30, 007
22,691,292
457
686
382
8,249
$253, 874
70, 094
4,827,656
Total Customs Service..
Immigration
Customs Service assisted by
other services
Other Federal and local ofii-
cers
17. 492
119
115
89
30, 214, 513
24, 433
10, 697
2,968
855
16
6
1
75, 074
344
128
6,862 24,338,170
52 7, 583
63 3, 878
43 1, 652
458
2
8
9,317
51
44
37
5, 151, 624
7,318
2,816
1,266
Grand total -
17, 815
30, 252, 611
878
75, 546
7,020
24, 351, 283
468
9.449
5, 163, 024
Footnotes at'end'of table.
REPORT OF THE SECRETARY OF THE TREASURY
213
Seizures for violations of customs laws, classified according to agencies participating,
fiscal year 1944 — Continued
Total
value
boats,
automo-
biles, ail-
planes,
and
horses
Boats
Automobiles
Airplanes
Horses
Num-
ber
Value
Num-
ber
Value
Num-
ber
Value
Num-
ber
Value
Customs Agency Service:
Investigative Unit
$48, 350
90, 739
510, 550
4
16
28
$22, 575
981
377, 736
39
141
224
$24, 685
88, 101
129, 415
4
58
5
$1,090
1,657
Customs Service, exclusive of
2
$3, 300
105
Total Customs Service
649, 645
9,188
3,875
50
48
3
1
401, 292
12
50
404
18
4
1
242, 201
9,145
3,800
50
2
3,300
67
3
1
2, 852
31
Customs Service assisted by other
25
Grand total . ...
662, 758
52
401, 354
427
255, 196
2
3,300
71
2,908
1 Excludes number of boats, automobiles, and horses, as they v^ere seized in connection with narcotics ,
etc., seizures.
2 Other types of seizures of narcotics are described in the section under the Bureau of Narcotics.
the seizure of 160 cars and trucks for liquor and narcotic violations in
1944 compared with only 34 such seizures during the previous year.
Fewer automobiles were seized for other than liquor and narcotic
violations than during the previous year. The 1944 total includes
only one automobile valued at $50 seized by Secret Service officers
and delivered to the Customs Service for forfeiture as compared with
8 automobiles valued at $2,125 during the previous year.
The following table summarizes the number of boats, automobiles,
etc., seized for customs violations during the past two years.
Boats, automobiles, airplanes, and horses seized, fiscal years 1943 and 1944
Seizure
For liquor viola-
tions
For narcotic viola-
tions
For other viola-
tions
Total
1943
1944
1943
1944
1943
1944
1943
1944
Boats:
Number .
$46, 017
104
$53, 653
50
$2, 223, 078
300
$139, 806
45
$355, 337
267
$170, 883
2
$3, 300
71
$2, 908
50
$2, 223, 078
334
$154, 626
52
Value
$401, 354
Automobiles:
Number.
Value
Airplanes:
Number
4
$1,670
30
$13, 150
56
$30, 660
427
$255, 196
2
Value .
$3, 300
Horses:
Number
29
$907
29
$907
71
Value
$2, 908
Total value. -
$1, 670
$99, 670
$13, 150
$30, 660
$2, 363, 791
$532, 428
$2, 378, 611
$662, 758
During the year 234 seized automobiles and trucks were returned to
petitioners because the violations were not sufficiently flagrant to war-
rant forfeitm-e. Of the 103 automobiles and trucks forfeited, 36 were
assigned for official use either to the Customs Service or to some other
governmental agency and 67 were sold at public auction.
In the course of their regular duties officers often apprehend vio-
lators of other than customs laws. During the year, 3,084 seizures
214
REPORT OF THE SECRETARY OF THE TREASURY
were made for other departments and agencies, of which 2,500 were
made for the Department of Agriculture. There were 438 persons
apprehended, of whom 408 were for the Immigration Service.
Legal proceedings. — As the result of narcotic seizures, 389 persons
were presented for prosecution. Including cases pending from the pre-
vious year, those which were concluded resulted in 182 convictions and
73 acquittals. Prison sentences aggregating over 168 years and fines
amounting to $8,477 were imposed by the court on convicted offenders.
In addition penalties aggregating $36,480 were assessed against the
masters of 133 vessels on which narcotic drugs were found concealed;
many of these cases have not been concluded, but, including cases in-
itiated prior to July 1, 1943, $28,327 was collected from the masters of
vessels.
Fines, 'penalties, etc. — Collections from fines, penalties, forfeitures,
liquidated damages, and sale of seizures aggregated $802,937 in 1944,
an increase of $182,436 over the previous year. The collections in 1944
were larger than during any of the 3 preceding years. False invoicing
including undervaluation was the largest source of this type of collec-
tion for the past 4 years. Considerably greater collections were made
in 1944 in connection with the attempted smuggling of distilled liquors
than in either of the two previous years ; the shortage in the supply of
alcoholic beverages in this country was responsible for the larger
number of cases of attempted liquor smuggling.
There have been substantial collections during each of the past three
years for violations of the navigation laws. Such collections were form-
erly deposited to the credit of the Department of Commerce but with
the transfer of the enforcement of many of the navigation functions to
the Bureau of Customs on March 1, 1942, these became customs col-
lections. During 1944, for the first time, customs collections were made
for attempted violations of the Export Control Act. A number of
these collections represent either fines imposed as a result of court
action or the net proceeds of sale of seized property by the order of the
court.
The following table presents the record of collections for violations of
the customs laws for the fiscal years 1941 thi'ough 1944.
Collections Jar violations of the customs
laivs, fiscal years 1941 through 1944
Percentage
increase or
Violation
1941
1942'-
1943'
1944
decrease (— )
between 1943
and 1944
Fines, penalties and forfeitures:
Undeclared articles in baggage of
passengers arriving from abroad
$71, 897. 46
.$G2, 094. 02
$04, 397. 30
$128,389.44
99.4
False invoicing, including underval-
uation ^
403,900.48
257, 840. 10
250, 999. 28
273, 665. 39
9.0
Liquor
46, 493. 33
8, 693. 36
10, 297. 27
45, 188. 42
338.8
Smuggling (including conspiracy) .. .
12, 827. 77
98, 092. 41
49, 900. 86
44, 409. 69
-11.0
Failure of masters of vessels to make
complete manifest of imported
merchandise
10, 927. 22
11,609.35
11, 237. 26
26, 100. 61
132.3
Unlading foreign merchandise with-
out customs supervision
8, 241. 90
8,917.67
10, 172. 82
23, 068. 84
126.8
Narcotic:
By masters of vessels on which
violations occur
38, 169. 94
16,092.28
9, 009. 94
24, 732. 55
174. 5
0 ther ofJenders
2, 804. 39
4, 181. 25
8, 023. 88
3, 284. 11
7, 088. 64
4, 095. 16
13, 624. 86
2, 482. 50
92.2
Irregularities in mail importations
-39.4
Failure to report arrival in United
States --
6, 957. 86
4, 724. 61
3, 626. 85
8,051.60
122.0
Revised.
REPORT OF THE SECRETARY OF THE TREASURY 215
Cnlledions for violations of the customs laws, fiscal years 1941 through 1944 — Con.
V^iolation
1941
1942'
1943 '
1944
Percentage
increase or
decrease (— )
between 1943
and 1944
Fines, penalties and forfeitures — Con.
$12,6.'i0. 15
$22, 863. 94
$27, 955. 00
10, 576. 36
12,21.3.25
28.866.67
22.3
Transportation of smuggled mer-
chandise
$2,615.00
.3, 027. 84
2, 297. 24
21, 968. 01
9, 753. 12
46, 236. 31
25.2
Miscellaneous
-37.6
Total fines, penalties, and forfei-
tures —
Irregularities in bonded importations
612,044.44
106,997.11
30, 1S2. 05
516, 287. 19
110,916.76
16,178.04
499, 678. 75
99, 835. 53
20, 987. 21
669, 325. 18
100, 641. 34
32, 970. 69
34.0
.8
Net proceeds from sale of goods seized
and forfeited for all violations
57.1
Total . -.-
749, 22.3. 60
643, 3S1. 99
620,501.49
8u2. 937. 21
29.4
' Revised.
Investigative and patrol activities. — Despite the shortage of experi-
enced personnel all types of investigations of alleged violations of
customs laws were more numerous during 1944 than during the pre-
vious year with the single exception of touring permit investigations.
Investigations of narcotic smuggling produced evidence of well
organized conspiracy along the Mexican border to smuggle substantial
quantities of opium and heroin into border ports for transportation to
New York via San Francisco and Los Angeles. Joint investigations
by customs and narcotic officers resulted in a number of important
arrests and seizures and many of these investigations are still being
conducted. Investigations of fraudulent undervaluation and false or
erroneous invoicing and entry also increased substantially despite the
paucity of European and Oriental information regarding market values,
owing to the removal of foreign investigative officers from those areas
as the result of the war. Most of the seizures or apprehensions re-
sulting from attempts to undervalue imported merchandise were
originated and developed by investigative officers.
Most of the types of investigations in matters not involving the
violation of customs laws were also more numerous in 1944 than in
1943. An exception to this general trend appeared in the case of
personnel investigations, either those involving derelictions or those
of the mere routine character type. Many of the personnel investiga-
tions during 1943 would ordinarily have been performed by Civil
Service investigators but were delegated to customs investigative
officers in order to expedite the completion of the reports.
During recent years in addition to tlieir regular customs duties
investigative officers have participated in investigations for other
agencies engaged in the war effort. Included in such investigations
during 1944 were 3,105 investigations for Export Control and 43 for
Foreign Funds Control.
A partial summary of the activity of the investigative officers of the
Customs Service during the past two years is presented in the
following table.
216 REPORT OF THE SECRETARY OF THE TREASURY
Investigative and patrol activities, fiscal years 1943 and 1944
Activity
Percentage
increase or
decrease (— )
Investigations of violations of customs laws:
Undervaluation
Marking violations
Baggage violations
Diamond and jewelry smuggling
Narcotic smuggling
Other smuggling
Touring permits
Other investigations:
Alleged erroneous customs procedure.
Drawback
Classification and market value -
Applications for customhouse brokers' licenses
Applications for bonded truckmen's licenses ..
Petitions for relief from additional duty
Personnel
Navigation violations. _
Pilferage of merchandise
Miscellaneous
Examinations of customhouse brokers' records
Cases of cooperation with other agencies
Number
674
104
1,104
636
752
1,726
241
159
863
481
85
45
354
1,712
253
202
2,725
193
7,258
Number
997
198
2,578
732
1,001
2,090
239
150
1,075
897
75
49
828
762
460
360
2, 157
618
5,425
47.9
90.4
133.5
15.1
33.1
21.4
-.8
-5.7
24.6
86.5
-11.8
8.9
133.9
-55.5
84.2
78.2
-20.8
220.2
-25.3
Miscellaneous
War activities. — The special activities of customs officers, growing
out of the prosecution of the war, continued throughout the past
year. These activities include the handling of communications or
correspondence commg into or going out of this country by courier
or otherwise than in the regular course of the mails; the regulation of
imports and exports of merchandise by various goverimiental agencies
for use in national defense or belligerent operations; the disposition
of property salvaged from torpedoed or wrecked vessels; the admission
into the United States free of duty during the war of such special
categories of merchandise as effects of persons in the Government
service or persons evacuated to this country bj'' Government order,
articles for members of the armed forces of the United Nations or for
enemy prisoners of war, and articles sent home as gifts by our soldiers
and sailors abroad; the enforcement of export licensing requirements
for strategic materials; the control of shipments to blocked nationals;
and collaboration in the enforcement of export control, alien property
control, trading with the enemy, foreign funds control, and other war
measures.
Customs officers contmued to give assistance to various military
and civilian governmental agencies in cases involving war problems
touching upon the field of customs jurisdiction and maintained close
cooperation with the Office of Price Administration in connection
with the importation of rationed articles, and the lading of rationed
ships' stores on outgoing vessels. Special procedures were continued
for granting vessel clearances in the offices of collectors of customs to
guard against the leakage of ship-movement information to unau-
thorized persons.
Among the new war problems which confronted the Customs
Service in 1944 were the extension by Presidential proclamation of
certain statutory time limits regarding importations; the customs
status of enemy aliens and their property; and the application of the
Soldiers' and Sailors' Civil Relief Act to imported merchandise in
customs custody owned by members of the armed forces.
REPORT OF THE SECRETARY OF THE TREASURY 217
The Secretary of the Treasury, pursuant to the authority con-
tained in the Second War Powers Act, 1942, issued a number of orders
waiving comphance with certain provisions of the navigation laws.
The majority of these orders were given a confidential status because
of their close relation to the war effort and the special nature of their
contents, but some, of more general applicability, have been published.
Among the more important orders in the latter class were those (1)
permitting Canadian halibut fishing vessels to land their catches of
lialibut in Alaska for a limited time in 1944, as was permitted during
the previous year and (2) permitting the omission of the tonnage of
enclosed shelter-deckspace from the gross tonnage of certain vessels.
The simplified -procedure for the admeasurement of vessels of the
so-called Liberty Ship class by the use of standardized figures for
vessels of this class, all of which are nearly identical in design and
arrangement, was contmued during 1944 and was extended to certain
other classes of vessels. A tolerance of three-tenths of one percent
in the gross and net tonnages continued to be allowed in order that
small and unimportant variations in the use of spaces on mdividual
vessels might be disregarded in the interest of speed and economy in
measurement.
Publications. — The increase in the number of vessels of the United
States, by building or otherwise, is reported in the annual publication
of the Bureau of Customs entitled Merchant Marine Statistics. A
list of such vessels, describing each one in detail, was prepared and
published in the annual Merchant Vessels of the United States.
However, because of the nature of the information contained therein,
the distribution of these publications has been carefully restricted.
Overtime. — A change in the law regarding reimbursable overtime
services, which wUl increase considerably the cost of operation of the
customs service, became effective through the enactment of Public
Law 328 on June 3, 1944. This law was the result of the decision of
the Supreme Court on January 3, 1944, in the case of United States vs.
Howard C. Myers, in which it was ruled that extra compensation under
the Customs Otertime Act as amended (19 U. S. C. 267) is payable to
customs employees for work on Sundays and holidays even though
such services are performed within the employees' regular tour of
duty, and that toll bridges and toll tunnels are subject to the pro-
visions of the Customs Overtime Act.
The Myers case originated in suits filed in the United States Court
of Claims in September and October 1937 by Howard C. Myers and
several other customs inspectors at Detroit for overtime compensation
for work performed on Sundays, holidays, and at night during the pre-
ceding six years even though compensatory time off had been allowed
for Sunday and holiday work. At Detroit, as at many other places
along the land border, regular tours of duty were long ago established
as a convenience to the traveling public and protection to the revenue,
so that customs officers would be present to perform their duties at
any hours when there was traffic over highways, across bridges, through
tunnels, by ferries, or on passenger trains. The establishment of such
tours of duty provided that customs officers be on duty only the speci-
fied number of hours per day and per week but required that many of
them be on duty at other times than between 8 a. m. and 5 p. m, on
week days.
218 REPORT OF THE SECRETARY OF THE TREASURY
The decision of the Supreme Court denied to the employees any
extra compensation for service performed on regular tours of duty
between 5 p. m. and 8 a. m. on week days but held that extra compen-
sation was payable for services performed during any part of the 24
hours on Sundays and holidays even though such services were per-
formed within the employees' regular tours of duty. The Supreme
Court also held that operators of toll bridges and toll tunnels came
under the Customs Overtime Act, a broadening of the previous inter-
pretation of this act, the reimbursable provisions of which had been
considered applicable only to the owners of vehicles, vessels, or other
conveyances and only when a special permit was issued by the col-
lector calling for work to be performed by a customs officer in excess
of his regular days' work.
Rather than repay to the Government the overtime compensation,
some of the operators of bridges along the border closed their facilities
on Sundays and holidays caushig considerable hardship to the traveling
public, until the passage of Public Law 328 relieved them of the lia-
bility for this extra expense. Under the provisions of this act, cus-
toms officers and employees performing inspectional services on
Sundays and holidays in connection with traffic over, on, or through
an international highway, tunnel, bridge, or ferry (as defined in the
act) shall be paid by the United States in accordance with existing
law as interpreted by the Supreme Court in the Myers case without
claiming reimbursement from any source.
Foreign Trade Zone. — Most of the operations of the Foreign Trade
Zone m New York City were removed on July 23, 1943, from the
warehouses at Stapleton to fom* North River piers, because of the
need of the War Department for the Staten Island facilities. Al-
though many of the commodities handled in the zone never enter the
commerce of the United States, the zone facilities bemg used to a large
extent for the storage and manipulation of merchandise during the
process of its transportation from one foreign country to another,
considerable revenue has been collected from goods removed from the
zone and brought into customs territory during each fiscal year since
1937 when the zone was opened. With the single exception of 1942,
each successive year has seen increased customs collections as the
result of the zone operations. Duties and internal revenue collections
in 1944 aggregated almost $18,500,000, owing to the large quantities
of bulk liquors entered from the zone into customs territory, an in-
crease of 246.8 percent over the collections in the previous year.
Training oj employees. — Training through correspondence courses
was maintained although the number of ports of entry holding local
classes and discussion groups continued to decrease, because of re-
duction of personnel, difficulty in transportation, overtime work, etc.,
resulting from war-time conditions. Instruction classes were con-
ducted at twenty-four ports of entry with an average of fifteen customs
officers and employees in attendance at each class. Discussion groups
were conducted at twenty-five additional ports of entry and customs
stations where the number of regularly assigned personnel was too
small to warrant formal classes. A total of 430 instruction classes and
341 discussion groups were conducted during the year.
Changes in ports and stations. — The port of entry at Westby,
Mont., and the customs station at Kelley Island, Ohio, were discon-
REPORT OF THE SECRETARY OF THE TREASURY
219
tinned during the year. No new port of entry was established, but
one new station was designated at Marblehead-Lakeside, Ohio.
Cost oj administration. — The total revenues collected by the Cus-
toms Service, including collections for other departments and Puerto
Rican collections other than duties, amounted to $727,251,316 as com-
pared with $414,191,247 in 1943, an increase of 75.6 percent. Collec-
tions in 1944 were the largest in customs history, because of the greatly
augmented internal revenue taxes collected by customs officers on
imported liquor. Such collections amounted to $292,019,928 in 1944
and $85,019,387 in 1943, an increase of 243.5 percent.
The expenses during the year were $25,044,572, an increase of
$1,662,932 over 1943, due to the payment of war overtime for the
entire 12 months of the past fiscal year, whereas these payments were
made during only 6 months of the previous yenr. The cost to collect
$100 was $3.44 in 1944 and $5.74 in 1943.
BUREAU OF ENGRAVING AND PRINTING
The Bureau of Engraving and Printing designs, engraves, and prints
currency, securities, stamps, and various other official documents and
forms. During the fiscal year 1944 the deliveries of finished work
amounted to 919,918,823 sheets, an increase of 65,378,303 sheets over
1943 or 7.65 percent.
A comparative statement of deliveries of finished work in the
fiscal years 1943 and 1944 follows.
Class
Currency:
United States notes
Silver certificates
Overprinted "Hawaii".
Federal Reserve notes
Overprinted "Hawaii".
Specimens
Total.
Bonds, notes, bills, certificates, etc.:
Bonds:
Postal savings
Treasury
United States savings
United States war savings
Depositary
Excess profits tax refund
Consolidated Federal farm loan for the Federal
land banks..
Farm loan
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation...
Insular— Puerto Rican
Notes— Treasury
Treasury bills
Certificates:
Indebtedness _
Cuban silver
Philippine treasury
Debentures:
Consolidated collateral trust for the P'edcral
intermediate credit banks
Consolidated for Federal home loan banks
War housing insurance fund, National Housing
Agency, Federal Housing Administration
Interim transfer certificates for postal savings bonds
Sheets
1943
3, 870, OCO
96, 464, 000
751, 000
49, 668. 700
543. 333
151, 297, 033
800
2, 492, 622
2, 765, 000
269, 179, 000
1,350
1,700
10, 650
80
.5, 314
3, 686, 325
141,850
248, 650
992, 333
33, 5.50
6,700
8,100
4, 630, 000
64, 645, 000
1, 920, 000
58, 018. 250
1, 409, 667
1
1.30, 622, 918
l-O.-iO
4, 466, 754
6, 280, 000
376,212,000
101, 000
54. 000
3.10
45
4,000
1,400
43
2, 123,050
171, 000
432. 300
1,097,1.33
18,000
35, 000
7,800
8,000
1,000
Face value,
1944
$169, 080, 000
853, 740, 000
23, 040, 000
9, 610, 200, 000
187, 040, 000
10. 843, 100, 000
762, 000
68,152,123,400
8, 070, 500, 000
20. 052, 775, 000
1,520,000
330, 000
40, 000, 000
795, 000, 000
18. 000
49. 021, 500. 000
96. 239, 000, 000
69,271,800,000
44, 375, 600
500, 000
625, 000, 000
365, 000, 000
17, 650, 000
220
REPORT OF THE SECRETARY OF THE TREASURY
Class
Sheets
1943
Face value,
1944
Bonds, notes, bills, certificates, etc.— Continued
Specimens:
Bonds. -- -
Notes
Certificates - -
Debentures
Interim receipts
Total
Stamps:
Customs -
Internal revenue
District of Columbia beverage tax paid
Federal migratory-bird hunting.."
Puerto Rican revenue
Virgin Islands revenue
Specimens — internal revenue -_.
Postage:
United States
United States, surcharged "Canal Zone"
Canal Zone
Philippine
Specimens, United States
Postal savings
War savings
Specimens..
279, 574, 128
$312, 697, 854, 000
Sheets
108, 000
152,638,615
230, 576
25, 850
1, 693, 585
620
111
189, 706, 354
43, 510
9,763
25
8, 391, 168
18, 570, 714
52
Total.
371, 418, 943
Miscellaneous:
Checks
Warrants
Commissions
Certificates
Drafts
Transportation requests
Nontransferable food order and nontransferable sur-
plus-food order stamps.
Other miscellaneous
Specimens
Blank paper, including experimental
42. 453, 208
52, 084
260, 503
4, 791, 271
27, 250
2, 294, 077
1, 779, 500
556. 268
15, 071
21, 184
Total,
52, 250, 416
Grand total.
854, 540, 520
331, 473
140, 994, 212
160, 515
25, 046
1, 261, 200
Number of
stamps, etc.
1944
4, 097, 300
16, 325, 937, 858
32, 103, 000
2, 805, 152
92, 241, 000
168
195, 511, 971
7, 350,
50, 300
2,216
19, 306, 839, 697
735, 000
2, 825, 000
85
94, 966
16, 695, 883
4,248
2, 374, 150
1, 810, 037, 750
355, 133, 169
37, 580, 002, 371
33, 846, 497
53, 806
431,883
5, 769, 534
.5,284
2, 844, 405
169. 206, 485
250, 103
228, 791
22, 005, 947
11,818
14, 222, 025
197, 278
15
64
1,761,:
75
43, 148, 766
207, 677, 013
919,918,823
Dies were engraved for the following new issues of postage stamps.
Issue
Denomi-
nation
(cents)
Centenary of the Telegraph, Series 1944
One-hundred-twenty-fifth Anniversary of the First Steamship to Cross the Atlantic, Series 1944.
Seventy-fifth Anniversary of the Completion of the First Transcontinental Railroad, Series 1944.
Air Mail, Series 1944 - - ---
REPORT OF THE SECRETARY OF THE TREASURY 221
New dies and plates were prepared for various classes of bonds,
notes, revenue stamps, and other printed work. In August 1943,
changes were made in the size and design of Series E war savings bonds.
These bonds were reduced to one-half their former size which per-
mitted the engraved plates to carry eight subjects instead of four,
and were identified as 1943 design. Subsequently, similar modifica-
tions were made with respect to Series F and Series G savings bonds.
Printing was begun the latter part of the year on Series E $10 bonds,
a new denomination wliich was made available to the armed forces.
The production of war savings bonds was increased from 1,035,000
bonds per day at the beginning of the year to 1,600,000 per day in
October 1943, the highest peak since the introduction of this type of
security. Total deliveries for the year for Series E, F, and G combined
amounted to 382,492,000 bonds, with a face value of $28,123,275,000.
The production for the War Department of allied military lira cur-
rency and Italian postage stamps, the printing of which was begun in
the previous fiscal year, was continued. Additional orders were re-
ceived for the lira notes and to meet the delivery requirements it was
necessary to solicit the services of a commercial firm to assist in the
printing of this work. A contract was negotiated with the Forbes
Lithograph Manufacturing Company, Boston, Mass., to do the pre-
limmary printing. The offset-printed stock was shipped to the Bureau
for overprinting the denomination, series, name of country, and serial
numbers. Representatives of the Bureau were stationed at the Forbes
plant to observe the progress of the work and to maintain appropriate
accounting controls with respect to the stock in process. A complete
survey of the plant was made by the United States Secret Service,
and agents of the Service were detailed for the duration of the contract
to insure adequate protection facilities.
Other special types of currencies produced by the offset process
under similar arrangements with the Forbes Lithograph Manufactur-
ing Company mcluded supplemental French franc currency and
allied military mark currency ordered by the War Department, and
Committee French franc currency ordered by the French Committee
of National Liberation. The designs and original engravings for
these special issues were prepared by the Bureau. All of the printing
operations on the two classes of franc notes were accomplished by the
Forbes Company, and likewise for the mark notes except that the latter
currency was shipped to the Bureau for numbering, separating into
single notes, and packing. Supplpmental French postage stamps were
also produced by the Bureau for the War Department.
The number of employees on the pay roll at the beginning of the
fiscal year was 7,818. During the year, 1,933 employees were sepa-
rated from the service and 1,436 were appointed, making a total of
7,321 on June 30, 1944.
Expenditures amounted to $27,882,504.23 an increase of $6,274,-
052.07 over the previous year, or 29.04 percent. The following state-
ment shows the appropriations, reimbursements, and expenditures for
the fiscal years 1943 and 1944.
222
REPORT OF THE SECRETARY OF THE TREASURY
Increase or
decrease (— )
Appropriations:
Salaries and expenses
Printing and binding
Reimbursements to appropriations from other
bureaus for worlc completed:
Salaries and expenses '
Printing and binding _
Total
Expenditures:
Salaries and expenses 2_ _
Printing and binding ___
Total -.-..
Unexpended balance
$10, 327, 168. 00
5, 500. 00
12, 271, 312. 16
3, 444. 07
$9, 852, 000. 00
5, 500. 00
19, 229, 773. 04
5, 500. 00
-$475,168.00
6, 958, 460. 88
2, 055. 93
22, 607, 424. 23
29, 092, 773. 04
6, 485, 348. 81
21,599,660.70
8,791.46
27, 873, 494. 88
9, 009. 35
21, 608, 452. 16
27. 882, 504. 23
Cs 273, 834. 18
217. 89
6, 274, 052. 07
8, 972. 07
1,210,268.81
211, 296. 74
1 Additional amounts of $174 in 1943 and $74.50 in 1944 received from employees for lost locker keys, locks,
package booth checks, and badges; $43.44 received in 1944 from The Standard Surety and Casualty Com-
pany of New York for damages to Government property and $50 received from various firms in 1944 for
empty drums returned by the Bureau of Engraving and Printing were deposited to the credit of the Treas-
urer of the United States as miscellaneous receipts; and amounts received from reimbursements for jury
service by employees— $100.22 for 1943 and $116 for 1944— were deposited in the general fund receipt account.
2 Includes $11,300 transferred to the Bureau of Standards for research work in each of the fiscal years 1943
and 1944, and $80,000 and $100,000 transferred to salaries and expenses, guard force, Treasury Department,
for service rendered in connection with the protection of currency, bonds, stamps, and other papers of value
in the fiscal years 1943 and 1944, respectively. The amounts of $719,361.97 and $706,483.75 were deducted
from the salaries of employees for retirement and disability fund; and the amounts of $1,343,619.75 and
$1,620,244.75 were deducted through the pav-roll allotment plan for the purchase of war savings bonds in
1943 and 1944, respectively. The amounts of $360,590 for Victory tax withheld in 1943 (Jan. 1, 1943, through
June 30, 1943) and $2,082,210.48 for Federal tax withheld in 1944 (including $434.40 for adjustments made in
the fiscal year 1944 for Victory tax withheld in the period prior to July 1, 1943) were deposited with the Col-
lector of Internal Revenue, Baltimore, Md.
FOREIGN FUNDS CONTROL
Under section 5 (b) of the Trading with the Enemy Act, as amended,
and Executive Orders Nos. 8389, as amended, and 9193, the Treasury-
Department, through Foreign Funds Control, formulates and ad-
ministers controls over foreign-ovi^ned property and regulates foreign
exchange and international financial transactions. In addition it
administers the wartime restrictions on trade with the enemy under
section 3 (a) of the act. A discussion of Foreign Funds Control
activities during the year will be found on page 126 of this report.
BUREAU OF INTERNAL REVENUE "
The Bureau of Internal Kevenue is responsible for the assessment
and collection of all internal revenue taxes and other miscellaneous
taxes and for the enforcement of the internal revenue law^s.
General
Internal revenue collections. — Duriug the fiscal year 1944 internal
revenue collections, including trust fund collections, totaled $40,122
millions, an increase of $17,750 millions over collections for 1943.
The total amount collected included back income taxes of $705
millions, which is approximately $148 millions more than back
income tax collections for 1943.
Miscellaneous internal revenue collections amounted to $5,356
millions, which is an increase of $782 millions over collections for
1943. The largest increases were as follows: Capital stock tax,
" More detailed information concerning the activities of the Bureau of Diternal Revenue will be found
in the annual report of the Commissioner of Internal Revenue.
REPORT OF THE SECRETARY OF THE TREASURY
223
$52 millions; estate tax, $59 millions; liquor taxes, $195 millions;
tobacco taxes, $64 millions; and retailers' excise taxes, $60 millions.
Other miscellaneous internal revenue tax collections increased $351
millions.
Employment tax collections totaled $1,738 millions, an increase of
$240 millions over the preceding year. Total collections under the
Federal Insurance Contributions Act were $1,290 millions; collections
under the Federal Unemployment Tax Act, $183 millions; and col-
lections of carriers taxes, $265 millions.
Total collections of internal revenue during the fiscal years 1943
and 1944 are shown in the followmg summary, classified according to
the administrative organization responsible for the tax. A detailed
statement of collections appears in table 7, page 563 of this report.
Summary of internal revenue collections, fiscal years 1943 and 1944
[On basis of reports of collections, see p. 520]
Administrative unit
Income Tax Unit '
Alcohol Tax Unit
Miscellaneous Tax Unit
Accounts and Collections Unit (employment
tax activities)
Total collections
$16,298,888,091.56
1,423,646,456.44
3, 150, 146, 914. 96
1,498,705,033.59
22, 371, 386, 496. 55
$33,027,801,888.19
1,618,775,155.93
3, 736, 810, 752. 76
1,738,372,435.89
40,121,760,232.77
Increase
$16, 728, 913, 796. 63
195,128,699.49
586, 663, 837- 80
239, 667, 402. .30
17, 750, 373, 736. 22
> Includes collections from the tax on unjust enrichment, and amounts withheld by employers.
Refunds, drav)hacks, and stamp redemptions. — During the year re-
funds of tax collections, together with interest, were made from the
following appropriations.
Refunding internal revenue collections, 1944 and prior years - - .$150,822,691.71
Refunds and payments of processing and related taxes, 1939-44 --- 428, 220. 92
Total, interest included 151,250,912.63
The following is a summary of the refunds, showing the number of
schedules and claims, the amounts of refunds and repayments allowed,
and the total amount refunded, including interest, on each class of tax
during the fiscal j^ear 1944, with comparison of the totals for 1943.
Number of schedules and claims, amount of refunds and repayments, and total refunds,
repayments, and interest, by class of tax, fiscal year 1944 and totals for 1943
Class of tax
Bituminous coal _ _..
Capital stock
Carriers taxes ..-
Distilled spirits
Distilled spirits stamps redeemed
Distilled spirits drawbacks
Estate
Gift...
Income
Miscellaneous
Miscellaneous stamps redeemed
Narcotics
Narcotic stamps redeemed _
Sales
Federal Insurance Contributions Act.
Federal Unemployment Tax Act
Sugar.- ,
Tobacco.
Number of
schedules
21
63
32
601
66
1,239
339
25, 962
164
181
29
44
84
1,886
2,718
20
24
Nuraher of
claims
140
1,389
104
17, 076
1,350
1,198
1,883
417
,993,016
3,889
9, 1.56
217
785
1,642
69, 865
13, 603
439
518
Amount of
refunds and
repayments
$17,
518,
45,
13,317,
259,
564,
4, 012,
507,
111,807,
906,
333,
1,
2, 065,
1, 880,
2, 142,
563,
29,
387. 57
021. 09
619. 30
781. 92
881. 44
178. 28
734. 10
651. 02
308. 49
007. 35
554. 34
331. 35
507. 10
657. 43
592. 93
178. 12
683. 53
717. 10
Total refunds,
repayments,
and interest
$18,
614,
50,
13, 338,
260,
564,
4, 554,
563,
120. 154,
1, 032,
345,
1,
2, 222,
1, 969,
2, 205,
663,
30,
943. 10
425. 48
795. 83
960. 74
688. 83
178. 28
590. S2
373. 50
109. 14
270. 21
215. 99
331. 35
507. 10
897. 64
194. 12
446. 97
712. 99
831. 73
224
REPORT OF THE SECRETARY OF THE TREASURY
Number of schedules and claims, amount of refunds and repayments, and total refunds,
repayments, and interest, by class of tax, fiscal year 1944 and totals for 1943 — Con.
Class of tax
Number of
schedules
Number of
claims
Amount of
refunds and
repayments
Total refunds,
repayments,
and interest
13
9
1,894
23
$2, 328, Oil. 14
3, 206. 75
$2, 328, Oil. 14
3, 206. 75
Tobacco drawbacks -.-
Total income and miscellaneous internal
revenue . -.
33, 495
37
2, 118, 604
44
141, 30.5, 010. 35
333, 734. 77
150, 822, 691. 71
Agricultural adjustment-..
428, 220. 92
Grand total, fiscal year 1944...
33, 532
2,118,648
141, 638, 745. 12
151, 2.50, 912. 63
Fiscal year 1943:
Income and miscellaneous internal revenue.
13, 420
153
253, 993
220
'48, 7.54, 550. 05
6, 061, 292. 99
56, 965, 127. 05
6, 752, 955. 69
Grand total, fiscal year 1943
13, 573
254, 213
54,815,843.04
163,718,082.74
Note.— The figures in this table will not agree with those given in later sections of this report for the reason
that the amounts shown in the later sections relate to claims disposed of by the units, whereas this table
shows actual payments made.
• Excluding refunds from trust funds set up for Philippine coconut oil, Philippine trust fund, and Puerto
Rico trust fund. The amounts refunded from these accounts were for 1943, .$135,581.12 (coconut oil), $394.67
(Philippine), and .$1,004.24 (Puerto Rico); and for 1944, $36,731.79 (coconut oil), $37.76 (Philippine), and
$35,282.24 (Puerto Rico).
If the tax refunds made during the fiscal year 1944 on account of
erroneous or illegal collections of internal revenue and agricultm-al
adjustment taxes and payments for export drawbacks, redemption of
stamps, and refunds from trust funds, amounting to $151,322,964,
were deducted from the gross collections of $40,121,760,233, the net
collections for the fiscal year 1944 would be $39,970,437,269. The
gross collections, however, are used for comparative purposes in these
reports.
Additional assessments.- — The additional assessments resulting from
office audits and field investigations made during the fiscal years 1943
and 1944 were as follows:
Additional assessments, fiscal years 1943 and 1944, by class of tax
Class of tax
1043
1944
Income '
$422, 438, 293. 00
$503,237,111.00
Miscellaneous internal revenue:
Estate...
64,516,795.73
7, 790, 308. 76
804, 500. 44
3,747,350.11
3, 513, 785. 98
21,098,275.99
1,669,334.07
1,111,399.51
351,761.99
7,811.38
94, 844, 631. 86
Gift - . .
7, 539, 976. 18
710, 949. 41
Sales _ -.
3,327,701.03
Lirjuors .
3, 020, 730. 09
Miscellaneous ._ -.. .
25, 850, 078. 20
Miscellaneous excise.
Tobacco - - - .-- --- .
1, 585, 384. 80
583, 817. 45
Coal
59, 574. 52
Sugar
74.82
Total miscellaneous internal revenue
104,611,323.96
39, 008, S64. 59
137, 522, 918. 36
Employment taxes .. .. . .. . _. .
30,214,028.82
Grand total . . -- - ...
566,058,481.55
730, 974, 058. 18
I Includes as.sessments of $15,999,136 for 1943 and $17,531,144 for 1944 made under the jeopardy provisions of
sec. 279 of the Revenue Act of 1926 and sec. 273 of subsequent revenue acts.
Cost of administration. — The amount of $133,821,735 was appro-
priated for the fiscal year 1944 for salaries and expenses in connection
with the assessment and collection of internal revenue taxes and the
REPORT OF THE SECRETARY OF THE TREASURY 225
administration of the internal revenue laws. The Bureau transferred
the sum of $525,000 to the Post Office Department for expenses in
connection with the sale of motor vehicle use stamps; and the ex-
penditures and obligations against the Bureau appropriation were
$129,416,848, leaving an unobligated balance of $3,879,887. Theex-
penditures do not include amounts expended for refunding taxes ille-
gally or erroneously collected and for redeeming stamps. The cost
of collecting $39,991,717,001 (excluding $130,043,232 collected by
post offices) during the year was $0.32 per $100, compared with $0.44
per $100 for 1943.
Income Tax Unit
General functions. — The Income Tax Unit is charged with the ad-
ministration of the internal revenue laws with reference to taxes on
income, excess profits of corporations, and refunds of certain processing
taxes, and the laws limiting profits on certain Army and Navy con-
tracts. The administration includes the preparation of regulations
and interpretative and procedural rulings ancl instructions regarding
such laws and the examination and adjustment of returns filed there-
under, through office audits and field investigations, for the purpose
of determining the correct tax liability as required by law.
Returns filed. — The number of all types of income and excess profits
tax returns filed during the fiscal year 1944 on which tax was reported
and assessed was 48,200,952 as compared with 30,439,764 returns
filed in the fiscal year 1943,^ an increase of 17,761,188. In addition,
4,412,470 ^ returns were filed during the fiscal year 1944 showing no
income subject to tax, compared with 10,067,550 such returns for the
preceding fiscal year. The total number of income tax returns filed
by individuals was 43,069,031, which represents an increase of 16.2
percent over the number received in the preceding year.
Examination of income and excess profits tax returns upon receij^t by
the Washington office. — Of the 52,613,422 ^ income and excess profits
tax returns filed during the fiscal year 1944, 2,451,638 returns having
the largest tax liabilities were forwarded to the Washington office of
the Income Tax Unit. Upon initial review of the returns forwarded
to Washington (includhig those on hand in Washington on July 1,
1943, relating to previous taxable years), 1,415,446 were closed and
473,166 were found to require further consideration and investi-
gation by the field offices of the Income Tax Unit. By reason of
the forgiveness features contained in the Current Tax Payment
Act of 1943, it was deemed advisable to make a joint audit of indi-
vidual income tax returns for the 1942 and 1943 tax years in cases
where an investigation of one of these years is found necessary.
However, the 1942 returns on which the liability was discharged under
such act are excluded from the field production figures shown herein.
Investigation of tax returns by the field offices. — The number of income
and excess profits tax returns investigated during the year was
466,900 as compared with 585,243 for the previous year. These
figures include all returns for which the examiners' reports have been
submitted, whether or not the cases have been finally released by
reviewing officers.
' Includcii in thp 1944 figures are returns forwarded to the Processing Division which are estimated to
consist of 10,125,952 taxable (nonassessable^ returns and 3,160,998 nontaxable returns. Included for each
fiscal year are also the delinquent returns filed during the respective year relating to prior years.
613185 — 45 16
226 REPORT OF THE SECRETARY OF THE TREASURY
Estate and gift tax returns investigated by field offices during the
3^ear numbered 17,338 as compared with 18,101 for the previous year.
In the course of the excess profits tax iuvestigations conducted
during the year, consideration was given to a substantial number of
applications for excess profits tax relief, Form 991, filed by corporations
claiming the benefits of section 722 of the Internal Revenue Code.
As of June 30, 1944, a total of 29,507 applications involving tax
reduction claims of $2,575,499,587 had been received in the field
offices for investigation. Action was completed during the year on
3,203 applications wherein the tax reduction sought amounted to
$83,828,685.
The total number of income and excess profits tax returns on which
action was completed by the field offices during the year was 1,137,257,
including returns which required investigation as well as returns for
which investigations were deemed unnecessary. The total consisted
of 602,769 corporation, individual, and taxable fiduciary income tax
returns, 455,919 partnership and nontaxable fiduciary returns, and
78,569 excess profits tax returns.
Of the 602,769 income tax returns on which action was completed,
deficiency adjustments were recommended in 214,410 returns. This
compares with a total of 1,182,595 income tax returns for the preceding
fiscal year with deficiency adjustments numbering 278,106. De-
ficiencies were recommended in 18,878 of the excess profits tax
returns acted upon in 1944 as against 14,019 in 1943.
In addition, the field offices completed their work on 20,350 estate
and gift tax returns during 1944, recommending deficiency adjustments
for 11,518 of this number, which compares with 22,255 such returns
involving 11,622 deficiency adjustments acted upon in the preceding
year.
Petitions to The Tax Court of the United States filed during 1944
involved 5,127 income and excess profits tax returns with proposed tax
deficiencies of $72,599,451, as compared with 5,283 returns and tax
deficiencies of $92,887,169 for 1943.
Revenue results of investigations of income and excess profits tax
returns. — The total amount of additional tax, interest, and penalty
assessed during 1944 was $449,230,715, the largest amount of any
fiscal year on record, of which $298,806,579 applied to income tax
returns and $150,424,136 to excess profits tax returns. Excluding
jeopardy and duplicate items,^ the amounts for these two classes of
taxes were $282,442,243 and $145,261,457, respectively.
Stage at which additional tax ivas assessed. — The effectiveness of the
settlement authority vested in field officers is evidenced by the high
proportion of cases closed by agrcemients with taxpayers, without the
issuance of formal deficiency notices which are otherwise required by
law and from which taxpayers may appeal to The Tax Court of the
United States. Of the total number of 251,695 income and excess
profits tax returns on which regular additional assessments (including
duplicate-regular) were m^ade, 237,413 additional assessments, or
94.3 percent, were made by agreement with the taxpayers without
the necessity of a statutory notice, as compared with 95.6 percent in
the fiscal year 1943. Of the total regular additional tax assessed
2 Jeopardy assessmeTits iDclude all immediate assessments made under provisions of sections 146, 273,
and 274 of the Internal Revenue Code. Duplicate assessments occur in cases involving transferred as-
sets, vfrhere the liability of the transferor is assessed against both transferor and transferee in accordance
with section 311 of the Code.
REPORT OF THE SECRETARY OF THE TREASURY 227
(including duplicate-regular), aggregating $374,815,600, the amount
assessed by agreement was $327,592,718, or 87.4 percent as compared
with 86.3 percent for last year.
Befunds, abatements, and credits. — The number of income and excess
profits tax cases which involved refunds or credits of tax or interest
to taxpayers or abatement of tax audited and closed by the Income
Tax Unit during 1944 was 94,332 as compared with 93,093 such cases
closed during 1943. Of the total of 94,332 overassessments for 1944,
50,076 were made to taxpayers without the necessity of filing claims.
This compares with 49,195 in the previous year. Of the overassess-
ments settled in 1944 by the Income Tax Unit, 79,714 represented
refunds or credits of tax or interest involving $73,188,705 as compared
with 64,297 involving $49,511,101 in 1943.
There were also allowed 26,662 collectors' claims, of which 7,101
recommended abatements or credits and 19,561 recommended refunds.
These claims were largely multiple-item claims, i. e., claims in behalf
of a number of taxpayers, and uwolved 19,442 items for abatement
or credit and 56,578 items for refund.
The amount involved in overassessments of all types for 1944 repre-
sented by refunds, credits, interest, and abatements for income and
excess profits tax cases audited in the collectors' offices as well as bv
the Income Tax Unit was $171,264,083 as compared with $113,777,043
the previous year.
Inventory of returns on hand in the field offices. — The number of
open income and excess profits tax returns on hand in the field offices
as of June 30, 1944, was 507,104 compared with 538,982 on the same
date last year (excluding in each year returns tentatively accepted
without investigation). The net decrease between the two dates
was 31,878, or 5.9 percent. Keturns for 1941 and prior tax years on
hand as of June 30, 1944, numbered 182,543, as compared with 102,010
returns for 1940 and prior tax years on hand a year ago; thus the
prior-year returns constituted 36 percent of the total number on
hand at the close of the fiscal year 1944, as compared with 19 percent
for 1943.
Miscellaneous Tax Unit
The Miscellaneous Tax Unit is concerned with the administration
of all internal revenue taxes except the income and excess profits
taxes, the taxes applicable to alcoholic beverages, and those relating
to employment.
The collections of miscellaneous taxes for the fiscal year 1944
amounted to $3,736,810,753, an increase of $586,663,838 as' compared
with collections from these sources for the preceding year.
Estate lax Division. — There were 17,205 estate tax returns and
20,772 gift tax returns received during the year. Collections of
estate tax amounted to $473,465,605, representing an increase of
$58,935,006 over the collections for the preceding year. Collections
of gift tax amounted to $37,744,732, an increase of $4,779,653 as
compared with collections for the preceding year.
Assessment and collection of additional taxes amounting to
$51,436,506, proposed in 361 estate tax and gift tax cases, were post-
poned pending the adjudication of appeals filed with The Tax Court
of the United States.
228
REPORT OF THE SECRETARY OF THE TREASURY
As a result of Bureau and field investigations and audits, deficiencies
were assessed amounting to $84,828,823 in estate tax and $6,611,182
in gift tax cases.
Tobacco Division. — The collections of tobacco taxes amounted to
$988,483,237, as compared with collections of $923,857,284 during the
preceding year. The receipts from the tax on small cigarettes com-
prise the major portion of the tobacco taxes and during the fiscal year
1944 amounted to $903,957,883.
A detailed comparison of the tobacco taxes collected during the
fiscal years 1943 and 1944 is shown in table 7, page 563 of this report.
Sales Tax Division. — Collections of manufacturers' excise taxes and
retail dealers' excise taxes amounted to $728,694,435, an increase of
$58,679,462 as compared with collections for the preceding year. A
summary of these collections during the last two years follows ; and a
more detailed comparison of the collections is shown in table 7, page 503.
Summary of taxes collected by the Sales Tax Division, fiscal years 194S and 1944
Source
1943
1944
Increase or
decrease (— )
Manufacturers' excise taxes (Title IV, ReveiiueAct
of 1932, as amended, and Subtitle C, Ch. 29, In-
ternal Revenue Code, as amended)
Electrical energy. -- .^ -.
$455, 501, 054. 04
48, 705, 138. 94
61, 513. 26
481,396.46
$452, 088, 623. 83
51, 238, 653. 30
37, 218. 92
97, 674. 31
-$3,412,430.81
2, 533, 514. 36
Pistols and revolvers
Repealed manufacturers' excise taxes. .
-24, 294. 34
-383, 722. 15
Total manufacturers* excise taxes
504, 749, 103. 30
165, 265, 869. 35
503, 462, 170. 36
225, 232, 264. 46
-1,286,932.94
Retailers' excise taxes (Ch. 19, Internal Revenue
Code)
59,966,395.11
Total
670, 014, 972. 65
728, 694, 434. 82
58, 679, 462. 17
Capital Stock Tax Division. — The collections of capital stock tax
during the year amounted to $380,702,000, as compared with
$328, 794,971' for the preceding year, an increase of $51,907,035.
Domestic and foreign corporations filed a total of 509,935 returns.
As a result of the review and audit of capital stock tax returns, 9,116
assessments were made, involving tax, penalties, and interest in the
amount of $710,949.
AlisceUaneoiis Division. — The Miscellaneous Division is concerned
with the administration of the taxes on admissions, dues, telephone,
telegraph, and cable facilities, safe deposit bo.xes, transportation of
persons, transportation of property, the use of motor vehicles and
boats, the processing of coconut and other vegetable oils, manufac-
tured sugar, bituminous coal, silver, h3^draulic mining, and the
transportation of oil by pipe line; the special taxes on the mainte-
nance of coin-operated amusement and gaming devices for use and on
the operation of bowling alleys and billiard and pool tables; the
documentary stam]) taxes, and the taxes on oleomargarine, etc.,
narcotics, and marihuana, and with the administration of the National
Firearms Act and the Federal Firearms Act. This Division is also
concerned with the adjustment of claims for refund of taxes paid
under the Agricultural Adjustment Act and related legislation.
The collections of the taxes administered in the Miscellaneous
Division amounted to $1,127,720,738 in 1944, an increase of
$347,736,728 over the previous year. Details of these collections for
1943 and 1944 are shown in table 7, page 563.
REPORT or THE SECRETARY OF THE TREASURY 229
Alcohol Tax Unit
Collections of liquor taxes, representing receipts from excise taxes,
rectification tax, floor stocks taxes, bottle or container stamps, and
special or occupational taxes, amounted to $1,618,775,156 during the
fiscal year 1944, compared with $1,423,646,456 in the preceding year,
an increase of $195,128,700, or 13.7 percent. This increase was due
largely to changes in tax rates, to increased withdrawals of fermented
malt liquors, and to the fact that the collections on imported distilled
spirits more than oft'set the decrease in collections on domestic dis-
tilled spirits. Details of these collections will be found in table
7, page 563.
Because of war requirements, the demand for industrial alcohol
continued to increase during the year. Under statutory amendments
eftected by the acts of January 24, 1942, and March 27, 1942, beverage
distillers engaged in the production of high-proof spirits for industrial
purposes and, where necessary, transferred spirits of low proof to
other plants equipped to raise the spirits to the necessary degree of
proof. The Alcohol Tax Unit operated in close coordination with
the various war agencies in bringing about the production of increased
supplies of alcohol.
On June 30, 1944, the following premises and proprietors were
qualified to engage in the production, distribution, or use of alcohol
and alcoholic liquors:
Industrial alcohol: Number
Industrial alcohol plants.. 71
Industrial alcohol denaturing plants ' 83
Industrial alcohol bonded warehouses 89
Bonded dealers in specially denatured alcohol 37
Bonded manufacturers using specially denatured alcohoL- _.- 4,076
Hospitals, laboratories, and educational institutions using tax-free alcohol 6,848
Distilled spirits: 2
Registered distilleries _ 133
Fruit distilleries 124
Internal revenue bonded warehouses 250
Distillery denaturing bonded warehouses... 2
Rectifying plants 225
Tax-paid bottling houses 85
Wines:
Wineries 859
Bonded wine storerooms 73
Bonded field warehouses _ 25
Fermented malt liquors: Breweries 463
Beverage dealers:
Retail malt liquor dealers 112,350
Retail liquor dealers 229,317
Wholesale malt liquor dealers 8,462
Wholesale liquor dealers 6,512
Importers 1,298
Others:
Users of distilled spirits in the manufacture of nonbeverage products 1,108
Bottle manufacturers... 67
Vinegar plants using vaporizing process 15
Carriers. 418
' Includes 15 denaturing plants established in connection with registered distilleries.
' Lessees were as follows: Registered distilleries, 4; tax-paid bottling houses, 4; rectifying plants, 8.
Procedure Division. — This Division is responsible for planning and
developing procedure for the headquarters and field offices of the
Alcohol Tax Unit; assists in drafting regulations, Treasury decisions,
mimeographs and circulars; reviews all forms prescribed by the
Alcohol Tax Unit; and is charged with the administration of regula-
tions relating to traffic in containers of distilled spirits, and w^ith the
supervision of the Statistical Section. In addition to the preparation
of procedure and statistics concerned directly with the Alcohol Tax
230 REPORT OF THE SECRETARY OF THE TREASURY
Unit, the Unit furnished war agencies current statistical data con-
cerning industrial alcohol and other liquors. Special reports covering
such items were also prepared for the information of such agencies.
Field Inspection Division. — This Division was organized to inspect
and make recommendations for the coordination and improvement of
the various permissive and administrative activities in the 15 super-
visory districts. The Division devises and recommends plans and
methods for increased efficiency and economy ; supervises the installa-
tion of new procedures and the conduct of educational programs;
determines the adequacy and suitability of office space and equip-
ment; makes recommendations relative to the judicious expenditure of
public funds; and assists district supervisors in problems of organiza-
tion, management, and proper utilization of the services of personnel.
A group of specially trained field examiners, operating directly from
the Washington office, make frequent inspections of the field offices
for the purpose of improving efficiency in the determination and
collection of the liquor taxes.
During the year, schools of instruction for storekeeper-gangers and
junior inspectors were organized and the systematic and regular
training of these officers was begun.
In the fiscal year 1944 a total of 335,771 inspections were made by
field offices, an increase of 66,754 inspections, or 24.8 percent over
the previous year.
The Division is responsible for approval or disapproval of applica-
tions, notices, bonds, and other qualifying documents filed in connec-
tion with the establishment and operation of industrial alcohol plants,
bonded warehouses and denaturing plants, distilleries, fruit distill-
eries, distillery denaturing bonded warehouses, internal revenue
bonded warehouses, rectifying plants, tax-paid bottling houses, and
vinegar factories using the vaporizing process. Final review and
acceptance are made of qualifying documents submitted in connec-
tion with the establishment and operation of bonded field warehouses,
bonded storerooms, bonded wineries, and breweries.
Administrative examination of applications, notices, bonds, con-
sents of surety, plats, plans, and other documents required by law
and regulations filed in connection with new establishments, changes
in premises and equipment, and discontinuances totaled 22,191. Dur-
ing the year 160 new establishments were approved and 287 were
discontinued.
Laboratory Division. — This Division is comprised of a central labora-
tory in Washington, D. C, with 13 branch laboratories located
throughout the country, and 1 branch in San Juan, P. R.
The Division performs all of the chemical Avork for the Bureau of
Internal Revenue and analyzes samples of narcotics submitted by
officers of the Bureau of Narcotics. The Washington laboratory also
assists State alcoholic beverage control boards and police depart-
ments. It collaborates with the Department of Agriculture relative
to the official adoption of methods of analysis for alcoholic beverages.
The War Production Board, Office of Price Administration, Defense
Supplies Corporation, and Rubber Reserve Corporation frequently
confer with members of the Division relative to production, use, stor-
age, and transportation of alcohol and products derived therefrom.
The activities of the Washington laboratory include the examination
of formulae, samples, and processes in which denatured alcohol is
REPORT OF THE SECRETARY OF THE TREASURY 231
used. Processes used in distilleries, industrial alcohol plants, wineries,
breweries, and rectifying plants are reviewed in the laboratory and
samples of oleomargarine, cheese, butter, spreads, lubricants, soap, and
cosmetics are examined for the Miscellaneous Tax Unit.
The branch laboratories receive most of the samples taken by Bureau
and narcotic officers for enforcement purposes. They also analyze
high wines shipped for redistillation and alcohol stored for the Defense
Supplies Corporation.
Audit Division. — The Audit Division has general supervision over
the work relating to the operation of registered distilleries, internal
revenue bonded warehouses, rectifying plants, industrial alcohol
plants, industrial alcohol bonded warehouses, denatm*ing plants,
breweries, wineries, bonded wine storerooms, dealers in specially
denatured alcohol, and users of tax-free alcohol. It also conducts the
tax accounting, assessment, claim, and compromise functions of the
Unit.
This Division also determines and lists assessments against persons
engaging in illicit liquor traffic. It examines for allowance or rejection
all claims for abatement or refund of taxes, and for the redemption of
tax stamps and strip stamps, and recommends acceptance or rejection
of offers in compromise of tax, forfeiture of seized property, or criminal
liability.
At the beginning of the fiscal year there were on hand 685 offers in
compromise in the amount of $73,205. There were received 7,268
offers aggregating $413,195; 6,944 oft'ers totaling $386,127 were ac-
cepted, 488 offers totaling $46,472 were rejected, 251 offers totaling
$42,570 were returned to the district supervisors for further investi-
gation, leaving 270 offers aggregating $11,231 on hand at the end of
the year.
There were 14 offers in compromise in the amount of $16,550 on
hand at the beginning of the year submitted in settlement of liabilities
incurred in connection with the Federal Alcohol Administration Act.
During the year, 141 oft'ers amounting to $48,000 were received, 147
offers totaling $60,350 were accepted, and 6 offers aggregating $3,500
were rejected, leaving 2 oft'ers in the amount of $700 on hand at the
end of the fircal year.
Basic Perrnii md Trade Practice Division.— This Division is charged
with administering the provisions of the Federal Alcohol Administra-
tion Act and regulations which have been issued thereunder. The
act requires that all producers (other than brewers), importers, and
wholesale distributors of alcoholic beverages secure basic permits,
which are conditioned upon compliance with the provisions of the
act, the Twenty-first Amendment and its enabling statutes, and all
other Federal alcoholic beverage laws. The broad purpose of the
statute is the regulation of the conduct of the legitimate liquor
industry.
The number of outstanding basic permits of all classes has again
shown a decrease, dropping from 13,547, the number in effect on
July 1, 1943, to 12,913 on June 30, 1944.
The following table reflects permit activities under the Federal
Alcohol Administration Act during the year and the number of per-
mits of each class in effect on June 30, 1944.
232 REPORT OF THE SECRETARY OF THE TREASURY
Permit activities, fiscal year 1944
Ware-
" ' Total
In effect July 1, 1943
Issued during: year
Terminated;
Canceled
Automatically terminated
Revoked
Annulled
Suspended
111 effect June 30, 1944
Amended during year. . _
Whole-
salers
Wine
producers
and
blenders
Wine
blend-
ers
Dis-
tillers
Recti-
fiers
Ware-
housing
and
bottling
Import-
ers
10, 247
1,593
2,085
333
3
2
8
9,409
788
1,053
160
242
7
4
97
20
41
345
93
36
17
277
82
35
7
519
127
131
26
1,009
542
229
33
4
4
956
44
1
316
22
1
488
24
2
1,283
125
76
8
385
16
13, 547
2,617
2,799
423
11
2
16
12, 913
1,027
Because of war conditions and increasing merchandise shortages,
the vohime of label applications received during the year declined
somewhat from the volume received during the pi-eceding year. How-
ever, an increased amount of work was necessitated owing to the fact
that, in an effort to relieve the shortages, members of the industry
have undertaken to bring in all kinds of products from foreign coun-
tries. Specific labeling problems were presented in connection with
a great many of these products and extensive correspondence, as well
as a large volume of analytical work on the part of the Laboratory,
was necessary before the proper labeling of such merchandise could
be achieved.
In the enforcement of the advertising regulations promulgatea unaer
the Federal Alcohol Administration Act the Division reviewed 84,320
advertisements appearing in 22,148 publications and took appropri-
ate regulatory action in 1,085 cases involving various types of irregu-
larities. Six cases involving violations of the advertising provisions
of the statute w^ere closed upon the acceptance of appropriate offers
in compromise. There were also 20,650 radio continuities and 3,034
pieces of point-of-sale advertising material reviewed.
Enforcement Division. — The activities of the Enforcement Division
include the investigation, detection, and prevention of willful and
fraudulent violations of the internal revenue laws relating to distilled
spirits, wines, and fermented malt liquors.
During the fiscal year 6,801 illicit stills, 2,427,649 gallons of mash,
1,553 automobiles and trucks, 78,840 gallons of illicit liquors, and
135,791 gallons of tax-paid liquors were seized. The appraised value
of the property seized w^as $2,819,851. The number of persons
arrested for liquor law violations totaled 11,525.
During the year 11,585 persons were recommended for prosecution
in Federal courts in Alcohol Tax Unit cases, an increase of 1,437 as
compared with the fiscal year 1943; 7,462 persons were indicted,
6,023 defendants were convicted, and on June 30, 1944, 6,709 persons
were awaiting grand jury or trial action for internal revenue liquor
law violations, an increase of 307 from June 30, 1943.
During the year 82 applications for pardon and 993 applications for
parole were examined and reports submitted.
Transportation of liquor into dry territory. — As a result of the enforce-
ment of the Liquor Enforcement Act of 1936 relating to the intro-
duction of tax-paid liquors into dry States, 69 vehicles and 1,688
gallons of tax-paid liquors valued at $69,289 were seized, 97 persons
were arrested, and 76 were indicted and convicted.
REPORT OF THE SECRETARY OF THE TREASURY 233
Floor stocks tax violations. — There were 2,681 floor stocks tax cases
perfected during the fiscal year which involved the seizure of 61,705
gallons of tax-paid liquor valued at $717,457. Taxes and penalties
amounting to $1,049,456 were recommended for assessment in these
cases. Offers in compromise in the amount of $1,255,378 in lieu of
criminal and/or civil liabilities were accepted by the Department of
Justice.
Federal Alcohol Administration Act violations.— Offers in compromise
totaling $1,700,850 in lieu of criminal and civil liabilities were accepted
by the Department of Justice from 45 breweries for subsidizing retail
outlets in violation of the Federal Alcohol Administration Act.
Violations of internal revenue laws and Federal Alcohol Administration
Act resulting from shortage of distilled spirits. — The War Production
Board order which prohibited the production of distilled spirits for
beverage purposes on and after October 8, 1942, the self-imposed
industry rationing system, and hoarding by dealers gradually brought
about a shortage of beverage spirits available for public consumption.
The shortage began to be acute about September 1943, and by Jan-
uary 1944 it was practically impossible for consumers to find whiskey
on the shelves of retailers. This shortage of distilled spirits resulted
in large scale violations of the internal revenue laws and the Federal
Alcohol Administration Act. In this connection investigations of
3,804 taxpayers and permittees were undertaken during the fiscal
year. These investigations related largely to the falsification of
Record 52 by wholesalers and to violations of the terms and conditions
of permits under the Federal Alcohol Administration Act.
There were 548 cases submitted to United States attorneys with
recommendations for the prosecution of 1,174 persons. Federal grand
juries returned 216 indictments involving 485 persons, 175 defendants
were convicted, and 55,712 gallons of tax-paid spirits valued at
$691,038 were seized.
Accounts and Collections Unit
The Accounts and 'Collections Unit is the central administrative
organization for the 64 internal revenue collection districts and makes
the administrative audit of all expenditures for the Internal Revenue
Service. The Unit also administers the employment taxes imposed
under Chapter 9 of the Internal Revenue Code, the taxes under Sub-
chapter A (Federal Insurance Contributions Act) being with respect
to employment by others than carriers, Subchapter B with respect to
employment by carriers, and Subchapter C (Federal Unemployment
Tax Act) with respect to the tax on employers of eight or more.
There were 79,359,029 tax returns filed in collectors' offices during
the fiscal year 1944, an increase of 22,060,035 over the previous year.
Of the total returns filed, 62,795,006 were income and excess profits
tax returns and declarations, an increase of 22,287,692 during the year.
During the fiscal year, 268,884 income tax, 112,238 miscellaneous
tax, and 564,068 employment tax returns were investigated by field
deputy collectors, and 5,073,679 information returns were verified.
At the close of business June 30, 1944, there were outstanding in the
64 collection districts 45,500 income tax returns, and 7,330,793 infor-
mation returns were on hand.
234 REPORT OF THE SECRETARY OF THE TREASURY
Deputy collectors of internal revenue served 491,078 warrants for
distraint, which resulted in the collection of $83,338,767. An average
of 9,057 deputy collectors made 3,792,416 revfinue-producing investi-
gations, including the serving of warrants for distraint, compared with
3,301,745 revenue-producing investigations made by an average of
6,395 deputy collectors in the preceding year. The total amount
collected and reported for assessment by deputy collectors was
$245,317,947, compared with $150,643,949 in the previous year. The
average number of investigations made per deputy and the average
amount of tax collected and reported for assessment were 420 and
$27,086, respectively, compared with 516 and $23,557, respectively,
in 1943. There were 245,089 warrants for distraint in custody in the
collectors' field forces on June 30, 1944, as com.pared with 250,477 on
hand June 30, 1943.
A total of 16,257,204,444 revenue stamps, valued at $3,303,693,383,
was issued to collectors of internal revenue and the Postmaster General
during the year, compared with 16,529,206,905 stamps valued at
$3,122,024,388 issued in 1943. Revenue stamps returned by collectors
of internal revenue and by the Postmaster General, and credited to
their account, amounted to $592,355,269. There w^ere 109 applica-
tions allowed for restamping packages from which the original stamps
had been lost, mutilated, or destroyed, compared with 191 applica-
tions in the preceding year.
The Disbursement Accounting Division administratively examined
and recorded 1,552 monthly accounts, comprising 182,454 vouchers, of
collectors, of internal revenue, internal revenue agents in charge,
technical staff divisions, and district supervisors, including the San
Juan, P. R., branch of the District of Maryland, and the Honolulu,
T. H., branch of the San Francisco Alcohol Tax District No. 14. In
addition, 4,568 expense vouchers of employees and 29,296 vouchers
covering passenger and freight transpoi'tntion and miscellaneous ex-
penses were audited and passed to the Chief Disbursing Officer,
Treasury Department, or the General Accounting Office for payment.
J axes under the Federal Insurance Contributions Act. — Collections of
taxes imposed under the Federal Insurance Contributions Act
amounted to $1,290,024,857 for 1944, an increase of $158,478,729 over
1943. These amounts include both the employees' tax and the em-
ployers' tax each of which was imposed at the rate of 1 percent of
taxable w ages paid. Returns under the act are required on a quarterly
basis, 8,587,017 being filed during the fiscal year 1944, as compared
with 8,939,225 filed in the preceding year.
The following table sets forth information relative to claims dis-
posed of under the Federal Insurance Contributions Act and/or Title
VIII of the Social Security Act.
REPORT OF THE SECRETARY OF THE TREASURY
235
Claims under the Federal Insurance Contributions Act andjor Title VIII of the Social
Security Act received and disposed of, fiscal year 1944
Claims
Under sec.
1401 (d) of the
Federal Insur-
ance Contri-
butions Act
All other
Number
Pending July 1, 1943
17,411
84, 835
4,198
Keceived during year . -
14, 082
Total to be disposed of - _. .-
102, 240
18,280
Allowed in full or in part
65, 223
853
169
10,915
2,386
Canceled _ ._ .
165
Total disposed of. ^ _.
66. 245
13, 466
Pending June 30, 1944 _
Certificates of allowance issued when no claims were filed ....
36, 001
4,814
2,251
Amount
Overassessments settled by —
Abatement
$1,546,789
Credit . --
129,940
Refund. .
$1,248,872
.641,731
Total .... - . .-
1, 248, 872
2, 318, 466
Interest .. .. ... . ..
88, 889
1,248,872
2, 407, 355
Under the provisions of section 1401 (d) of the Federal Insurance
Contributions Act and subject to the conditions therein specified,
an employee perfoi-ming services for more than one employer during
a calendar year may obtain a refund of the amount of employee's tax
deducted from his wages and paid to the collector w^hich is in excess
of the tax on the first $3,000 of such wages.
The following table shows the status of the offers in compromise
submitted in settlement of liabilities incurred under the Federal Insur-
ance Contributions Act and/or Title VIII of the Social Security Act.
Offers in compromise under the Federal Insurance Contributions Act andjor Title VIII
of the Social Security Act received and disposed of, fiscal year 1944
Offers in compromise
Number of
offers
Amount
offered
Liability
involved
Pending July 1, 1943
Received during year
Total to be disposed of
Accepted
Rejected
Withdrawn
Terminated by default
Total disposed of
Pending June 30, 1944
694
887
$154, 925
180, 084
1,581
335, 009
775
173
45
24
152, 155
43.910
8.601
3,203
207, 869
127, 140
$427, 934
61.'), 312
1, 043, 246
342, 944
124, 577
23, 036
15, 424
505, 981
537, 265
236 REPORT OF THE SECRETARY OF THE TREASURY
Tax under the Federal Unemployment Tax Act. — The tax under the
Federal Unemployment Tax Act is imposed on emploj^ers of eight or
more. The rate is 3 percent on taxable wages paid during 1943 with
respect to employment. Collections during 1944 amounted to
$183,336,565, an increase of $27,328,903 over 1943. Returns are
required on an annual basis, 418,757 being filed during 1944, as
compared with 397,595 filed during the preceding year.
Data on the returns, revenue agents' reports, claims, and offers in
compromise in connection with the tax under the Federal Unem-
ployment Tax Act are shown in the following tables.
Number of Federal unemployment tax returns received and disposed of, fiscal year
1944
Returns: -'^«™''«^
Pending July 1, 1943 419,000
Received doling year 418, 757
Total to be disposed of 837,757
Closed. ---- 453,595
Pending June 30, 1944.__ -. 384,162
Number of revenue agents' reports received and disposed of, fiscal year 1944
Reports: Number
Pending July 1, 1943 285
Received during year 1,861
Total to be disposed of 2, 146
Closed:
No change in tax liability 434
Deficiencies intax 1, 359
O verassessmen ts 216
Total 2,009
Pending June 30, 1944 137
Claims under the Federal Unemployment Tax Act and/or Title IX of the Social
Security Act received and disposed of, fiscal year 1944
Claims- Number
Pending July I, 1943 6,681
Received during year • 18, 397
Total to be disposed of 25,078
Allowed in full or in part 12,599
Rejected 3,956
Canceled 229
Total 16,784
Pending June 30, 1944.__ 8,294
Certificates of overassessment and certificates of allowance issued when no claims were filed 5,683
Overassessments settled by — Amount
Abatement $3,236,418
Credit 39,599
Refund 2,162,319
Total _ 5,438,336
Interest 64,013
Grand total . 5,502,349
REPORT OF THE SECRETARY OF THE TREASURY
237
Offers in compromise under the Federal Unemployment Tax Act and/ or Title IX
of the Social Security Act received and disposed of, fiscal year 1944
Offers in compromise
Number of
offers
Amount
offered
Liability
involved
Pending July 1 , 1943
Received during year
Total to be disposed of.
Accepted-
Rejected
Witlidrawn
Terminated by default
Total disposed of
Pending June 30, 1944 _
703
1,369
$105, 533
306,110
2,072
411,643
723
533
81
19
112,619
122, 843
23, 500
3,095
1,356
262, 057
149, 586
$818, 026
1, 738, 714
2, 556, 740
633, 892
742, 719
114,200
21,021
1,511,832
1, 044, 908
Carriers taxes. — Collections of carriers taxes under Chapter 9, Sub-
chapter B, of the Internal Kevenue Code aggregated $265,011,013 for
the fiscal year 1944, an increase of $53,859,770 over 1943. The
amount for 1944 includes $264,997,305 of collections from the em-
ployers' tax and the employees' tax, both of which were imposed at
the rate of 3% percent of the taxable compensation; collection of the
employee representatives' tax for 1944, which was imposed at the rate
of QYo percent of the taxable compensation, amounted to $13,708, as
compared with $47,721 for the previous year, a decrease of $34,013.
Keturns are required on a quarterly basis, 31,005 being filed by em-
ployers, a decrease of 256, and 1,293 being filed by employee repre-
sentatives, a decrease of 480 over the previous year.
The following table sets forth information relative to claims disposed
of under Chapter 9, Subchapter B, Internal Revenue Code, and/or the
Carriers Taxing Act of 1937.
Claims under Ch. 9, Subchapter B, Internal Revenue Code, and/or the Carriers Taxing
Act of 1937 received and disposed of, fiscal year 1944
Claims: Number
Pending July 1, 1943 94
Received during year 216
Total to be disposed of -. 310
Allowed in full or in part.. 224
Rejected 47
Total disposed of 271
Pending June 30, 1944 39
Certificates of allowance issued when no claims were filed- _- H
Overassessments settled by— Amount
Abatement : $21,884
Credit 1 38,596
Refund 45,370
Total . . . 105,850
Interest 6,180
Grand total _._ 111,030
Technical Staff
The Technical Staff is the appellate agency in the Bureau of Internal
Revenue for the determination of income, profits, estate, and gift tax
liability in disputed cases. The Staff consists of an administrative
office in Washington and 10 field divisions with 35 local offices. The
heads of these divisions exclusively represent the Commissioner of
238 REPORT OF THE SECRETARY OF THE TREASURY
Internal Revenue within their territorial jurisdiction (a) in the
determination of tax liability in contested cases not docketed before
The Tax Court of the United States, and (b) in the stipulated settle-
ment, with concurrence of division counsel, of cases docketed by The
Tax Court. The Staff handles certain offers in compromise and
applications for extensions of time for the payment of income taxes, and
also reviews final closing agreements under section 3760 of the Internal
Revenue Code.
A brief summary of the work of the Staff field divisions is shown in
the following table.
Analysis of the work of all field divisions of the Technical Staff, fiscal year 19^4
Cases
On hand July 1, 1943
Received (transfers, etc., deducted) during year
Total to be disposed of
Closed by stipulation or agreement
Dismissals and defaults
Unagreed cases submitted to The Tax Court
Case^ appealed to The Tax Court
Unagreed action on overassessment and claims cases_
Total disposed of
On hand June 30, 1944
Docketed
cases
3,479
3,278
1,912
180
927
3,019
3.738
Nondocketed
cases
4,020
6,845
10,865
3, 9.53
751
1,461
315
1 Includes 688 cases awaiting taxpayers' action on statutory notices directed or sustained on July 1, 1943,
and 597 on June 30, 1944.
The nondocketed cases disposed of by agreement, by default, and
by unagreed action on claims, involved proposed deficiencies in tax
and penalties totaling $56,668,556, and overassessments tentatively
determined of $7,010,312. The deficiencies and penalties agreed to
amounted to $23,853,835, and overassessments of $5,429,570 were
allowed. Defaults totaled $4,160,978 in tax and penalties, with
$163,055 in overassessments. In addition, overassessments aggregat-
ing $850,394 were allowed in unagreed claims cases.
The docketed cases closed by stipulation involved asserted deficien-
cies in tax and penalties aggregating $62,313,494 and overassessments
of $1,483,744 for other years and in associated cases. The amount
agreed to consisted of $23,796,634 in tax and penalties and $1,287,529
in overassessments.
The filing of applications for general relief under section 722 of the
Internal Revenue Code, made applicable retroactively to taxable years
beginning after December 31, 1939, has materially slowed down the
closing of corporate cases for such years. It is probable that this
phase of the work, together with the volume of difficult excess profits
tax cases, will cause some increases in Staff' inventories for several
years to come. wStriking results of the decentralized procedure are
that for over five years of full operation approximately one-third of
all statutory notices directed or sustained by the Staff" field divisions
are defaulted in that no petition is filed with The Tax Court; in cases
handled by the Staff" in nondocketed status, only 1 in 8 is tried before
The Tax Court; and litigating results show that over half of the tax
in controversy in the dockets which are tried is upheld by The Tax
Court.
REPORT OF THE SECRETARY OF THE TREASURY
239
The work of the Staff on compromise, extension of time, and closing
agreement cases is analyzed in the following table.
Analysis of the work of the Technical Staff on compromise, extension of time, and
final closing agreement cases, fiscal year 1944
Cases
Compromise
cases
Extension
of time
cases
Final closing
agreement
cases
On hand July 1, 1943
Keeeived (net) during year
Total to be disposed oL..
Accepted, granted, or approved
Rejected -
Withdrawn
Transferred-
Total disposed of ,__
On hand June 30, 1944
453
783
1,236
392
288
118
19
6
232
238
71
162
1
234
5
204
170
24
194
15
Office of the Chief Counsel ^
The activities of the Office of the Chief Counsel for the Bureau of
Internal Revenue include the defense of all Federal tax cases appealed
to The Tax Court of the United States; the review of refunds, credits,
and abatements in excess of $20,000; consideration of various adminis-
trative and internal revenue tax matters referred to that office by the
Secretary and other officers of the Treasury Department, or by the
Commissioner and other officers of the Bureau of Internal Revenue.
They include also the preparation, at the request of the Department
of Justice or of the United States attorneys, of data for use in the
prosecution or defense of tax cases (civil and criminal) in suit, and
compliance with requests for assistance in such cases; and the prepar-
ation, revision, and review of regulations, Treasury decisions, mimeo-
graphs, and rulings for the guidance of the officers and employees of
the Bureau of Internal Revenue and others concerned. The Office
is made up of the Chief Counsel's Committee, the Engineers and
Auditors Section, and eight divisions, viz: Alcohol Tax, Appeals,
Civil, Claims, Interpretative, Legislation and Regulations, Penal, and
Review.
During the year, 3,633 cases appealed to The Tax Court were closed.
In 3,622 cases involving income, excess profits, unjust enrichment,
estate, and gift taxes the appellants recovered $73,187,202 on claims
aggregating $150,625,788; and in 11 cases involving processing taxes
the appellants recovered $90,884 on claims aggregating $812,274.
In cooperation with the Department of Justice, 781 civil cases in
State and Federal courts were closed, in which the amount claimed
was $15,461,358; refunds aggregating $4,441,521 and collections
amounting to $624,278 were made. There were also closed 1,131
cases involving liens, in which $678,523 was collected.
The Government was represented in 1,064 corporate reorganization
and arrangement proceedings m which Government claims amounting
to $12,353,850 were settled for $4,878,908. In 3,948 bankruptcy and
receivership cases disposed of, $3,399,726 was collected on Government
claims aggregating $9,895,218.
' More detailed information concerning the functions and activities of the Office of the Chief Counsel
will be found in the annual report of the Commissioner of Internal Revenue.
240 REPOKT OF THE SECRETARY OF THE TREASURY
111 claims filed by collectors against the estates of deceased taxpayers
and insolvent banks and in liquidation proceedings, including assign-
ments for the benefit of creditors, 2,259 cases involving claims amount-
ing to $S,lS7,S10_were settled and $2,849,356 was collected.
The Office reviewed 715 cases involving proposed allowances for
overpayment or overassessment of income, excess profits, estate, gift,
and miscellaneous taxes, as well as deficiencies when coupled witli tax
reductions under review, where the amount of tax reduction in a par-
ticular case exceeded $20,000. Pa3'ment of $31,203,282 ^vas recom-
mended upon claims amounting to $57,183,582. Included in these
figures are income, excess profits, estate, and gift tax cases involving
overpayments exceeding $75,000, on which reports were prepared for
the Joint Committee on Internal Revenue Taxation. Cases were re-
viewed involving claims for refund of amounts paid as processing and
floor stocks taxes and unjust enrichment tax deficiencies aggregating
$24,312,939. Final review of 3,275 cases involving compromise and
closing agreements was made.
Claims for reward for information relative to violations of the in-
ternal revenue laws were considered and payments of $77,209 were
recommended in 62 of the 212 cases disposed of.
In connection with the administration and enforcement of the in-
ternal revenue liquor laws and the laws relating to firearms, 5,669
memoranda, 181 briefs, 6,570 opinions, 252 libels, and 32 indictments
were prepared. With respect to alcohol and Federal Alcohol Adminis-
tration permits, 45 denials of applications for permits, 71 notices of
contemplated denials of applications, 154 citations for rev^ocation and
suspension, and 52 orders in suspension and revocation proceedings
were prepared. Reviews were made of 1,838 case reports, 480 claims
of over $5,000 each, 7,447 compromise cases, and 135 petitions for re-
mission or mitigation of forfeitures. In addition, 187 hearings were
participated in.
During the year 528 internal revenue tax cases involving criminal
liability were closed. Much of this penal work was performed in close
cooperation with the Department of Justice and included consideration
of oft'ers in compromise and the preparation of opinions construing the
criminal and percentage penalty statutes and whether certain cases
should be reopened because of fraud or malfeasance, or misrepresenta-
tion of a material fact.
Work involving interpretation of internal revenue laws was per-
formed in 2,592 cases, including the preparation or review of memo-
randa, correspondence, briefs to be filed with The Tax Court in key
cases, actions on decisions in special cases, and closing agreements
covering proposed transactions. Material submitted for publication
in the Internal Revenue Bulletin was edited.
The Office prepared or reviewed regulations issued under the inter-
nal revenue laws and tax conventions with foreign countries and reports
on legislation introduced in Congress aft'ecting the internal revenue.
Consideration was given to suggestions for amendments of, and addi-
tions to, the various internal revenue laws, and reports thereon were
prepared. The Office participated in the preparation of income tax
and other forms and in the drafting of internal revenue laws and tax
conventions.
In 159 cases, technical engineering and auditing advice and assist-
ance were furnished revenue officials and the Department of Justice,
REPORT OF THE SECRETARY OF THE TREASURY 241
principally in the fields of valuation and depreciation. Legal advice
and assistance were rendered officials concerned with the salary
stabilization regulations in 2,359 cases.
Intelligence Unit
The Intelligence Unit is principally concerned with the investigation
of tax fraud cases in cooperation with internal revenue agents and dep-
uty collectors. During the year, 1,082 investigations were made of
alleged evasion of income and miscellaneous taxes, and of this number
280 cases, involving 512 individuals, were recommended for prosecu-
tion. On this charge there were convictions of 85 individuals and 2
acquittals. Investigations of these cases resulted in recommendation
for assessment of additional taxes and penalties amounting to
$45,718,776.
In addition to collections by the Bureau of Internal Revenue of
taxes, penalties, and interest, amounts are covered into the Treasury as
a result of fines imposed in criminal cases. In some jurisdictions 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 during investigations.
There were 2,684 investigations of applications of attorneys and
agents to practice before the Treasury Department and 42 investi-
gations of charges against enrolled agents and attorneys, resulting in
the disbarment of 6, the suspension of 2, the reprimand of 3, and the
rejection of applications of 10.
The investigations in 84 cases of charges against employees of the
Bureau of Internal Revenue resulted in the separation from the Service
of 53 employees. Criminal proceedings were instituted against 14, and
of the 11 brought to trial during the year all were convicted. There
were also 133 cases of a miscellaneous character investigated, resulting
in the prosecution of 9. Six were tried and all were convicted.
Salary Stabilization Unit
The Salary Stabilization Unit, under the supervision of a deputy
commissioner, was created by Treasury Decision 5176, dated October
29, 1942, to administer the provisions of the regulations prescribed
by the Director of Economic Stabilization under the act of October
2, 1942 (Public Law 729), and Executive Order No. 9250, dated
October 3, 1942, for stabilizing all salaries in excess of $5,000 per
annum, and of executive, administrative, and professional salaries
where the rates were in excess of $30 a week and $200 a month,
respectively, and the positions were not represented by a certified
labor organization. The regulations directed that, in general, levels
of compensation were to be stabilized as of the level existing on
September 15, 1942. Regulations, Treasury Decision 5186, outlining
the policies and procedure to be followed with respect to salaries of
employees under the jurisdiction of the Commissioner, were promul-
gated on December 2, 1942.
On April 8, 1943, the President issued Executive Order No. 9328,
which provided for certain changes in policies and procedure. As a
result of this order, the statement of the Director of Economic Sta-
bilization, dated May 12, 1943, and the revised regulations issued by
613185 — i5 17
242
REPORT OF THE SECRETARY OF THE TREASURY
the Director on August 28, 1943, the Commissioner promulgated
amended regulations. Treasury Decision 5295, which were approved
on September 4, 1943.
In addition to the regulations, the Commissioner of Internal Rev-
enue has from time to time issued special rulings covering specific
types of adjustments common to industry generally. These special
rulings cover such subjects as overtim.e compensation, vacation pay,
pension benefits- and profit-sharing trusts, insurance, salary rate
schedules, bonuses, commissions, and others.
Thirteen regional offices process employers' applications for ap-
proval of increases in compensation, which generally are salary ad-
justments or bonus or commission payments. The head of each
regional ofiBce is authorized to make rulings subject only to review
by the deputy commissioner.
"^ An act of Congress approved June 30, 1944 (Public 383),, extending
the act of October 2, 1942, stipulated that its provisions should
terminate on June 30, 1945.
During the fiscal year 1944, rulings on compensation adjustments
issued by the Salary Stabilization Unit trebled those issued in 1943,
the fiscal year in wliich the Unit was establishe_d.
The types and number of requests for decisions and the actions
taken for the fiscal year 1944 were as follows:
Types
Salary adjustments -.
Bonus payments
Salary and bonus combined --'.
Salary rate schedules..
Profit-sharing trusts
Insurance benefits and pension trusts.
Appeal cases, all classes
Appeal cases, all classes.
Requests
on hand
July 1, 1943
Requests
received
during year
16, 481
1,416
1,486
925
5,617
Rulings
issued
during year
Requests
on hand
June 30,
1944
Regional offices
193, 615
200, 248
31,334
31, 375
26, 669
25, 868
4,853
5,549
629
544
77
55
24, 851
27, 191
Washington office
2,662
2,194
9,848
1,375
2,277
229
85
22
3,277
629
A detailed discussion of the stabilization and limitation of salaries
appears on pages 129 to 131 of this report.
LEGAL DIVISION
The General Counsel is by statute the chief law officer of the Treas-
ury Department, and is directly responsible to the Secretary for the
work of the Legal Division. The Legal Division is composed of the
legal staft' in the Office of the General Counsel and the legal staffs in
the Bureau of Internal Revenue, Bureau of Customs, Bureau of
Narcotics, Bureau of the Public Debt, Procurement Division, Bureau
of the Comptroller of the Currency, and the Foreign Funds Control.
The General Counsel, with the assistance of his legal staff', gives a,dvice
on legal problems to the Secretary, the Under Secretary, Assistant
Secretaries and the administrative officers of the Department; exer-
REPORT OF THE SECRETARY OF THE TREASURY 243
cises general supervision over the work of the legal staffs in the fore-
going bureaus; and serves as legal adviser to the branches of the
Department not having legal staifs, such as the Bureau of Accounts,
Bureau of Engraving and Printing, Bureau of the Mint, the Secret
Service Division, Treasui-er's Office, and the War Finance Division.
The activities of the Legal Division embrace all legal questions
arising in connection with the administration of the duties and func-
tions of the various bureaus, divisions, and other branches of the
Department. These activities also include consideration of legal
problems relating to broad financial, economic, and social programs,
problems with respect to international cooperation in the monetary
and financial fields, and problems relating to war activities. A more
complete description of the scope of the activities of the Legal Division
is to be found in the various administrative reports of bureaus and
divisions of the Department contained elsewhere in this report.
In addition, the legal staft' in the Office of the General Counsel
handles legal matters relating to legislation, including the drafting of
legislation and preparation of reports to committees of Congress and
the Bureau of the Budget; appears before congressional committees;
prepares and reviews Executive orders and proclamations; prepares
formal and informal opinions and memoranda for the guidance of
the administrative officers of the Department; performs the necessary
pre-trial work in litigation involving Treasury officials; makes recom-
mendations to the Secretary in matters relating to compromise settle-
ment of general claims of the United States; supervises legal matters
relative to inventions and patent rights of Treasury employees, neg-
ligence claims, and disclosure of official information; serves as legal
adviser in proceedings involving complaints against enrollees licensed
to practice before the Treasury Department; handles legal problems
pertaining to gold and silver transactions and the administration of
the stabilization fund; passes upon legal questions arising in the
adjudication of Mexican claims; and handles the legal work in con-
nection with railroad liquidations, receiverships, and reorganization
proceedings under the Transportation Act.
During the fiscal year 1944, among the many special problems
handled by the Legal Division were those relating to the collection of
the revenues and related problems, the issuance of public debt obliga-
tions, the renegotiation of war contracts, the formulation of policies
and procedures to govern the settlemerit of terminated war contracts,
the establishment of policies and procedures to cover the disposition
of surplus property, the formulation of proposals for an international
monetary fund and an international bank for reconstruction and
development, and cooperation with the military authorities on finan-
cial and monetary problems arising in liberated areas.
BUREAU OF THE MINT
The principal functions of the Mint Service include the acquisition
of gold and silver bullion, payments for which are made on the basis
of Mint assays; the manufacture of domestic silver and minor coins;
and the safeguarding of the Government's holdings of the monetary
metals, including coins, until required for distribution through the
banks. Incidental activities include the refining of gold and silver,
coinage for foreign governments, manufacture of gold, sUver, and
244 REPORT OF THE SECRETARY OF THE TREASURY
bronze medals, coinage dies, platinum assay utensils, and other
materials. In addition, the Mint Service performs special assays of
bullion and ores submitted by the public for analysis and return.
The Mint Service as now constituted was created over a period of
years beginning with the Philadelphia Mint in 1792. Its newest
institution is the West Point Depository which was completed in
1938. The Bureau of the Mint was established in 1873 as a central
supervisory agency.
Institutions of the Mint Service
During the fiscal year 1944, six mint institutions were in operation:
Coinage mints at Philadelphia, San Francisco, and Denver; assay
office at New York, which handles the major portion of the gold
imported and exported, and its auxiliary silver bullion depository at
West Point; gold bullion depository at Fort Knox, Ky. ; and assay
office at Seattle. Electrolytic refineries are maintained at the New
York, Denver, and San Francisco institutions.
Coinage
Domestic coin manufactured during the fiscal year 1944 amounted
to the record production of 2,578,640,270 pieces, compared with
1,472,098,762 pieces during the preceding year. As in previous years,
the denomination most largely produced was the 1-cent piece. Pro-
duction in 1944, in amount $109,464,836.70, consisted of 406,356,600
subsidiary silver coins with a value of $77,596,800.00, 253,630,000
5-cent coins with a value of $12,681,500.00, and 1,918,653,670 1-cent
coins with a value of $19,186,536.70. Of the 1-cent coins, 898,686,670
were of zinc-coated steel and 1,019,967,000 were of copper-zinc.
Coinage for foreign governments totaled 487,847,000 pieces, com-
pared with 173,023,000 during the preceding year.
The grand total of domestic and foreign coinage in 1944 amounted
to 3,066,487,270 pieces, which was an increase in domestic coinage
over the prior fiscal year of 1,106,541,508 pieces, or 75 percent, and
an increase in foreign coinage of 314,824,000 pieces, or 182 percent.
The weight of the finished coins was 12,354.31 tons, or an average
production of 35 tons per day.
Minor coinage alloys
Five-cent coin. — The 5-cent piece issued under authority of the
Second War Powers Act, approved March 27, 1942, was coined during
the fiscal year 1944. The composition is an alloy of 56 percent copper,
35 percent silver, and 9 percent manganese, and its standard weight
is 77.16 grains. No 5-cent pieces containing 75 percent copper and
25 percent nickel have been coined since May 1942.
One-cent coin. — Production of the zinc-coated steel cent was discon-
tinued December 31, 1943. The total number of zinc-coated steel
coins struck from the beginning of production in February 1943 to
their discontinuance December 31, 1943, was 1,093,838,670 pieces.
On January 1, 1944, production was commenced of a copper-zinc
coin containing 95 percent copper and 5 percent zinc. This was done
under authority of the order of the Acting Secretary of the Treasury,
REPORT OF THE SECRETARY OF THE TREASURY 245
December 10, 1943, issued pursuant to Public Law 815, approved
December 18, 1942. The change was made as a result of the avail-
abiHty of fired brass cartridge cases, to which copper is added to
produce the alloy. The standard weight of the coin is 48 grains, the
same as the former bronze 1-cent coin, production of which was
discontinued in December 1942.
Metal savings. — The production of the copper-silver-manganese 5-
cent piece and the zinc-coated steel 1-cent piece during the fiscal year
1944 freed 3,194 tons of copper, 350 tons of nickel, and 120 tons of
zinc for use in furtherance of the war eft'ort.
Bullion deposit transactions
Bullion deposit transactions during the year numbered 7,492, in-
cluding 53 inter-mint service transactions, compared with 15,406 and
99, respectively, during the prior year. The deposit transactions
required 14,02-2 assay determinations, compared with 23,019 assay
determinations last year.
Long-term storage oj bullion
There were no transfers of bullion for long-term storage during the
fiscal year 1944. Because of increased sales of gold bars for industrial
consumption and the large amounts of gold used for ear-marking
purposes, it became necessary to transfer 29,625,700 fine ounces of
gold with a value of $1,036,899,495 from the Bullion Depository at
Fort Knox to the New York Assay Office.
The balance of silver in the Bullion Depository at West Point was
also decreased by removal of silver for sales under the terms of the
Green Act (Public Law 137, approved July 12, 1943) and for lend-
lease transactions. During the year 40,791,567 ounces of silver were
sold under the Green Act and 211,359,650 ounces were lend-leased.
The New York Assay Office manufactured coinage ingots containing
11,063,000 fine ounces of silver which were transferred to the Phila-
delphia Mint for use in domestic subsidiary silver coinage.
Additional amounts of silver were removed from West Point for use
in defense plants. The total amount of silver loaned for that purpose
to the Defense Plant Corporation, etc., amounted to 891,792,971 fine
ounces on June 30, 1944, as compared with 699,819,332 fine ounces on
June 30, 1943. This silver is to be returned to Treasury custody
after it has performed its function.
The balance of silver in the Bullion Depository at West Point
amounted to 513,706,973 fine ounces at the end of the year.
Gold operations
Gold acquisitions by the mints and assay offices during the year,
on the basis of classified melted receipts, amounted to $58,524,200.77
and transfers between mint-service institutions amounted to
$1,040,831,947.20. These transactions totaled $1,099,356,147.97,
compared with $208,006,481.87 for the prior year which included
$19,871,516.21 in inter-mint transfers.
Acquisitions m 1944 included $10,764.13 of gold received at $20.67 +
per fine ounce. Increment on this gold amounted to $7,459.44.
246 REPORT OF THE SECRETARY OF THE TREASURY
Silver operations
Treasury silver acquisitions during the year totaled 12,042,027.25
fine ounces. The total value, at an average of $0,478 per fine ounce,
equalled $5,757,512.53. Acquisitions were as follows:
Item
Newly mined domestic silver
Silver contained in gold bullion derosits, etc
Silver received in exchange for Government stamped bars
Redeposits
Total
Amount (fine
ounces)
861, 293. 90
120, 175. 74
231, 250. 14
10. 829, 307. 47
12, 042, 027. 25
Value
$550,312.71
51,773.04
101,749.90
5, 053, 676. 82
5, 757, 512. 53
United States coin received for recoinage during the year amounted
to 1,127,651.70 fine ounces, with a recoinage value of $1,558,875.67.
Unfit silver dollars with a face value of $44,658,194.00 were melted,
yielding 33,152,082.31 fine ounces of silver.
Transfers of silver between mint institutions amounted to
9,109,409.72 fine ounces, and foreign governments deposited 58,581,-
355.97 ounces of silver for foreign coinage, making a grand total of
114,012,526.95 fine ounces of silver handled.
During the fiscal year $387,878 of silver certificates were issued
against 300,000 fine ounces of silver bullion valued at $1.29+ per
fine ounce, the statutory monetary value of silver. This silver had
been acquired at an average price of $0.7111+ per fine ounce. The
difference between the cost of the silver held to secure these certifi-
cates and the monetary value of such silver is $174,545.00, and this
amount constitutes seigniorage.
The open-market price of silver in New York (mean of bid and
asked) remained at $0.45062 throughout the fiscal year.
For newly mined domestic silver a return to the depositor of
$0.7111+ per fine ounce, established by the act of July 6, 1939,
prevailed during the year.
Rejineries
The three electrolytic refineries produced 4,031,631 fine ounces
(138 tons) of electrolytically refined gold bullion and 4,385,482 fine
ounces (150 tons) of silver bullion in 1944. During the prior year
the quantities produced were 6,225,508 fine ounces (213 tons) of gold
and 6,679,864 fine ounces (229 tons) of silver.
Stocks of unrefined gold and silver bullion in mint institutions de-
creased during the fiscal year 1944 by approximately 282.6 tons,
leaving a total of 1,474.4 tons.
Medals
Production records of Mmt history were broken in this fiscal year.
The Mint Service tlirough the facilities of the medal department of
the Philadelphia Mint customarily makes all medals required by the
Navy, Coast Guard, and Marmes and many of those required by the
REPORT OF THE SECRETARY OF THE TREASURY 247
Army. Owing to the pressure of war work no medals are being pro-
duced by the Mint except those especially authorized by the Congress
or for the armed forces.
Approximately 133,000 Navy service medals were struck during
the year, an increase of about 57,000 medals over the previous year.
There were 50,000 small bronze stars and 15,000 small gold stars
struck for the Navy also, for use on service bars in lieu of additional
medals or to depict participation in major engagements in the war.
The Navy service medals struck during the year included the Navy
Cross, Distinguished Service medal, Silver Star, Bronze Star, Distin-
guished Flying Cross, Navy and Marine Corps medal. Air medal,
Purple Heart, Legion of Merit, and the China Service medal.
Medals awarded for service in various campaigns of the past were
struck also. In addition, United States Treasury Gold Life Saving
medals were made for presentation by the State Department, and
Life Saving medals of the Second Degree, in silver, were ordered by
the Coast Guard. Expert Rifleman and expert Pistol Shot medals
were made also for the armed forces.
In addition, various commemorative medals out of stock sold to the
public during the year were as follows:
Item
Number
Value
Gold medals
27
390
2,470
$4, 216. 01
Silver medals _. .. ..._-- -_ -__ .
786. 95
Bronze medals
2, 385. 10
Total
2,887
7, 388. 06
Stock of coin and monetary bullion in the United States
On June 30, 1944, the estimated stock of domestic coin in the
United States totaled $1,505,218,196 consisting of $494,337,395
standard silver dollars, $734,488,137 subsidiary silver coin, and
$276,392,664 minor coin.
The stock of gold bullion, including coin, held by the Treasury on
the same date was valued at $21,173,065,544, a decrease of
$1,214,456,564 from June 30, 1943. The stock of silver bullion was
2,139,693,743 fine ounces, a decrease of 290,576,279.
Production of gold and silver in the United States
Domestic gold production (refinery product) during the calendar
year 1943 totaled 1,394,522 fine ounces, with a monetary value of
$48,808,270, compared with 3,741,806 fine ounces, with a monetary
value of $130,963,210 in 1942. The largest annual gold production—
6,003,105 fine ounces with a monetary value of $210,108,700 — occurred
in 1940.
Domestic silver production (refinery product) during the calendar
year 1943 totaled 40,820,639 fine ounces, a decrease of 15,270,216
ounces from the 1942 production of 56,090,855. The record silver
production of 74,961,075 ounces was in 1915.
248 REPORT OF THE SECRETARY OF THE TREASURY
Industrial consumption of gold and silver in the United States
Gold consumption in arts and industries during the calendar year
1943 is estimated at $96,864,353. Gold returned from industrial use
amounted to $10,521,000, giving a net industrial consumption of new
gold during the year of $86,343^353.
Silver used in arts and industries totaled 162,112,863 fine ounces, of
which 129,940,686 fine ounces were of new material.
Compared with the calendar year 1942, there was an increase in
the amount of gold and silver used in industry amounting to 603,482
and 30,693,639 fine ounces, respectively.
General activities
The regular income realized by the Treasury from the Mint Service
during the fiscal year 1944 aggregated $108,100,541, of which $45,796,-
210 was seigniorage. The seigniorage on subsidiary silver coin was
$22,688,274 and on minor coin, $23,l07,936. Extraordinarv income
was $61,705,178, representing profits on sale of silver bullion, and
$7,459 was increment to $35 per ounce on revalued gold.
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1944, and the number of employees on
June 30, 1944, at each institution are shown in the following table.
Gold and silver deposits, income, expenses, and employees, by institutions,
fiscal year 1944
Institution
Num-
ber
of
bullion
deposit
trans-
actions
Number
of assay
determi-
nations
on
bullion
deposits
Monetary
value of
gold and
silver
receipts,
including
transfers i
Gross
regular
income
Gross
expenses
Excess
of
income
or of ex-
penses (— )
Num-
ber
of
em-
ployees
June 30,
1944
Philadelphia
1,702
1,840
700
2,812
438
3, 385
5,043
1,023
4,084
487
$15,269,211
14,627,504
5,773,134
1,089,690,300
2, 904, 598
$33,751,941
7, 424, 663
4, 830, 645
62,077,118
16, 173
$4, 694, 678
1,484,398
1,185,574
607, 394
22,129
85, 661
$29, 057, 263
5,940,265
3,645.071
61,469,724
-5,956
-85,661
1,891
406
Denver
390
New York -
164
Seattle
6
Fort Knox
35
Total
7,492
14, 022
1,128,264,747
»08, 100, 540
8, 079, 834
159, 951
100,020,706
-159,951
2,892
49
Grand total
Prior fiscal year.
7,492
15, 406
14,022
23,019
1,128,264,747
284, 975, 597
108,100,540
74, 278, 461
8, 239, 785
6,631,434
99, 860, 755
67, 647, 027
2,941
2,188
1 Includes inter-institution transfers, $1,052,612,180.
DIVISION OF MONETARY RESEARCH
The Division of Monetary Research in the Office of the Secretary
provides information, economic analyses, and recommendations for the
use of the Secretary of the Treasury and other Treasury officials to
assist in the formulation and execution of the monetary policies of the
Department in connection with the exchange stabilization fund, gold
and silver, the flow of capital funds into and out of the United States,
the position of the dollar in relation to foreign currencies, international
monetary cooperation, monetary, banking, and fiscal policies of foreign
REPORT OF THE SECRETARY OF THE TREASURY
249
countries, exchange and trade restrictions abroad, and similar prob-
lems. In addition, the Division provides economic analyses in
connection with the Treasury's Foreign Funds Control, and monetary
and financial problems in occupied areas.
Analyses are also prepared relating to the customs activities of the
Department and the duties of the Secretary of the Treasury under the
Tarift" Act and on other matters pertaining to international trade,
including the trade agreement program.
The Division also is responsible for the economic and financial work
in connection with the negotiation of exchange stabilization agree-
ments made by the United States with foreign governments and
central banks for the purpose of promoting international exchange
stability. The Treasury's operations under these agreements are
performed under the stabilization fund, which is administered by the
Division.
BUREAU OF NARCOTICS i
The activities of the Bureau of Narcotics are directed toward the
suppression and elimination of the illicit traffic in narcotic drugs and
toward an eft'ective control of the legitimate manufacture and dis-
tribution of such drugs for necessary medical uses.
During the fiscal year the activities of the Bureau resulted in an
increased number of marihuana law violations reported and of arrests
for violations of the mariliuana laws. There were reductions in the
number of narcotic law violations reported and in the number of
arrests for violations of the narcotic laws, in the number of vehicles
seized for violations of these laws, and in the quantities of narcotic
drugs and marihuana seized and eradicated.
A comparison of these statistics for the years 1943 and 1944 is shown
in the following table.
Units
1943
1944
Narcotic
laws
Marihuana
laws
Narcotic
laws
Marihuana
laws
Violations reported
Arrests
Number
Number
Oiinr-fis
2,431
1,794
2,289
796
777
2,168
1,711
1,431
902
918
Drugs confiscated:
Narcotics
Marihuana:
Bulk
Pounds
638
18
24, 903
108
4,747
MS
257
Seeds. . -.. .
Pounds
H
Cigarettes _..
Number
21, 484
Growing plants
Number
271
Wild marihuana growth eradicated
Acres
150
Vehicles seized . ...
Number
'84
60
46
Revised.
The table following shows in detail the number of violations reported
under the narcotic and marihuana laws during the fiscal year, their
disposition, and the penalties, as reported by Federal narcotic en-
forcement officers.
' Further information concerning narcotics is available in the separate report of the Commissioner of
Narcotics.
250
REPORT OF THE SECRETARY OF THE TREASURY
Number of violations of the narcotic and marihuana laws reported and their disposition
and penalties, fiscal year 1944
Narcotic laws
Marihuana laws
Registered persons
Nonregistered
persons
Nonregistered
persons
Federal
Court
State
Court
Federal
Court
State
Court
Federal
Court
state
Court
Pending July 1, 1943
510
428
52
1,007
1,292
396
300
Reported during 1944:
Federal' .- --
518
Joint'. .-
384
Total to be disposed of-
990
2, 695
1,202
Convicted:
100
15
4
6
10
712
136
21
4
242
38
1
247
121
16
2
47
51
368
241
16
14
127
64
22
31
Acquitted: ,
5
1
Dropped:
272
23
178
11
5
1
5
9
Compromised: 2
Total disposed of
625
1.638
903
.=
Pending June 30, 1944--
3G5
* 1, 057
299
a
0
0
XI
a
0
0
1
a
0
5
"S
0
i
1
Sentences Imposed:
Federal
211
29
6
3
"ie
6
6
1,414
298
2
2
173
105
6
3
553
433
9
5
11
30
?
Joint- -.- -
4
Total.
240
9
17
1,712
4
278
9
987
2
41
6
Fines imposed:
Federal
$23,850.00
10,200. 00
$800. 00
1, 309. 25
$33,304. 00
466. 00
$5, 540. 90
1, 638. 25
$5, 139. 00
2, 699. 31
.$857. 50
1, 955. 00
Total ---
34, 050. 00
2, 109. 25
33, 770. 00
7, 179. 15
7, 738. 31
2, 812. .50
> 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.
2 Represents 190 cases which were compromised in the sum of $32,248.
Registrations under the narcotic and marihuana laws during the
year are shown by classes in the following table.
Registrations under the Federal narcotic
and marihuana laws, June 30
,1944
Narcotic
law
Marihuana
law
Importers, manufacturers, producers and compounders
152
Importers, manufacturers and compounders
7
Producers (growers) -
22,031
140
Dealers - - .
Wholesale
1,151
47, 940
134, 934
1 130, 746
139
Retail
Practitioners. .
488
Dealers in and manufacturers of untaxed preparations
Users for purposes of research, instruction or analysis - -
71
Total....
315, 062
22, 737
' Includes registrations for which payment of occupational tax is not required under the law, because also
registered in some other class.
REPORT OF THE SECRETARY OF THE TREASURY 251
Opium supplies continued to be available for import and additional
quantities were imported during the year. Coca leaf supplies similarly
continued to be ample, both for medicinal purposes and for the manu-
facture of nonnarcotic flavoring extracts.
The importation, manufacture, and distribution of both opium and
coca leaves and their derivatives are subject to a system of quotas and
allocations designed to secure their proper distribution for medical
needs.
Exports of narcotic drugs decreased during the year as compared
with 1943 but remained considerably above the pre-war level. Man-
ufacture of oi)ium derivatives continued high due to export require-
ments, the needs for military and naval operations, and the increased
medical use of codeine bv the civilian population.
The shortage of addiction drugs in the illicit markets was reflected in
a marked increase in the number of thefts of narcotics from the stocks
of wholesalers, retailers, and practitioners entitled to have them for
medicinal needs. There was also a sharp increase in the quantity of
drugs reported stolen.
DIVISION OF'PERSONNEL
The Division of Personnel is charged with the supervision of the
personnel activities of the entire Department, and its general functions
include initiating, planning, and formulating personnel policies, pro-
cedures, practices, and programs, and coordinating and exercising
control over the Department's personnel operations so that they will
conform to approved policies and procedures. The functions of the
Division are principally in the nature of advisory and control activities,
with the personnel operations of the Department being actually car-
ried out in the personnel units of the several branches, bureaus, and
offices. This decentralization of personnel work, with control being
retained in the central personnel office, is in line with the Depart-
ment's policy of facilitating and strengthening the functioning of the
operating organizations.
The activities of the Division include those relating to position-
classification, salary administration, recruitment, placement, appoint-
ment, promotion, separation, retirement, discipline, investigation,
efficiency rating, employee relations, leave, forms and records, train-
ing, and civil service rides and regulations.
Throughout the fiscal year 1944, the Division was engaged in fos-
tering, developing, and maintaining a comprehensive program of
personnel management, in the interests of bettering employee-
employer relations, attaining higher standards of performance, and
increasing the over-all efficiency and effectiveness of administration
for the entire Department.
During the year the Division considered and acted upon 161,635
personnel recommendations relating to the appointment, promotion,
reassignment, retirement, suspension, and separation of employees.
COMMITTEE ON PRACTICE
The Committee on Practice is an administrative and judicial body.
It has charge of the enrollment of attorneys and agents for practice
before the Treasury Department and conducts hearings in disbarment
proceedings. An attorney, not a member of the committee, repre-
252
REPORT OF THE SECRETARY OF THE TREASURY
sents the Government before the committee. All complaints are filed
with the attorney for the Government, who institutes proceedings in
disbarment or suspension if the charges warrant such action. The
committee also issues licenses to customhouse brokers and makes
findings of fact and recommendations to the Secretary in proceedings
for the revocation or suspension of such licenses.
The following statement summarizes the work of the committee for
the fiscal year 1944.
Attorneys and agents: Number
Applications for enrollment approved 2,613
Applications for enrollment disapproved 11
Applications withdrawn on advice of committee 111
Formal hearings on applications 0
Complaints against enrolled persons:
Pending July 1, 1943 ___ 27
Filed during the year 19
46
Disposed of:
Disbarred 6
Stricken from the rolls in the course of disbarment proceedings 4
Suspensions 2
Reprimands 3
Dismissed _ 6
21
Pending June 30, 1944 25
Charges made, names stricken from the rolls 4
Cases of minor infractions of the regulations in which enrollees were given an opportunity to show
cause why proceedings should not be instituted 10
Customhouse brokers: ==
Applications for licenses approved 35
Applications withdrawn 3
Licenses canceled .- 29
Licenses revoked 0
Suspensions. , 0
Reprimands 0
Since the organization in 1921 of the Committee on Practice,
66,650 applications for enrollment have been approved and 77.3
disapproved. Two hundred and fifty-two practitioners have been
disbarred from further practice before the Treasury Department,
139 have been suspended from practice for various periods, and 183
have been reprimanded.
PROCUREMENT DIVISION
The main functions of the Procurement Division are the determina-
tion of policies and methods of procurement, warehousing, and dis-
tribution of property, facilities, improvements, machinery, equipment,
stores, and supplies, and the procurement of materials, supplies, and
equipment for all Federal establishments and their field offices, except
the Army, the Navy, and the United States Maritime Commission.
The following table summarizing the expenditures for purchases
made by the Procurement Division during the fiscal years 1943 and
1944 indicates the breadth of its various purchasing activities.
Object
1943
1944
Regular activities '..-
$39, 259. 734
' 1,470, 111,263
' 4, 881, 673
2, 568, 832
41, 09fi, 883
15, 905, 289
$24, 746, 536
Defense aid (lend-lease)
1, 086, 587. 324
Strategic and critical materials . ._. _
7, 024, 540
Foreign war relief (American Red Cross) .
4, 347, 557
Emergency relief .
82, 478
Defense housing . _
14, 602
Total purchases ..
1, 573, 823, 674
234, 673, 727
1, 122, 803. 037
Purchases by other agencies from the General Schedule of Supplies
296, 977, 584
' Revised.
1 Purchases of supplies procured for other agencies or for stock for issue to other agencies.
REPORT OF THE SECRETARY OF THE TREASURY
253
Purchases of supplies for other agencies dechned during the year
by $14,513,198 to $24,746,536. On the other hand, purchases by other
agencies from the General Schedule of Supplies of articles and equip-
ment under contract increased by $62,303,857, reaching an all time
high of $296,977,,584. Included in the latter amount was $1 18,082,123
of purchases of aeroplane tires.
A discussion of purchases of lend-lease material and of strategic
and critical materials appears on pages 123 and 125.
Purchases for foreign war relief increased by $1,778,725 during the
year to $4,347,557. These purchases included clothing and medical
supplies obtained for distribution through the American Red Cross to
nationals of countries suffering from the hardships of war.
The emergency relief and defense housing programs were drastically
reduced because they were under liquidation.
General supjjhj fund. — This special fund was established pursuant
to the act of February 27, 1929 (45 Stat. 1341), and is available to
finance the stock, consolidated purchases, and services authorized
under Executive Order No. 6166, dated June 10, 1933. It is a revolv-
ing fund from which payments are made for commodities purchased
and services performed for other agencies and to which collections
made direct from the applicable appropriations are credited by transfer
and counter-warrant.
A statement of the assets and liabilities of the general supply fund
as of June 30, 1944, follows.
Assets
Amount
Liabilities and capital
Amount
Current assets:
Cash
$3,921,638.47
3, 303, 644. 81
Current liabilities:
Accounts payable.-- -..
$2, 542, 242. 01
Accounts receivable
Unearned income
Total - -
72,071.12
Total
7, 225, 283. 28
2, 614, 313. 13
Appropriations and capital:
Capital
Inventories and deferred charges:
Inventories (at cost)
Deferred charges
■ 3,571,212.47
84, 318. 59
8, 020, 196. 07
Donated capital
Surplus
Total
Total liabilities and capital. _
192, 899. 17
53, 405. 97
Total -
3, 655, 531. 06
8, 266, 501. 21
Total assets
10,880,814.34
10, 880, 814. 34
Storage and warehousing. — Procurement Division Regional Ware-
house and Supply Centers have been established in New York, N. Y,,
Fort Worth, Tex., and San Francisco, Calif., and as a result of a survey
of Federal civil establishment warehouses which maintain stores for
use, consumption, or issue, the Procurement Division has undertaken
a Federal warehousing program in which it is consolidating these
agency warehouses into its Regional Warehouse and Supply Centers or
coordinating them with its Centers, In addition to providing ware-
house service to the agencies whose warehouses are consolidated or
coordinated, each Regional Warehouse and Supply Center is organized
to render complete purchasing, contract, and stores service to the
field offices of all Government agencies. Stores are issued direct to
the using office, eliminating rehandling by intermediary facilities.
The District of Columbia warehouse operates to meet the common
supply needs of Goverimient agencies in the greater Washington area
and within the territory delineated by economical shipping distances
254 REPORT OF THE SECRETARY OF THE TREASURY
from Washington in relation to the estabUshed Regional Warehouse
and Supply Centers in other locations. In addition it serves as a
national warehouse to distribute articles which, by their nature,
source of supply, or quantities required can be more economically
supplied to the regional supply centers in that manner.
The Inspection Division is equipped to inspect materials, supplies,
and equipment received for stock by the Procurement Division ware-
house. Inspections are also conducted upon the request of any Gov-
ernment agency for materials that are purchased by the Procurement
Division and delivered direct to the ordering agency. In many cases
bidders are required to submit samples of their merchandise. These
samples are received, checked, and tagged with proper identification
and are placed on exliibit so that they may be examined by repre-
sentatives of all Goverimient agencies.
The Fuel Yard is the distributing agency for coal, fuel oils, wood,
charcoal, and coke used by the Federal and District Govenunents
at office buildings, housing units, institutions, hospitals, schools,
police stations, fire houses, and Army and Navy posts in the District
of Columbia and vicinity.
Surplus proj^ertij disposal. — During the year the Procurement Di-
vision disposed of $88,260,017 of surplus property as compared with
$9,076,000 ■■ in 1943. A discussion of the activities in this connection
will be found on page 123 of this report.
Public utilities. — The Procurement Division performs the technical
work required to achieve the most efficient and economical use and
procurement of utility services for the various agencies of the Federal
Government. Such services include wire communication by tele-
phone and telegraph, as weU as electric power and gas.
Research and analysis were carried on during the year to develop
bases for negotiating consolidated contracts, and other arrangements
whereby the cost of the above services could be minimized. The
program of negotiating such contracts, covering the Government's use
of particular utility services in- the larger metropolitan areas, was
vigorously prosecuted. This program should result not only in
decreased cash outlays for utility services, but also in considerable
savings in administrative time and effort in contracting for those
services. Supervision was maintained over the existing consolidated
contracts covering electric, telephone, and gas service taken by
Federal agencies in Baltimore, New York, Philadelphia, and the
District of Columbia.
The Division's efforts have resulted in considerable total savings.
Certain of those, mentioned in the last report, are recurring savings.
Thus, again this year telephone service in the District cost $200,000
per year less than it would have prior to the negotiation in June 1943
of a more equitable schedule of charges for certain items of telephone
service.
As a result of further study of electric costs in the District, and
after an extensive hearing before the Public Utilities Commission, in
which hearing the Division actively participated, electric rates were
reduced by over $1,000,000 per year. The Federal Government's
share of the reduction will be in the neighborhood of $350,000 per year.
The above benefits were obtained through the general efforts of the
f Revised.
REPORT OF THE SECRETARY OF THE TREASURY 255
Division, with no special staff whose direct and sole responsibility was
the economical procurement of utility services. As a result of such a
limitation little was or could have been done in other centers of great
governmental activity. The potentialities of this work were so large
that the necessary approval and appropriation were obtained for the
formal organization, as of July 1, 1944, of a Public Utilities Division
within the Procurement Division. Certain key personnel were
recruited, and it is expected that even greater savings and administra-
tive simplicity than heretofore will be achieved.
Renegotiation of contracts. — ^Under existing law directing the renego-
tiation of contracts the Procurement Division has completed work
with 234 contractors. Of this number, it was determined that forty-
six contractors had realized excessive profits totaling $9,224,000. In
addition to these, a review of other contracts resulted in reductions in
contract value amounting to $298,569, the total of excessive profits
and reductions determined being $9,522,569.
Contract termination. — Frequently Procurement Division contracts
have to be canceled before completion, because, for a variety of reasons,
there is no further need for the particular materials involved. The
Procurement Division has effected 86 such terminations, 50 of which
involved no additional costs to the Government. Of tlie remaining
36 on which termination claims have been received, 17 were settled as
of June 30, 1944. Under directive orders of the Director of War
Mobilization and prior authorizations there has been established in the
Procurement Division a Contract Termination Settlement Review
Board consisting of five members all of whom with the exception of the
chairman serve in an ex officio capacity.
Specifications.- — A continuing survey of the changes in the avail-
ability of materials, made in collaboration with the War Production
Board, resulted in the issuance of 223 amendments to existing Federal
Specifications and the cancelation of 192 Emergency Alternate Federal
Specifications, which were originally issued during the most critical
period of shortages of materials. A total of 74 new and 97 revised
Federal Specifications were promulgated, bringing the number of
Federal Specifications in effect as of June 30, 1944, to 1,577.
During the year, 52 new and revised Procurement Division Specifi-
cations were issued for materials and supplies being currently procured
under the General Schedule of Supplies. A Procurement Division
Specification prepared for duplicating process liquid has resulted in
savings of many thousands of dollars by the development and in-
clusion of a broadened range of satisfactory commercial materials.
There were 327 Procurement Division Specifications in effect as of
June 30, 1944.
Standards Division. — ^The duties of the Standards Division concern
the preparation and revision of publications listing and classifying
supplies procured, stored, and issued by the various departments and
establishments of the Federal Government. Considerable work has
been done for the Army Service Forces in the development and prep-
aration of catalogs, indexes, and cross reference tables to meet Army
needs. Material has been prepared to enable accurate classification
of property to be iaventoried for disposal in connection with the surplus
property program. This is vital to the identification and classifica-
tion of the multitude of articles which will be available for disposition.
256 REPORT OF THE SECRETARY OF THE TREASURY
Printing and binding. — Procurement of printing and binding for the
various bureaus and divisions of the Treasury Department and other
agencies totaled $6,922,840. Of this amount $5,684,731 represents
printing obtained from the Government Printing Office and $1,238,109
that was authorized to be obtained from other sources.
Conservation of supplies and material. — A plan to stimulate interest
in the conservation of supplies and equipment was inaugurated and
presented to all departments and agencies of the Government, includ-
ing the Government of the District of Columbia. The plan was
adopted and has been instrumental in reducing the quantities of sup-
plies used, the salvage of usable material, and in encouraging better
care of equipment, especially typewriting machines. Coordination
and encouragement of the work is maintained by the Procurement
Division through its general conservation liaison officer.
Blind-made products. — During the fiscal year purchases of products
made by blind persons under the Wagner-O'Day Act amounted to
$7,314,303. Participating in the program are fifty-two institutions
in which employment was given to 2,452 blind persons.
DIVISION OF RESEARCH AND STATISTICS
The Division of Research and Statistics, in the Office of the Secre-
tary, serves as a technical staff for the Secretary, the Under Secretary,'
and other Treasury officials on matters relating to the econom'c aspects
of fiscal operations and policies, particularly as they concern bor-
rowing, and on the estimated volume and source of future revenues,
actuarial analyses involved in certain Treasury functions, and various
general economic problems arising in connection with Treasuiy
activities.
The sources of funds available for Federal borrowing are analyzed
so as to show where and in what volume income is being generated and
savings are being accumulated. These findings are interpieted for
use in setting goals for borrowing and in planning the programs to
reach these goals, and for the use of the bond sales organization in
connection with war loan drives and other sales activities.
The suitability of various types of securities for difl'erent classes of
investors and for specific operations and programs are analyzed and
recommendations are made with respect thereto, taking into account
both the adaptability of the securities for attaining the goals set for
each particular operation and the long-run eft'ects of the issuance of
each type of security on the economy and on the cost of financing the
war. Studies are made of the level and structure of interest rates
and of the factors affecting them. Analyses and recommendations
are prepared with respect to legislation having a present or prospective
effect upon the market for Government securities.
- Detailed information on sales of Government securities, received
through a statistical reporting system set up in the Federal Reserve
Banks and in the Bureau of the Public Debt in the Treasury Depart-
ment, are analyzed in the Division so that the Secretary and other
Treasury officials can have at all times a complete picture of the volume
and distribution of sales; can measure progress towards the long-range
goals set for Government borrowing; can gauge the suitabihty of
various kinds of securities for the classes of investors for which they
were designed; and can determine the effectiveness of various methods
of offering.
REPORT OF THE SECRETARY OF THE TREASURY 257
Estimates of tax revenues under existing tax laws are prepared in
the Division for use in planning financing operations in the Treasury
and for incorporation in the President's Budget messages to Congress.
In connection with proposals for new tax legislation, estimates are
prepared by the Division at the request of Treasury officials and com-
mittees of Congress, to show what increases or decreases in revenue
may be expected to result from various suggestions for changes in or
additions to the existing tax structure.
The Government Actuary, who is on the staff of the Division, is
a member of- the Board of Actuaries established under the Civil Service
Retirement Act, and is the Treasury Department's representative on
the Actuarial Advisory Committee of the Railroad Retirement Board.
He is responsible for the estimates which have to be prepared each
year, in accordance with, statutory provisions, to show the amount of
the annual appropriations required to be made to the foreign service
retirement and disability fund and to the District of Columbia
teachers' retirement fund, and makes various other actuarial analyses.
SECRET SERVICE DIVISION
The Secret Service Division is charged principally with the sup-
pression of counterfeiting, forging, or alteration of obligations and
securities of the United States and foreign countries, and of counter-
feiting of coins; investigations of the forgery of endorsements on, or
the fraudulent negotiation of. United States Treasury checks, of
violations of certain other Federal statutes, of thefts of Government
property under the control of the Treasury Department, of loss of
valuables in shipments by Government agencies, and of applicants
for positions in the Treasury Department; and the protection of the
President of the United States and his immediate family, of the Treas-
ury Building and other buildings housing Treasury Department
activities, of the production, traasportation, and storage of obligations
and securities of the United States, and of valuable papers stored in
Treasury Department vaults and buildings.
Crime preverdion i^rogram. — The Secret Service crime prevention
program continues to be an effective method for combatting the
activities of forgers and counterfeiters. With mustering-out pay-
ments to soldiers and sailors added to the approximately 300 million
Goverimient checks issued to dependents of soldiers and sailors, to
Social Security beneficiaries, to farmers and others, the need for this
program is greater than ever and the Secret Service is stressing the
value of preventive methods in its "Know Your Endorser" campaign
against check thieves and forgers.
Newspapers, magazines, radio stations, book publishers, and organ-
izations including the American Bankers Association have rendered
valuable help in the Nation-wide effort to show the public the tricks
of check thieves and forgers.
"Know Your Money" study has become a part of the curricula of
some 12,000 high schools in all parts of the United States including
those of New York City. In New England thousands of high school
students participated in 34 essay contests on the same subject for
which local bankers offered cash or war bonds as prizes.
Enforcement activities.- — Forgers arrested during the fiscal year 1944
totaled 1,691 as compared with 1,004 in 1943. Convictions for check
613185—45 18
258 REPORT OF THE SECRETARY OF THE TREASURY
forgery were 1,480 in 1944 and 881 in the previous year. In Memphis,
Tenn., an employee of the Memphis District U. S. Engineers was
arrested for forging checks totahng $7,500. His operations were
discovered b}^ the Secret Service when fellow employees received
notifications of their 1.943 incomes for tax purposes and complained
that the amounts reported were far in excess of their actual earnings.
In Atlanta, Ga., Secret Service agents arrested a check thief for
stealing and forging nine $100 checks issued to soldiers as mustering-
out pay. Many of the forgers arrested during the year were juveniles.
In Louisville, Ky., sLx boys ranging in age from 12 to 14 years were
arrested for stealing and forging a number of Government and com-
mercial checks. In Altoona, Pa., two 19-year-old girls were arrested
for the theft and fraudulent negotiation of quantities of Treasury
checks, post office money orders, and commercial checks.
Counterfeiters arrested during the year totaled 55 as compared
with 159 in 1943. Convictions for counterfeiting were 54 in 1944
and 123 in the previous year. There were four new counterfeit note
issues during 1944. In two of these cases only one counterfeit note
each appeared. Makers of the third issue were captured in Seattle.
The fourth issue originated in Barcelona, Spain, and did not circulate
in the United States. In Bremerton, Wash., a counterfeiting plant
for the manufacture of very deceptive $10 and $20 notes was captured
and its three operators were arrested and sentenced to five, six, and
ten years. Agents also seized 5 plates for counterfeit notes, 2 zinc
plates for "rubber money," simulating currency, 5 zinc plates for
aeroplane ration stamp No. 2, 14 genuine electrotypes for war ration
book No. 1 and shoe ration stamp No. 18, stolen from the Government
Printing Office, 1 zinc plate with 72 impressions of sugar ration
stamps Nos. 29 to 40, 3 printer's chases holding cuts for inscription
on gas ration stamps, 5 plates for the eagle design on gas ration
stamps, 7,628 counterfeit 12-pfennig German postage stamps, and 2 cuts
used in their manufacture, 11 film negatives for gasoline ration stamps.
50 film negatives for faces and backs of counterfeit bills, 1 glass
negative, 5 metal molds for counterfeit coins, 31 plaster molds for
counterfeit coins, 1% steel dies, 4 plates for old series Canadian
bottled-in-bond liquor stamps, 15 counterfeit bottled-in-bond liquor
stamps, 155 counterfeit tax-paid strip stamps, 21 sheets of genuine
war ration book paper stolen from the Government Printing Office,
1 power press, 4 cameras, and 29 reproductions of faces of United
States paper money, the reverse sides bearing Axis propaganda in
various languages. In cooperation with the Office of Price Adminis-
tration, the Secret Service also seized thousands of counterfeit ration
stamps for gasoline and other commodities. Such stamps were held
by the Office of Price Administration for proper disposition. .
Secret Service agents arrested five employees of the Government
Printing Office for making counterfeit war ration shoe stamps No. 18
from genuine electrotypes on genuine paper, both stolen from the
Government Printing Office by the offenders. The five are under
indictment awaiting trial.
In cooperation with investigators of the Office of Price Administra-
tion, Secret Service agents arrested 192 persons for the manufacture,
use, or distribution of counterfeit war ration stamps and convicted
149 offenders.
The public losses through acceptance of counterfeit bills were
reduced from $22,079 in 1943 to $18,456 in 1944, a decrease of 16.4
REPORT OF THE SECRETARY OF THE TREASURY
259
percent. Losses from counterfeit coins dropped more than 45.4
percent from $16,310 in 1943 to $8,906 in 1944. The total representa-
tive value of false bills and coins seized and circulated in 1943 was
$65,693 and for the current year this total aggregated only $47,061,
a drop of 28.4 percent. This was the seventh successive year showing
a reduction in counterfeit violations.
During the year 29,713 investigations were completed and 2,415
offenders were arrested. Convictions were obtained in 97.9 percent
of the 2,121 crim-inal cases brought to trial as compared with 98.0
percent of the 1,515 cases in the previous year. The 1944 record of
convictions was achieved despite the fact that 41 percent of the male
employees of the Secret Service were in the armed services.
Fines in criminal cases in 1944 lotaled $47,968 and imprisonments
totaled about 1,829 years. Additional sentences totaling about 1,984
years were suspended or probated.
The following tables present data relating to the activities of the
Secret Service.
Counterfeit money seized, fiscal years 1943 and 1944
1943
1944
Increase
or de-
crease (— )
Percentage
increase
or de-
crease (— )
Counterfeit and altered notes seized:
After being circulated ..
$31, 337
13, 572
$26,611
5,376
-4, 726
-8, 196
-15.08
-60. 39
Total
44, 909
19, 443
1,340
31, 987
14, 607
466
-12,922
-4, 836
-874
-28.77
Counterfeit coins seized:
After being circulated
-24. 87
Before being circulated .
-65. 22
Total . -- --
20, 783
15, 073
-5, 710
-27. 47
Grand total
65, 692
47, 060
-18,632
-28. 36
Number of investigaiio7is of criminal and noncriminal activities, fiscal years 1943 and
1944
1943
1944
Increase
or de-
crease (— )
Percentage
increase
or de-
crease (— )
Criminal cases:
Making or passing:
Counterfeit notes .. ..
258
234
183
10, 364
145
112
14
9,122
37
10
15
28
447
130
87
166
18, 168
441
69
6
6,907
16
21
33
132
288
-122
-147
-17
7,804
296
-43
-8
-2, 215
-21
11
18
104
-159
-47. 29
Counterfeit coins ...
-62. 82
Altered obligations
-9.29
Forgery of Government checks .. .
75.30
Stolen or altered bonds
204. 14
Violation of Gold Reserve Act
-38. 39
Violation of Farm Loan Act . .. .. ..
-57. 14
Protective research
-24. 2S
Stamp and strip stamps
-56. 76
Theft of Treasury Department property .
110. 00
False claims
120. 00
War ration stamps
371. 43
Miscellaneous .. .
-35.57
Total
20,969
26, 470
5,501
26.23
Noncriminal cases:
Personnel (applicants) ... .. .. ..
5,531
79
73
240
2,897
42
117
187
-2,634
-37
44
-53
-47. 62
Surveys . ... ..
-46. 84
Government losses in shipment
60.27
Miscellaneous ..
-22. 08
Total
5,923
3,243
-2,680
-45. 25
Grand total
26, 892
29, 713
2,821
10.49
260
REPORT OF THE SECRETARY OF THE TREASURY
Number of arrests and cases disposed of, fiscal years 1943 and 1944
1944
Increase
or lie-
crease (— )
Percentage
increase
or de-
crease (— )
Arrests for:
Making or passing:
Counterfeit notes
Counterfeit coins
Altered obligations
Forgery of Government checlcs
Violation of Gold Reserve Act _
Violation of Farm I^oan Act ..-
Stolen, altered, or forged bonds
Protective research
Stamp and strip stamps
False claims
Theft of Treasury Department property.
War ration stamps
Miscellaneous
Total.
Cases disposed of:
Convictions in connection with:
Counterfeit notes
Counterfeit coins. _ _ _
Altered obligations
Forgery of Government checks
Violation of Gold Reserve Act
Violation of Farm Loan Act _.
Stolen, altered, or forged bonds.
Protective research..
Stamp and strip stamps
False claims.
Theft of Treasury Department property.
War ration stamps
Miscellaneous
Total.. _
Acquittals
Dismissed, not indicted, or died before trial.
Total cases disposed of..
45
114
72
1,004
27
3
32
318
13
4
1,789
30
93
74
881
43
5
21
300
12
1,484
31
169
25
30
98
1.691
1
3
93
233
4
5
11
192
29
2,415
19
35
74
1,480
4
3
68
224
2
3
149
9
2,077
44
206
-20
-84
26
687
-26
0
61
-85
-9
1
11
106
-42
626
-11
-58
0
599
-39
-2
47
-76
-10
3
7
144
-11
593
13
37
-44.44
-73.68
36.11
68.43
-%.30
0
190. 62
-26. 73
-69.23
25.00
100. 00
123. 26
-59. 15
34.99
-36. 67
-62. 37
0
67.99
-90. 70
-40.00
223. 81
-25.33
-83. 33
100. 00
100. 00
2, 880. 00
-55. 00
39.96
41.94
21.89
Protective activities. — In the protection of the President of the United
States, Secret Service agents encountered and solved many new
security problems incident to his historic trips to Canada, Cairo,
and Teheran.
The Uniformed Force of the Secret Service protected a total of
$492,500 millions in money, stamps, bonds, and other Government
securities in production and storage and over $204,367 millions in
transit. Other security duties of the Uniformed Force involved pro-
tection of the Bureau of Engraving and Printing, the Treasury Build-
ing, and other buildings housing Treasury Department activities,
including the Merchandise Mart in Chicago, 111., where a branch of
the Bureau of the Public Debt is in operation.
OFFICE OF THE TAX LEGISLATIVE COUNSEL
The Office of the Tax Legislative Counsel provides the legal and
technical assistance necessary in connection with planning and co-
ordinating the recommendations of the Treasury Department for
internal revenue legislation. It represents the Department before
congressional committees considering tax legislation and assists in
drafting such legislation.
During the fiscal year 1944, the efforts of the Office were directed
primarily to the Revenue Act of 1943 and the Individual Income Tax
Act of 1944. In addition to advice as to the content of the Individual
REPORT OF THE SECRETARY OF THE TREASURY 261
Income Tax Act of 1944 and assistance in drafting its provisions, the
Office also took part in the work begun on forms and regulations
necessary to the administration of the simplified individual income
tax system.
The Office reviews all internal revenue regulations and advises the
Secretary with respect thereto; in the fiscal year it reviewed over one
hundred Treasury decisions revising such regulations. It also super-
vised the preparation of Department reports upon 79 bills concerning
internal revenue laws; participated in numerous conferences with
individuals, private organizations, and other governmental agencies
on taxation; began extensive studies, in collaboration with committees
of tax experts outside the Government; assisted in the preparation of
Regulations 111, 112, and 115 relating to the income tax, excess profits
tax, and collection of income tax at source on wages; and handled a
large volume of correspondence containing recommendations for
revenue legislation and inquiries about existing legislation.
DIVISION OF TAX RESEARCH
The Division of Tax Research deals with the economic and tech-
nical aspects of taxation. Its function is to assemble the facts and
prepare the analyses (other than legal) necessary (a) to formulate
Treasury tax policy and (b) to meet requests fi-om such sources as the
congressional committees dealing with taxation. In this connection
the Division conducts surveys and prepares reports and studies for
the use of the Secretary of the Treasury, the Under Secretary, and
other designated officials of the Treasury Department. Upon request,
the Division also provides information on various tax matters for the
use of the President, the Ways and Means Committee of the House of
Representatives, the Finance Committee of the Senate, the Joint
Committee on Internal Revenue Taxation, and several Federal
agencies.
To carry out its functions, the Division is required to make basic
surveys of the tax problems of the Federal Government, to devise
alternative methods of meeting revenue requirements, and to develop
methods of adjusting the tax system to changing economic conditions.
The tax system as a whole is analyzed with a view to obtaining
revenue yields large enough to meet prospective revenue requirements
and to making adjustments in a manner which will be fair to tax-
payers and will avoid undesirable economic effects. Individual taxes
are studied (1) to determine their effects on the particular groups of
taxpayers involved, (2) to avoid inequity among taxpayers within a
given group, (3) to ascertain and develop methods of meeting the
administrative and compliance problems of the tax, and (4) to devise
ways of integrating the particular tax with the tax system as a whole.
These studies require economic analyses of the eft'ects of each tax;
technical analyses of the more complicated problems inherent in vari-
ous tax measures; and statistical analyses of the distribution of the
burden of specific taxes, of the total Federal tax load, and of the com-
bined Federal, State, and local burden.
The interrelationships of Federal, State, and local taxes are studied
with a view to possible improvements in intergovernmental fiscal
relations. Specific State and local taxes are also examined not only
to determine the combined eft'ect of such taxes and Federal taxes but
262 REPORT OF THE SECRETARY OF THE TREASURY
also to assure the Federal Government of the benefit of State and
local tax experience. Likewise, to gain the benefit of foreign experi-
ence and to compare tax policies, studies are made of foreign tax
systems and selected taxes in foreign countries.
The Director and members of the Division assist in the presenta-
tion of the Treasury's tax program to the congressional committees,
and are frequently called upon for technical assistance to those com-
mittees. Conferences are held with members of the committees and
with the staff of the Joint Committee on Internal Revenue Taxation
for the purpose of explaining various aspects of Treasury tax pro-
posals and assisting in the analysis of tax measures under congres-
sional consideration. Members of the Division also participate in
conferences with taxpayers who desire to call special problems to the
attention of the Treasury Department.
The Division is also responsible for the assembling and publication
of all statistical information pertaining to Federal taxation and, in
this connection, exercises general supervision over the statistical work
of the Bureau of Internal Revenue. The Division handles Treasury
correspondence relating to matters of taxation not involving legal
questions.
During the fiscal year 1944 the major efforts of the Division were
applied to the Revenue Act of 1943 and the Individual Income Tax
Act of 1944. Work on the Revenue Act of 1943 dealt primarily with
additional means of raising revenue to finance the war and help com-
bat inflation, but considerable attention was also directed to the
problem of simplifying the individual income tax. The Revenue Act
of 1943 became law on February 25, 1944, over the President's veto.
Extensive work on individual income tax simplification culminated
in legislative action during the first half of 1944. The Division of
Tax Research, cooperating with the staffs of the Bureau of Internal
Revenue, the Office of the Tax Legislative Counsel, and the Joint
Committee on Internal Revenue Taxation, aided the congressional
committees in developing simplification plans. The bill embodying
these plans became law on May 29, 1944.
WAR FINANCE DIVISION
The War Finance Division of the Office of the Secretary is charged
with the responsibility of promoting the sale of all securities offered
to the public by the Treasury Department during war loan drives
and of United States savings bonds between drives.
This Division during the fiscal year devoted the major part of its
efforts to an educational and informational program aimed at three
main objectives: (1) To augment public participation in the war
financing program, (2) to draw oft' into savings the increased earnings
of the public, and thereby (3) to provide the people with a reserve of
personal savings for the post-war period.
The country-wide bond selling organization of the War Finance
Division consists almost entirely of volunteers. A War Finance
Committee is in operation in each State and also in the District
of Columbia, Alaska, Hawaii, and Puerto Rico, under the direction
of a State Chairm-an. Working with the State Chairman are county
and local volunteer committees. The national office in Washington
provides the basic promotion material — pamphlets, posters, and
other publicity media.
REPORT OF THE SECRETARY OF THE TREASURY 263
The War Finance Division is divided into three major parts, work-
ing under the National Director, who is an Assistant to the Secretary,
and who is responsible for promoting the war financing program.
The Field Division operates under the supervision of the Assistant
National Director (Field Director) who is responsible for the organi-
zation and supervision of the operation of the various field offices in
the States, as well as for the formulation of policies and the prepai-a-
tion of instructions for the guidance of the State offices in promoting
the sale of Government securities. In this Division are a number of
sections with more or less specialized spheres of activity. The
National Organizations Section is responsible for contacting national
labor organizations, patriotic and civic groups, and business and
fraternal organizations. The Payroll Savings Section is concerned
with the important task of promoting at the national level, and
assisting State organizations to promote, the i^ayroll savings plan for
the installment purchase of war savings bonds. The Women's Section
is concerned with the integration of women's organizations in all
phases of sales promotion. Other sections of the Field Division deal
with schools, motion pictures and special events, retail stores, agri-
cultural organizations, and other activities.
The Publicity and Promotion Division formulates publicity and
promotion campaigns for recommendation to the State committees
and for use at the national level. This Division is responsible for
securing the cooperation of all publicity sources; for stimulating
national advertising by radio, newspapers, magazines, bill boards,
and other media; and for the designing of posters, albums, pamphlets,
etc., used in promoting the sale of Government securities.
The Administrative Division, under an Assistant to the National
Director, is charged with all administrative functions of the War
Finance program.
During the fiscal year there were three war loans, during which the
sales of securities were confined to nonbank investors. The Third
War Loan drive in September 1943 had a goal of $15 billions, and
actual sales were $18.9 billions; the Fourth War Loan in January 1944
had a goal of $14 billions, while actual sales were $16.7 billions; and
the Fifth War Loan in June 1944 had a goal of $16 billions, with sales
of $20.6 billions.
Sales of savings bonds of Series E, F, and G during the fiscal year
amounted to $15,498 milhons, an increase of $3,709 millions over the
previous year. Sales of war savings stamps during the year aggregated
$409 millions, a decrease of $181 millions as compared with the previous
year.
The number of persons participating in payroll savings plans in-
creased from 26.8 millions on June 30, 1943, to 27.6 millions on June
30, 1944, and the deductions from pay envelopes increased from $415
millions in June 1943 to $540 millions in June 1944. The deductions
in June 1943 were 9.0 percent of the total pay of those participating,
while in June 1944 the deductions weie 10.6 percent.
At the beginning of the Fifth War Loan it was estimated that 81
million persons, representing almost 60 percent of the population of
the entire country, had bought 600 million separate Series E bonds.
Further details on savings l)onds and stamps and the payroll savings
plans will be found on pages 48 to 60.
264
REPORT OF THE SECRETARY OF THE TREASURY
INTERDEPARTMENTAL WAR SAVINGS BOND COMMITTEE
The Interdepartmental Committee for the Voluntary Payroll
Savings Plan, estabhshed by Executive Order No. 9135, dated April
16, 1942, continued its work during the year in promoting the plan for
the purchase of savings bonds by the civilian employees of the Govern-
ment, and cooperated further with the War and Navy Departments in
extending the plan to the armed forces. The Committer also took an
active part in the war loan drives by soliciting the employees for
extra purchases of bonds for cash.
Federal civilian employees increased their monthly payroll allot-
ments from $40,463,000 in June 1943 to $52,912,000 in June 1944.
At the close of the fiscal year 2,220,000 civilian employees were invest-
ing 11.6 percent of their current gross pay each pay day. The popu-
larity of this systematic method of saving is growing among the Federal
employees, the number of Federal civilian participants having in-
creased by 266,000 over the previous year.
During the year, with the approval of the Postmaster General, the
plan was inaugurated in the Baltimore, Aid., and Washington, D. C,
post offices with notable success, and it is hoped that the benefits of
the plan will be made available to the employees in other post offices
at an early date.
The following table shows the number of Federal civihan employees
participating in the payroll savings plan, the amounts of their
monthly allotments for war savings bonds, and the average monthly
investment per employee.
Month
Number of
Federal civilian
employees par-
ticipating
Monthly in-
vestments
through pay-
roll allotments
Average
monthly
investment
per em-
ployee
1943— January...
February..
March
April
May
June
July
August
September
October
November.
December.
1944 — January...
February..
March
April
May
June
1, 527, 168
1, 604, 069
1, 669. 866
1, 794, 080
1, 880, 071
1, 953, 333
1, 957, 907
1, 956, 746
1,954,100
2, 002, 158
2, 025, 172
2, 051, 856
2, 044, 346
2, 081, 240
2, 145, 345
2, 152, 924
2, 148, 182
2, 219, 559
$28, 981, 367
29, 405, 153
32,181,640
36, 608, 175
37,211,859
40, 463, 370
41, 121, 383
41, 296, 613
41, 391, 423
44, 869, 647
44, 316, 386
45, 150, 841
45, 492, 984
47, 295, 991
50, 842, 113
49, 529, 445
49, 905, 968
52,911,784
$18. 98
18.33
19.27
20.40
19.79
20.63
21.00
21,10
21.18
22.41
21.88
22.00
22.25
22.72
23.70
23.01
23.23
23.84
REPORT OF THE SECRETARY OF THE TREASURY
265
In addition to the regular monthly purchases of savings bonds
through payroll savings, Federal civilian and military personnel have
given full support to the war loan drives by purchasing extra bonds
for cash. The following table shows the purchases through payroll
allotments and for cash during the Third, Fourth, and Fifth War Loan
drives.
[Millions of dollars]
War Loan
Civilian Military
personnel personnel
Total
Third (Sept. 1 through Oct. 16, 1943)..
Fourth (January and February 1944) ..
$115.9
197.7
234.6
$70.2
156.6
218.2
$186. 1
354.3
Fifth (June and July 1944) .
452.8
Total
548.2
445.0
993.2
Over 4,856,000 members of the armed forces in June 1944 purchased
$72,020,000 of savings bonds thi'ough the payroll savings plan. This
was an increase during the year of 2,525,000 in the number of partici-
pants and $45,709,000 in the amount of monthly investments.
Total purchases of savings bonds by civilian and military personnel
during the fiscal year, through payroll allotments and for cash,
amounted to $1,555,992,000, an increase of $900,259,000 over the
accumulated purchases through June 30, 1943.
The following table shows the payroll allotments and cash purchases
of bonds by civilian and military personnel by months during 1944
and the total purchases from the beginning of the payroll savings
program.
Period
Payroll allotments
Civilian
personnel
Military
personnel
Cash pur-
chases by
civilian and
military
personnel
Total
Accumulated through June 30, 1943
1943
July
August.
September
October
November
December
1944
January _ _ ,
February
March
April..
May -
June
Fiscal year 1944
Grand total
6,441,214
$189, 189, 703
$140,101,395
41,121,383
41,296,613
41,391,423
44, 869, 647
44, 316, 386
45, 150, 841
45, 492, 984
47, 295, 991
50,842,113
49, 529, 445
49, 905, 968
52,911,784
28, 667, 170
30, 407, 485
35, 986, 378
35, 104. 020
37,118,274
48, 071, 404
41,105,295
42, 625, 869
61,067,166
47, 900, 804
49, 928, 500
72, 019, 578
14, 208, 331
9, 867, 308
108, 629, 599
16,010.311
9, 880, 929
34, 614, 963
46, 728, 852
131, 020, 435
13,891,019
12, 068, 581
11,217,322
63, 727, 484
• $655, 732, 312
83, 996, 884
81,571,406
186, 007, 400
95, 983, 978
91, 315, 589
127, 837, 208
133, 327, 1 31
220, 942, 295
125, 800, 298
109.498,830"
111,051,790
188, 658, 846
554, 124, 578
530,001,943
471, 865, 134
1, 555. 991, 655
880, 565, 792
719, 191, 646
611,966,529
2,211,723,967
■ Revised.
266
REPORT OF THE SECRETARY OF THE TREASURY
Purchases of savings bonds, through payroll allotments and for cash
by civihan and miUtary personnel during June 1944 and accumulated
purchases from the beginning of the program through June 1944 are
shown in the following table at issue price.
Payroll allotments:
Civilian personnel:
War Department. -
Navy Department-
other
Subtotal.
Military personnel:
Army
Navy
Subtotal
Total payroll allotments .
Cash purchases:
War Department (civilian and military)
Navy Department (civilian and military) .......
Postoffice employees outside of Baltimore and \\ ash-
ington, D. C
Other
Total cash purchases.
Grand total
I Included under pa>Toll allotments.
June 1944
Number
participating
1, 095, 695
630. 839
493, 025
2, 219, 559
3, 202. 627
1, 653, 809
4, 856, 436
7, 075, 995
276, 665
(')
Amount of
purchases
$22, 378, 703
18. 265, 268
12, 267, 813
52, 911, 784
41, 333, 884
30, 685, 694
Accumulated
purchases
from beginning
of program
through
June 30, 1944
$328, 956, 128
329, 821, 657
221. 788, 007
880, 565, 792
561, 863, 341
157, 328, 305
72, 019, 578
276, 665
124. 931, 362
48. 282, 935
3, 001, 238
12, 272, 947
170, 304
63, 727, 484
7, 352, 660
188, 658, 846
719, 191, 646
1, 599, 757, 438
268, 935, 894
122, 393, 754
137, 703, 856
82. 933, 025
611, 966, 529
2, 211, 723, 967
EXHIBITS
267
PUBLIC DEBT .
Issues and redemptions of Treasury bonds, Treasury notes, and Treasury
certificates of indebtedness
Exhibit 1
Subscriptions and allotments, Treasury notes of Series A-1947 ' (from press releases
June 29, July 6, and July 12, 1943 2)
On June 28, 1943, Secretary of the Treasury Morgenthau announced that the
subscription books for the cash offering of 1^{ percent Treasury notes of Series
A-1947 would close at the close of business June 29. Subscriptions aggregated
$19,543,543,500, of which $2,707,289,000 were allotted. Subscriptions in amounts
up to and including $100,000, totaling about $1,347,000,000, were allotted in full.
Subscriptions in amounts over $100,000 were allotted 7 percent, on a straight
percentage basis, but not less than $100,000 on any one subscription, with adjust-
ments, where necessary, to the $1,000 denomination.
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
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
Subscriptions
received
$1,022,
7,301,
1,160,
1,040,
905,
1,139,
2, 728,
586,
422,
670,
700,
1, 866,
210,000
921,000
8(J5, 000
092, 000
249, 500
315,500
261,000
158,000
874, 500
095, 500
083, 500
178, 000
300, 000
19, 543, 543, 500
Subscriptions
allotted
$133,453,000
696, 267, 500
135,409,000
181.616.000
173,076,500
378,140,500
366, 196, 000
143,659,000
86, 000, 500
115,537,500
114,048,500
183, 585, 000
300, 000
2, 707, 289, 000
Exhibit 2
Offering of % percent Treasury certificates of indebtedness of Series D-1944
On July 22, 1943, Secretary of the Treasury Morgenthau invited subscriptions
for % percent Treasury certificates of indebtedness of Series D-1944 in exchange
for Treasury certificates of indebtedness of Series B-1943, maturing August 1,
1943. In addition, $900 millions, or thereabouts, of the new certificates were
offered for cash subscriptions for their own account by commercial banks, defined
for this purpos^e as banks accepting demand deposits.
[Department Circular No. 717.
Public Debt]
Treasury Department,
Washington, July 22, 191,3.
I. OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second Lib-
erty Bond Act, as amended, invites subscriptions, at par and accrued interest, from
the people of the United States for certificates of indebtedness of the United States,
designated % percent Treasury certificates of indebtedness of Series D-1944, in
' The text of the offering circular. No. 716, dated June 28, 1943, appears in the annual report for 1943, p. 327.
J Revised September 1, 1943.
269
270 REPORT OF THE SECRETARY OF THE TREASURY
exchange for Treasury certificates of indebtedness of Series B-1943, maturing
August 1, 1943. In addition, $900,000,000, or thereabouts, of the new certificates
are offered for subscription for their own account by commercial banks, which are
defined for this purpose as banks accepting demand deposits.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated August 2, 1943, and will bear interest from that
date at the rate of Jg percent per annum, payable on a semiannual basis on Febru-
ary 1 and August 1, 1944. They will mature August 1, 1944, and will not be sub-
ject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal taxes,
now or hereafter imposed. The certificates shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in denomina-
tions of $1,000. $5,000, $10,000, $100,000 and $1,000,000. The certificates will
not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Subscribers must agree not to
sell or otherwise dispose of their subscriptions, or of the securities which may be
allotted thereon, prior to the closing of the subscription books. Banking institu-
tions generally may submit exchange subscriptions for account of customers, but
only the Federal Reserve Banks and the Treasury Department are authorized to
act as official agencies. Others than banking institutions will not be permitted
to enter subscriptions except for their own account. Cash subscriptions from
commercial banks for their own account will be received without deposit but will
be restricted in each case to an amount not exceeding the combined capital, surplus
and undivided profits, or 5 percent of the total deposits, whichever is greater, of
the subscribing bank.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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; and any
action he may take in these respects shall be final. Subject to these reservations,
subscriptions in payment of v/hich Treasury certificates of indebtedness of Series
B-1943 are tendered will be allotted in full. All cash subscriptions will be allotted
on an equal percentage basis, to be publicly announced. Allotment notices will
be sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for certificates allotted on
cash subscriptions hereunder must be made or completed on or before August
2, 1943, or on later allotment. Any qualified depositary will be permitted to
make payment by credit for certificates allotted to it 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
B-1943, maturing August 1, 1943, will be accepted at par in payment for any
certificates subscribed for and allotted, and should accompany the subscription.
V. GENERAL PROVISIONS
1. 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
REPORT OF THE SECRETARY OF THE TREASURY
271
Banks of the respective districts, to issue allotment notices, to receive payment
for certificates allotted, to make delivery of certificates on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
certificates.
2. 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 3
Subscriptions and allotments, Treasury certificates of indebtedness of Series D-1944
(from press releases July 23 and 27 and August 3, 1943 ')
On July 22, 1943, Secretary of the Treasury Morgenthau announced that the
subscription books for the receipt of cash subscriptions to the offering of % percent
Treasury certificates of indebtedness of Series D-1944 closed at the close of business
July 22. Cash subscriptions, restricted to commercial banks for their own
account, aggregated $5,484,167,000, of which $989,099,000 were allotted. These
subscriptions were allotted 18 percent, on a straight percentage basis, with
adjustments, where necessary, to the $1,000 denomination.
The subscription books for the receipt of subscriptions in payment of which
Treasury certificates of indebtedness of Series B-1943, maturing August 1, 1943,
were tendered closed at the close of business July 23. Exchange subscriptions
aggregated $1,556,293,000, all of which were allotted in full.
Subscriptions and allotments were divided among the Federal Reserve dis-
tricts and the Treasury as follows:
Federal Reserve district
Cash subscriptions
Received
Allotted
Exchange
subcriptions
received and
allotted
Total sub-
scriptions
allotted
Boston
New York
Philadelphia. -
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
Treasury
Total.
$317,
2, IIG,
313,
426,
199,
208,
726,
185,
123,
199.
146,
520,
526, 000
920, 000
751,000
567, 000
315,000
839, 000
464, 000
541.000
449, 000
379, 000
224, 000
192, 000
5, 484, 167, 000
$57,201,000
381, 186, 000
56, 559, 000
76, 894. 000
35, 964, 000
37, 690, 000
131,259,000
33, 584, 000
22, 478, 000
36, 178, 000
20, 394, 000
93, 712, 000
$77, 733, 000
878, 806, 000
34,011,000
53, 585, 000
34, 480, 000
26, 813, 000
252, 427, 000
27, 181, 000
26, 346, 000
28, 258, 000
32,118,000
81,891,000
2, 644, 000
989, 099, 000
1, 656, 293, 000
$134,
1, 259,
90,
130,
70,
64,
383,
60,
48,
64,
58,
175,
2,
934,000
992,000
570, 000
479,000
444, 000
503, 000
686, 000
765, 000
824,000
436,000
512, 000
603,000
644,000
2, 545, 392, 000
Exhibit 4
Offering of 2y2 percent Treasury bonds of 1964-69, 2 percent Treasury bonds of
1951-53, and ]i percent Treasury certificates of indebtedness of Series E-1944
{Third War Loan)
On September 9, 1943, Secretary of the Treasury Morgenthau invited cash
subscriptions for unspecified amounts oi 2V2 percent Treasury bonds of 1964-69,
2 percent Treasury bonds of 1951-53, and % percent Treasury certificates of
indebtedness of Series E-1944.
These securities were not available for subscription, for their own account,
by commercial banks, defined for this purpose as banks accepting demand deposits.
Offerings of securities of identical or similar tenor to the 2 percent bonds and %
percent certificates were made after the Third War Loan for the exclusive sub-
' Revised September 1, 1943
272 REPORT OF THE SECRETARY OF THE TREASURY
scription of these banks. The 2}^ percent bonds may not be held by these
commercial banks before September 15, 1953.
[Treasury bonds of 1964-69. Department Circular No. 719. Public Debt]
Treasury Department,
Washington, September 9, 1943.
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2}^ percent Treasury bonds of 1964-69. These bonds will not be available for
subscription, for their own account, by commercial banks, which are defined for
this purpose as banks accepting demand deposits. The amount of the offering
is not specifically limited.
II. DESCRIPTION OF BONDS
1. The bonds will be dated September 15, 1943, and will bear interest from
that date at the rate of 2}^ percent per annum, payable on a semiannual basis on
December 15, 1943, and thereafter on June 15 and December 15 in each year
until the principal amount becomes payable. They will mature December 15,
1969, but may be redeemed at the option of the United States on and after
December 15, 1964, in whole or in part, at par and accrued interest, on any inter-
est 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.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will not be acceptable to secure deposits of public moneys before
September 15, 1953. They will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000 and $1,000,000. 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
Secretary of the Treasury, except that they may not, before September 15, 1953,
be transferred to or be held by commercial banks, which are defined for this pur-
pose as banks accepting demand deposits. However, the bonds may be pledged
as collateral for loans, including loans by commercial banks, but any such bank
acquiring such bonds before September 15, 1953, because of the failure of such
loans to be paid at maturity will be required to dispose of them in the same
manner as they dispose of other assets not eligible to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute
part of his estate, will be redeemed at the option of the duly constituted repre-
sentatives of the deceased owner's estate, at par and accrued interest to date of
payment,' Provided:
{a) that the bonds weie actually owned by the decedent at the time of his
death; and
(b) that the Secretary of the Treasury be authorized to apply the entire pro-
ceeds of redemption to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned
to "The Secretary of the Treasury for redemption, the proceeds to be paid to the
Collector of Internal Revenue at for credit on Federal estate
taxes due from estate of " Owing to the periodic closing of
the transfer books and the impossibility of stopping payment of interest to the
' An exact half-year's interest is computed for each full half-year period irrespective of the actual number
of days in the half year. For a fractional part of any half year, computation is on the basis of the actual
number of days in such half year.
REPORT OF THE SECRETARY OF THE TREASURY 273
registered owner during the closed period, registered bonds received after the
closing of the books for payment during such closed period will be paid only at
par with a deduction of interest from the date of payment to the next interest
payment date 2; bonds received during the closed period for payment at a date
after the books reopen will be paid at par plus accrued interest from the reopening
of the books to the date of payment. In either case checks for the full six months'
inteiest due on the last day of the closed period will be forwarded to the owner
in due course. All bonds submitted must be accompanied by Form PD 1782 3,
properly completed, signed and sworn to, and by a certificate of the appointment
of the personal representatives, under seal of the court, dated not more than six
months prior to the submission of the bonds, which shall show that at the date
thereof the appointment was still in force and effect. Upon payment of the
bonds appropriate memorandum receipt will be forwarded to the representatives,
which will be followed in due course by formal receipt from the Collector of
Internal Revenue.
6. Except as provided in the preceding paragraphs, the bonds will be subject
to the general regulations of the Treasury Department, now or hereafter prescribed,
governing United States bonds.
III. SUBSCRIPTION and" ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Subscriptions must be accompanied by payment in full for the amount of bonds
applied for.
2. 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, and to
close the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
all subscriptions will be allotted in full. Allotment notices will be sent out prompt-
ly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before September 15, 1943, or on later allotment; provided,
however, that bonds allotted to life insurance companies may be paid for, in whole
or in part, at par and accrued interest, at any time or times not latei than Novem-
ber 1, 1943. One day's accrued interest is $0,068 per $1,000. Any qualified
depositary will be permitted to make payment by credit for bonds "allotted to
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.
V. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offer-
ing, which will be communicated promptly to the Federal Reserve Banks.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
3 The transfer books are closed from May 16 to June 15, and from November 16 to December 15 (both
dates inclusive) in each year.
3 Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Depart-
ment, Washington, D. C.
613185-
274 REPORT OF THE SECRETARY OF THE TREASURY
[Treasury bonds of 1951-53. Department Circular No. 720. Public Debt]
Treasury Department,
WaFshington, September 9, 1943.
I. OFFERING OF BONDS
1. The Secretar}' of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2 percent Treasury bonds of 1951-53. These bonds will not be available for
subscription, for their own account, by commercial banks, which are derined for
this purpose as banks accepting demand deposits. The amount of the offering
is not specifically limited.
II. DESCRIPTION OF BONDS
1. The bonds will be dated September 15, 1943, and will bear interest from that
date at the rate of 2 percent per annum, payable semiannually on March 15 and
September 15 in each year until the principal amount becomes payable. They
will mature Septeml)er 15, 1953, but may be redeemed at the option of the United
States on and after September 15, 1951, 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 Treasurj- shall prescribe. In case of partial
redemption the bonds to be redeemed m ill 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.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will be acceptable to secure deposits of public monej's. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000 and $1,000,000. 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
Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter prescribed, governing United States bonds.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. An offering of securities of iden-
tical or similar tenor to those offered by this circular will be made for the exclusive
subscription of commercial banks shortly after the conclusion of this offering.
Until such offering has been made and the books thereon closed, or until ten days
after the subscription books close on this offering, whichever is earlier, commercial
banks are requested not to purchase and subscribers are requested not to trade in
the securities offered by this circular. Banking institutions generally may submit
subscriptions for account of customers, but only the Federal Reserve Banks and
the Treasury Department are authorized to act as official agencies. Subscriptions
must be accompanied by payment in full for the amount of bonds applied for.
2. 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, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Subject to these reservations, all
subscriptions will be allotted in full. Allotment notices will be sent out pro-oiptly
upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before September 15, 1943, or on later allotment; provided,
REPORT OF THE SECRETARY OF THE TREASURY 275
however, that bonds allotted to life insurance companies may be paid for, in whole
or in part, at par and accrued interest, at any time or times not later than Novem-
ber 1, 1943. One day's accrued interest is $0,055 per $1,000. Any qualified
depositary will be permitted to make payment by credit for bonds allotted to 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.
V. GENERAL PROVISIONS
1. 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.
2. 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.
[Certificates of indebtedness. Department Circular No. 721. Public Debt]
Treasury Department,
Washington, September 9, 1943.
I. OFFERING OP CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for certificates of indebtedness of the United
States, designated % percent Treasury certificates of indebtedness of Series
E-1944. These certificates will not be available for subscription, for their own
account, by commercial banks, which are defined for this purpose as banks
accepting demand deposits. The amount of the offering is not specificaUy
limited.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated September 15, 1943, and will bear interest
from that date at the rate of % percent per annum, payable on a semiannual
basis on March 1 and September 1, 1944. They will mature September 1, 1944,
and will not be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by. any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
4. Bearer certificates v,'ith interest coupons attached will be issued in denomina-
tions of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will
not be issued in registered form.
5. The certificates will be subject to the general regulations of the_ Treasury
Department, now or hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. An offering of securities of
identical or similar tenor to those offered by this circular will be made for the
exclusive subscription of commercial banks shortly after the conclusion of this
offering. Until such offering has been made and the books thereon closed, or
until ten days after the subscription books close on this offering, whichever is
earlier, commercial banks are requested not to purchase and subscribers are
requested not to trade in the securities offered by this circular. Banking institu-
tions generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized to act as
276
REPORT OF THE SECRETARY OF THE TREASURY
official agencies. Subscriptions must be accompanied by payment in full for
the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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;
and any action he may take in these respects shall be final. Subject to these
reservations, all subscriptions will be allotted in full. Allotment notices will be
sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for certificates allotted hereunder
must be made on or before September 15, 1943, or on later allotment. One day's
accrued interest is $0,024 per $1,000. Any qualified depositary will be permitted
to make payment by credit for certificates allotted to its customers up to any
amount for which it shall be qualified in excess of existing deposits, when so noti-
fied by the Federal Reserve Bank of its district.
V. GENERAL PROVISIONS
1. 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
certificates allotted, to make delivery of certificates on full-paid subscriptions al-
lotted, and they may issue interim receipts pending delivery of the definitive cer-
tificates.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated prompth' to the Federal Reserve Banks.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 5
Subscriptions and allotments, Treasury bonds of 1964-69, Treasury bonds of 1951-53,
and Treasury certificates of indebtedness of Series E-1944 {from press releases
September 25 and October 19, 1943 i) {Third War Loan)
On September 25, 1943, Under Secretary of the Treasury D. W. Bell announced
that the subscription books would close at the close of business October 2 for the
offerings to nonbank investors of 2J4 percent Treasury bonds of 1964-69, 2 per-
cent Treasury bonds of 1951-53, and % percent Treasury certificates of indebt-
edness. Subscriptions aggregated $13,157,789,500, all of uhich were allotted in
full.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district
Boston
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago '
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco , _
Treasury
Government investment accounts
Total
2H% Treasury
bonds of
1964-69
1, 826,
"207,
165,
125,
40,
222,
42,
46,
55,
48,
131,
1,
479,
526, 500
499, 500
415.000
288, 500
022, 000
305, 500
810, 500
162, 000
574, 500
794, 000
223, 500
349, 000
642, 500
141, 000
3, 778, 754, 000
2% Treasury
bonds of
1951-53
.$404,
2, 391,
213,
370,
262,
303,
408,
123,
76,
115,
138,
296,
151,
069, 000
832, 000
221, 000
840, 000
358, 500
727, 000
211, 000
493, 000
709, COO
597, 000
730, 000
513, 000
452, 000
500, 000
5, 257, 252, 500
J^% Treasury
certificates of
indebtedness
of Series
E-1944
$236,
1, 669,
171,
299,
168,
92,
789,
110,
84,
121,
82,
296,
050, 000
927, 000
428, 000
248, 000
821, 000
099, 000
245, 000
879, 000
186, 000
228, 000
379, 000
188, 000
105, 000
4, 121, 783, 000
Total allot-
ments
$1. 026,
5, 888,
592,
835,
556,
436,
1, 420,
276,
207,
292,
269,
724,
2,
630,
645, 500
258, 500
064, 000
376, 500
201, 500
131, 500
266, 500
534, 000
469, 500
619, 000
332, 500
050,000
199, 500
641, 000
13, 157, 789, 500
I Revised January 21. 1944.
REPORT OF THE SECRETARY OF THE TREASURY 277
Exhibit 6
Offering of 2% percent Treasury bonds of 1964-69 (additional), 2 -percent Treasury
bonds of 1951-53 {additional), and % percent Treasury certificates of indebtedness
of Series F-19U
On October 6, 1943, Secretary of the Treasury Morgenthau invited subscrip-
tions for 2)^ percent Treasury bonds of 1964-69, 2 percent Treasury bonds of
1951-53, and % percent Treasury certificates of indebtedness of Series F-1944.
The 2)4 percent and 2 percent Treasury bonds were additions to the two series
issued during the Third War Loan, pursuant to Department Circulars Nos. 719
and 720, dated September 9, 1943.
Holders, other than commercial banks, of 3K percent Treasury bonds of 1943-
45, called for redemption on October 15, 1943, were afforded an opportunity to
exchange their holdings either for the 2^ percent Treasury bonds or for the 2 per-
cent Treasury bonds. Commercial banks could exchange their holdings of the
called bonds for the 2 percent Treasury bonds only. The Treasury certificates
of indebtedness of Series F-1944 were open on an exchange basis to all holders of
Treasury certificates of indebtedness of Series D-1943, maturing November 1, 1943.
At the same time the Secretary offered an additional $1,500,000,000, or the;'e-
abouts, of the 2 percent Treasury bonds of 1951-53 and also $1,500,000,000, or
thereabouts, of the % percent Treasury certificates of indebtedness of Series
F-1944 for cash subscription by commercial banks for their own account. This
offering afforded commercial banks, which were excluded from participation in
the Third War Loan Drive, an opportunity to obtain additional quantities of
Treasury securities at par directly from the Treasury.
In this related press release it was stated that there were outstanding $1,400,-
528,250 of the called Treasury bonds of 1943-45 and $2,035,254,000 of the matur-
ing Series D-1943 certificates.
[Treasury bonds of 1964-69 (additional). Department Circular No. 724. Public Debt]
Treasury Department,
Washington, October 6, 1943.
I. EXCHANGE OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par with an adjustment
of accrued interest as of October 15, 1943, from the people of the United States
for bonds of the United States, designated 2)2 percent Treasury bonds of 1964-69,
in payment of which only Treasury bonds of 1943-45, called for redemption on
October 15, 1943, may be tendered. These bonds will not be available for sub-
scription, for their own account, by commercial banks, which are defined for this
purpose as banks accepting demand deposits. The amount of the offering under
this circular will be limited to the amount of Treasury bonds of 1943-45 tendered
and accepted.
II. DESCRIPTION OF BONDS
1. The bonds now offered will be an addition to and will form a part of the
series of 2}^ percent Treasury bonds of 1964-69 issued pursuant to Department
Circular No. 719, dated September 9, 1943, will be freely interchangeable there-
with, are identical in all respects therewith, and are described in the following
quotation from Department Circular No. 719. [Description omitted here, see
p. 272.]
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
278 REPORT OF THE SECRETARY OF THE TREASURY
IV. PAYMENT
1. Payment at par and accrued interest from September 15, 1943, to October
15, 1943 ($2.04918 per $L,000), for bonds allotted hereunder must be made or
completed on or before October 15, 1943, or on later allotment. Payment of the
principal amount may be made only in Treasury bonds of 1943-45 called for
redemption on October 15, 1943, which will be accepted at par and should accom-
pany the subscription. In the case of coupon bonds, payment of accrued interest
on the new bonds should be made when the subscription is tendered and in the
case of registered bonds, the accrued interest will be deducted from the amount
of the check which will be issued in payment of final interest on the bonds sur-
rendered. Final interest due October 15 on bonds surrendered will be paid, in
the case of coupon bonds, by payment of October 15, 1943, coupons, which should
be detached by holders before presentation of the bonds, and in the case of regis-
tered bonds, by checks drawn in accordance with the assignments on the bonds
surrendered.
V. SURRENDER OF CALLED BONDS
1. Covpon bonds. — Treasury bonds of 1943-45 in coupon form tendered in
payment for bonds offered hereunder should be presented and surrendered with
the subscription to a Federal Reserve Bank or branch or to the Treasurer of the
United States, Washington, D. C, Coupons dated April 15, 1944, and all coupons
bearing subseciuent dates, should be attached to such bonds \\hen surrendered,
and if any such coupons are missing, the subscription must be accompanied by
cash payment equal to the face amount of the missing coupons. The bond's
must be delivered at the expense and risk of the holder. Facilities for trans-
portation of bonds by registered mail insured may be arranged between incor-
porated banks and trust companies and the Federal Reserve Banks, and holders
may take advantage of such arrongements when available, utilizing such incor-
porated banks and trust companies as their agents.
2. Registered bonds. — Treasury bonds of 1943-45 in registered form tendered
in payment for bonds offered hereunder should be assigned by the registered
payees or assignees thereof, in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange, in one of
the forms hereafter set forth, and thereafter should be presented and surrendered
with the subscription to a Federal Reserve Bank or branch or to the Treasury
Department, Division of Loans and Currency, Washington, D. C. The bonds
must be delivered at the expense and risk of the holder. Tf the new bonds are
desired registered in the same name as the bonds surrendered, the assignment
should be to "TJie Secretary of the Treasury for exchange for Treasury bonds of
1964-69 (dated September 15, 1943)"; if the new bonds are desired registered in
another name, the assignment should be to "The Secretary of the Treasury for
exchange for Treasury bonds of 1964-69 (dated September 15, 1943) in the name
of "; if new bonds in coupon form are desired, the assignment
should be to "The Secretary of the Treasury for exchange for Treasury bonds of
1964-69 (dated September 15, 1943) in coupon form to be delivered to
VI. GENERAL PROVISIONS
1. 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.
2. 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.
REPORT OF THE SECRETARY OF THE TREASURY 279
[Treasury bonds of 1951-53 (additional). Department Circular No. 725. Public Debt]
Treasury Department,
Washington, October 6, 1943.
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par with an adjustment
of accrued interest as of October 15, 1943, from the people of the United States
for bonds of the United States, designated 2 percent Treasury bonds of 1951-53,
in exchange for Treasury bonds of 1943-45, called for redemption on October 15,
1943. In addition, $1,500,000,000, or thereabouts, of the new bonds are offered
for cash subscription, at par and accrued interest, for their own account by
commercial banks, which are defined for this purpose as banks accepting demand
deposits.
II. DESCRIPTION OF BONDS
1. The bonds now offered will be an addition to and will form a part of the series
of 2 percent Treasury bonds of 1951-53 issued pursuant to Department Circular
No. 720, dated September 9, 1943, will be freely interchangeable therewith, are
identical in all respe'cts therewith, and are described in the following quotation
from Department Circular No. 720. [Description omitted here, see p. 274.]
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Commercial banks are requested
not to purchase in the market and subscribers are requested not to trade in the
securities offered hereunder prior to the closing of the books for cash subscriptions.
Banking institutions generally may submit exchange subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury Department
are authorized to act as official agencies. Others than banking institutions will
not be permitted to enter subscriptions except for their own account. Cash
subscriptions from commercial banks for their own account will be received
without deposit but will be restricted in each case to an amount not exceeding
the combined capital, surplus and undivided profits, or 5 percent of the total
deposits, whichever is greater, of the subscribing bank.
2. 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, and to
close the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
subscriptions in payment of which Treasury bonds of 1943-45 are tendered, and
cash subscriptions from commercial banks for their own account for amounts up
to and including $50,000, will be allotted in full. All other cash subscriptions
will be allotted on an equal percentage basis, to be publicly announced. Allot-
ment notic es will be sent out promptly upon £^llotment.
IV. PAYMENT
1. Exchange suhscri'ptions. — Payment at par and accrued interest from Septem-
ber 15, 1943, to October 15, 1943 ($1.64835 per $1,000), for bonds allotted here-
under must be made or completed on or before October 15, 1943, or on later
allotment. Payment of the principal amount may be made only in Treasury
bonds of 1943-45 called for redemption on October 15, 1943, which will be ac-
cepted at par and should accompany the subscription. In the case of coupon
bonds, payment of accrued interest on the new bonds should be made when the
subscription is tendered and in the case of registered bonds, the accrued interest
will be deducted from the amount of the check which will be issued in payment
of final interest on the bonds surrendered. Final interest due October 15 on
bonds surrendered will be paid, in the case of coupon bonds, by payment of
October 15, 1943, coupons, which should be detached by holders before presenta-
tion of the bonds, and in the case of registered bonds, by checks drawn in accord-
ance with the assignments on the bonds surrendered.
2. Cash subscriptions. — Payment at par and accrued interest from September
15, 1943, for bonds allotted on cash subscriptions hereunder must be made or
completed on or before October 15, 1943, or on later allotment. Any qualified
depositary will be permitted to make payment by credit for bonds allotted to it
280 REPORT OF THE SECRETARY OF THE TREASURY
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. One day's accrued
interest is $0.05495 per $1,000, and accrued interest from September 15, 1943,
to October 15, 1943, is $1.64835 per $1,000.
V. SURRENDER OF CALLED BONDS
1. Coupon bonds. — Treasury bonds of 1943-45 in coupon form tendered in
payment for bonds offered hereunder should be presented and surrendered with
the subscription to a Federal Reserve Bank or branch or to the Treasurer of the
United States, Washington, D. C. Coupons dated April 15, 1944, and all coupons
bearing subsequent dates, should be attached to such bonds when surrendered,
and if any such coupons are jnissing, the subscription must be accompanied by
cash payment equal to the face amount of the missing coupons. The bonds must
be delivered at the expense and risk of the holder. . 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.
2. Registered bonds. — Treasury bonds of 1943-45 in registered form tendered
in payment for bonds offered hereunder should be assigned by the registered
payees or assignees thereof, in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange, in one of
the forms hereafter set forth, and thereafter should be presented and surrendered
with the subscription to a Federal Reserve Bank or branch or to the Treasury
Department, Division of Loans and Currency, Washington, D. C. The bonds
must be delivered at the expense and risk of the holder. If the new bonds are
desired registered in the same name as the bonds surrendered, the assignment
should be to "The Secretary of the Treasury for exchange for 2 percent Treasury
bonds of 1951-53"; if the new bonds are desired registered in another name, the
assignment should be to "The Secretary of the Treasury for exchange for 2 per-
cent Treasury bonds of 1951-53 in the name of "; if new bonds
in coupon form are desired, the assignment should be to "The Secretary of the
Treasury for exchange for 2 percent Treasury bonds of 1951-53 in coupon form
to be delivered to "
VI. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe 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.
[Certificates of indebtedness. Department Circular No. 726. Public Debt]
Treasury Department,
Washington, October 6, 1943.
I. offering of certificates
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for certificates of indebtedness of the United States, designated
Yi percent Treasury certificates of indebtedness of Series F-1944, in exchange for
Treasury certificates of indebtedness of Series D-1943, maturing November 1,
1943, with an adjustment of accrued interest as of October 15. In addition,
$1,500,000,000, or thereabouts, of the new certificates are offered for cash sub-
scription, at par and accrued interest, for their own account by commercial banks,
which are defined for this purpose as banks accepting demand deposits.
REPORT OF THE SECRETARY OF THE TREASURY 281
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated October 15, 1943, and will bear interest from
that date at the rate of % percent per annum, payable on a semiannual basis on
April 1 and October 1, 1944. They will mature October 1, 1944, and will not
be subject to call for redemption prior to maturity.' * * *
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Conmiercial banks are requested
not to purchase in the market and subscribers are requested not to trade in the
securities offered hereunder prior to the closing of the books for cash subscrip-
tions.' * * *
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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; and
any action he may take in these respects shall be final. Subject to these reserva-
tions, subscriptions in paj'ment of which Treasury certificates of indebtedness of
Series D-1943 are tendered, and cash subscriptions from commercial banks for
their own account for amounts up to and including $50,000, will be allotted in
full. All other cash subscriptions will be allotted on an equal percentage basis,
to be publicly announced. Allotment notices will be sent out promptly upon
allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for certificates allotted on cash
subscriptions hereunder must be made or completed on or before October 15,
1943, or on later allotment. Any qualified depositary will be permitted to make
payment by credit for certificates allotted to it 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
D-1943, maturing November 1, 1943, must be presented with November 1, 1943,
coupons attached and should accompany the subscription. Such certificates will
be accepted at par in pavment for any certificates subscribed for and allotted,
and accrued interest from May 1, 1943, to October 15, 1943 ($3.97079 per $1,000),
will be paid following acceptance of the certificates. If any certificates are pre-
sented with November 1, 1943, coupon missing, the subscription must be accom-
panied bv remittance of $0.39921 per $1,000, representing unearned interest from
October 15, 1943, to November 1, 1943.
V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 7
Subscriptions and allotments, Treasury bonds of 1964-(>9 (additional), Treasury
bonds of 1951-53 (additional), and Treasury certificates of indebtedness of Series
F~19Jf4 {from press releases October 8,11, and 15, 1943 ^)
On October 7, 1943, Secretary of the Treasury Morgenthau announced that the
subscription books would close at the close of business October 8 for the receipt of
(a) cash subscriptions to the 2 percent Treasury bonds of 1951-53 (additional) and
% percent Treasury certificates of indebtedness of Series F-1944, restricted to com-
liiercial banks for their own account, (b) exchange subscriptions to the certificates
of Series r-1944 in payment of which certificates of indebtedness of Series D-1943,
maturing November 1, 1943, were tendered, and (c) exchange subscriptions to the
2]^ percent Treasury bonds of 1964-69 (additional) and the 2 percent Treasury
bonds of 1951-53 (additional) in payment of which Treasury bonds of 1943-45,
called for redemption on October 15, 1943, were tendered, except for the receipt of
' Omitted portion similar to corresponding section of Department Circular No. 717, p. 269.
• Eevised January 21, 1944.
282
REPORT OF THE SECRETARY OF THE TREASURY
subscriptions from holders of $25,000 or less of the called bonds. For the latter
class the subscription books closed at the close of business October 11.
Cash subscriptions to the 2 percent Treasury bonds totaled $5,530,856,500, of
which $1,627,106,500 were allotted. Subscriptions in amounts up to and including
$50,000, totaling about $252,000,000, were allotted in full. Subscriptions over
$50,000 were allotted 25 ]:>ercent, on a straight percentage basis, but not less than
$50,000 to any one subscriber, with adjustments, where necessar}^, to the $1,000
denomination.
Cash subscriptions to the Ys percent certificates of indebtedness totaled $5,386,-
065,000, of which $1,580,067,000 were allotted. Subscriptions in amounts up to
and including $50,000, totaling about $190,000,000, were allotted in full. Sub-
scriptions in amounts over $50,000 were allotted 26 percent, on a straight per-
centage basis, but not less than $50,000 to any one subscriber, with adjustments,
where necessary, to the $1,000 denomination.
All exchange subscriptions were allotted in full.
Subscriptions and allotments were divided among the Federal Reserve districts
and the Treasury as follows:
Federal Reserve district
2J^% Treas-
ury bonds of
1964-69 (ad-
ditional)
Exchanged
for called
SH% Treas-
ury bonds of
1943-45—
subscriptions
received and
allotted
2% Treasury bonds of 1951-53 (additional)
Cash subscriptions
Received
Allotted
Exchanged
for called
3'4% Treas-
ury bonds of
1943-45—
subscriptions
received and
allotted
Total sub-
scriptions
allotted
Boston
New York
Philadelphia-
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury--.:.
Total...
$5, 982, 500
12, 737, 000
2, 201, 500
9, 362, 000
3, 502, 000
2, 312, 000
7, 683, 500
4, 751, 500
1, 217, 000
4, 076, 500
2, 496, 500
2. 061, 000
1,061,000
$305,
2, 027,
388,
394,
252,
223,
728,
186,
145,
192,
155,
529,
127,500
2^9, 500
932, 500
517, 500
969, 000
874. 000
096, 500
945, 000
250, 500
462, 000
602, 500
790, 000
$84, 038, 500
620, 945, 500
11 2. 376. .WO
118,950,000
80, 144, 000
73, 865. 500
233. 366, 500
70, 994, 000
60,147,000
77, 414, 500
53, 656, 500
141, 208, 000
$21,825,000
847, 171,. 500
24, 974. 500
35, 967, 000
15, 354, 500
6,186.000
68, 345. 000
11.270.500
16, 293, 000
11,728,000
7, 035, 500
32, 894. 500
2, 858, 500
$105, 863, 500
1,368,117,000
137, 351, 000
154, 917, 000
95, 498, 500
80. 051, 500
301,711,500
82, 264, 500
76, 440, 000
89, 142, 500
60, 692, 000
174.102,500
2, 858, 500
59,444,000 5,530,856,500 1,627,106,500 1,101,903,500
2, 729, 010, 000
Federal Reserve district
Ji% certificates of indebtedness of Series F-1944
Cash subscriptions
Received
Allotted
Exchanged for
maturing
certificates of
indebtedness of
Series D-1943-
subscriptions
received and
allotted
Total
subscriptions
allotted
Boston.. -
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco-
Treasury
$283,
2, 080,
316,
382,
234,
214,
698,
165,
135,
188,
130,
554,
230, 000
806, 000
426, 000
723, 000
742, 000
794, 000
571,000
744, 000
432, 000
956, 000
593, 000
048, 000
$78, 627, 000
550, 958, 000
91, 346, 000
114,791,000
71, 943. 000
69, 489, 000
219, 643, 000
58, 956, 000
53, 882, 000
71, 702, 000
47,211,000
151, 519, 000
$106, 513, 000
1,191,124,000
46, 515, 000
68, 818, 000
35, 929, 000
29, 360, 000
256, 645, 000
23, 947, 000
26, 548. 000
41,201.000
17, 434, 000
92, 688, 000
2, 258, 000
$185,140,000
1, 742, 082. 000
137,861.000
183, 609, 000
107, 872, 000
98, 849, 000
476. 288, 000
82, 903, 000
80, 430, 000
112.903,000
64. 645, 000
244, 207, 000
2, 258, 000
Total.
5, 386, 065, 000
1, 580, 067, 000
1, 938, 980, 000
3, 519, 047, 000
REPORT OF THE SECRETARY OF THE TREASURY 283
Exhibit 8
Offering of % percent Treasury certificates of indebtedness of Series G—1944
On November 22, 1943, Secretary of tlje Treasury Morgenthau invited sub-
scriptions for % percent Treasury certificates of indebtedness of Series G-1944 in
exchange for Treasury certificates of indebtedness of Series E-1943, maturing
December 1, 1943. In the related press release it was stated that $3,799,736,000
of Series E-1943 certificates were outstanding.
[Department Circular No. 727. Public Debt]
Treasury Department,
Washington, November 22, 1943.
I. OFFERING OF CERTIFICATES
1. The Secretary of the Treasury; pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the
United StPtes for certificates of indebtedness of the United States, designated
Yi percent Treasury certificates of indebtedness of Series G-1944, in exchange for
Treasury certificates of indebtedness of Series E-1943, maturing December 1, 1943.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated December 1, 1943, and will bear interest from
that date at the rate of % percent per annum, payable semiannually on June 1 and
December 1, 1944. They will mature December 1, 1944, and will not be subject
to call for redemption prior to maturity. 1 * * *_
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Wasliington. Banking institutions generally
may submit subscriptions for account of customers, but onlj^ the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions
except for their own account.
2. The Secretary of the Treasury reserves tlie right to reject any subscription,
in whole or in part, 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; and any
action he may take in these respects shall be final. Subject to these reservations,
all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV. PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or before
December 1, 1943, or on later allotment, and may be made only in Treasury
certificates of indebtedness of Series E-1943, maturing December 1, 1943, which
will be accepted at par, and should accompany the subscription.
V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *_
Henry Morgenthau, Jr.,
Secretary of the Treasury.
' Omitted portion similar to corresponding section of Department Circular No. 717, p. 269.
284
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 9
Allotments, Treasury certificates of indebtedness of Series G—1944 {from press releases
November 23 and December 1, 1943 ^)
On November 23, 1943, Secretary of the Treasury Morgenthau announced that
the subscription books for the offering of % percent Treasury certificates of indebt-
edness of Series G-1944, offered in exchange for Treasury certificates of indebted-
ness of Series E-1943, maturing December 1, 1943, would close at the close of
business November 24. Subscriptions aggregating $3,539,755,000 were received
and all were allotted.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district
Boston
New York . .
Philadelphia
Cleveland. __
Richmond-.
Atlanta
Chicago
St. Louis
Subscriptions
received and
allotted
$184, 829, 000
1,918,558,000
138. 438, 000
140, 957, 000
79,571.000
96, 005, 000
433, 340, 000
86, 189, 000
Federal Reserve district
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
Subscriptions
received and
allotted
$82, 577, 000
78, 638, 000
76, 300, 000
223,117,000
1,236,000
3, 539, 755, 000
Exhibit 10
Call for redemption on April 15, 1944, of SYa percent Treasury bonds of 1944-46
Treasury Drpartment,
Washington, December 13, 1948.
Secretary of the Treasury Morgenthau announced today that all outstanding
354 percent Treasury bonds of 1944-46 are called for redemption on April 15, 1944.
Approximately .$1,519,000,000 of these bonds are now outstanding.
The text of the formal notice of call is as follows:
THREE and one-quarter PERCENT TREASURY BONDS OF 1944-46 NOTICE OF CALL
FOR REDEMPTION
To Holders of 3% Percent Treasury Bonds of 1944^46, and Others Concerned:
1. Public notice is hereby given that all outstanding 3% percent Treasury
bonds of 1944-46, dated April 16, 1934, are hereby called for redemption on April
15, 1944, on which date interest on such bonds will cease.
2. Holders of these bonds may, in advance of the redemption date, be offered
the privilege of exchanging all or any part of their called bonds for other interest-
bearing obligations of the United States, in which event public notice will hereafter
be given and an official circular governing the exchange offering will be issued.
3. Full information regarding the presentation and surrender of the bonds for
cash redemption under this call will be found in Department Circular No. 666,
dated July 21, 1941.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 11
Offering of 2% percent Treasury bonds of 1965-70, 2y^ percent Treasury bonds of
1956-59, and % percent Treasury certificates of indebtedness of Series A-1945
(Fourth War Loan)
On January 18, 1944, Secretary of the Treasury Morgenthau invited cash
subscriptions for unspecified amounts of 2% percent Treasury bonds of 1965-70,
2% percent Treasury bonds of 1956-59, and Ys percent Treasury certificates of
indebtedness of Series A-1945.
Revised January 21, 1944.
REPORT OF THE SECRETARY OF THE TREASURY 285
The 2}4 percent and 2J4 percent Treasury bonds were not available for sub-
scription, for their own account, by commercial banks, defined as banks accepting
demand deposits, except that a commercial bank holding savings deposits as
defined in Regulation Q of the Board of Governors of the Federal Reserve System
might subscribe to the 2)4 percent and 2}i percent bonds and (beginning January
1, 1944) to Series F and G savings bonds, but the amount of such subscriptions was
limited in the aggregate to 10 percent of the savings deposits as shown on the
bank's books as of the date of the most recent call statement required by the
supervising authorities prior to the date of subscription for such bonds, or $200,000,
whichever was less. No such bank shall hold more than $100,000 (issue price)
of Series F and G savings bonds (Series 1944) or a combination of the two.
Commercial banks accepting demand deposits may not hold the 2^ percent
Treasury bonds before Februarv 1, 1954, or the 2% percent Treasury bonds before
September 15, 1946.
The Ys percent Treasury certificates of indebtedness were not available for
subscription for their own account by commercial banks accepting demand
deposits.
[Treasury bonds of 1965-70. Department Circular No. 729. Public Debt]
Treasury Department,
Washington, January 18, 1944-
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2% percent Treasury bonds of 1965-70. The amount of the offering is not specif-
ically limited.
2. These bonds will not be available for subscription, for their own account, by
commercial banks, which are defined for this purpose as banks accepting demand
deposits, except as follows: a commercial bank holding savings deposits as defined
in Regulation Q of the Board of Governors of the Federal Reserve System may
subscribe to the bonds offered hereunder, to the 2^4 percent Treasury bonds of
1956-59 offered simultaneously herewith under Treasury Department Circular
No. 730, and to Series F-1944 and Series G-1944 United States savings bonds
under Treasury Department Circular No. 654, Second Revision, but the amount
of such subscriptions shall not exceed, in the aggregate, 10 percent of the savings
deposits as shown on the bank's books as of the date of the most recent call state-
ment required by the supervising authorities prior to the date of subscription for
such bonds, or $200,000, whichever is less. No such bank shall hold more than
$100,000 (issue price) of Series F and Series G savings bonds (Series 1944)
combined.
II. DESCRIPTION OF BONDS
1. The bonds will be dated February 1, 1944, and will bear interest from that
date at the rate of 2J4 percent per annum, payable on a semiannual basis on
September 15, 1944, and thereafter on March 15 and September 15 in each year
until the principal amount becomes payable. They will mature March 15, 1970,
but may be redeemed at the option of the United States on and after March 15,
1965, 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.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
'3. The bonds will be acceptable to secure deposits of public moneys. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000 and $1,000,000. Provision will be made for the interchange of
286 REPORT OF THE SECRETARY OF THE TREASURY
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. Except as provided in section I of this circular, these bonds
may not, before February 1, 1954, be transferred to or be held by commercial
banks, which are defined for this purpose as banks accepting demand deposits;
however, the bonds may be pledged as collateral for loans, including loans by
commercial banks, but any such bank acquiring such bonds before February 1,
1954, because of the failure of such loans to be paid at maturity will be required
to dispose of them in the same manner as they dispose of other assets not eligible
to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute
part of his estate, will be redeemed at the option of the duly constituted repre-
sentatives of the deceased owner's estate, at par and accrued interest to date of
payment, 1 Provided:
(a) that the bonds were actually owned by the decedent at the time of his death ;
and
(b) that the Secretary of the Treasury be authorized to apply the entire pro-
ceeds of redemption to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned to
"The Secretary of the Treasury for redemption, the proceeds to be paid to the
Collector of Internal Revenue at for credit on Federal estate
taxes due from estate of " Owing to the periodic closing of
the transfer books and the impossibility of stopping payment of interest to the
registered owner during the closed period, registered bonds received after the
closing of the books for payment during such closed period will be paid only at
par with a deduction of interest from the date of payment to the next interest
payment date;^ bonds received during the closed period for payment at a date
after the books reopen will be paid at par plus accrued interest from the reopening
of the books to the date of payment. In either case checks for the full six months'
interest due on the last day of the closed period will be forwarded to the owner in
due course. All bonds submitted must be accompanied by Form PD 1782,*
properly completed, signed and sworn to, and by a certificate of the appointment
of the personal representatives, under seal of the court, dated not more than six
months prior to the submission of the bonds, which shall show that at the date
thereof the appointment was still in force and effect. Upon payment of the
bonds appropriate memorandum receipt will be forwarded to the representatives,
which will be followed in due course by formal receipt from the Collector of
Internal Revenue.
6. Except as provided in the preceding paragraphs, the bonds will be subject
to the general regulations of the Treasury Department, now or hereafter pre-
scribed, governing United States bonds.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Subscribers are requested not to
trade in the securities allotted hereunder until after February 15, 1944. Banking
institutions generally may submit subscriptions for account of customers, but
only the Federal Reserve Banks and the Treasury Department are authorized to
act as official agencies. Others than banking institutions will not be permitted to
enter subscriptions except for their own account. Subscriptions must be ac-
companied by payment in full for the amount of bonds applied for.
2. 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, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in tliese respects shall be final. Subject to these reservations, and
to the limitations on commercial bank subscriptions prescribed in section I of this
circular, all subscriptions will be allotted in full. Allotment notices will be sent
out promptly upon allotment.
1 Ad exact half-year's interest is computed for each full half-year period irrespective of the actual number of
days in the half year. For a fractional part of any half year, computation is on the basis of the actual number
of days in such half year.
2 The transfer books are closed from Feb. 16 to Mar. 15, and from Aug. 16 to Sept. 15 (both dates inclusive)
in each year.
3 Copies of Form PD 17S2 may be obtained from any Federal Reserve Bank or from the Treasury Depart-
ment, Washington, D. C.
REPORT OF THE SECRETARY OF THE TREASURY 287
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before February 1, 1944, or on later allotment. One day's
accrued interest is $0,069 per $1,000. Any qualified depositary will be permitted
to make payment by credit for bonds 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.
V. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe 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.
[Treasury bonds of 1956-59. Department Circular No. 730. Public Debt]
Treasury Department,
Washington, January 18, 1944-
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2% percent Treasury bonds of 1956-59. The amount of the offering is not
specifically limited.
2. These bonds will not be available for subscription, for their own account,
by commercial banks, which are defined for this purpose as banks accepting de-
mand deposits, except as follows: a commercial bank holding savings deposits
as defined in Regulation Q of the Board of Governors of the Federal Reserve
System may subscribe to the bonds offered hereunder, to the 2J4 percent Treasury
bonds of 1965-70 offered simultaneously herewith under Treasury Department
Circular No. 729, and to Series F-1944 and Series G-1944 United States savings
bonds under Treasury Department Circular No. 654, Second Revision, but the
amount of such subscriptions shall not exceed, in the aggregate, 10 percent of
the savings deposits as shown on the bank's books as of the date of the most
recent call statement required by the supervising authorities prior to the date
of subscription for such bonds, or $200,000, whichever is less. No such bank
shall hold more than $100,000 (issue price) of Series F and Series G savings
bonds (Series 1944), combined.
II. description of bonds
1. The bonds will be dated February 1, 1944, and will bear interest from that
date at the rate of 2Yi percent per annum, payable on a semiannual basis on Sep-
tember 15, 1944, and thereafter on March l5 and September 15 in each year
until the principal amount becomes payable. They will mature September 15,
1959, but may be redeemed at the option of the United States on and after
September 15, 1956, 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 l)y such method as may be pre-
scribed by the Secretary of the Treasury. From the date of redemption desig-
nated in any such notice, interest on the bonds called for redemption shall cease.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
288 REPORT OF THE SECRETARY OF THE TREASURY
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will be acceptable to secure deposits of pubHc moneys. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000, and $1,000,000. 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
Secretary of the Treasury. Except as provided in section I of this circular, these
bonds may not, before September 15, 1946, be transferred to or be held by com-
mercial banks, which are defined for this purpose as banks accepting demand
deposits; however, the bonds may be pledged as collateral for loans, including
loans by commercial banks, but any such bank acquiring such bonds before
September 15, 1946, because of the failure of such loans to be paid at maturity
will be required to dispose of them in the same manner as they dispose of other
assets not eligible to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute
part of his estate, will be redeemed at the option of the duly constituted repre-
sentatives of the deceased owner's estate, at par and accrued interest to date of
payment i * * =f:_
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Subscribers are requested not to
trade in the securities allotted hereunder until after February 15, 1944. Banking
institutions generally may submit subscriptions for account of customers, but
only the Federal Reserve Banks and the Treasury Department are authorized
to act as official agencies. Others than banking institutions will not be permitted
to enter subscriptions except for their own account. Subscriptions must be
accompanied by payment in full for the amount of bonds applied for.
2. 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, and to
close the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
and to the limitations on commercial bank subscriptions prescribed in section I
of this circular, all subscriptions will be allotted in full. Allotment notices will
be sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before February 1, 1944, or on later allotment. One day's
accrued interest is $0,062 per $1,000. Any qualified depositary will be permitted
to make payment by credit for bonds 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.
v. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *.
Henry Morgenthatj, Jr.,
Secretary of the Treasury.
[Certificates of indebtedness. Department Circular No. 731. Public Debt]
Treasury Department,
Washington, January 18, 1944-
1. OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the_ Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
' Omitted portion similar to corresponding section of Department Circular No. 729, p. 285.
REPORT OF THE SECRETARY OF THE TREASURY 289
from the people of the United States for certificates of indebtedness of the United
States, designated % percent Treasury certificates of indebtedness of Series
A-1945. These certificates will not be available for subscription, for their own
account, by commercial banks, which are defined for this purpose as banks accept-
ing demand deposits. The amount of the ofi'ering is not specifically limited.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated February 1, 1944, and will bear interest from
that date at the rate of % percent per annum, payable semiannually on August
1, 1944, and February 1, 1945. They will mature February 1, 1945, and will
not be subject to call for redemption prior to maturity.' * * *
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Commercial banks are requested
not to purchase and subscribers are requested not to trade in the securities allotted
hereunder until after February 15, 1944. Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions
except for their own account. Subscriptions must be accompanied by payment
in full for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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; and
any action he may take in these respects shall be final. Subject to these reserva-
tions, all subscriptions will be allotted in full. Allotment notices will be sent
out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for certificates allotted here-
under must be made on or before February 1, 1944, or on later allotment. One
day's accrued interest is $0,024 per $1,000. Any qualified depositary will be
permitted to make payment by credit for certificates allotted to 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.
V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *_
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 12
Subscriptions and allotments, Treastiry bonds of 1965-70, Treasury bonds of
1956-59, and Treasury certificates of indebtedness of Series A-1945 (from press
releases February 12 and March 6, 1944 ^) {Fourth War Loan)
On February 12, 1944, Secretary of the Treasury Morgenthau called attention
to the fact that the subscription books would close at the close of business Feb-
ruary 15 for the offering of 2}^ percent Treasury bonds of 1965-70, 2>i percent
Treasury bonds of 1956-59, and % percent Treasury certificates of indebtedness
of Series A-1945, Subscriptions aggregated $10,988,039,500, all of which were
allotted in full.
' Omitted portion similar to corresponding section of Department Circular No 717, p. 269.
» Revised June 15 and Oct. 3, 1944.
613185—45 20
290
REPORT OF THE SECRETARY OF THE TREASURY
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St . Louis
Minn eapolis
Kansas City
Dallas
San Francisco _
Treasury
Government investment accounts.
Total 2,212,173,500
2H% Treasury
bonds of
19G5-70
$185,
1, 184,
92,
87,
45,
30,
129,
29,
32,
30,
28,
79,
256,
210, 500
165. 000
413, 500
283, 500
236, 000
407, 500
495, 000
318, 000
692, 000
856. 500
109, 000
758, 000
395, 500
833, 500
2Vi% Treasury
bonds of
1956-59
$446,
1,769.
271.
190,
199,
131.
253,
59,
48,
58,
65,
150,
81,
404, 000
482, 000
671,000
524. 000
765. 500
523, 000
122. 500
586, 000
737. 600
664. 000
596. 500
796. 500
214, 500
600, 000
3, 727, 687, 000
^i% certifi-
cates of indebt-
edness of Series
A-1945
$269,
1,979.
164.
327.
218,
171.
1,008.
136.
107,
149.
107.
395,
10.
790. 000
840. 000
673. 000
936, 000
137, 000
021,000
236. 000
733. 000
686, 000
493. 000
994. 000
674, 000
166. 000
800. 000
5, 048, 179, 000
Total sub-
scriptions re-
ceived and
allotted
$901,
4, 933,
528,
605,
463,
332,
1, 390,
225.
189.
239,
201.
626,
349,
404, 500
487, 000
757, 500
743, 500
138, 500
951, 500
853, 500
637. 000
11,'^. 500
013. 500
699. 500
228. 500
776, 000
233, 500
10,988,039,500
Exhibit 13
Offering oj 0.90 'percent Treasury notes of Series D-1945
On January 24, 1944, Secretary of the Treasury Morgenthau invited subscrip-
tions for 0.90 percent Treasury notes of Series D-1945 in exchange for Treasury
certificates of indebtedness of Series A-1944, maturing February 1, 1944. In the
related press release it was stated that $2,211,161,000 of Series A-1944 certificates
were outstanding.
[Department Circular No. 732. Public Debt]
Treasury Department,
Washington, January ^4, 1944-
I. OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second Lib-
erty Bond Act, as amended, invites subscriptions, at par, from the people of the
United States for notes of the United States, designated 0.90 percent Treasury
notes of Series D-1945, in exchange for Treasury certificates of indebtedness of
Series A-1944, maturing February 1, 1944. The amount of the offering will be
limited to the amount of such maturing certificates tendered and accepted.
II. DESCRIPTION OF NOTES
1. The notes will be dated February 1, 1944, and will bear interest from that
date at the rate of 0.90 percent per annum, payable on a semiannual basis on Sep-
tember 1, 1944, and March 1, 1945. They will mature March 1, 1945, and will not
be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes, now
or liereafter imposed. The notes shall be subject to estate, inheiitance, gift or
other excise taxes, whether Federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or any
of the possessions of the United States, or by any local taxing authoiity.
3. The notes will be acceptable to secure deposits of public moneys. They will
not be acceptable in payment of taxes.
4. Bearer notes with interest coupons attached will be issued in denominations
of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The notes will not be issued
in registered form.
5. The notes will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter prescribed, governing United States notes.
III. SUBSCRIPTION AND ALLOTMENT
1 Subscriptions will be received at the Federal Reserve Banks and branches and
at the Treasury Department, Washington. Banking institutions generally may
REPORT OF THE SECRETARY OF THE TREASURY
291
submit subscriptions for account of customers, but only the Federal Resei've Banks
and the Treasur}' Department are authorized to act as official agencies. Others
than banking institutions will not be permitted to enter subscriptions except for
their own account.
2. 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, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Subject to these reservations, all sub-
scriptions will be allotted in full. Allotment notices will be sent out promptly upon
allotment.
IV. PAYMENT
1. Payment at par for notes allotted hereunder must be made on or before Feb-
ruary 1, 1944, or on later allotment, and may be made only in Treasury certificates
of indebtedness of Series A-1944, maturing February 1, 1944, which will be accepted
at par, and should accompany the subscription.
v. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 14
Allotments, Treasury notes of Series D-1945 {from press releases January 26 and
February 1, 19 U ')
On January 25, 1944, Secretary of the Treasury Morgenthau announced that
the subscription books for the offering of 0.90 percent Treasury notes of Series
D-1945, offered in exchange for maturing certificates of indebtedness of Series
A-1944, W'Ould close at the close of business January 26. Subscriptions aggre-
gating $2,126,896,000 were received, all of which were allotted.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district
Boston
New York..
Philadelphia
Cleveland...
Richmond. -
Atlanta
Chicago
St. Louis
Subscriptions
received and
allotted
$134, 699, 000
1,029,319,000
56.431,000
91,271.000
37, 618, 000
68, 8G.5, 000
294. 822, 000
72, 640, 000
Federal Reserve district
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
Subscriptions
received and
allotted
$53, 452, 000
65, 910, 000
46,701,000
174,6 5,000
520, 000
2, 126, 896, 000
Exhibit 15
Offering of 2y2 -percent Treasury bonds of 1965-70 {additional), 2]/i percent
Treasury bonds of 1956-59 {additional), and lYi percent Treasury notes of
Series A- 1948
On March 2, 1944, Secretary of the Treasury Morgenthau invited exchange
subscriptions for 2J^ percent Treasury bonds of 1965-70, 2^ percent Treasury
bonds of 1956-59, and 1J4 percent Treasury notes of Series A-1948. The 2%
' Revised June 15, 1944.
292
REPORT OF THE SECRETARY OF THE TREASURY
percent and 2J4 percent Treasury bonds were additions to the two series issued
during tlie Fourth War Loan, pursuant to Department Circulars Nos. 729 and
730, dated January 18, 1944. This exchange offering was open to holders of the
following securities:
Description and title
Treasury issues:
1% Treasury notes of Series B-1944 -.
3!.4% Treasury bonds of 1944-46
%% Treasury notes of Series A-1944
Federal Farm Mortgage Corporation issues:
3H% FFMC bonds of 1944-64
3% FFMC bonds of 1944-49
Reconstruction Finance Corporation issue: 1% RFC notes of Series W
Home Owners' Loan Corporation issue: 3% HOLC bonds, Series A 1944-52.
Total.
Maturity or
call date
Amount
outstanding
(millions
of dollars)
Mar. 15, 1944
Apr. 15,1944
June 15,1944
Mar. 15, 1944
May 15, 1944
Apr. 15,1944
May 1, 1944
515
1,519
416
95
835
571
779
Holders, other than commercial banks, could exchange their caUed or maturing
securities for the two new issues of Treasury bonds or for the new Treasury notes.
Commercial banks were permitted to exchange their own holdings for the new
notes only.
[Treasury bonds of 1965-70 (additional). Department Circular No. 734. Public Debt]
Treasury Department,
Washington, March 2, 1944'
I. EXCHANGE OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par with adjustments of
accrued interest as shown in the table at the end of this circular, from the people
of the United States for bonds of the United States, designated 2}^ percent
Treasury bonds of 1965-70, in payment of which any of the following listed
securities, singly or in combinations aggregating $500 or multiples thereof, may
be tendered:
Treasur}' issues:
1% Treasury notes of Series B-1944, maturing March 15, 1944.
3>^% Treasury bonds of 1944-46, called for redemption on April 15, 1944.
%% Treasury notes of Series A-1944, maturing June 15, 1944.
Federal Farm Mortgage Corporation issues:
S%% FFMC bonds of 1944-64, called for redemption on March 15, 1944.
3% FFMC bonds of 1944-49, called for redemption on May 15, 1944.
Reconstruction Finance Corporation issue: 1% RFC notes of Series W,
maturing April 15, 1944.
Home Owners' Loan Corporation issue: 3% HOLC bonds. Series A 1944-52,
called for redemption on May 1, 1944.
These bonds will not be available for subscription, for their own account, by
commercial banks, which are defined for this purpose as banks accepting demand
deposits. The amount of the offering under this circular will be limited to the
amount of the above-listed bonds and notes tendered and accepted. In addition
to the offering under this circular, holders of any of the securities listed, other
than commercial banks, are offered the privilege of exchanging all or any part
of such securities for 2]^ percent Treasury bonds of 1956-59, and all holders,
including commercial banks, may exchange for l]4 percent Treasury notes of
Series A-1948, which offerings are set forth in Department Circulars Nos. 735
and 736, issued simultaneously with this circular.
II. DESCRIPTION OF BONDS
1. The bonds now offered wiU be an addition to and will form a part of the
series of 2J4 percent Treasury bonds of 1965-70 issued pursuant to Department
Circular No. 729, dated January 18, 1944, will be freely interchangeable there-
with, and are identical in all respects therewith. They are dated February 1,
1944, and bear interest from that date at the rate of 2}4 percent per annum.
REPORT OF THE SECRETARY OF THE TREASURY 293
payable on a semiannual basis on September 15, 1944, and thereafter on March 15
and September 15 in each j'ear until the principal amount becomes payable.
They will mature March 15, 1970, but may be redeemed at the option of the
■ United States on and after March 15, 1965, 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 j^rescribe. In case of partial
redemption the bonds to be redeemed will be determined b}^ 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.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will be acceptable to secure deposits of public moneys. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000, and $1,000,000. 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 legulations prescribed by the
Secretary of the Treasury. Except as provided in section I of Department Cir-
cular No. 729, these bonds may not, before February 1, 1954, be transferred to
or be held by commercial banks, which are defined for this purpose as banks accept-
ing demand deposits; however, the bonds may be pledged as collateral for loans,
including loans by commercial banks, but any such bank acquiring such bonds
before February 1, 1954, because of the failure of such loans to be paid at maturity
will be required to dispose of them in the same manner as they dispose of other
assets not eligible to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute
part of his estate, will be redeemed at the option of the duly constituted repre-
sentatives of the deceased owner's estate, at par and accrued interest to date of
payment,' Provided:
Xa) that the bonds were actually owned by the decedent at the time of his
death; and
{h) that the Secretary of the Treasury be authorized to apply the entire pro-
ceeds of redemption to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned
to "The Secretary of the Treasury for redemption, the proceeds to be paid to the
Collector of Internal Revenue at for credit on Federal estate
taxes due from estate of " Owing to the periodic closing of
the transfer books and the impossibility of stopping payment of interest to the
registered owner during the closed period, registered bonds received after the
closing of the books for payment during such closed period will be paid only at
par with a deduction of interest from the date of payment to the next interest
payment date; 2 bonds received during the closed period for payment at a date
after the books reopen will be paid at par plus accrued interest from the reopening
of the books to the date of payment. In either case checks for the full six months'
interest due on the last day of the closed period will be forwarded to the owner in
due course. All bonds submitted must be accompanied by Form PD 1782,^
properly completed, signed and sworn to, and by a certificate of the appointment
of the personal representatives, under seal of the court, dated not more than six
months prior to the submission of the bonds, which shall show that at the date
thereof the appointment was still in force and effect. Upon payment of the bonds
appropriate memorandum receipt will be forwarded to the representatives, which
will be followed in due course by formal receipt from the Collector of Internal
Revenue.
6. Except as provided in the preceding paragraphs, the bonds will be subject
to the general regulations of the Treasury Department, now or hereafter prescribed,
governing United States bonds.
' An exact half-year's interest is computed for each full half-year period irrespective of the actual number
of days in the half year. For a fractional part of any half year, computation is on the basis of the actual
number of days in such half year.
2 The transfer books are closed from Feb. 16 to Mar. 15, and from Aug. 16 to Sept. 15 (both dates inclusive)
in each year.
3 Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Depart-
ment, Washington, D. C.
294 REPORT OF THE SECRETARY OF THE TREASURY
III. SUBSCRIPTION AND ALLOTMENT
1. SubFcriptions will be received at the Federal Peserve Banks and branches
and at the Tieasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treas\irv Department are authorized to act as official agencies.
2. The Secretarv of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final,
subject to these reservations, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest from February 1, 1944, for bonds
allotted hereunder must be made or completed on or before March 15, 1944, or
on later allotment. Payment of the principal amount may be made only in the
bonds or notes to be exchanged, which will be accepted at par, and should accom-
pany the subscription. Accrued interest on the securities surrendered will be
credited, and accrued interest on the new bonds from February 1, 1944, will be
charged, as shown in the table at the end of this circular. Where the table shows
that an amount will be collected from the subscriber, the remittance should
accompany the securities and subscription. Where an amount is to be paid
to the subscriber, it will be paid, in the case of coupon bonds and notes, following
their acceptance, and in the case of registered bonds, following discharge of
registration. Interest accrued on the securities to be exchanged, and on the new
bonds to be issued, will be adjusted as of various dates as follows:
Secuiiiies to he exchanged Date of adjvstment
Treasury notes of Series B-1944 Mar. 15, 1944.
FFMC bonds of 1944-64 Mar. 15, 1944.
EFC notes of Series W Mar. 15, 1944.
Treasury bonds of 1944-46 Apr. 15, 1944.
HOLC bonds. Series A 1944-52 Mav 1, 1944.
FFMC bonds of 1944-49 May 15, 1944.
Treasury notes of Series A-1944 Mar. 15 or June 15, 1944, as
the holder may elect and
specify in his subscription.
2. Holders of Treasury notes of Series B-1944 and FFMC bonds of 1944-64
will detach coupons dated March 15, 1944, and cash them when due. With
respect to the other five issues, all unmatured coupons, including the one next due,
must be attached to the securities to be exchanged when they are surrendered,
and -final interest on these securities, and on registered bonds in all cases, will be
paid or credited in a net amount.
v. SURRENDER OF CALLED BONDS
1. Coupon bonds. — Treasury bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in coupon form
tendered in payment for bonds offered hereunder should be presented and sur-
rendered with the subscription to a Federal Reserve Bank or branch or to the
Treasurer of the United States, Washington, D. C. Coupons dated April 15,
1944, May 1, 1944, May 15, 1944, and September 15, 1944, respectively, and all
coupons bearing subsequent dates, should be attached to such bonds when
surrendered, and if any such coupons are missing, the subscription must be
accompanied by cash payment equal to the face amount of the missing coupons.
The bonds must be delivered at the expense and risk of the holder. Facilities
for transportation of bonds by registered mail insured maj^ 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.
2. Registered bonds. — Treasury bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in registered
form tendered in payment for bonds offered hereunder should be assigned by the
registered payees or assignees thereof, in accordance with the general regulations
of the Treasury Department governing assignments for redemption, in one of the
forms hereafter set forth, and thereafter should be presented and surrendered
REPORT OF THE SECRETARY OF THE TREASURY
295
with the subscription to a Federal Reserve Bank or branch or to the Treasury
Department, Division of Loans and Currency, Washington, D. C. The bonds
must be delivered at the expense and risk of the holder. If the new bonds are
desired registered in the same name as the bonds surrendered, the assignment
should be to "The Secretary of the Treasury for exchange for Treasury bonds
of 1965-70"; if the new bonds are desired registered in another name, the assign-
ment should be to "The Secretary of the Treasury for exchange for Treasury
bonds of 1965-70 in the name of ";if new bonds in coupon form
are desired, the assigninent should be to "The Secretary of the Treasury for
exchange for Treasury bonds of 1965-70 in coupon form to be delivered to
VI. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the oflfer-
ing, which will be communicated promptly to the Federal Reserve Banks.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Table of interest adjustments per $1,000 in connection with exchange of various bonds
and notes for 2}^% Treasury bonds of 1965-70, dated Feb. 1, 1944, under De-
partment Circular No. 7S4
Securities surrendered
Exchange as of Mar. 15, 1944:
1% Treasury notes, Series B-1944
3M% FFMC bonds of 1944-64 in coupon form
3H% FFMC bonds of 1944-64 in registered form....
1% RFC notes, Series W
^% Treasury notes, Series A-1944
Exchange as of Apr. 15, 1944: 3H%Treasury bonds of
1944^6
Exchange as of May 1, 1944: 3% HOLC bonds, Series
A 1944-52
Exchange as of May 15, 1944: 3% FFMC bonds of
1944-49
Exchange as of June 15, 1944: %% Treasury notes.
Series A-1944 _.
Accrued
interest to
be credited
on securities
surrendered
$16. 25
4. 15301
1. 86475
16.25
15.00
15.00
3.75
Accrued ■
interest to
be charged
on bonds
issued
.9533
.9533
. 9533
. 9533
.9533
. 05927
. 14623
. 09732
.2033
Net amount
to be paid
to sub-
scriber
$13. 2967
1. 19971
11. 19073
8. 85377
7.
Net amount
to be col-
lected from
subscriber
$2. 9533
2. 9533
1. 08855
5, 4533
It will be noted that the holder of the securities to be exchanged will be paid
or credited with interest at the rate borne by those securities to their respective
maturity or redemption dates, except in the case of the RFC notes and, at the
holder's option, the Treasury notes of Series A-1944.
Treasury bonds of 1956-59 (additional). Department Circular No. 735. Public Debt]
Treasury Department,
Washington, March 2, 1944-
I. exchange offering of bonds
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par with adjustments
of accrued interest as shown in the table at the end of this circular, from the
people of the United States for bonds of the United States, designated 2J4 percent
296 REPORT OF THE SECRETARY OF THE TREASURY
Treasury bonds of 1956-59, in payment of which any of the following listed
securities, singly or in combinations aggregating $500 or multiples thereof, may
be tendered:
Treasury issues:
1% Treasury notes of Series B-1944, maturing March 15, 1944.
3%% Treasury bonds of 1944-46, called for redemption on April 15, 1944.
%% Treasury notes of Series A-1944, maturing June 15, 1944.
Federal Farm Mortgage Corporation issues:
3J4% FFMC bonds of 1944-64, called for redemption on March 15, 1944.
3% FFMC bonds of 1944-49, called for redemption on May 15, 1944.
Reconstruction Finance Corporation issue: 1% RFC notes of Series W,
maturing April 15, 1944.
Hom>e Owners' Loan Corporation issue: 3% HOLC bonds, Series A 1944-
52, called for redemption on May 1, 1944.
These bonds will not be available for subscription, for their own account, by
commercial banks, which are defined for this purpose as banks accepting demand
deposits. The amount of the offering under this circular will be limited to the
amount of the above-listed bonds and notes tendered and accepted. In addition
to the offering under this circular, holders of any of the securities listed, other
than commercial banks, are offered the privilege of exchanging all or any part
of such securities for 2>^ percent Treasury bonds of 1965-70, and all holders,
including commercial banks, may exchange for Iji percent Treasury notes of
Series A- 1948, which offerings are set forth in Department Circulars Nos. 734
and 736, issued simultaneously with this circular,
II. DESCRIPTION OP BONDS
1. The bonds now offered will be an addition to and will form a part of the
series of 2}i percent Treasury bonds of 1956-59 issued pursuant to Department
Circular No. 730, dated January 18, 1944, will be freely interchangeable there-
with, and are identical in all respects therewith. They are dated February 1,
1944, and bear interest from that date at the rate of 2% percent per annum,
payable on a semiannual basis on September 15, 1944, and thereafter on March
15 and September 15 in each year until the principal amount becomes payable.
They will mature September 15, 1959, but may be redeemed at the option of
the "United States on and after September 15, 1956, in whole or in part, at par
and accrued interest, on any interest day or days, on 4 months' notice of redemp-
tion 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.
2. The income derived from the bonds shall be subject to aU Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will be acceptable to secure deposits of public moneys. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000, and $1,000,000. 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
Secretary of the Treasury. Except as provided in section I of Department
Circular No. 730, these bonds may not, before September 15, 1946, be transferred
to or be held by commercial banks, which are defined for this purpose as banks
accepting demand deposits; however, the bonds may be pledged as collateral for
loans, including loans by commercial banks, but any such bank acquiring such
bonds before September 15, 1946, because of the failure of such loans to be paid
at maturity will be required to dispose of them in the same manner as they dis-
pose of other assets not eligible to be owned by banks.
REPORT OF THE SECRETARY OF THE TREASURY 297
5. Any bonds issued hereunder which upon the death of the owner constitute
part of his estate, will be redeemed at the option of the duly constituted repre-
sentatives of the deceased owner's estate, at par and accrued interest to date of
payment' * * *
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. ' * * *
IV. PAYMENT
1. Payment at par and accrued interest from February 1, 1944, for bonds
allotted hereunder must be made or completed on or before March 15, 1944, or
on later allotment. Payment of the principal amount may be made only in the
bonds or notes to be exchanged, which will be accepted at par, and should accom-
pany the subscription. Accrued interest on the securities surrendered will be
credited, and accrued interest on the new bonds from February 1, 1944, will be
charged, as shown in the table at the end of this circular. Where the table shows
that an amount will be collected from the subscriber, the remittance should
accompany the securities and subscription. Where an amount is to be paid to
the subscriber, it will be paid, in the case of coupon bonds and notes, following
their acceptance, and in the case of registered bonds, following discharge of regis-
tration.' * * *
V. SURRENDER OF CALLED BONDS
1. Coupon bonds. — Treasury bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in coupon form
tendered in payment for bonds offered hereunder should be presented and sur-
rendered with the subscription to a Federal Reserve Bank or branch or to the
Treasurer of the United States, Washington, D. C * * *
2. Registered bonds. — Treasurv bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in registered
form tendered in payment for bonds offered hereunder should be assigned by
the registered payees or assignees thereof, in accordance with the general regu-
lations of the Treasury Department governing assignments for redemption, in
one of the forms hereafter set forth, and thereafter should be presented and sur-
rendered with the subscription to a Federal Reserve Bank or branch or to the
Treasury Department, Division of Loans and Currency, Washington, D. C.
The bonds must be delivered at the expense and risk of the holder. If the new
bonds are desired registered in the same name as the bonds surrendered, the
assignment should be to "The Secretary of the Treasury for exchange for Treasury
bonds of 1956-59"; if the new bonds are desired registered in another name, the
assignment should be to "The Secretary of the Treasury for exchange for Treas-
ury bonds of 1956-59 in the name of "; if new bonds in coupon
form are desired, the assignment should be to "The Secretary of the Treasury
for exchange for Treasury bonds of 1956-59 in coupon form to be delivered
to "
VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *_
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Omitted portion similar to corresponding section of Department Circular No. 734, p. 292.
298
REPORT OF THE SECRETARY OF THE TREASURY
Table of interest adjustments per $1,000 in connection with exchange of various bonds
and notes for 2\% Treasury bonds of 1956-59, dated Feb. 1, 1944, under Depart-
ment Circular No. 735
Securities surrendered
Accrued
interest to
be credited
on securities
surrendered
Accrued
interest to
be charged
on bonds
issued
Net
amount to
be paid to
subscriber
Net
amount to
be collected
from
subscriber
Exchange as of Mar. 15, 1944:
1% TreHSurv notes, Series B-1944
3H% FFM C bonds of 1944-64 i]i coupoc form
314% FFMC bonds of 1944-64 in registered form....
1% RFC notes. Series W
H% Treasury notes. Series A-1944
Exchange as of Apr. 15, 1944; 3li% Treasury bonds of
1944-46
Exchange as of May 1, 1944: 3% HOLC bonds, Series A
1944-52 ^
Exchange as of May 15, 1944: 3% FFMC bonds of
1944-49
Exchange as of June 15, 1944: %% Treasury notes,
Series A-1944
$16. 25
4. 15301
1. 86475
16.25
15.00
15.00
3.75
$2. 65797
2. 65797
2. 65797
2. 65797
2. 65797
4. 55335
5. 53161
6. 38759
8. 28297
,$13. 59203
1. 49504
11.69665
9. 40839
8. 61241
.$2. 65797
2. 65797
79322
It will be noted that the holder of the securities to be exchanged will be paid or
credited with interest at the rate borne by those securities to their respective
maturity or redemption dates, except in the case of the RFC notes and, at the
holder's option, the Treasury notes of Series A-1944.
[Treasury notes. Department Circular No. 736. Public Debt]
Treasury Department,
Washington, March 2, 1944-
I. exchange offering of notes
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par with adjustments
of accrued interest as shown in the table at the end of this circular, from the
people of the United States for notes of the United States, designated 1% percent
Treasury notes of Series A-1948, in payment of which any of the following listed
securities, singly or in combinations aggregating $1,000 or multiples thereof,
may be tendered.
Treasury issues:
1% Treasury notes of Series B-1944, maturing March 15, 1944.
3%% Treasury bonds of 1944-46, called for redemption on April 15,
1944.
y4% Treasury notes of Series A-1944, maturing June 15, 1944.
Federal Farm Mortgage Corporation issues:
3%% FFMC bonds of 1944-64, called for redemption on March 15,
1944.
3% FFMC bonds of 1944-49, called for redemption on May 15, 1944.
Reconstruction Finance Corporation issue: 1% RFC notes of Series W,
►** maturing April 15, 1944.
Home Owners' Loan Corporation issue: 3% HOLC bonds. Series A1944-52,
called for redemption on May 1, 1944.
The amount of the offering under this circular will be limited to the amount of the
above-listed bonds and notes tendered and accepted. In addition to the offering
under this circular, holders of any of the securities listed, other than commercial
banks, which are defined for this purpose as banks accepting demand deposits,
are offered the privilege of exchanging all or any part of such securities for 2}^
percent Treasury bonds of 1965-70 or for 2}^ percent Treasury bonds of 1956-59,
which offerings are set forth in Deimrtment Circulars Nos. 734 and 735, issued
simultaneously with this circular.
REPORT OF THE SECRETARY OF THE TREASURY 299
II. DESCRIPTION OF NOTES
1. The notes will be dated March 15, 1944, and will bear interest from that
date at the rate of 1)4 percent per annum, payable semiannually on September
15, 1944, and thereafter on March 15 and September 15 in each year until the
principal amount becomes payable. They will mature September 15, 1948, and
will not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes,
now or hereafter imposed. The notes shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. 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.
4. The notes will be acceptable to secure deposits of public moneys.
5. Bearer notes with interest coupons attached will be issued in denominations
of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be
issued in registered form.
6. The notes will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter prescribed, governing United States notes.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. ^ * * *
IV. PAYMENT
1. Payment at par and accrued interest, if any, for notes allotted hereunder
must be made or completed on or before March 15, 1944, or on later allotment.
Payment of the principal amount may be made only in the bonds or notes to be
exchanged, which will be accepted at par, and should accompany the subscription.
Accrued interest on the securities surrendered will be credited, and accrued in-
terest on the new notes from March 15, 1944, will be charged, as shown in the
table at the end of this circular. Where an amount is to be paid to the subscriber,
it will be paid, in the case of coupon bonds and notes, following their acceptance,
and in the case of registered bonds, following discharge of registration. Interest
accrued on the securities to be exchanged, and on the new notes to be issued, will
be adjusted as of various dates as follows: i * * *
V. SURRENDER OF CALLED BONDS
1. Cotipon bonds. — Treasury bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in coupon form
tendered in payment for notes offered hereunder should be presented and surren-
dered with the subscription to a Federal Reserve Bank or branch or to the Treas-
urer of the United States, Washington, D. C. i * * *
2. Regisiered bonds. — Treasury bonds of 1944-46, HOLC bonds of Series A
1944-52, FFMC bonds of 1944-49 and FFMC bonds of 1944-64 in registered
form tendered in payment for notes offered hereunder should be assigned by the
registered payees or assignees thereof, in accordance with the general regulations
of the Treasury Department governing assignments for redemption, to "The
Secretary of the Treasury for exchange for Treasury notes of Series A- 1948 to
be delivered to ," and thereafter should be presented and sur-
rendered with the subscription to a Federal Reserve Bank or branch or to the
Treasury Department, Division of Loans and Currency, Washington, D. C.
The bonds must be delivered at the expense and risk of the holder.
VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscrijitions, to make allotments on the basis and up
to the amounts indicated l:)y the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive payment
1 Omitted portion similar to corresponding section of Department Circular No. 734, p. 292.
300
REPORT OF THE SECRETARY OF THE TREASURY
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.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
Henky Morgenthau, Jr.,
Secretary of the Treasury.
Table of interest adjustments per $1,000 in connection with exchange of various
bonds and notes for l}i% Treasury notes of Series A-1948, dated Mar. 15, 1944,
under Department Circular No. 736
Securities surrendered
Accrued in-
terest to be
credited on
securities
surrendered
Accrued in-
terest to be
charged on
notes issued
Net amount
to be paid to
subscriber
Net amount
to be col-
lected from
subscriber
Exchange as of Mar. 15, 1944:
1% Treasury notes, Series B-1944
3Ji% FFMC bonds of 1944-64 in coupon form
ZU% FFMC bonds of 1944-64 in registered form....
1% RFC notes, Series W
M% Treasury notes. Series A-1944
Exchange as of Apr. 15, 1944: Z\i% Treasury bonds of
1944-46
Exchange as of May 1, 1944: 3% HOLC bonds, Series A
1944-52
Exchange' as" of' 'May 'l'5',' 'l"9'4'4':'3%' 'FFMC ' bonds' of'
1944-49
Exchange as of June 15, 1944: Ji% Treasury notes, Series
A-1944
$16. 25
4. 16301
1. 86475
16.25
15.00
15.00
3.75
$1. 26359
1.91576
2. 48641
3.75
$16. 25
4. 15301
1. 86475
14. 98641
13. 08424
12. 51359
It will be noted that the holder of the securities to be exchanged will be paid or
credited with interest at the rate borne by those securities to their respective
maturity or redemption dates, except in the case of the RFC notes and, at the
holder's option, the Treasury notes of Series A-1944.
Exhibit 16
Allotments, Treasury bonds of 1965-70 {additional), Treasury bonds of 1956-59
{additional), and Treasury notes of Series A-1948 (from press releases March 7
and 20, 1944 ')
On March 7, 1944, Secretary of the Treasury Morgenthau announced the closing
time of the subscription books for the offering of 2}^ percent Treasury bonds of
1965-70 (additional), 2^ percent Treasury bonds of 1956-59 (additional), and
1J4 percent Treasury notes of Series A-1948, offered in exchange for the 7 called
or maturing issues enumerated below. Except for the receipt of subscriptions
from holders of $100,000 or less, in the aggregate, the books closed at the close
of business March 8 for the receipt of subscriptions in payment of which notes of
any of the three maturing issues were tendered, and at the close of business March
11 for the receipt of subscriptions in payment of which bonds of any of the four
called issues were tendered. The subscription books closed at the close of busi-
ness March 15 for the receipt of subscriptions from holders of $100,000 or less,
in the aggregate, of the securities eligible for exchange.
Of the $4,729,000,000 of the called or maturing issues that were outstanding,
$3,919,106,500 were exchanged as follows:
1 Revised July 17, 1944.
REPORT OF THE SECRETARY OF THE TREASURY
301
Description and title
Amount
exchanged
Treasury issues:
1% Treasury notes of Scries B-1944
3H% Treasury bonds of 1944-46
?4% Treasury notes of Series A-1944
Federal Farm Mortgage Corporation issues:
3M% FFMC bonds of 1944-64
3% FFMC bonds of 1944-49
Reconstruction Finance Corporation issue: 1% RFC notes of Series W
Home Owners' Loan Corporation issue: 3% HOLC bonds of Series A 1944-52
Total
$482,
1, 222,
269,
75.
704,
559,
603,
988, 900
906, 950
628, 200
800, 700
924, 700
124, 000
733, 050
3, 919, 106, 500
All subscriptions were allotted in full. Allotments of the new securities were
divided among the Federal Reserve districts and the Treasury as follows:
Federal Reserve district
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
21/^% Treasury
bonds of 1965-
70 (additional)
$3, 866, 000
18, 926, 500
3, 453, 000
9,811,000
5, 766, 000
2, 285, 000
11,583,500
5, 937, 500
1, 964, 000
7, 237, 000
1, 897, 500
2, 500, 500
1, 305, 500
76, 533, 000
2H% Treasury
bonds of 1956-
59 (additional)
$10,
24,
3,
4,
23,
1,
11,
2,
2,
3,
1,
3,
1,
415, 000
803, 500
730, 500
897, 500
982, 500
116,000
776, 000
360, 000
704, 500
276, 500
598, 500
167, 000
044, 000
94, 871, 500
1H% Treasury
notes of Series
A-1948
$71,
2, 824,
129,
83,
26,
35,
319,
36.
40,
77,
27,
66,
7,
234, 000
694, 000
294, 000
411,000
587, 000
037, 000
997, 000
867, 000
538, 000
933, 000
066, 000
565, 000
879, 000
3, 747, 702, 000
Total sub-
scriptions
received and
allotted
$85, 515, 000
2, 868. 424, 000
136, 477, 500
98. 119, 500
56, 335, 500
39, 038, 000
343, 356, 500
45, 164, 500
45, 206, 500
88, 446, 500
30, 562, 000
72. 232, 500
10, 228, 500
3, 919, 106, 500
Exhibit 17
Offering of Ys percent Treasury certificates of indebtedness of Series B-1945
On March 22, 1944, Secretary of the Treasury Morgenthau invited subscriptions
for y% percent Treasury certificates of indebtedness of Series B-1945 in exchange for
Treasury certificates of indebtedness of Series B-1944, maturing April 1, 1944. In
the related press release it was stated that $5,251 millions of Series B-1944 cer-
tificates were outstanding.
[Department Circular No. 737. Public Debt]
Treasury Department,
Washington, March 22, 1944.
I. OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second Lib-
erty Bond Act, as amended, invites subscriptions, at par, from the people of the
United States for certificates of indebtedness of the United States, designated J^
percent Treasury certificates of indebtedness of Series B-1945, in exchange for
Treasury certificates of indebtedness of Series B-1944, maturing April 1, 1944.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated April 1, 1944, and will bear interest from that
date at the rate of % percent per annum, payable semiannually on October 1, 1944,
and April 1, 1945. They will mature Aprill, 1945, and will not be subject to call
for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal taxes,
now or hereafter imposed. The certificates shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
302
REPORT OF THE SECRETARY OF THE TREASURY
taxation now or hereafter imposed on the principal or interest thereof by any State,
or any of the possessions of the United States, or by any local taxing authority.
3. The certificates will be acceptable to secure deposits ot public moneys. They
will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in denom-
inations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will
not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury
Department, now or hereafter i^rescribed, governing United States certificates.
in. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches and
at the Treasury Department, Washington. Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the am.ount of certificates applied for, and to
close the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
all subscriptions will be allotted in full. Allotment notices will be sent out promptly
upon allotment.
IV. PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or before
April 1, 1944, or on later allotment, and may be made only in Treasury certificates
of indebtedness of Series B-1944, maturing April 1, 1944, which will be accepted at
par, and should accompany the subscription.
V. GENERAL PROVISIONS
1. 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
certificates allotted, to make delivery of certificates on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
certificates.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe 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 18
Allotments, Treasury certificates of indebtedness of Series B-1945 {from"press releases
March 24 and 81, 19 U^)
On March 24, 1944, Secretary of the Treasury IMorgenthau announced that the
subscription books for the offering of % percent Treasury certificates of indebted-
ness of Series B-1945, offered in exchange for maturing Treasury certificates of
indebtedness of Series B-1944, would close at the close of business March 25.
Subscriptions totaling $4,876,729,000 were received, all of which were allotted.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district
Subscriptions
received and
allotted
Federal Reserve district
Subscriptions
received and .
allotted
Boston
$229, 607, 000
2, 547, 493, 000
154,535,000
247, 55S, 000
98, 363, 000
141,112,000
586, 428, 000
142,949,000
Minneapolis
$111,331,000
New York
Kansas City _ .-
144, 054, 000
Dallas . . _
101,406,000
Cleveland ..
San Francisco
308, 935, 000
Richmond
Treasury .
2, 958, 000
Total
Chicago ._ .
4, 876, 729, 000
St. Louis_
1 Revised June 15, 1944.
REPORT OF THE SECRETARY OF THE TREASURY 303
Exhibit 19
Offering of Ys percent Treasury certificates of indebtedness of Series D-1945
On April 24, 1944, Secretary of the Treasury Morgenthau invited subscriptions
for % percent Treasury certificates of indebtedness of Series D-1945 in exchange
for Treasury certificates of indebtedness of Series C-1944, maturing May 1, 1944.
In the related press release it was stated that $1,655,203,000 of Series C-1944
certificates were outstanding.
[Department Circular No. 744. Public Debt]
Treasury Department,
Washingto7i, April 24, 1944-
I. OFFERING OF CERTIFICATES
1. The Secretarj^ of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for certificates of indebtedness of the United States, designated
y& percent Treasury certificates of indebtedness of Series D-1945, in exchange for
Treasury certificates of indebtedness of Series C-1944, maturing May 1, 1944.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated May 1, 1944, and will bear interest from that
date at the rate of % percent per annum, payable semiannually on November 1,
1944, and May 1, 1945. They will mature i\iay 1, 1945, and will not be subject
to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate, in-
heritance, gift or other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or interest thereof by
any State, or any of the possessions of the United States, or by any local taxing
authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in denomina-
tions of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The certificates will
not be issued in registered form.
5. The ceitificates will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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; and any
action he may take in these respects shall be final. Subject to these reservations,
all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV. PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or before
May 1, 1944, or on later allotment, and may be made only in Treasury certificates
of indebtedness of Series C-1944, maturing May 1, 1944, which will be accepted
at par, and should accompany the subscription.
V. GENERAL PROVISIONS
1. 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 certificates allotted, to make delivery of certificates on full-paid subscriptions
304
REPORT OF THE SECRETARY OF THE TREASURY
allotted, and they may issue interim receipts pending delivery of the definitive
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe 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 20
Allotments, Treasury certificates of indebtedness of Series D-1945 {from press releases,
April 25 and May 4, 1944 ')
On April 25, Secretary of the Treasury Morgenthau announced that the sub-
scription books for the offering of % percent Treasury certificates of indebtedness
of Series D-1945, ofi"ered in exchange for maturing Treasury certificates of in-
debtedness of Series C-1944, would close at the close of business April 26.^ Sub-
scriptions aggregated $1,614,741,000, all of which were allotted in full.
The allotments were divided among the Federal Reserve districts and the
Treasury as follows:
Federal Reserve district
Boston
New York..
Philadelphia
Cleveland-—
Richmond..
Atlanta
Chicago
St. Louis
Subscriptions
received and
allotted
$79, 926, 000
863, 384, 000
27, 442, 000
74, 890, 000
23, 658, 000
31, 992, 000
268, 997, 000
33, 183, 000
Federal Reserve district
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury
Total...
Subscriptions
received and
allotted
$36, 487, 000
46, 442, 000
27, 340, 000
97, 875, 000
3, 125, 000
1, 614, 741, 000
Exhibit 21
Offering of 2]/^ percent Treasury bonds of 1965-70 {additional), 2 percent Treasury
bonds of 1952-54, IVi percent Treasury notes of Series B-1947, and % percent
Treasury certificates of indebtedness of Series C-1945 {Fifth War Loan)
On June 12, 1944, Secretary of the Treasury Morgenthau invited subscriptions
for unspecified amounts of 2)4 percent Treasury bonds of 1965-70, 2 percent
Treasury bonds of 1952-54, m percent Treasury notes of Series B-1947, and %
percent Treasury certificates of indebtedness of Series C-1945. The 2^ percent
Treasury bonds were an addition to the series issued pursuant to Department
Circular No. 729, dated January 18, 1944, and pursuant to Department Circular
No. 734, dated March 2, 1944.
The 2J^ percent and 2 percent Treasury bonds were not available for subscrip-
tion, for their own account, by commercial banks defined as banks accepting
demand deposits, except that a commercial bank holding savings deposits or
issuing time certificates of deposit (as each is defined in Regulation Q of the
Board of Governors of the Federal Reserve System) might subscribe to the 2)^
percent and 2 percent Treasury bonds, but the amount of such subscriptions,
together with the amount of subscriptions such bank might have entered for its
own account for Series F or G savings bonds since January 1, 1944, and for 2}1
percent Treasury bonds of 1956-59 or 2)^ percent Treasury bonds of 1965-70
between January 18 and February 15, 1944, was limited in the aggregate to 20
percent of the combined amount of time certificates of deposit (those issued in
the names of individuals) and of savings deposits, as shown on the bank's books
as of the date of the most recent call statement required by the supervising au-
thorities prior to the date of subscription for such bonds, or $400,000, whichever
is less. The limitation of $100,000 on the amount of Series F and G savings
bonds (Series 1944), or a combination of the two, held by any one institution
remained unchanged.
The lYi percent Treasury notes of Series B-1947 and the % percent certificates
of indebtedness of Series C-1945 were not available to commercial banks.
J Revised June 21, 1944.
REPORT OF THE SECRETARY OF THE TREASURY 305
[Treasury bonds of 1665-70 (additional). Department Circular No. 740. Public Debt]
Treasury Department,
Washington, June 12, 1944-
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2y2 percent Treasury bonds of 1965-70. The amount of the ofifering under this
circular is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by
commercial banks, which are defined for this purpose as banks accepting demand
deposits, except as follows: a commercial bank holding savings deposits or issuing
time certificates of deposit (as each is defined in Regulation Q of the Board of
Governors of the Federal Reserve System) may subscribe to the bonds offered
hereunder and to the 2 percent Treasury bonds of 1952-54 offered simultaneously
herewith under Treasury Department Circular No. 741, but the amount of such
subscriptions, together with that of any other subscriptions such bank may have
entered for its own account for Series F or Series G savings bonds since January
1, 1944, and for 2>^ percent Treasury bonds of 1956-59 or 2J4 percent Treasury
bonds of 1965-70 betw^een January 18 and February 15, 1944, shall not exceed,
in the aggregate, 20 percent of the combined amount of time certificates of de-
posit (but only those issued in the names of individuals, and of corporations,
associations and other organizations not operated for profit), and of savings
deposits, as shown on the bank's books as of the date of the most recent call
statement required by the supervising authorities prior to the date of subscrip-
tion for such bonds, or $400,000, whichever is less. No such bank shall hold more
than $100,000 (issue price) of Series F and Series G savings bonds (Series 1944),
combined.
II. DESCRIPTION OF BONDS
1. The bonds now offered will be an addition to and will form a part of the
series of 2^{ percent Treasury bonds of 1965-70 issued pursuant to Department
Circular No. 729, dated January 18, 1944, an additional amount of which was
issued pursuant to Department' Circular No. 734, dated March 2, 1944; after
the first interest payment date, September 15, 1944, the bonds now offered will
be freely interchangeable with the bonds of this series previously issued, and are
identical in all respects therewith except that interest on the bonds to be issued
under this circular will accrue from June 26, 1944. The provisions of section I
of Department Circular No. 729 are hereby modified to accord with section I
of this circular and, subject to such modification, and to the provision for accrual
of interest from June 26, 1944, on the bonds now offered, the bonds are described
in the following quotation from Department Circular No. 729. [Description
omitted here, see p. 285.]
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. It is requested that there be
no trading in the securities allotted hereunder and no purchases of such securities
other than on direct subscription until after July 8, 1944. Banking institutions
generally may submit subscriptions for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorized to act as official
agencies. Others than banking institutions will not be permitted to enter sub-
scriptions except for their own account. Subscriptions must be accompanied by
payment in full for the amount of bonds applied for.
2. 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, and to
close the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
and to the limitations on commercial bank subscriptions prescribed in section I
of this circular, all subscriptions will be allotted in full. Allotment notices will
be sent out promptly upon allotment.
613185 — 45 21
306 REPORT OF THE SECRETARY OF THE TREASURY
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before June 26, 1944, or on later allotment.' One day's
accrued interest is $0,068 per $1,000. Any qualified depositary will be permitted
to make payment by credit for bonds 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.
V. GENERAL PROVISIONS
1. 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.
2. The Secretary of the Treasury may at any time, or from time to time, pre-
scribe 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.
[First amendment, July 5, 1944, to Department Circular No. 740]
Treasury Department,
Washington, July 5, 1944-
Section IV, Payment, of Department Circular No. 740, dated June 12, 1944,
is hereby amended to read as follows:
IV. payment
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before June 26, 1944, or on later allotment; provided, how-
ever, that bonds allotted to hfe insurance companies, to savings institutions, and
to States, municipalities, political subdivisions and similar public corporations,
and agencies thereof, may be paid for, in whole or in part, at par and accrued
interest, at any time or times, with payment to be completed not later than Sep-
tember 30, 1944. One day's accrued interest is $0,068 per $1,000. Any quali-
fied depositary will be permitted to make payment by credit for bonds 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 Morgenthau, Jr.,
Secretary of the Treasury.
[Treasury bonds of 1952-54. Department Circular No. 741. Public Debt]
Treasury Department,
Washington, June 12, 1944'
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for bonds of the United States, designated
2 percent Treasury bonds of 1952-54. The amount of the offering is not specif-
ically limited.
2. These bonds will not be available for subscription, for their own account, by
commercial banks, which are defined for this purpose as banks accepting demand
deposits, except as follows: a commercial bank holding savings deposits or issu-
ing time certificates of deposit (as each is defined in Regulation Q of the Board
' Amendment of July 5, 1944, follows.
REPORT OF THE SECRETARY OF THE TREASURY 307
of Governors of the Federal Reserve System) may subscribe to the bonds offered
hereunder and to the 2J4 percent Treasury bonds of 1965-70 offered simultane-
ously herewith under Treasury Department Circular No. 740, but the amount of
such subscriptions, together with that of anj^ other subscriptions such bank may
have entered for its own account for Series F or Series G savings bonds since
January 1, 1944, and for 2^-1 percent Treasury bonds of 1956-59 or 2% percent
Treasury bonds of 1965-70 between January 18 and February 15, 1944, shall not
exceed, in the aggregate, 20 percent of the combined amount of time certificates
of deposit (but only those issued in the names of individuals, and of corporations,
associations and other organizations not operated for profit), and of savings de-
posits, as shown on the bank's books as of the date of the most recent call state-
ment required by the supervising authorities prior to the date of subscription for
such bonds, or $400,000, whichever is less. No such bank shall hold more than
$100,000 (issue price) of Series F and Series G savings bonds (Series 1944),
combined.
II. DESCRIPTION OF BONDS
1. The bonds will be dated June 26, 1944, and will bear interest from that date
at the rate of 2 percent per annum, payable on a semiannual basis on December
15, 1944, and thereafter on June 15 and December 15 in each year until the prin-
cipal amount becomes payable. They will mature June 15, 1954, but may be
redeemed at the option of the United States on and after June 15, 1952, 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 de-
termined 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.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be exempt from all taxa-
tion now or hereafter imposed on the principal or interest thereof by any State,
or any of the possessions of the United States, or by any local taxing authority.
3. The bonds will be acceptable to secure deposits of public moneys. They
will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $500, $1,000, $5,000,
$10,000, $100,000 and $1,000,000. 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
Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter prescribed, governing United States bonds.
in. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. It is requested that there be
no trading in the securities allotted hereunder and no purchases of such securities
other than on direct subscription until after July 8, 1944. Banking institutions
generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized to act as
oflBcial agencies. Others than banking institutions will not be permitted to
enter subscriptions except for their own account. Subscriptions must be accom-
panied by payment in full for the amount of bonds applied for.
2. 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, and to
close the books as to any or all subscriptions at any time without notice; and
any action he may take in these respects shall be final. Subject to these reserva-
tions, and to the limitations on commercial bank subscriptions prescribed in
section I of this circular, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before June 26, 1944, or on later allotment.' One day's
» Amended July 5, 1944, see p. 308.
308 REPORT OF THE SECRETARY OF THE TREASURY
accrued interest is $0,055 per $1,000. Any qualified depositary will be permitted
to make payment by credit for bonds 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.
V. GENERAL PROVISIONS
1. 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.
2. 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.
[First amendment, July 5, 1944, to Department Circular No. 741]
Treasury Department,
Washington, July 5, 1944-
Section IV, Payment, of Department Circular No. 741, dated June 12, 1944.
is hereby amended to read as follows:
IV. payment
1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made on or before June 26, 1944, or on later allotment; provided, how-
ever, that bonds allotted to life insurance companies, to savings institutions, and
to States, municipalities, political subdivisions and similar public corporations,
and agencies thereof, may be paid for, in whole or in part, at par and accrued
interest, at any time or times, with payment to be completed not later than
September 30, 1944. One day's accrued interest is $0,055 per $1,000. Any
qualified depositary will be permitted to make payment by credit for bonds 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 Morgenthau, Jr.,
Secretary of the Treasury.
[Treasury notes. Department Circular No. 742. Public Debt]
Treasury Department,
Washington, June 12, 1944-
I. OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for notes of the United States, designated
Ij'l percent Treasury notes of Series B-1947. These notes will not be available
for subscription, for their own account, by commercial banks, which are defined
for this purpose as banks accepting demand deposits. The amount of the offering
is not specifically limited.
II. DESCRIPTION OF NOTES
1. The notes will be dated June 26, 1944, and will bear interest from that date
at the rate of IJ^ percent per annum, payable on a semiannual basis on September
15, 1944, and thereafter on March 15 and September 15 in each year until the
principal amount becomes payable. They will mature March 15, 1947, and will
not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes,
now or hereafter imposed. The notes shall be subject to estate, inheritance.
REPORT OF THE SECRETARY OF THE TREASURY 309
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any-
State, or any of the possessions of the United States, or by any local taxing
authority.
3. 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.
4. The notes will be acceptable to secure deposits of public moneys.
5. Bearer notes with interest coupons attached will be issued in denominations
of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The notes will not be
issued in registered form.
6. The notes will be subject to the general regulations of the Treasury Depart-
ment, now or hereafter prescribed, governing United States notes.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. It is requested that there be
no trading in the securities allotted hereunder and no purchases of such securities
other than on direct subscription until after July 8, 1944. Banking institutions
generally may submit subscriptions for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorized to act as official
agencies. Others than banking institutions will not be permitted to enter sub-
scriptions except for their own account. Subscriptions must be accompanied by
payment in full for the amount of notes applied for.
2. 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, and to close
the books as to any or all subscriptions at any time without notice; and any
action he may take in these respects shall be final. Subject to these reservations,
all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for notes allotted hereunder
must be made on or before June 26, 1944, or on later allotment. One day's
accrued interest is $0,034 per $1,000. Any qualified depositary will be permitted
to make payment by credit for notes allotted to 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.
V. GENERAL PROVISIONS
1. 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 deliverj' of the definitive notes.
2. 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.
fCertificates of indebtedness. Department Circular No. 743. Public Debt]
Treasury Department,
Washington, June 12, 1944'
I. offering of certificates
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United vStates for certificates of indebtedness of the United
States, designated }i percent Treasury certificates of indebtedness of Series
C-1945. These certificatts will not be available for subscription, for their own
310 REPORT OF THE SECRETARY OF THE TREASURY
account, by commercial banks, which are defined for this purpose as banks
accepting demand deposits. The amount of the offering is not specifically limited.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated June 26, 1944, and will bear interest from that
date at the rate of }i percent per annum, payable on a semiannual basis on Decem-
ber, 1, 1944, and June 1, 1945. They will mature June 1, 1945, and will not be
subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in denomi-
nations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The certificates
will not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. It is requested that there be no
trading in the securities allotted hereunder and no purchases of such securities
other than on direct subscription until after July 8, 1944. Banking institutions
generally may submit subscriptions for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorized to act as official
agencies. Others than banking institutions will not be permitted to enter sub-
scriptions except for their own account. Subscriptions must be accompanied
by payment in full for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, 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; and
any action he may take in these respects shall be final. Subject to these reserva-
tions, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV. PAYMENT
1. Payment at par and accrued interest, if any, for certificates allotted here-
under must be made on or before June 26, 1944, or on later allotment. One day's
accrued interest is $0,024 per $1,000. Any qualified depositary will be permitted
to make payment by credit for certificates allotted to 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.
V. GENERAL PROVISIONS
1. 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 certificates allotted, to make delivery of certificates on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
certificates.
2. 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.
REPORT OF THE SECRETARY OF THE TREASURY
311
Exhibit 22
Allotments, Treasury bonds of 1965-70 {additional), Treasury bonds of 1952-64,
Treasury notes of Series B-1947, and Treasury certificates of indebtedness of
Series C-1945 (from press release July 7 i) (Fifth War Loan)
On July 7, 1944, Secretary of the Treasury Morgenthau called attention to
the fact that the subscription books would close at the close of business July 8
for the offering of 2J^ percent Treasury bonds of 1965-70, 2 percent Treasury
bonds of 1952-54, 1)^ percent Treasury notes of Series B-1947, and % percent
Treasury certificates of indebtedness of Series C-1945. Subscriptions aggregated
$15,452,270,000, all of which were allotted in full.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal
Reserve
district
2\i%
Treasury
bonds of
1965-70
2%
Treasury
bonds of
1952-54
l'/4%
Treasury
notes of
Series B-1947
5i% certifi-
cates of
indebtedness of
Series C-1945
Total
subscriptions
received and
allotted
Boston. . _
$230, 147, .500
1,319,016.000
88, 383, 500
145, 945, 500
70, 478, 000
39, 024. 000
158, 110,000
40, 900, 000
50. 460. 500
43, 4.53, 500
33, 617, 000
95, 230, 000
782, 000
593, 140, 500
.$464, 150, .500
2,384.411,500
325, 940, 500
353, 095, 000
314. 292. 500
444, 655, 000
577, 938, 500
168. 682, 000
123.934,500
154, 165, 000
170, 452. 000
343, 459, 500
305, 500
$129, 425, 000
872,110,000
58. 603, 000
131, 039, 000
130, 423. 000
74, 126, 000
201,641,000
65, 864, 000
51, 191.000
58, 075, 000
58, 951, 000
116,442,000
159, 000
$235, 284, 000
1, 783, 786, 000
238. 959, 000
269, 532, 000
287, 346, 000
111,933.000
1, 007. 858, 000
132, 883, 000
100, 004. 000
124,640.000
99, 369. 000
378, 333, 000
119, 000
$1, 059, 007, 000
New York
6, 359, 328, 500
Philadelphia
711,886,000
Cleveland
Richmond
Atlanta ^
Chicago
8t. Loiiis_. _
899,611,500
802, 539, 500
669, 738, 000
1, 945, 547, 500
408, 329, 000
Minneapolis
Kansas City
325, 590. 000
380, 333, 500
Dallas
San Francisco
Treasurv
362, 389. 000
933, 464. 500
1, 365, 500
Government in-
vestment ac-
counts..
593, 140, 500
Total....
2, 908, 688, 000
5, 825, 482, 000
1, 948, 054, 000
4, 770, 046, 000
15, 452, 270, 000
Treasury bills
Exhibit 23
Inviting tenders for Treasury bills dated July 7, 1943 (press release June SO, 1943)
Treasury Department,
Washington, June 30, 1943.
The Secretary of the Treasury, by this public notice, invites tenders for $1,000,-
000,000, or thereabouts, of 92-day Treasury bills, to be issued on a discount basis
under competitive and fixed-price bidding as hereinafter provided. The bills of
this series will be dated July 7, 1943, and will mature October 7, 1943, when the
face amount will be payable without interest. They will be issued in bearer form
only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and branches up to the clos-
ing hour, two o'clock p. m., eastern war time, Friday. July 2, 1943. Tenders will
not be received at the Treasury Department, Washington. Each tender must be
for an even multiple of $1,000, and the price offered must be expressed on the basis
of 100, with not more than three decimals, e. g., 99.925. Fractions may not be
used. It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or branches on
application therefor.
1 Revised Dec. 27, 1944, and Jan. 16, 1945.
312 REPORT OF THE SECRETARY OF THE TREASURY
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal Re-
serve Banks and branches, following which public announcement will be made by
the Secretary of the Treasury of the amount and price range of accepted bids.
Those submitting tenders will be advised of the acceptance or rejection thereof.
The Secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall be final.
Subject to these reservations, tenders for $100,000 or less from any one bidder at
99.905 entered on a fixed-price basis will be accepted in full. Payment of accepted
tenders at the prices offered must be made or completed at the Federal Reserve
Bank in cash or other immediately available funds on July 7, 1943.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, shall not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under Federal tax acts now or hereafter enacted. The bills
shall be subject to estate, inheritance, gift, or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions of the United
States, or by any local taxing authority. For purposes of taxation the amount of
discount at "which Treasury bills are originally sold by the United States shall be
considered to be interest. Under sections 42 and il7 (a) (1) of the Internal
Revenue Code, as amended by section 115 of the Revenue Act of 1941, the amount
of discount at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturitj' during the taxable
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as ame?ided, 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.
Exhibit 24
Acceptance of tenders for Treasury bills dated July 7, 1943 (press release July S, 1943)
Treasury Department,
Washington, July 3, 1943.
The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 92-day Treasury bills to be dated July 7 and
to mature October 7, 1943, which were offered on June 30, 1943, were opened at the
Federal Reserve Banks on July 2.
The details of this issue are as follows:
Total applied for— $1,175,078,000.
Total accepted— $1,001,757,000 (includes $39,993,000 entered on a fixed-
price basis at 99.905 and accepted in full).
Range of accepted bids:
High — 99.910. Equivalent rate of discount approximately 0.352% per
annum.
Low — 99.904. Equivalent rate of discount approximately 0.376% per
annum.
Average price — 99.904. Equivalent rate of discount approximately 0.375%
per annum.
(93 percent of the amount bid for at the low price was accepted.)
REPORT OF THE SECRETARY OF THE TREASURY
313
Federal Reserve Bank
Total applied
for
Total accei)ted
Boston ..
$23, 750. nOO
• 808, 900. 000
2fi, 98.5. 000
15, 79.3. 000
12.885,000
3. 250. 000
LIS. 705.000
29, 6,';7. 000
5. 240 000
19. 688. 000
13, 405. 000
59, 760, 000
$22, 856, 000
New York :
661.783.000
Philadelphia _ _ _ -
25. 389, 000
Cleveland -
1.5,018,000
12. 6.30. 000
Atlanta -.
3. 000, 000
146. 3*4 000
St Louis - -
18. 579. 000
5. 240, 000
Kansas Citv ._. .. . _
19, 445, 000
Dallas
13.437.000
San Francisco.. _ ._
57, 436. 000
Total
1. 175, 078, 000
< 1, 001, 757, 000
I Preliminary; final amount as announced on July 7, 1943, $1,003,063,000, including $40,593,000 accepted on
a fixed-price basis.
Exhibit 25
Press releases pertaining to Treasury bill issues during the fiscal year 1944
were similar in form to exhibits 23 and 24 and are, therefore, not here repro-
duced. The essential details regarding each issue are summarized in the
following table.
314
REPORT OF THE SECRETARY OF THE TREASURY
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316 REPORT OF THE SECRETARY OF THE TREASURY
United States savings bonds
Exhibit 26
Second Revision, August SI, lOJjS, to Departmevt Circular No. 653, relative to United
States war savings bonds of Series E, and first supplement, June 7, 1.944
Second Revision, August 31, 1943, to Department Circular No. 653
Treasury Department,
Washington, August 31, 1943.
I. OFFERING OF UNITED STATES SAVINGS BONDS OF SERIES E
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, offers for sale, to the people of the United States,
United States savings bonds of Series E, currently desitj;nated war savings bonds,
which may hereinafter be referred to as bonds of Series E, and their sale will con-
tinue until terminated by the Secretary of the Treasury. Bonds of a new design,
without change in terms, will be provided for issue hereunder in regular course
without further notice as stocks of the prior bonds of Series E become exhausted.
2. United States savings bonds of Series E include all bonds issued as defense
savings bonds under this circular as originally published, and all those issued as
war savings bonds under this circular as previously or as now revised. As their
terms are identical, no distinction is to be made between any bonds of Series E
so issued.
II. DESCRIPTION AND TERMS OF BONDS
1. Bonds of Series E will be issued only in registered form, in denominations i
of $25, $50, $100, $500, and $1,000 (maturity values), at prices hereinafter set
forth. Each bond will bear the facsimile signature of the Secretary of the Treas-
ury, and will bear an imprint (in red) of the Seal of the Treasury. At the time of
issue, on the face of each bond the issuing agent will inscribe the name and address
of the owner, and the name of the coowner or beneficiary, if any, will enter the
issue date (which is the tirst day of the month in which payment of the issue
price is received by the Treasury or an authorized issuing agent), and will imprint
his dating stamp (to show date the bond is actually inscribed). Bonds of Series
E shall be valid only if duly inscribed and dated, as above provided, and delivered
by the Treasury or an authorized issuing agent following receipt of payment
therefor.
2. The bonds will, in each instance, be dated as of the first day of the month
in which payment of the issue price is received by an agent authorized to issue the
bonds, which date is hereinafter referred to as the issue date; the bonds will
mature and be payable at face value 10 years from such issue date. The issue
date is the basis for determining the redemption or maturity period of the bond,
and the date appearing in the issuing agent's stamp should not be confused there-
with. The bonds may not be called for redemption bj' the Secretary of the
Treasury prior to maturity, but they may be redeemed prior to maturity, after
60 days from the issue date, at the owner's option, at fixed redemption values.
No interest as such will be paid on the bonds, but they will increase in redemp-
tion value at the end of the first year from issue date, and at the end of each
successive half-year period thereafter until their maturity, when the face amount
becomes payable. The increment in value will be payable only upon redemp-
tion of the bonds. A table of redemption values appears on each bond. The
purchase price of bonds of Series E has been fixed so as to afford an investment
yield of about 2.9 percent per annum compounded semiannually if the bonds
are held to maturity; if the owner exercises his option to redeem a bond prior to
maturity the investment yield will be less. The table at the end of this circular
shows: (1) How bonds of Series E, b,y denominations, increase in redemption
value during the successive half-year periods following issue; (2) the approximate
investment yield on the issue price from issue date to the beginning of each half-
year period; and (3) the approximate investment yield on the current redemption
value from the beginning of each half-year period to maturity at the end of the
10-year period.
3. Bonds of Series E will not be transferable, and will be payable only to the
owner named thereon, except in case of death or disability of the owner or as other-
' Additional denomination of $10, see supplement on p. 321.
REPORT OF THE SECRETARY OF THE TREASURY 317
wise specifically provided in the regulations governing savings bonds, and in
any event only in accordance with said regulations. Accordingly, after they
are duly issued they may not be sold, discounted, hypothecated as collateral for
a loan or the performance of a service, or disposed of in any manner other than
as provided in the regulations governing savings bonds, and, except as provided
in said regulations, the Treasury Department will recognize only the inscribed
owner, during his lifetime, and thereafter his estate or heirs.
4. Taxation. — For the purpose of determining taxes and tax exemptions,
the increment in value represented by the difference between the price paid for
bonds of Series E (which are issued on a discount basis), and the redemption
value received therefor (whether at or before maturity) shall be considered as
interest, and such interest is not exempt from income or profits taxes now or
hereafter imposed by the United States. 2 The bonds shall be subject to estate,
inheritance, gift, or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or in;erest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
III. PURCHASE OP BONDS
1. Agencies. — Bonds of Series E may be purchased, while this offer is in effect,
as follows:
(a) Over-the-counter for cash:
(1) At United States post offices of the first, second, and third classes, and at
selected post offices of the fourth class, and generally at classified stations and
branches.
(2) At such incorporated banks, trust companies, and mutual savings banks,
Federal savings and loan associations, and other organizations as are duly desig-
nated and have duly qualified as issuing agents pursuant to the provisions of
Treasury Department Circular No. 657, as amended and supplemented, and at
the Treasury Department, Washington, D. C, and at Federal Reserve Banks
and branches.
(b) On mail order. — Bonds of Series E may be purchased by mail upon appli-
cation to the Treasurer of the United States, Washington 25, D. C, or to any
Federal Reserve Bank or branch, accompanied by a remittance to cover the issue
price. Any form of exchange, including personal checks, will be accepted, sub-
ject to collection. Checks, or other forms of exchange, should be drawn to the
order of the Treasurer of the United States or the Federal Reserve Bank, as the
case may be. Checks payable by endorsement are not acceptable.
(c) Other agencies. — The Secretary of the Treasury, in his discretion, may desig-
nate other agencies for the issue of, or for the handling of applications for, bonds
of Series E, which shall operate under such terms and conditions as the Secretary
of the Treasury may prescribe or approve.
2. Postal Savings. — Subject to regulations prescribed by the Board of Trus-
tees of the Postal Savings System, the withdrawal of postal savings deposits will
be permitted for the purpose of acquiring savings bonds.
3. United States War Savings Stamps for Installment Payments. — War
savings stamps, in denominations of 10, 25, and 50 cents, and $1 and $5, may be
purchased at any post office where bonds of Series E are on sale and at such other
agencies as may be designated from time to time. These stamps may be used to
accumulate credits for the purchase of war savings bonds. Albums, for affixing
the stamps, will be available without charge, and such albums will be receivable,
in the amount of the affixed stamps, on the purchase price of war savings bonds.
Defense Postal Savings stamps heretofore issued are included in the term war
savings stamps and no distinction is to be made between any such stamps whether
issued as defense Postal Savings stamps or as war savings stamps, and the stamps
of either issue may be used interchangeably as credits for the purchase of war
savings bonds.
4. Issue Prices. — -The issue prices of the various denominations of bonds of
Series E follow:
Denomination ^ (maturity
value) $25. 00 $50. 00 $100.00 $500.00 $1,000.00
Issue (purchase) price 18. 75 37. 50 75. 00 375. 00 750. 00
' Additional denomination of $in. see supplement on p 321.
s For information conciTiiinp the taxable and exemin status under Federfil tax laws of the interest Hncre-
menl in value) on United Plates savings bonds issu"d on a discount basis (including bonds of Peril's E),
and alternate methods of reporting such interest, see Internal Revenue Mimeograph, Coll. No. 5209. R. A.
No. 1177, date^i F^eceniber 17. 1941. For crcdils <in aeeount of Victory tax, see Internal Revenue Regula-
tion 103, si'cs 19.453 and 19.454, as amended by Treasury Decision 5249.
318 REPORT OF THE SECRETARY OF THE TREASURY
IV. LIMITATION ON HOLDINGS
1. The amount of bonds of Series E originally issued during any one calendar
year to any one person that may be held by that person at any one time shall not
exceed $5,000 (maturity value), computed in accordance with the provisions of
the regulations governing United States savings bonds. If any person at any
time acquires savings bonds issued during any one calendar year in excess of the
prescribed amount, the amount of such excess should immediately be surrendered
for refund of the issue price.
V. AUTHORIZED FORMS Of' REGISTRATION
1. Bonds of Series E may be registered only in the names of natural persons
(that is, individuals), whether adults or minors, in their own right, as follows:
(1) in the name of one person; (2) in the names of two (but not more than two)
persons as coowners; and (3) in the name of one person payable on death to one
(but not more than one) other designated person. Registration on original issues
and on authorized reissues, whether as owners, coowners, or designated benefi-
ciaries, is restricted to residents of the United States (which for the purposes of
this section shall include the territories, insular possessions, and the Canal Zone),
citizens of the United States temporarily residing abroad, and to nonresident aliens
employed in the United States by the Federal Government or an agency thereof:
Provided, however, That on original issues of bonds, but not on reissues, a non-
resident alien (not a citizen of an enemy nation) may be named as coowner or
designated beneficiary, and Provided further, That a nonresident alien, whether
owner, coowner, or beneficiary, succeeding to title on death of the owner, or suc-
ceeding to title upon the death of the surviving coowner or beneficiary will be
entitled only to request and receive pa^yment either at or before maturity.
2. Full information regarding authorized forms of registration and rights there-
under will be found in the regulations currently in force governing United States
savings bonds.
VI. DELIVERY AND SAFEKEEPING OF BONDS OF SERIES E
1. Postmasters and other authorized issuing agents from whom bonds of Series
E may be purchased are authorized to deliver such bonds, duly inscribed and
dated, upon receipt of the issue price. Bonds not delivered in person and bonds
issued against mail order applications will be delivered by mail at the risk and
expense of the United States, at the address given by the purchaser, but only
within the United States, its territories and insular possessions and the Canal
Zone.^ No mail deliveries elsewhere will be made. If purchased by citizens of
the United States temporarily residing abroad, bonds will be delivered at an
address in the United States, or held in safekeeping, as the purchaser may direct.
Personal delivery should not be accepted bj^ any purchaser until he has verified
that the correct name, or names, and address are duly inscribed, that the issue
date (the first day of the month in which payment of the issue price was received
by the agent) is duly entered, and that the dating stamp of the issuing agent is
duly imprinted with current date — all on the face of the bond. If received by
mail, the same verification should be made, and if any error in inscription or
dating appears, such fact should immediately be reported to the issuing agent,
and instructions requested.
2. Savings bonds of Series E will be held in safekeeping without charge by the
Secretary of the Treasury if the holder so desires, and in such connection the
facilities of the Federal Reserve Banks,< as fiscal agents of the United States,
and those of the Treasurer of the United States, will be utilized. Arrangements
may be made for such safekeeping at the time of purchase, or subsequently.
Postmasters generally will assist holders in arranging for safekeeping, but will
not act as safekeeping agents.
8 During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from
or to the continental United States and its territories, insular possessions and the Canal Zone, or between
any of such places. Bonds will be delivered to anv address within the place in which thev are issued or, if
issued within the continental United States, will be held in safekeeping by the Federal Reserve Banks or
the Treasury, as the purchaser may direct.
< Safekeeping facilities may be oflered at some branches of Federal Eeserve Banks, and in such connection
an inquiry may be addressed to the branch.
REPORT OF THE SECRETARY OF THE TREASURY 319
VII. PAYMENT AT MATURITY OR REDEMPTION PRIOR TO MATURITY
1. General. — Any bond of Series E will be paid in full at maturity, or, at the
option of the owner, after 60 days from the issue date, will be redeemed in whole
or in part at the appropriate redemption value prior to maturity, following
presentation and surrender of the bond, with the request for payment properly
executed, all in accordance with the regulations governing savings bonds.
2. Execution of Request for Payment. — The registered owner, or other
person entitled to payment under the regulations governing savings bonds, must
appear before one of the officers authorized by the Secretary of the Treasury to
witness and certify requests for payment, establish his identity, and in the presence
of such officer sign the request for payment, adding the address to which the
check is to be mailed. After the request for payment has been so signed, the
witnessing officer should complete and sign the certificate provided for his use.
Unless otherwise authorized in a particular case, the form of request appearing
on the back of the bond must be used.
3. Officers Authorized to Witness and Certify Requests for Pay-
ment.— The officers authorized to witness and certify requests for payment of
savings bonds are fulh' set forth in the regulations governing savings bonds, and
include but are not limited to (1) United States postmasters and certain other
post office officials or designated employees; (2) officers (or designated employees)
of all banks or trust companies incorporated in the United States or its organized
territories, including officers at domestic branches (within the United States or its
territories or insular possessions and the Canal Zone), or at foreign branches; (3)
officers of corporations and other organizations which are duly qualified as issuing
agents; and (4) in those cases specified in the regulations, commissioned officers
of the Army, Navy, Marine Corps, and Coast Guard. All certificates must be
authenticated by official seal, if there is one, or, if by an issuing agent, by an
imprint of his dating stamp.
4. Presentation and Surrender. — After the request for payment has been
duly executed by the person entitled and by the certifying officer, the bond must
be presented and surrendered to a Federal Reserve Bank or branch, or to the
Treasurer of the United States, Washington 25, D. C, at the expense and risk
of the owner. For the owner's protection, the bond should be forwarded by
registered mail, if not presented in person.
5. Disability or Death. — In case of the disability of the registered owner,
or the death of the registered owner not survived by a coowner or a designated
beneficiary, instructions should be obtained from a Federal Reserve Bank or
branch, or the Treasury Department, Division of Loans and Currency, Mer-
chandise Mart, Chicago 54, Illinois, before the request for payment is executed.
6. Method of Payment.- — The only agencies authorized to pay or redeem
savings bonds of Series E are the Treasurer of the United States and the Federal
Reserve Banks and branches. Postmasters are not authorized to make pay-
ment, but generally they will assist owners in securing payment, at or before
maturity. Payment in all cases will be made by check drawn to the order of
the registered owner or other person entitled to payment, and mailed to the
address given in the request for payment.
7. Partial Redemption.- — -Partial redemption at current redemption value of
a savings bond of Series E of a denomination higher than $25 (maturity value) is
permitted, but must accord to an authorized lower denomination. In case of
partial redemption the remainder will be reissued in authorized denominations
bearing the same issue date as the bond surrendered.
VIII. SERIES designation
1. United States savings bonds of Series E, issued during the calendar year
1943 are designated Series E-1943, and those which may be issued in subsequent
calendar years will be similarly designated by the series letter E followed by the
year of issue.
320 REPORT OF THE SECRETARY OF THE TREASURY
TX. LOST, STOLEN, OK DESTROYED BONDS
1. If a bond of Series E is lost, stolen, or destroyed, a duplicate may be issued
on the owner furnishing a description of the bond and establishing its loss, theft,
or destruction.
2. In any case of the loss, theft, or destruction of a bond of Series E, the owner
should give immediate notice to the Treasury Department, Division of Loans
and Currency, Merchandise Mart, Chicago 54, Illinois, briefly stating the facts
and giving a "description of the bond. On receipt of such notice, full instructions
for procedure will be given the owner.
3. A descriptive record of each bond of Series E held should be kept by the
owner, apart from the bonds, so that a full description of the bonds will be avail-
able if they are lost, stolen, or destroyed. The record for each bond should
show: (1) the denomination; (2) the serial number (with its prefix and suffix
letter) ; (3) the inscription (name or names, and address, on the face of the bond) ;
and (4) the issue date (month and year of issue).
X. GENERAL PROVISIONS
1. All bonds of Series E, issued pursuant to this circular, shall be subject to
the regulations prescribed from time to time by the Secretary of the Treasury to
govern United States savings bonds. Such regulations may require, among
other things, reasonable notice in case of presentation of bonds of Series E for
redemption prior to maturity. The present regulations governing savings bonds
are set forth in Treasury Department Circular No. 530, Fifth Revision, as
amended, copies of which may be obtained on application to the Treasury Depart-
ment, or to any Federal Reserve Bank or branch.
2. The Secretary of the Treasury reserves the right to reject any application
for bonds of Series E, in whole or in part, and to refuse to issue or permit to be
issued hereunder any such bonds in any case or any class or classes of cases if he
deems such action to be in the public interest, and his action in any such respect
shall be final.
3. Postmasters in charge of post ofl^ices where bonds of Series E are on sale,
under regulations promulgated by the Postmaster General, and Federal Reserve
Banks and branches, as fiscal agents of the United States, are authorized to per-
form such fiscal agency services as may be requested of them by the Secretary of
the Treasury in connection with the issue, delivery, safekeeping, redemption, and
payment of bonds of Series E. Issuing agencies qualified pursuant to Treasury
Department Circular No. 657, as amended or supplemented, will be subject to
the provisions of that circular.
4. The Secretary of the Treasury may at any time or from time to time supple-
ment or amend the terms of this circular, or of any amendments or supplements
thereto, information as to which will be promptly furnished to the Postmaster
General and the Federal Reserve Banks and branches.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY
321
UNITED STATES SAVINGS BONDS SERIES E
Table of redemption values and investment yields ^
Table showing (1) How bonds of Serips E, by denominations, increase in redemp-
tion value during successive half-year periods following issue; (2) the approximate
investment yield on the purchase price from issue date to the beginning of each half-
year period; and (3) the approximate investment yield on the current redemption value
from the beginning of each half-year period to maturity. Yields are expressed in
terms of rate percent per annum, compounded semiannually.
Maturity value
Issue price
$25. 00
18.75
$50. 00
37.50
$100. 00
75.00
$500. 00
375. 00
$1, 000. 00
750. 00
(2)
Appro.ximate
investment
yield on pur-
chase price
from issue
date to be-
ginning of
each half-
year period
. (3).
investment
Period after issue
date
(1) Redemption values during each half-year
period
yield on cur-
rent redemp-
tion value
from begin-
ning of each
half-year
period to
maturity
First Hyear
$18. 75
18.75
18.87
19.00
19.12
19.25
19.50
19.75
20.00
20.25
20.50
20.75
21.00
21.50
22.00
22.50
23.00
23.50
24.00
24.50
25.00
$37. 50
37.50
37.75
38.00
38.25
38.50
39.00
39.50
40.00
40.50
41.00
41.50
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00
50.00
$75. 00
75.00
75.50
76.00
76.50
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
86.00
88.00
90.00
92.00
94.00
96.00
98.00
100.00
$375. 00
375. 00
377. 50
380. 00
382. 50
385. 00
390. 00
395. 00
400.00
405. 00
410.00
415. 00
420. 00
430. 00
440. 00
450. 00
460. 00
470. 00
480.00
490. 00
500. 00
$750. 00
750.00
755. 00
760.00
765. 00
770. 00
780. 00
790. 00
800.00
810.00
820. 00
830. 00
840. 00
860.00
880. 00
900.00
920. 00
940. 00
900.00
980. 00
1, 000. 00
Percent
0.00
.00
.67
.88
.99
1.06
1.31
1.49
1.62
1.72
1.79
1.85
1.90
2.12
2.30
2.45
2.57
2.67
2.76
2.84
2.90
Percent
2 2 90
M to 1 year. .
3 05
1 to \]/2 years.. .
3 15
1}^ to 2 years
3.25
2 to 2}^ years .
3 38
2H to 3 years.. .
3 52
3 to 33^ years
3 58
3J^ to 4 years
3.66
3 75
4J^ to 5 years
3 87
5 to 5H years..
4 01
bl4 to 6 years
4 18
6 to 6H years. _._
6}^ to 7 years..
4.41
4 36
7 to 7J^ years
^y^ to 8 years
8 to %)/i, years
4.31
4.26
4 21
8}-^ to 9 years.
4 17
9 to %\i years
9}^ to 10 years
4.12
4 08
Maturity value (10
years from issue date).
' Additional denomination of $10, see supplement following.
' Approxiniate investment yield for entire period from issuance to maturity.
First Supplement, June 7, 1944, to Department Circular No. 653
Treasury Department,
Washington, June 7, 1944-
Department Circular No. 653, Second Revision, dated August 31, 1943, fixing
the terms and governing the issue of United States savings bonds of Series E,
currently designated war savings bonds, is hereby supplemented, as follows:
1. An additional denomination of $10 (maturity value) is hereby authorized,
the issue price of which will be $7.50: Provided, the bonds of this denomination
may be purchased only by persons in the military and naval forces of the United
States, under such conditions as may be prescribed and through such agencies as
may be provided within their respective establishments by the Secretary of War
and the Secretary of the Navy, and Provided further, that on original issue the
bonds of this denomination shall be registered only in the name of any such
person either alone or with any other person added as coowner or designated
beneficiary as provided by regulation.
2. The bondsof this denomination may not be obtained on partial redemption
of bonds of a higher denomination; and except for restrictions on purchase and
issue, the terms of bonds in the denomination of $10 now authorized and the con-
ditions of their issue and provisions for their redemption shall conform to those
of bonds of Series E of other denominations authorized by said Circular No. 653,
Second Revision.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
613185—45 22
322
REPORT OF THE SECRETARY OF THE TREASURY
Table of redemption values showing how bonds of Series E in the denomination of
$10 {maturity value) increase in redemption value during successive half-year
periods following issue:
Issue price, $7.50
Redemption
value during
Period after issue date: period
First }^ year.. $7.50
ii to 1 year 7.50
1 to 13^ years.. 7.55
IJi to 2 years 7.60
2 to 2}4 years.. 7.65
214 to 3 years 7.70
3 to 3J4 years 7.80
3M to 4 years 7.90
4 to 4}^ years 8.00
4}^ to 5 years 8. 10
Redemption
value during
Period after issue date: period
5 to 53/2 years $8.20
5J^ to 6 years 8.30
6 to63iyears 8.40
6^A to 7 years 8.60
7 to 73^2 years 8.80
73^ to 8 years 9.00
8 to 8}^ years 9.20
83^ to 9 years 9.40
9 to 93^ years 9.60
9}^ to 10 years 9.80
At maturity (10 years from issue date), $10
Exhibit 27
Second Revision and amendment, Department Circular No. 654, relative to United
States savings bonds of Series F and Series G
Second Revision, January 1, 1944, to Department Circular No. 654
Treasury Department,
Washington, January 1, 1944-
I. offering of united states savings bonds of series f and series g
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, offers for sale, to the people of the United States,
through the Federal Reserve Banks, United States savings bonds of Series F
and Series G, which may hereinafter be referred to as bonds of Series F and
Series G. Bonds of a new design, without change in terms, will be provided
for issue hereunder in regular course without further notice as stocks of the prior
bonds of Series F and Series G become exhausted. The sale of bonds of Series F
and Series G will continue until terminated by the Secretary of the Treasury.
2. United States savings bonds of Series F and Series G include bonds of any
designation issued under this circular as originally published and amended, and
those issued under this circular as previously or as now revised. As their terms
are identical, no distinction is to be made between any bonds of Series F or Series
G so issued.
II. description and terms of bonds
1. Bonds of Series F and Series G will be issued only in registered form, in
denominations of $25 (for Series F only), $100, $500, $1,000, $5,000, and $10,000
(maturity values), at prices hereinafter set forth. Each bond will bear the fac-
simile signature of the Secretary of the Treasury, and will bear an imprint in
color (brown for Series F and blue for Series G) of the Seal of the Treasury.
At the time of issue, on the face of each bond, the issuing agent will inscribe the
name and address of the owner and the name of the coowner or beneficiary, if
any, will enter the issue date (which is the first day of the month in which pay-
ment of the issue price is received by the Treasury or an authorized issuing agent),
and will imprint his dating stamp (to show the date the bond is actually inscribed).
Bonds of Series F and G shall be valid only if duly inscribed and dated, as above
provided, and delivered by an authorized agent following receipt of payment
therefor.
2. The bonds of each series will, in each instance, be dated as of the first day
of the month in which payment of the issue price is received by an agent author-
ized to issue the bonds, which date is herein referred to as the issue date; the
bonds will mature and be payable at face value 12 years from such issue date.
The issue date is the basis for determining the redemption or maturity period
of the bond, and the date appearing in the issuing agent's stamp should not be
confused therewith. The bonds of either series may not be called for redemption
REPORT OF THE SECRETARY OF THE TREASURY 323
by the Secretary of the Treasury prior to maturity, but they may be redeemed
prior to maturity, after 6 months from the issue date, at the owner's option, at
fixed redemption vahies.
3. Bonds of Series F will be issued on a discount basis at 74 percent of their
maturity value. No interest as such will be paid on the bonds, but they will
increase in redemption value at the end of the first year from issue date, and at
the end of each successive half-year period thereafter until their maturity, when
the face amount becomes payable. The increment in value will be payable only
upon redemption of the bonds. A table of redemption values appear on each
bond. The purchase price of bonds of Series F has been fixed so as to afford
an investment yield of about 2.53 percent per annum conjipounded semiannually
if the bonds are held to maturity; if the owner exercises his option to redeem a
bond prior to maturity the investment yield will be less.
4. Bonds of Series G will be issued at par, and will bear interest at the rate of
214 percent per annum, payable semiannually from issue date. Interest will be
paid by check drawn to the order of the registered owner. Interest will cease at
maturity, or, in case of redemption before maturity, at the end of the interest
period next preceding the date of redemption. A table of redemption values
appears on each bond, and the diff"erence between the face amount of the bond and
the redemption value fixed for any period represents an adjustment (or refund) of
interest. Accordingly, if the owner exercises his option to redeem a bond prior
to maturity, the investment j'ield will be less than the interest rate on the bond.
Bonds of Series G may be redeemed at par, in whole or in part, (1) upon the death
of the owner, or a coowner, if a natural person, or (2) as to bonds held by a trustee
or other fiduciary, upon the death of any person which results in termination of the
trust. If the trust is terminated only in part, redemption at par will be made only
to the extent of the pro rata portion of the trust so terminated, to the next lower
multiple of $100. In any case request for redemption at par must be received by
the Treasury Department, Division of Loans and Currency, Merchandise Mart,
Chicago 54, 111., or by a Federal Reserve Bank or branch within 4 months after
the date of death and in accordance with the regulations governing savings bonds.
5. Tables at the end of this circular show separately for bonds of Series F and
those of Series G: (1) The redemption values, by denominations, during the suc-
cessive half-year periods following issue, (2) the approximate investment yield
on the issue price from issue date to the beginning of each half-year period, and
(3) the approximate investment yield on the current redemption value from the
beginning of each half-year period to maturity at the end of the 12-year period.
6. Bonds of Series F and Series G will not be transferable, and will be payable
only to the owner named thereon, except in case of death or disability of the
owner or as otherwise specifically provided in the regulations governing savings
bonds, and in any event only in accordance with said regulations. Accordingly
they may not be sold, discounted, hypothecated as collateral for a loan or the per-
formance of a service, or disposed of in any manner other than as provided in the
regulations governing savings bonds, and, except as provided in said regulations,
the Treasury Department will recognize only the inscribed owner, during his life-
time and competency, and thereafter his estate or heirs.
7. Taxation. — For the purpose of determining taxes and tax exemptions, the
increment in value represented by the difference between the price paid for bonds
of Series F (which are issued on a discount basis), and the redemption value re-
ceived therefor (whether at or before maturity) shall be considered as interest, and
that interest and interest on bonds of Series G, are not exempt from income or
profits taxes now or hereafter imposed by the United States. ^ The bonds shall be
subject to estate, inheritance, gift, or other excise taxes, whether Federal or State,
but shall be exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any. State, or any of the possessions of the United States,
or by any local taxing authority.
III. PURCHASE OP BONDS
1. Agencies. — Bonds of Series F and Series G may be purchased, while this ofi"er
is in effect, upon application to any Federal Reserve Bank or branch, or to the
Treasurer of the United States, Washington 25, D. C. Sales agencies, duly quali-
fied under the provisions of Treasury Department Circular No. 657, as amended
' For information concerning the taxable and exempt status under Federal tax laws of the interest (incre-
ment in value) on United States savings bonds issued on a discount basis (including bonds of Series F), and
alternate methods of reporting such interest, see Internal Revenue Mimeograph, Coll. No. 5299, R. A. No.
1177, dated December 17, 1941. For credits on account of Victory tax, see Internal Revenue Regiilations 103,
sees. 19.453 and 19.454, as amended by Treasury Decision 5249.
324 REPORT OF THE SECRETARY OF THE TREASURY
and supplemented, and banking institutions generallj', may submit applications
for account of customers, but only the Federal Reserve Banks and branches and
the Treasury Department are authorized to act as official agencies, and the receipt
of application and payment at an official agency will govern the dating of the bonds
issued.
2. Payrnent for bonds. — Every application must be accompanied by payment
in full of the issue price. Any form of exchange, including personal checks, will
be accepted, subject to collection. Checks, or other forms of exchange, should be
drawn to the order of the Federal Reserve Bank or the Treasurer of the United
States, as the case may be. Checks payable by endorsement are not acceptable.
Any depositary qualified pursuant to the provisions of Treasury Department
Circular No. 92 (Revised) will be permitted to make payment by credit for bonds
applied for on behalf of its customers up to any amount for which it shall be quali-
fied in excess of existing deposits, when so notified by the Federal Reserve Bank of
its district.
3. Postal savings. — Subject to regulations prescribed by the Board of Trustees
of the Postal Savings System, the withdrawal of postal savings deposits will be
permitted for the purpose of acquiring savings bonds.
4. Form of application. — In applying for bonds under this circular, care should
be exercised to specify whether those of Series F or Series G are desired, and there
must be furnished: (1) Instructions for registration of the bonds to be issued,
which must be in one of the authorized forms (see sec. V) ; (2) the post office
address of the owner; (3) address for delivery of the bonds; and (4), in case of
bonds of Series G, address for mailing interest checks. The use of an official
application form is desirable, but not necessary. The application should be
forwarded to the Federal Reserve Bank, or branch, of the district, or to the Treas-
urer of the United States, accompanied by remittance to cover the purchase price
($74 for each $100 face amount of bonds of Series F, or $100 for each $100 face
amount of bonds of Series G).
5. Issue prices. — The issue prices of the various denominations of bonds of
Series F and Series G follow:
3EEIE3
Denomination (maturity value) - - $2,5.00 $100 $500 $1,000 $5,000 $10,000
Issue (purchase) price 18.50 74 370 740 3,700 7,400
SERIES G
Denomination (maturity value) $100 $500 $1,000 $5,000 $10,000
Issue (purchase) price ..- 100 500 1,000 5,000 10,000
IV. LIMITATION ON HOLDINGS
1. The amount of United States savings bonds of Series F, or of Series G, or the
combined aggregate amount of both series, originally issued during any one calen-
dar year to any one person, including those registered in the name of that person
alone, and those registered in the name of that person with another named as co-
owner, that may be held by that person at any one time shall not exceed $100,000
(issue price) : Provided, however, That as to bonds of these series originally issued
on or after January 1, 1944, the amount held by a commercial bank having savings
deposits as defined in Regulation Q of the Board of Governors of the Federal
Reserve System shall not in any case exceed $100,000 (issue price) or 10 percent
of such savings deposits as shown on the bank's books as of the date of the most
recent call statement required by the supervising authorities prior to the date of
acquisition of such savings bonds, whichever is less; and Provided further. That
the amount of savings bonds of Series F and Series G originally issued on or after
January 1, 1944, held by a commercial bank together with 2^ percent Treasury
bonds of 1965-70, to be issued under Treasury Department Circular No. 729, and
2% percent Treasury bonds of 1956-59, to be issued under Treasury Department
Circular No. 730, shall not exceed in the aggregate $200,000 or 10 percent of the
savings deposits of such bank as above defined, whichever is less.^
2. Any bonds acquired on original issue which create an excess must immediately
be surrendered for refund of the issue price, as provided in the regulations govern-
ing savings bonds.
V. AUTHORIZED FORMS OF REGISTRATION
1. United States savings bonds of Series F and Series G may be registered only
in one of the following forms;
» Amended June 12, 1944, see p. 329.
REPORT OF THE SECRETARY OF THE TREASURY 325
(1) In the names of natural persons (that is, individuals), whether adults or
minors, in their own right, as follows: (a) In the name of one person; (b) in the
names of two (but not more than two) persons as coowners; and (c) in the name
of one person payable on death to one (but not more than one) other designated
person.
(2) In the name of an incorporated or unincorporated body, in its own right,
except that they may not be registered in the names of commercial banks which
are defined for this purpose as those accepting demand deposits: Provided, how-
ever, That bonds originally issued on or after January 1, 1944, may be registered
in the name of a commercial bank having savings deposits to the extent and under
the conditions set forth in section IV hereof.^
(3~) In the name of a fiduciary (except where the fiduciarv would hold the bonds
merely or principally as security for the performance of a duty or obligation).
(4) In the name of the owner or custodian of pubhc funds.
2. Restrictions. — Registration on original issues and authorized reissues, whether
as owners, coowners, or designated beneficiaries, is restricted to residents (whether
individuals or others) of the United States (which for the purposes of this section
shall include the territories, insular possessions and the Canal Zone), citizens of the
United States temporarily residing abroad, and to nonresident aliens employed in
the United States by the Federal Government or an agency thereof: Provided,
however, That on original issues but not on reissues, a nonresident alien (not a
citizen of an enemy nation) may be named as coowner or designated beneficiary;
and Provided further. That a nonresident alien, whether owner, coowner or bene-
ficiary, succeeding to title on death of the owner, or succeeding to title upon the
death of the surviving coowner or beneficiary will be entitled only to request and
receive payment either at or before maturity and will not be entitled to reissue.
3. Full information regarding authorized forms of registration will be found in
the regulations currently in force governing United States savings bonds.
VI. DELIVERY AND SAFEKEEPING OF BONDS
1. Federal Reserve Banks and branches and the Treasurer of the United States
are authorized to deliver bonds of Series F and Series G, duly inscribed and dated,
upon, receipt of the issue price. Bonds not delivered in person will be delivered
by mail at the risk and expense of the United States, at the address given by the
purchaser, but only within the United States, its territories and insular possessions
and the Canal Zone.* No mail deliveries elsewhere will be made. If purchased
by citizens of the United States temporarily residing abroad, bonds will be de-
livered at an address in the United States, or held in safekeeping, as the purchaser
may direct. Personal delivery should not be accepted by any purchaser until he
has verified that the correct name, or names, and address are duly inscribed, that
the issue date (the first day of the month in which payment of the issue price was
received by the agent) is duly entered, and that the dating stamp of the issuing
agent is duly imprinted with current date — all on the face of the bond. If re-
ceived by mail, the same verification should be made, and if any error in inscription
or dating appears, such fact should immediately be reported to the issuing agent,
and instructions requested.
2. Savings bonds of Series F and Series G will be held in safekeeping without
charge by the Secretary of the Treasury if the holder so desires, and in such connec-
tion the facilities of the Federal Reserve Banks,^ as fiscal agents of the United
States, and those of the Treasurer of the United States, will be utilized. Arrange-
ments may be made for such safekeeping at the time of purchase, or subsequently.
VII. PAYMENT AT MATURITY OR REDEMPTION PRIOR TO MATURITY
1. General. — Any savings bond of Series F or Series G will be paid in full at
maturity, or, at the option of the owner, after 6 months from the issue date, will
be redeemed in whole or in part at the appropriate redemption value prior to
maturity, on the first day of any calendar month, on 1 month's notice in writing,
following presentation and surrender of the bond, with the request for payment
properly executed, all in accordance with the regulations governing savings bonds.
2. Notice of redemption. — When a savings bond of Series F or Series G is to be
redeemed prior to maturity, a notice in writing of the owner's intention must be
given to and be received by a Federal Reserve Bank or branch, or the Treasury
3 Amended June 12, 1944, see p. 329.
' During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from
or to the continental United States and its territories, insular possessions and the Canal Zone, or between
any of such places.
* Safel<eeping facilities may be offered at some branches of Federal Reserve Banks, and in such connection
an inquiry may be addressed to the branch.
326 REPORT OF THE SECRETARY OF THE TREASURY
Department, Division of Loans and Currency, Merchandise Mart, Chicago 54,
111., not less than 1 calendar month in advance. A duly executed request for pay-
ment will be accepted as constituting the required notice.
3. Execution of request for payment. — The registered owner, or other person
entitled to payment under the regulations governing savings bonds, must appear
before one of the officers authorized by the Secretary of the Treasury to witness
and certify requests for payment, establish his identity, and in the presence of such
officer sign the request for payment, adding the address to which the check is to
be mailed. After the request for payment has been so signed, the witnessing officer
should complete and sign the certificate provided for his use. Unless otherwise
authorized in a particular case, the form of request appearing on the back of the
bond must be used.
4. Officers authorized to witness and certify requests for payment. — The officers
authorized to witness and certify requests for payment of savings bonds are fully
set forth in the regulations governing savings bonds, and include but are not
limited to (1) United States postmasters and certain other post office officials or
designated employees; and (2) officers (or designated employees) of all banks or
trust companies incoiporated in the United States or its organized territories,
including officers at domestic branches (within the United States or ixs territories
or insular possessions and the Canal Zone), or at foreign branches. All certificates
should be authenticated by official seal, if there is one, or by an imprint of an
issuing agent's dating stamp.
5. Presentation and surrender. — After the request for payment has been duly
executed by the person entitled and by the certifying officer, the bond must be
presented and surrendered to a Federal Reserve Bank or branch, or to the Treasury
Department, Division of Loans and Currency, Merchandise Mart, Chicago 54,
111., at the expense and risk of the owner. For the owner's protection, the bond
should be forwarded by registered mail, if not presented in person.
6. Disability or death. — In case of the disability of the registered owner, or the
death of the registered owner not survived by a coowner or a designated bene-
ficiary, instructions shoidd be obtained from a Federal Reserve Bank or branch,
or the Treasury Department, Division of Loans and Currency, Merchandise
Mart, Chicago 54, 111., before the request for payment is executed.
7. Method of payment. — The only agencies authorized to pay or redeem savings
bonds a.re the Federal Reserve Banks and bianches, and the Treasurer of the
United States. PaA^iient in all cases will be made by check drawn to the order
of the registered owner or other person entitled to payment, and mailed to the
address given in the request for payment.
8. Partial red rnption. — Partial redemption at current redemption value of a
bond of Series F, of a denomination higher than $25 (maturity value), or of a
bond of Series G, of a denomination higher than $100, is permitted, but must
correspond to an authorized denomination. In case of partial redemption the
remainder will be reissued in authorized denominations bearing the same issue
date as the bond surrendered.
VIII. SERIES DESIGNATION
I. Bonds of Series F, issued during the calendar year 1944 are designated
Series F-1944, and those of Series G are similarly designated Series G-1944,
and those of either series which may be issued in subsequent calendar years will
be similarly designated by the series letter, F or G, followed by the year of issue.
IX. LOST, STOLEN, OR DESTROYED BONDS
1. If a bond of Series F or Series G is lost, stolen, or destroyed, a duplicate
may be issued on the owner furnishing a desciiption of the bond and establishing
its loss, theft, or destruction.
2. In any case of the loss, theft, or destruction of a bond of Series F or Series
G, the owner should give immediate notice to the Treasury Department, Division
of Loans and Currency, Merchandise Man, Chicago 54, 111., briefly stating the
facts and giving a description of the bond. On receipt of such notice, full in-
structions for procedure will be given the owner.
3. A descriptive record of each bond of Series F or Seiies G held should be
kept by the owner, apart from the bonds, so that a full description of the bonds
will be available if they are lost, stolen, or destroyed. The record for each bond
should show: (1) the denomination; (2) the serial number (with its prefix and
suffix letters); (3) the inscription (name or na,mes, and address, on the face of
the bond); and (4) the issue date (month and year of issue).
REPORT OF THE SECRETARY OF THE TREASURY
327
X. GENERAL PROVISIONS
1. All bonds of Series F and Series G, issued pursuant to this circular, shall be
subject to the regulations prescribed from time to time by the Secretary of the
Treasury to govern United States savings bonds. The present regulations gov-
erning savings bonds are set forth in Treasury Department Circular No. 530,
Fifth Revision, as amended, copies of which may be obtained on application to
the Treasury Department or to any Federal Reserve Bank or l)ranch.
2. The Secretary of the Treasury revserves the right to reject any application
for savings bonds of either Series F or Series G, in whole or in part, and to refuse
to issue or permit to be issued hereunder any such savings bonds in any case or
any class or classes of cases if he deems such action to be in the public interest,
and his action in any such respect shall be final.
3. Federal Reserve Banks and branches, as fiscal agents of the United States,
are authorized to perform such services as may be requested of them by the
Secretary of the Treasury in connection with the issue, delivery, safekeeping,
redemption, and payment of savings bonds of Series F and Series G.
4. The Secretary of the Treasury may at any time or from time to time supple-
ment or amend che terms of this circular, or of any amendments or supplements
thereto, information as to which will be promptly furnished the Federal Reserve
Banks and branches.
Henry Mopgenthau, Jr.,
Secretary oj the Treasury,
UNITED STATES SAVINGS BONDS— SERIES F
Table of redemption values and investment yields
Table showing: (1) How United States savings bonds of Series F, by denominations,
increase in redemption value during successive half-year periods following issue;
{2) the af proximate investment yield on the purchase price from issue date to the
beginning of each half-year period; and (8) the approximate investment yield on the
current redemption value from the beginning of each half-year period to maturity.
Yields are expressed in terms of rate percent per annum, compounded semi-
annually.
Maturity value.
Issue price
Period after issue date
First J^ year
H to 1 year
1 to IH years
1}4 to 2 years
2 to 2}4 years
214 to 3 years
3 to Zi4 years
Zyi to 4 years
4 to 4J^ years
43^ to 5 years
5 to 514 years
5i4 to 6 years
6 to &14 years
6J^ to 7 years
7 to 7}4 years
7J^ to 8 years
8 to S}4 years
8K to9 years
9 to 9i4 years
93^ to 10 years
10 to loyi years
lOH to 11 years
11 to 113^ years
IVA to 12 years
Maturity value (12 years
from issue date)
$25. 00
18.50
$100. 00
74.00
$500. 00
370. 00
$1, 000
740
$5, 000
3,700
$10, 000
7,400
(1) Redemption values during each half-year period
Not rede
$18. 50
18.55
18.62
18.72
18.85
19.00
19.17
19.40
19.65
19.92
20.22
20.55
20.87
21.20
21.52
21.85
22.17
22.50
22.85
23.22
23.62
24.05
24.50
>mable-
$74. 00
$370. 00
$740
$3, 700
74.20
371. 00
742
3,710
74.50
372. 50
745
3,725
74.90
374. 50
749
3,745
75.40
377. 00
754
3,770
76.00
380. 00
760
3,800
76.70
383. 50
767
3,835
77.60
388. 00
776
3,880
78. CO
393. 00
786
3,930
79.70
398. 50
797
3,985
80.90
404. 50
809
4,045
82.20
411.00
822
4,110
83.50
417. 50
835
4,175
84.80
424. 00
848
4,240
86.10
430. 50
861
4,305
87.40
437. 00
874
4,370
88.70
443. 50
887
4, 435
90.00
450. 00
900
4,500
91.40
457. 00
914
4, 570
92.90
464. 50
929
4,645
94.50
472. 50
945
4,725
96.20
481.00
962
4,810
98.00
490. 00
980
4,900
100. 00
600.00
1,000
5,000
$7, 400
7,420
7,450
7,490
7,540
7,600
7,670
7,760
7, 860
7,970
8,090
8,220
8,350
8,480
8,610
8,740
8,870
9,000
9,140
9,290
9,450
9.620
9,800
10, 000
(2) Appro.xi
mate invest
mcnt yield on
purchase
price from
issue date to
beginning of
each half-year
period
Percent
0.00
.27
.45
.61
.75
.89
1.03
1.19
1.34
1.49
1.63
1.76
1.87
1.96
2.03
2.09
2.14
2.19
2.24
2.29
2.34
2.40
2.46
2.53
(3) Approxi-
mate invest-
ment yield on
current re-
demption
value from
beginning of
each half-year
period to
maturity
Percent
1 2.53
2.64
2.73
2.82
2.91
2.99
3.07
3.15
3.20
3.24
3.27
3.29
3.29
3.31
3.32
3.35
3.40
3.46
3.54
3.63
3.72
3.81
3.91
4.08
> Approximate investment yield for entire period from issuance to maturity.
328
REPORT OF THE SECRETARY OF THE TREASURY
UNITED STATES SAVINGS BONDS SERIES G
Table of redemption values and investment yields
Table showing: (/) How United States savings bonds of Series G (paying a current
return at the rate of SVt percent per annum on the purchase price, payable semi-
annually) change in redemption value, by denominations, during successive half-
year periods following issue; {2) the approximate investment yield nn the purchase
price from issue date to the beginning of each half-year period: and (S) the approxi-
mate investment yield on the cui-rent redemption value from the beginning of each
half-year period to maturity. Yields are expressed in terms of rate percent per
annum, compounded semiannually, and take into account the current return.
Maturity value $100.00
Issue price - 100.00
Period after issue date
.$500. 00
500. 00
$1,000
1,000
$5. 000
5,000
$10, 000
10, 000
(1) Redemption values during each half-year
period
(2) Appro.xi-
male invest-
ment yield
on purchase
price from
issue date to
beginning of
each hilf-
year period
(3) Approxi-
mate invest
meni yield
on current
redemption
value from
beginning of
each half-
year period
to maturity
First M year
J-2 to 1 year
1 to IH years
IH to 2 years -
2 to 2}4 years
234 to 3 years
3 to 3J4 years
3H to 4 years
4 to i}4 years-.-
4H to 5 years
5 to 5J^ years.
534 to 6 years
6 to 634 years
634 to 7 years
7 to 7)4 years
734 to 8 years
8 to 834 years
834 to 9 years
9 to 934 years..
934 to 10 years
10 to 1034 years.
1034 to 11 years..
11 to 1134 years
1134 to 12 years
Maturity value (12
years from issue date)
Not redeemable-
Percent
$98. 80
$494. 00
$988
$4, 940
97.80
489. 00
978
4,890
96.90
484. 50
969
4,845
96. 20
481. 00
962
4,810
95.60
478. 00
956
4,780
95.10
475. 50
951
4.755
94.80
474. 00
948
4,740
94.70
473. 50
947
4,735
94.70
473. 50
947
4,735
94.90
474. 50
949
4,745
95.20
476. 00
952
4,760
95.50
477. 50
955
4,775
95.80
479. 00
958
4,790
96.10
480. 50
961
4,805
96.40
482. 00
964
4,820
96.70
483. 50
967
4,835
97.00
485. 00
970
4,850
97.30
486. 50
973
4,865
97.60
488. 00
976
4,880
97.90
489. 50
979
4,895
98.20
491. 00
982
4,910
98.60
493. 00
986
4,930
99.20
496. 00
992
4,960
100. 00
500. 00
1,000
5,000
$9, 880
9, 7S0
9,690
9.620
9,560
9.510
9,480
9,470
9,470
9,490
9,520
9, 550
9,580
9,610
9,640
9.670
9,700
9,730
9, 760
9,790
9,820
9,860
9,920
10, 000
0.10
.30
.44
.61
.75
.88
1.04
1.20
1.35
1.51
1.66
1.79
1.89
1.98
2.05
2.12
2. 18
2.23
2.27
2.31
2.35
2.39
2.44
2.50
Percent
12.50
2.62
2.73
2.84
2 94
3.04
3.13
3.20
3.26
3.30
3.32
3.33
3.33
3.34
3.35
3.37
3.39
3.42
3.46
3.51
3.60
3.75
3.94
4.13
' Approximate investment yield for entire period from issuance to maturity.
OTHER SERIES
United States savings bonds of Series E are also offered for sale concurrently
with those of Series F and Series G. They are intended primarily for the invest-
ment of small or moderate amounts saved from current income by individuals,
and their issue is restricted to individuals in their own right, with the amount
originally issued to any one person during any one calendar year that that person
may hold limited to $5,000 (maturity value). Full particulars regarding savings
bonds of Series E are set forth in Treasury Department Circular No. 653, Second
Revision,^ dated August 31, 1943, copies of which may be obtained from the
Treasury Department, Washington, or from any Federal Reserve Bank or branch.
' Department Circular No. 653, Second Revision, appears on p. 316.
REPORT OF THE SECRETARY OF THE TREASURY 329
First Amendment, June 12, 1944, to Department Circular No. 654, Second
Revision
Treasury Department,
Washington, June IS, 1944-
Section IV, paragraph 1, and section V, paragraph 1 (2), of Department Circu-
lar No. 654, Second Revision, dated January 1, 1944, are hereby amended to
read as follows;
IV. limitation on holdings
1. The amount of United States savings bonds of Series F, or of Series G, or
the combined aggregate amount of both series, originally issued during any one
calendar year to an}' one person, including those registered in the name of that
person alone, and those registered in the name of that person with another named
as coowner, that may be held by that person at any one time shall not exceed
$100,000 (issue price): Provided, hoivever. That as to bonds of these series origi-
nally issued on or after January 1, 1944, the amount held by a commercial bank
holding savings deposits or issuing time certificates of deposit (as each is defined
in Regulation Q of the Board of Governors of the Federal Reserve System) shall
not in any case exceed $100,000 (issue price) or 20 percent of the combined amount
of such time certificates of deposit (but only those issued in the names of indi-
viduals and of corporations, associations, and other organizations not operated for
profit) and savings deposits as shown on the bank's books as of the date of the
most recent call statement required by the supervising authorities prior to' the
date of subscription for such savings bonds, whichever is less; and Provided
further, That the amount of savings bonds of Series F and Series G, issued on or
after January 1, 1944, held by a commercial bank, together with 2]i percent
Treasury bonds of 1965-70 subscribed for under Department Circulars Nos. 729
and 740, 2)4 percent Treasury bonds of 1956-59, subscribed for under Depart-
ment Circular No. 730, and 2 percent Treasury bonds of 1952-54, subscribed for
under Treasury Department Circular No. 741, shall not exceed in the aggregate
20 percent of the combined amount of such savings deposits and time certificates
of deposits of such bank or $400,000, whichever is less. No such bank shall hold
more than $100,000 (issue price) of Series F and Series G savings bonds (Series
1944) combined.
V. authorized forms of registration
1. United States savings bonds of Series F and Series G may be registered only
in one of the following forms:
(2) In the name of an incorporated or unincorporated body, in its own right,
except that they may not be registered in the names of commercial banks which
are defined for this purpose as those accepting demand deposits: Provided, how-
ever. That bonds originally issued on or after January 1, 1944, may be registered
in the name of a commercial bank holding savings deposits or issuing time cer
tificates of deposit to the extent and conditions set forth in section IV hereof. ,J
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 28
Arnendnients to Department Circular No. 530, Fifth Revision, prescribing regula-
tions governing United States savings bonds
Second Amendment, June 17, 1943 (Includes First Amendment, Nov. 23,
1942) TO Department Circular No. 530, Fifth Revision
Treasury Department,
Washington, June 17, 1943.
Note.— This is a cumulative amendment to Department Circular No. 530, Fifth Revision. It includes
all amendments now or heretofore made to that revision. Section 315.10, as amended by the First Amend-
ment, which is now in force unchanged, is printed herein in order that this cumulative amendment may
be complete.
To Owners of United States Savings Bonds, and Others Concerned:
Sections 315.2, 315.3, 315.20 (b), 315.25, 315.26, 315.27, 315.32, 315.36, 315.37,
315.52, and 315.65 of Department Circular No. 530, Fifth Revision, dated June
1, 1942 (7 F. R. 5158), are hereby revised to read as hereinafter set forth; sections
330 REPORT OF THE SECRETARY OF THE TREASURY
315.29 and 315.35 of said circular, as amended by the First Amendment dated
November 23, 1942 (7 F. R. 9772), are hereby further amended to read as here-
inafter set forth:
"Sec. 315.2. General. — United States savings bonds will be issued only in
registered form. The name and comolete post office address of the owner, as
v/ell as the name of the coowner or designated beneficiary, if any, and the date
as of which the bond is issued will be inscribed thereon at the time of issue by an
authorized issuing agent.' The form of registration used must express the actual
ownership of and interest in the bond and, except as otherwise specifically j^ro-
vided in these regulations, will be considered as conclusive of such ownership
and interest. The Treasury Department can recognize no notices of adverse
claims to savings bonds and will enter no stoppages or caveats against payment
in accordance with the registration of the bonds. No designation of an attorne}^
agent or other representative to request or receive payment on behalf of the
owner, nor any restriction on the right of such owner to receive payment of the
bond, other than as provided in these regulations, may be made in the registra-
tion or otherwise."
"Sec. 315.3. Reslrictiona. — Only residents (whether individuals or others) of
the United States (which for the purposes of this section shall include the terri-
tories, insular possessions and Canal Zone), citizens of the United States tempo-
rarily residing abroad, and nonresident aliens employed in the United States by
the Federal Government or an agenc}' thereof, may be named as owners, co-
owners or designated beneficiaries on bonds originally issued on or after April 1,
1940, or on authorized reissues thereof: Provided, however, That on original
issues of bonds, but not on reissues, a nonresident alien (not a citizen of an enemy
nation) may be named as coowner or designated beneficiary, and Provided further,
That a nonresident alien, whether owner, coowner or beneficiary succeeding to
title on the death of the owner, or succeeding to title upon the death of a surviving
coowner or beneficiary, will be entitled only to request and receive payment
either at or before maturity." ^
"Sec. 315.10. Calculation of amount. — In computing the amount of savings
bonds of any one series issued during any one calendar year held by any one
person at any one time for the purpose of determining whether the amount is in
excess of the authorized limit as set forth in the next preceding section, the fol-
lowing rules shall govern:
"(a) The holdings of each person, as defined in the next preceding section,
individually and in a fiduciary capacity, shall be computed separately.
"(b) In the case of bonds of Series A, B, C, D, and E, the computation shall
be based upon maturity values. In the case of bonds of Series F and G, the
computation shall be based upon issue prices.
"(c) There must be taken into account: (1) all bonds originally issued to and
registered in the name of that person alone; (2) all bonds originally issued to and
registered in the name of that person as a coowner or reissued to add his name
as coowner under the provisions of section 315.29 (a), or to designate him as
coowner instead of as a beneficiary under the provisions of section 315.35 hereof:
Provided, however. That with respect to bonds of Series E held in coownership
form, the amount thereof may be applied to the holdings of either of the coowners,
but will not be applied to both, or the amount may be apportioned between
them; and (3) all bonds acquired by him before March 1, 1941, upon the death
of another or the happening of any other event.
"(d) There need not be taken into account: (1) bonds of which that person
is merely the designated beneficiary; (2) those in which his interest is only that
of a beneficiary under a trust; or (3) those to which he is entitled as an heir or
legatee of the deceased registered owner, or by virtue of the termination of a
trust or the happening of any other event unless he became entitled to any such
bonds in his own right before March 1, 1941.
"(e) Nothing herein contained shall be construed to invalidate any holdings
within or, except as provided in subsection (c) above, to validate any holdings
in excess of, the authorized limits, as computed under the regulations in force
at the time such holdings were acquired."
"Sec. 315.20 (b). Banks, trust companies and branches. — Any officer of any
incorporated bank or trust company or branch thereof, domestic or foreign,
• The date of maturity is also inscribed on savings bonds of Series A, Series B, and Series D.
2 Under the terms of Executive Order No. 8389, as amended, and the regulations issued thereunder,
bonds may not be issued or paid to nationals (as defined in said order) of blocked countries or to nationals
of enemy countries, whether or not residing in the United States, unless such nationals are generally or
specially licensed under the terms of the order.
REPORT OF THE SECRETARY OF THE TREASURY 331
including banks or trust companies incorporated in the United States or its organ-
ized territories, those doing business in the organized territories or insular posses-
sions of the United States and the Commonwealth of the Philippines under
Federal charter or organized under Federal law, Federal Reserve Banks, Federal
land banks, and Federal home loan banks; any employee of any such bank or
trust company expressly authorized by the corporation to sign on behalf of, or
for, any officer thereof, and who should sign over the title 'Designated Employee';
and Federal Reserve agents and assistant Federal Reserve agents, located at the
several Federal Reserve Banks. Certifications by any of these officers or desig-
nated employees should be authenticated by either a legible impression of the
corporate seal of the bank or trust company or, in the case of banks or trust
companies and their branches which are authorized and duly qualified issuing
agents for bonds of Series E, by a legible imprint of the issuing agent's dating
stamp."
"Sec. 315.25. Payment to legal guardians. — -If the form of registration of a
savings bond indicates that the owner is a minor or has been judicially declared
to be incompetent to manage his estate and that a guardian or similar representa-
tive has been appointed for the estate of such minor or incompetent by a court
having jurisdiction or is otherwise legally qualified, payment will be made only
to such guardian or similar legal representative. In such case the request for
payment appearing on the back of the bond should be signed by the guardian or
other legal representative as such, for example, 'John A. Jones, guardian (com-
mittee) of the estate of Henry W. Smith, a minor (an incompetent).' Unless
the form of registration gives the name of the representative, there must be sub-
mitted in support of the request a certificate or a certified copy of the letters of
appointment from the court making the appointment under the seal of the court,
establishing that the appointment is in full force. Such certificate or certification
(except in the case of corporate fiduciaries) should be dated not more than 6
months prior to the date of presentation of the bond for payment. See subpart
M hereof for payment provisions applicable to bonds registered in the names of
guardians and similar fiduciaries. Where the form of registration does not indi-
cate that the owner is a minor for whose estate a guardian has been appointed, a
notice that such guardian has been appointed will not be accepted by the Treasury
for the purpose of preventing payment to the minor or his parent as provided in
the two following sections."
"Sec. 315.26. Payment to minors. — Unless the form of registration of a sav-
ings bond indicates that the owner is a minor for whose estate a guardian or
similar legal representative has been appointed or is otherwise duly qualified,
payment will be made direct to such minor, provided he is, at the time payment
is requested, of sufficient competency and understanding to sign his name to
the request and to comprehend the nature of such act. In general the fact that
the request for payment has been signed by a minor and duly certified in accord-
ance with subpart H hereof will be accepted as sufficient proof of such competency
and understanding."
"Sec. 315.27. Payment to parents of minors. — If the owner of a savings bond
is a minor and the form of registration does not indicate that a guardian or siniilar
legal representative of tlie estate of such minor owner has been appointed or is
otherwise legally qualified, and if such minor owner is not of sufficient competency
and understanding to execute the request for payment, payment will be made to
either parent of the minor with whom he resides, or if the minor does not reside
with either parent, then to the person who furnishes his chief support. The parent
or such other person should sign the request for payment in his own name, on
behalf of the minor, in the form 'Mrs. Mary Jones, on behalf of John C. Jones,'
and should sign a certificate, in substantially the following form, which may be
typed on the back of the bond:
'I certify that I am the (relationship) of John C.
Jones and the person with whom he resides. He is years of
age and is not of sufficient competency and understanding to sign
this request.'
"If a person other than a parent signs the request on behalf of the minor he should
also certify that the minor does not reside with either parent and that he furnishes
his chief support. The Treasury Department may in any particular case require
further proof that the minor is not of sufficient competency and understanding to
execute the request for payment and of the right of the person executing the
request to act on behalf of the minor."
"Sec. 315.29. Reissue for certain purposes.~--A savings bond of any series regis-
tered in the name of one person in his own right, or to which one person is shown
332 REPORT OF THE SECRETARY OF THE TREASURY
to be entitled in his own right under these regulations, may be reissued upon
appropriate request for the following purposes:
"(a) Addition of coowner .—Reissue in the name of the owner with that of
another natural person as coowner, provided that bonds reissued in accordance
with this subsection will be considered for the purposes of computation of holdings
under subpart D of these regulations as originally issued in both names and no
reissue will be effective which results in any one person holding bonds in excess
of the established limitation for the series to which the bonds belong. Requests
for reissue under this subsection should be made on Form PD 1762.
"(b) Addition of a beneficiary. — Reissue in the name of the owner with the name
of another natural person as designated beneficiary. Applications for reissue
under the provisions of this subsection should be made on Form PD 1077.
"(c) Reissue in living trust. — Reissue in the name of a trustee of a living trust
created by the registered owner for his benefit in whole or in part, during his life-
time whether or not containing an absolute power of revocation in the grantor;
but such reissue will be allowed only in the case of bonds of those series which may
be originally issued in the name of a trustee."
"Sec. 315.32. Payment or reissue.^ — A savings bond registered in the names of
two i:)ersons as coowners in the form 'John A. Jones OR Mrs. Mary C. Jones,'
will be paid or reissued as follows:
•'(a) During the lives of both coowners. — During the lives of both coowners the
bond will be paid to either coowner upon his separate request without requiring the
signature of the other coowner; and upon payment to either coowner the other per-
son shall cease to have any interest in the bond. The bond will also be paid to both
coowners upon their joint request, in which case payment will be made by check
drawn to the order of both coowners in the form, for example, 'John A. Jones and
Mrs. Mary C . Jones,' and the check must be endorsed by both payees. The bond will
not be reissued in any form during the lives of both coowners except as specifically
provided in these regulations.
"(b) After the death of one coowner. — If either coowner dies without having pre-
sented and surrendered the bond for payment to a Federal Reserve Bank or the
Treasury Department, the surviving coowner will be recognized as the sole and
absolute owner of the bond, and payment will be made only to him: Provided, how-
ever, That if a coowner dies after he has properly executed the request for payment
and after the bond has actually been received by a Federal Reserve Bank or the
Treasury Department, payment of the bond, or check if one has been issued, will be
made to his estate (see subpart P hereof). Upon proof of the death of one coowner
and appropriate request by the surviving coowner (unless a nonresident alien, in
which case see sec. 315.3) the bond will be reissued in the name of such survivor
alone, or in his name with another individual as coowner, or in his name payable on
death to a designated beneficiary.
"(c) On death of both coowners in conimon disaster. — If both coowners die in a
common disaster under such conditions that it cannot be established, either by
presumption of law or otherwise, which coowner died first, the bond will be con-
sidered as belonging to the estates of both coowners.
"(d) After the death of a surviving coowner. — If a surviving coowner who became
solely entitled to the bond under the provisions of subsection {b) of this section dies
without having submitted the bond for payment or reissue, the bond will be paid
or reissued as though it were registered in the name of such last deceased coowner
alone. In this case proof of the death of both coowners and of the order in which
they died will be required."
"Sec. 315.35. Reissue during the lifetime of a registered owner. — A bond regis-
tered in the name of one person payable on death to another may be reissued, on
the duly certified request of the registered owner, to name a beneficiary designated
on the bond as coowner subject to the same restrictions and conditions contained
in section 315.29 (a). A bond may also be reissued upon the duly certified request
of the registered owner, together with the duly certified consent of the designated
beneficiary, to eliminate such beneficiary or to substitute another person as bene-
ficiary, or to name another person as coowner. If the beneficiary should prede-
cease the registered owner, upon proof of such death and upon request of the regis-
tered owner the bond may be reissued in his name alone or in his name with another
individual as coowner, or in his name payable on death to a designated beneficiary.
Requests should preferably be made upon the forms provided for such purpose."
"Sec. 315.36. Payment or reissue to beneficiary. — If the registered owner dies
without having presented and surrendered the bond for paj'ment or authorized
reissue to a Federal Reserve Bank or the Treasury Department, and is survived by
the beneficiary, upon proof of such death and survivorship, the beneficiary will be
« Amended May 1, 1944, see p. 334.
REPORT OF THE SECRETARY OF THE TREASURY 333
recognized as the sole and absolute owner of the bond, and it will be paid only to
him at or before maturity, or (unless such beneiiciary be a nonresident alien, in
which case see section 315.3) may be reissued in his name alone, or otherwise re-
issued in accordance with subpart J as though it were registered in his name alone:
Provided, however, That if the bond with a properly executed request by the regis-
tered owner for payment or authorized reissue has actually been received by a
Federal Reserve Bank or the Treasury Department, payment of the bond, or
check if one has been issued, will be made to the estate of the deceased owner in
accordance with section 315.49."
"Sec. 315.37. Payment or reissue after death of the surviving beneficiary. — After
the death of a surviving beneficiary who became entitled under the provisions of
this subpart, the bond will be paid or (except in the case of a nonresident alien) re-
issued in accordance with subpart J as though it were registered in the name of the
surviving beneficiary alone. In this case proof of the death of both the registered
owner and the beneficiary and of the order in which they died will be required."
"Sec. 315.52. Determination of interest as between owner and coowner or bene-
ficiary.— Conflicting claims as to ownership of or interest in a savings bond, as be-
tween the registered owner and the coowner or the registered owner and a desig-
nated beneficiary may be determined by valid judicial proceedings, in which case
the bond upon surrender by the party requesting reissue may be reissued in the
names of the respective parties to the extent of their respective interests as deter-
mined by such proceedings, but only in authorized denominations. The Treasury
can accept no notices of pending judicial proceedings and cannot undertake to pro-
tect the interests of litigants who do not have possession of the bonds."
"Sec. 315.65. Correspondence, certificates, notices, and forms.— Correspon-
dence in regard to any transactions in United States savings bonds under the
provisions of these regulations, certificates of court and other certificates, as well as
notices of intention to redeem, and the like (which must be in writing), should be
addressed to a Federal Reserve Bank or to the Treasury Department, Bureau of
the Public Debt, Merchandise Mart, Chicago, 111. Notices or documents on file
with other bureaus of the Department will not be recognized. Appropriate forms
for use in connection with transactions may be procured from any Federal Reserve
Bank or from the Division of Loans and Currency."
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Third Amendment, October 27, 1943, to Department Circular No. 530,
Fifth Revision
Treasury Department,
Washington, October 27, 1943.
To Owners of United States Savings Bonds, and Others Concerned:
Section 315.5 (b) of Department Circular No. 530, Fifth Revision, dated June
1, 1942 (7 F. R. 5158), is hereby amended so that the last sentence thereof will
read:
"Registration maj^ not be made in the names of trustees under a statute,
regulation, agreement, or other instrument purporting to create a trust where
the funds used represent merely security for the performance of a duty or obli-
gation."
D. W. Bell,
Acting Secretary of the Treasury.
Fourth Amendment, January 1, 1944, to Department Circular No. 530,
Fifth Revision
Treasury Department,
Washington, January 1, 1944-
To Owners of United States Savings Bonds, and Others Concerned:
Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended,
is hereby further amended as follows:
1. Section 315.5 is amended by striking out the second sentence of the first
paragraph and inserting in lieu thereof the following:
"Bonds of these two series may also be registered in the names of fiduciaries,
corporations, associations or partnerships, except that they may not be registered
334 REPORT OF THE SECRETARY OF THE TREASURY
in the names of commercial banks, wlaich are defined for this purpose as those
accepting demand deposits: Provided, however, That bonds originally issued on
or after January 1, 1944, may be registered in the name of a commercial bank
having savings deposits to the extent and under the conditions set forth in section
315.9 (c) hereof." '
2. Section 315.5 (d) is amended to read as follows:
"In the name of any private organization, whether incorporated or unincor-
porated (except that bonds originally issued prior to January 1, 1944, may not
be registered in the name of a commercial bank as hereinbefore defined), using
in each case the full legal name of the organization without mention of any officer
or member but making reference, if desired, to a particular bookkeeping account
or fund (not a trust), as follows:
"(1) A private corporation, followed by the words 'a corporation,' for ex-
ample: 'Smith Manufacturing Company, a corporation';
" (2) An unincorporated association, lodge, church or society, or similar body,
followed by the words 'an unincorporated association,' for example: 'The Lotus
Club, an unincorporated association.' The term 'an unincorporated association'
should not be used to describe a trust fund, a partnership or a business conducted
under a trade name;
"(3) A partnership, considered as an entity, followed by the words 'a partner-
ship,' for example: 'Smith and Brown, a partnership.' "
3. Section 315.9 (c) is amended to read as follows:
"Series F and G— $50,000 (issue price) for the calendar year 1941, and $100,000
(issue price) for each calendar year thereafter, of either series or of the combined
aggregate of both: Provided, hoivever, That as to bonds of these series originally
issued on or after January 1, 1944, the amount held by a commercial bank having
savings deposits as defined in Regulation Q of the Board of Governors of the
Federal Reserve System shall not in any case exceed $100,000 (issue price) or ten
percent of such savings deposits as shown on the bank's books as of the date of
the most recent call statement required by the supervising authorities prior to
the date of acquisition of such savings bonds, whichever is less: And Provided
further, That the amount of savings bonds of Series F and G originally issued on
or after January 1, 1944, held by a commercial bank together with 2j4 percent
Treasury bonds of 1965-70, to be issued under Treasury Department Circular
No. 729, and 2}i percent Treasury bonds of 1956-59, to be issued under Treasury
Department Circular No. 730, shall not exceed in the aggregate $200,000 or ten
percent of the savings deposits of such bank as above defined, whichever is less." ^
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Fifth Amendment, Mat 1, 1944, to Department Circular No. 530, Fifth
Revision
Treasury Department,
Washington, May 1, 1944-
To Owners of United States Savings Bonds, and Others Concerned:
Section 315.32 of Department Circular No. 530, Fifth Revision, dated June 1,
1942, as amended by the Cumulative Amendment dated June 17, 1943, is hereby
further amended to read as follows:
"Sec. 315.32. Payment or reissue. — A savings bond registered in the names of
two persons as coowners in the form 'John A. Jones OR Mrs. Mary C. Jones'
will be paid or reissued as follows:
"(a) Payment during the lives of both coowners. — During the lives of both co-
owners the bond will be paid to either coowner upon his separate request without
requiring the signature of the other coowner; and upon payment to either co-
owner the other person shall cease to have any interest in the bond. The bond
will also be paid to both coowners upon their joint request, in which case payment
will be made by check drawn to the order of both coowners in the form 'John A.
Jones and Mrs. Mary C. Jones', and the check must be endorsed by both payees.
"(6) Reissue during the lives of both coowners. — If one of the coowners is un-
married at the time of issue of the bond and subsequently marries, the bond
may be reissued upon the request of both coowners to substitute the husband
and wife as coowners. Such reqviest should be on a form provided for that
purpose by any Federal Reserve Bank or branch or by the Treasury Department,
'Amended June, 12, 1944, see p. 335.
REPORT OF THE SECRETARY OF THE TREASURY 335
Division of Loans and Currency, Merchandise Mart, Chicago 54, 111. No other
reissue will be permitted in any form during the lives of both coowners except as
specifically provided in these regulations.
"(c) Payment or reissue after the death of one coowner. — If either coowner dies
without having presented and surrendered the bond for payment to a Federal
Reserve Bank or the Treasury Department, the surviving coowner will be recog-
nized as the sole and absolute owner of the bond, and payment will be made only
to him: Provided, however, That if a coowner dies after he has properly executed
the request for payment and after the bond has actually been received by a
Federal Reserve Bank or the Treasury Department, payment of the bond, or
check if one has been issued, will be made to his estate (see subpart P hereof).
Upon proof of the death of one coowner and appropriate request by the surviving
coowner (unless a nonresident alien, in which case see sec. 315.3) the bond will
be reissued in the name of such survivor alone, or in his name with another indi-
vidual as coowner, or in his name payable on death to a designated beneficiary.
"(d) Payment or reissue on death of both coowners in common disaster. — If both
coowners die in a common disaster under such conditions that it cannot be estab-
lished, either by presumption of law or otherwise, which coowner died first, the
bond will be considered as belonging to the estates of both coowners, and pay-
ment or reissue will be made accordingly.
"(e) Payment or reissue after the death of the surviving coowner. — If a surviving
coowner who became solely entitled to the bond under the provisions of sub-
section (c) of this section dies without having submitted the bond for payment
or reissue, the bond will be paid or reissued as though it were registered in the
name of such last deceased coow-ner alone. In this case proof of the death of both
coowners and of the order in which they died will be required."
D. W. Bell,
Acting Secretary of the Treasury.
Sixth Amendment, June 12, 1944, to Department Circular No. 530, Fifth
Revision
Treasury Department,
Washington, June 12, 1944-
To Owners of United States Savings Bonds, and Others Concerned:
Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended,
is hereby further amended as follows:
1. Section 315.5 is amended by striking out the second sentence of the first
paragraph and inserting in lieu thereof the following:
"Bonds of these two series may also be registered in the names of fiduciaries,
corporations, associations or partnerships, except that they ma> be registered in
the names of commercial banks, which are defined for this purpose as those accept-
ing demand deposits, only to the extent and under the conditions set forth in
section 315.9 (c) hereof."
2. Section 315.9 (c) is amended to read as follows:
"Series F and G — $50,000 (issue price) for the calendar year 1941, and $100,000
(issue price) for each calendar year thereafter, of either series or of the combined
aggregate of both : Provided, however, That as to bonds of these series originally
issued on or after January 1, 1944, the amount held by a commerrcal bank holding
savmgs deposits and issuing time certificates of deposit (as each is defined in
Regulation Q of the Board of Governors of the Federal Reserve System) shall not
in any case exceed $100,000 (issue price) or 20 percent of such tirne certificates of
deposit (but only those issued in the names of individuals and of corporations,
associations, and other organizations not operated for profit) and savings deposits
as shown on the bank's books as of the date of the most recent call statement
required by the supervising authorities prior to the date of acquisition of such
savings bonds, whichever is less; and Provided further, That the amount of savings
bonds of Series F and G originally issued on or after January 1, 1944, held by a
commercial bank together with 2}^ percent Treasury bonds of 1965-70, subscribed
for under Treasury Department Circulars Nos. 729 and 740, 2^ percent Treasury
bonds of 1956-59, subscribed for under Treasury Department Circular No. 730, and
2 percent Treasury bonds of 1952-54, subscribed for under Treasury Department
Circular No. 741, shall not exceed in the aggregate $400,000, or 20 percent of such
savings deposits and time certificates of deposit of such banks as above defined,
whichever is less."
D. W. Bell,
Acting Secretary of the Treasury.
336 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 29
Announcement July 27, 1943, of a reduction in the size of Series E war savings bonds
Treasury Department,
Washington, July 27, 1943.
Secretary Morgenthau announced today that in an effort to conserve labor,
paper and other materials, conclusion had been reached to reduce the size of the
United States war savings bonds — Series E, without change in the terms of the
bonds, or their designation.
The new size will be approximately 7% by 4}^ inches, or about that of the pres-
ent bond folded once from top to bottom.
Work Will proceed immediately, and it is confidently believed the new bonds
will be available in about two months, after which they will be issued in regular
course as stocks of the present bonds become exhausted.
A saving of about $1,750,000 a year in paper and production costs alone will be
realized on the basis of last year's sales of these bonds.
Treasury notes, tax series and savings series
Exhibit 30
Amendments to circulars governing the issue and redemption of Treasury notes,
tax series and savings series
First Amendment, October 4, 1943, to Department Circular No. 695,
Relative to the Presentation in Payment of Taxes of Treasury Tax
Savings Notes of Series A-1945
Treasury Department,
Washington, October 4, 1943.
1. Section IV-1 of Department Circular No. 695, dated September 12, 1942
(7 F. R. 7258), is hereby amended to read as follows:
"iv. presentation in payment of taxes '
"1. During and after the second calendar month after the inonth of purchase
(as shown by the issuing agent's dating stamp on each note) , during such time, and
under such rules and regulations as the Commissioner of Internal Revenue, with
the approval of the Secretary of the Treasury, shall prescribe, notes issued here-
under in the name of a taxpayer (individual, corporation, or other entity) may be
presented and surrendered, to the extent hereinafter set forth, by such taxpayer,
his agent, or his estate, to the Collector of Internal Revenue to whom the tax
return is made, and will be receivable by the Collector at par and accrued interest
from September 1942 to the month, inclusive (but no accrual beyond September
1945), in which presented in payment of any Federal income taxes (current and
back personal and corporation taxes, and excess-profits taxes), or any Federal
estate or gift taxes (current and back) , assessed against the original purchaser or
his estate. Notwithstanding the provisions of Department Circular No. 667, as
amended, and of Department Circular No. 674, the Collector will accept (a) notes
of Tax Series A-1945, or of Tax Series A-1943, or of Tax Series A-1944, or any
of them in combination without limitation as to amount, and {b) the amount of the
accrued interest thereon j on account of (but in no case in excess of) any one tax-
payer's liability for each class of taxes (income, estate, or gift) for each taxable
period. The notes must be forwarded to the Collector at the risk and expense of
the owner, and, for the owner's protection, should be forwarded by registered mail,
if not presented in person."
D. W. Bell,
Acting Secretary of the Treasury.
1 Amended, see p. 339.
REPORT OF THE SECRETARY OF THE TREASURY 337
Second Amendment, July 27, 1943, to Department Cikcular No. 696, Rela-
tive TO THE Redemption of Treasury Savings Notes of Series C and
Treasury Notes of Tax Series C
Treasury Department,
Washington, July 27, 1943.
1. Paragraph 1 (a) of Section V of Department Circular No. 696 (7 F. R. 7260),
as amended (8 F. R. 8684), is hereby further amended to read as follows:
"1. General. — (a) Any Treasury savings note of Series C not presented in
payment of taxes, will be paid at maturity, or, at the option and request of the
owner and without advance notice, will be redeemed before maturity, but the
notes may be redeemed before maturity only during and after the sixth calendar
month after the month of issue (as shown on the face of each note)."
2. This amendment shall apply to Treasury savings notes, Series C, and to
notes issued as Treasury notes of Tax Series C without regard to the date of issue
or to the designation of the notes.
Henry Morgenthau, Jr.,
Secretary of the Treasury.
First Revision, November 20, 1943, of Department Circular No. 696,
Relating to Treasury Savings Notes of Series C
Treasury Department,
Washington, November 20, 1943.
I. offering of notes
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, offers for sale to the people of the United States,
at par, an issue of notes of the United States, designated Treasury savings notes,
Series C, which notes, if inscribed in the name of a Federal taxpayer, will be receiv-
able as hereinafter provided at par and accrued interest in payment of Federal
income, estate and gift taxes.
2. The term Treasury savings notes. Series C, as used in this circular shall
include Treasury notes of Tax Series C, issued under this circular as originally
published and Treasury savings notes, Series C, issued under this circular as
originally published and amended.
3. The sale of the notes will continue until terminated by the Secretary of the
Treasury.
II. description of notes
1. General. — Treasury savings notes, Series C, will in each instance be dated
as of the first day of the month in which payment, at par, is received and credited
by an agent authorized to issue the notes. They will mature three years from that
date, and may not be called by the Secretary of the Treasury for redemption
before maturity. All notes issued during any one calendar year shall constitute
a separate series indicated by the letter "C" followed by the year of maturity.
At the time of issue the authorized issuing agent will inscribe on the face of each
note the name and address of the owner, will enter the date as of which the note
is issued and will imprint his dating stamp (with current date). The notes will
be issued in denominations of $100, $500, $1,000, .$5,000, $10,000, $100,000,
$500,000, and $1,000,000. Exchange of authorized denominations from higher
to lower, but not from lower to higher, may be arranged at the office of the agent
that issued the note.
2. Acceptance for taxes or cash redemption. — If inscribed in the name of an indi-
vidual, corporation, or other entity paying Federal estate, income or gift taxes,
the notes will be receivable, subject to the provisions of section IV of this circular,
at par and accrued interest, in payment of such Federal taxes assessed against
the owner or his estate. If not presented in payment of taxes, or if not inscribed
in the name of a Federal taxpayer, and subject to the provisions of section V of
this circular, the notes will be payable at maturity or, at the owner's option and
request, they will be redeemable before maturity, at par and accrued interest.
613185 — 45 23
338 REPORT OF THE SECRETARY OF THE TREASURY
3. Interest. — Interest on each $1,000 principal amount of savings notes, Series
C, will accrue each month from the month of issue, on a graduated scale, as
follows :
Each month
First to sixth months, inclusive $0. 50
Seventh to twelfth months, inclusive .80
Thirteenth to eighteenth months, inclusive . 90
Nineteenth to twenty-fourth months, inclusive 1. 00
Twenty-fifth to thirty -sixth months, inclusive 1. 10
The table appended to this circular shows for notes of each denomination, for
iach consecutive calendar month from month of issue to month of maturity,
(a) the amount of interest accrual, (6) the principal amount of the note with
accrued interest (cumulative) added, and (c) the approximate investment yields.
In no case shall interest accrue beyond the month in which the note is presented
in payment of taxes, or for redemption before maturity as provided in section V
of this circular, or beyond its maturity. Interest will be paid only with the
principal amount,
4. Forms of inscription. — Treasury savings notes. Series C, may be inscribed
i:i the name of an individual, corporation, unincorporated association or society,
or a fiduciary (including trustees under a duly established trust where the notes
would not be held as security for the performance of a duty or obligation), whether
or not the inscribed owner is subject to Federal taxation. They may also be
inscribed in the name of a tcwn, city, county or State or other governmental
body and in the name of a partnership, but notes in the name of a partnership
are not acceptable in payment of taxes, since a partnership is not a Federal tax-
paying entity. The notes will not be inscribed in the names of two or more per-
sons as joint owners or coowners; or in the name of a public officer, whether or
not named as trustee, where the notes would in effect be held as security.
5. Nontransferability. — The notes may not be transferred in ordinary course:
except that (1) if inscribed in the name of a married man they may be reissued in
the name of his wife, or if inscribed in the name of a married woman they may be
reissued in the name of her husband, upon request of the person in whose name the
notes are inscribed and the surrender of the notes to the agent that issued them;
(2) if inscribed in the name of a corporation owning more than 50 percent of the
stock, with voting power, of another corporation, the notes may be reissued in the
name of the subsidiary upon request of the corporation and surrender of the notes
to the agent that issued them; (3) upon the death or disability of an individual
inscribed owner or the dissolution, consolidation or merger of a corporation or
unincorporated association named as owner, reissue or payment may be made in
accordance with section VI hereof; and (4) payment but not reissue, may be made
as a result of legal proceedings as set forth in said section VI. The notes may not
be hypothecated and no attempted hypothecation or pledge as security will be
recognized by the Treasury Department: Provided, however, That the notes may be
pledged as collateral for loans from banking institutions and if title thereto is
acquired by a bank because of the failure of a loan to be paid, the notes will be
redeemed at par and accrued interest to the month in which acquired on sur-
render to the agent who issued them, accompanied by proof of the date of ac-
quisition and by request of the pledgee under power of attorney given by the
pledgor in whose name the notes are inscribed. The notes will not be transferred
to a pledgee. The notes will not be acceptable to secure deposits of public moneys.
6. Taxation. — Income derived from the notes shall be subject to all Federal
taxes, now or hereafter imposed. The notes shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
III. PURCHASE OF NOTES
1. Official agencies. — In addition to the Treasury Department, the Federal
Reserve Banks and their branches are hereby designated agencies for the issue
and redemption of Treasury savings notes. Series C. The Secretary of the Treas-
ury, from time to time, in his discretion, may designate other agencies for the
issue of the notes, or for accepting applications therefor, or for making payments
on account of the redemption thereof.
2. Applications and payment. — Applications will be received by the Federal
Reserve Banks and branches, and by the Treasurer of the United States, Wash-
ington, D. C. Banking institutions and security dealers generally may submit
REPORT OF THE SECRETARY OF THE TREASURY 339
applications for account of customers, but only the Federal Reserve Banks and
their branches and the Treasury Department are authorized to act as offi-
cial agencies. The use of an official application form is desirable but not neces-
sary. Appropriate forms may be obtained on application to any Federal
Reserve Bank or branch, or the Treasurer of the United States, Washington,
D. C. Every application must be accompanied by payment in full, at par. Any
form of exchange, including personal checks, will be accepted subject to collection,
and should be drawn to the order of the Federal Reserve Bank or of the Treasurer
of the United States, as payee, as the case may be. The date funds are made
available on collection of exchange will govern the issue date of the notes. Any
depositary, qualified pursuant to the provisions of Treasury Department Circular
No. 92, Revised, as amended, will be permitted to make payment by credit for
notes applied for on behalf of itself or its customers up to any amount for which it
shall be qualified in excess of existing deposits.
3. Reservations. — The Secretary of the Treasury reserves the right to reject any
application in whole or in part, and to refuse to issue or permit to be issued here-
under any notes in any case or in any class or classes of cases if he deems such
action to be in the public interest, and his action in any such respect shall be final.
If an application is rejected, in whole or in part, any payment received therefor
will be refunded.
4. Delivery of notes. — Upon acceptance of full-paid applications, notes will be
duly inscribed and, unless delivered in person, will be delivered, at the risk and
expense of the United States at the address given by the purchaser, by mail,
but only within the United States, its territories and insular possessions and the
Canal Zone. No deliveries elsewhere will be made.
IV. PRESENTATION IN PAYMENT iOF TAXES
1. During and after the second calendar month after the month of purchase
(as shown by the issue date on each note), during such time, and under such
rules and regulations as the Commissioner of Internal Revenue, with the approval
of the Secretary of the Treasury, shall prescribe, notes issued hereunder in the
name of a taxjaayer (individual, corporation, or other entity) may be presented
and surrendered by such taxpayer, his agent, or his estate, to the Collector of
Internal Revenue to whom the tax return is made, and will be receivable by the
Collector at par and accrued interest from the month of issue to the month, inclu-
sive (but no accrual beyond maturity), in which presented, in payment of any
Federal income taxes (current and back personal and corporation taxes, and excess-
profits taxes), or any Federal estate or gift taxes (current and back) assessed
against the inscribed owner or his estate. The notes must be forwarded to the
Collector at the risk and expense of the owner, and, for the owner's protection,
should be forwarded by registered mail, if not presented in person.
V. CASH REDEMPTION AT OR PRIOR TO MATURITY
1. General. — (a) Any Treasury savings note of Series C not presented in pay-
ment of taxes, will be paid at maturity, or, at the option and request of the owner
and without advance notice, will be redeemed before maturity, but the notes may
be redeemed before maturity only during and after the sixth calendar month after
the month of issue (as shown on the face of each note). (6) Payment at maturity
or on redemption before maturity will be made at par and accrued interest to the
month of payment, except, if a note is inscribed in the name of a bank that accepts
demand deposits, payment at maturity or on redemption before maturity will be
made only at the issue price, or par, of the note. However, if a note is acquired
by any such bank through forfeiture of a loan, payment will be made at the
redemption value for the month in which so acquired.
2. Execution of request for payment. — The owner in whose name the note is
inscribed must appear before one of the officers authorized by the Secretary of
the Treasury to witness and certify requests for payment, establish his identity,
and in the presence of such officer sign the request for payment appearing on the
back of the note, adding the address to which check is to be mailed. After the
request for payment has been so signed, the witnessing officer should complete and
sign the certificate provided for his use.
340 REPORT OF THE SECRETARY OF THE TREASURY
3. Officers authorized to witness and certify requests for payment. — All officers
authorized to witness and certify requests for payment of United States savings
bonds, as set forth in Treasury Department Circular No. 530, Fifth Revision, as
amended, are hereby authorized to witness and certify requests for cash redemp-
tion of Treasury notes issued under this circular. Such officers include, among
others, United States postmasters, certain other postoffice officials, officers of all
banks and trust companies incorporated in the United States or its organized
territories, including officers at branches thereof, and commissioned officers of
the Army, Navy, Marine Corps, and Coast Guard.
4. Presentation and surrender. — Notes bearing properly executed requests for
payment must be presented and surrendered to the agent that issued the notes
(as' shown by the agent's dating stamp), at the expense and risk of the owner.
For the owner's protection, notes should be forwarded by registered mail, if not
presented in person.
5. Partial redemption.— 'Partial cash redemption of a note, corresponding to an
authorized denomination, may be made in the same manner as for full cash redemp-
tion, appropriate changes being made in the request for payment. In case of
partial redemption of a note, the remainder will be reissued in the same name and
with the same date of issue as the note surrendered.
6. Payment.- — Payment of any note, either at maturity or on redemption before
maturity, will be made only by the Federal Reserve Bank or branch or the Treas-
ury Department, as the case may be, that issued the note, and will be made by
check drawn to the order of the owner, and mailed to the address given in his
request for p,ayment.
VI. PAYMENT OR REISSUE TO OTHER THAN INSCRIBED OWNER
1. Death or disability. — In case of the death or disability of an individual owner
and the notes are not to be presented in payment of taxes, payment will be made
to the duly constituted representative of his estate, or they may be reissued to one
or more of his heirs or legatees upon satisfactory proof of their right; but no reissue
will be made in two names jointly or as coowners.
2. Dissolution or merger of corporations, etc. — If a corporation or unincorporated
body, in whose names notes are inscribed, is dissolved, consolidated, merged or
otherwise changes its organization, the notes may be paid to, or reissued in the
name of those persons or organizations lawfully entitled to the assets of such cor-
poration or body by reason of such changes in organization.
3. Bankruptcy. — If an inscribed owner ot notes is declared bankrupt or insolvent,
payment, but not reissue, will be made to the duly qualified trustee, receiver or
similar representative if the notes are submitted with satisfactory proof of his
appointment and qualification.
4. Creditors' rights. — Payment, but not reissue, will be made as a result of
judicial proceedings in a court of competent jurisdiction, if the notes are submitted
with proper proof of such proceedings and their finality.
5. Instructions and information. — Before executing the request for payment or
submitting the notes under the provisions of this section, instructions should be
obtained from the issuing agent or from the Treasury Department, Division of
Loans and Currency, Washington 25, D. C.
VII. GENERAL PROVISIONS
1. Regulations. — Except as provided in this circular, the notes issued hereunder
will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing bonds and notes of the United States; the regula-
tions currently in force are contained in Department Circular No. 300, as amended.
2. Loss, theft or destruction. — In case of the loss, theft or destruction of a savings
note immediate notice (which should include a full description of the note) should
be given the agency which issued the note and instructions should be requested as
to the procedure necessary to secure a duplicate.
3. Fiscal agents. — Federal Reserve Banks and their branches, as fiscal agents of
the United States, are authorized to perform such- services or acts as may be appro-
priate and necessary under the provisions of this circular and under any instruc-
tions given by the Secretary of the Treasury.
4. Amendments. — The Secretary of the Treasury may at any time or from time
-to time supplement or amend the terms of this circular, or of any amendments or
supplements thereto, and may at any time or from time to time prescribe amenda-
tory rules and regulations governing the off"ering of the notes, information as to
which will promptly be furnished to the Federal Reserve Banks.
D. W. Bell,
Acting Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY 343
Miscellaneous
Exhibit 31
Portion of the act to increase the debt limit of the United States (Public Law 333,
approved June 9, 1944)
Be it enacted by the Senate and House of Representatives of the United States oj
America in Congress assembled, That this Act may be cited as the PubHc Debt Act
of 1944.
Sec. 2. That section 21 of the Second Liberty Bond Act, as amended, is further
amended to read as follows:
"Sec. 21. The face amount of obligations issued under the authority of this
Act shall not exceed in the aggregate $260,000,000,000 outstanding at any one
time."
Exhibit 32
Second amendment, September 15, 1943, to Department Circular No. 660, relating
to depositary bonds
Treasury Department,
Washington, September 15, 1943.
Department Circular No. 660, dated May 23, 1941, as amended July 28, 1942, is
hereby further amended as follows:
1. By deleting the first sentence of paragraph No. 3 of part II (Description of
Bonds), of the circula- and inserting in lieu thereof the following sentence:
"The bonds will be acceptable to secure deposits of Federal funds with, and the
faithful performance of duties by, depositaries and financial agents designated
under the provisions of section 5i53 of the Revised Statutes of 1873, as amended
(U. S. C, title 12, sec. 90); the act of May 7, 1928, 45 Stat. 492 (U. S. C, title 12,
sec. 332); the act of June 19, 1922, 42 Stat. 662 (U. S. C, title 31, sec. 473); and
section 10 of the act of June 11, 1942 (Pubhc No. 603, 77th Cong., ch. 404, 2d
sess.)."
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 33
Regulations, December 31, 1943, governing issue of and transactions in United States
excess profits tax refund bonds
[Der artment Circular No. 728. Public Debt]
Treasury Department,
Washington, December 31, 1943.
To Taxpayers Subject to the Excess Profits Tax, and to Others Concerned:
Section 250 of the Revenue Act of 1942 amended Subchapter E of Chapter 2 of
the Internal Revenue Code by adding thereto part III, consisting of sections 780
to 783, inclusive. Section 780 creates a credit of an amount equal to 10 percent
of the tax imposed under subchapter E for each taxable year, ending after De-
cember 31, 1941 (except in the case of a taxable year beginning in 1941 and end-
ing before July 1, 1942), and not beginning after the date of the cessation of
hostilities in the present war. It further provides for the issue by the Secretary
of the Treasury of bonds of the United States in an aggregate amount equal to
10 percent of the tax paid in respect of which a credit is provided.
Under the authority of section 782 of said part the following regulations are
prescribed with respect to bonds so authorized:
Sec. 320.1. Authority for issiie. — Bonds will be issued under the authority of
and subject to the provisions of the Second Liberty Bond Act, as amended, and
pursuant to sections 780 to 783, inclusive, of the Internal Revenue Code, as
amended.
Sec. 320.2. Designation. — The bonds will be designated as "Excess Profits Tax
Refund Bonds", and will be issued in series depending upon the calendar year,
the credit for which is used for the purchase of the bonds. Those purchased with
the credit for any taxable year beginning within the calendar years 1941 and 1942
344 REPORT OF THE SECRETARY OF THE TREASURY
will be designated as "First Series"; those purchased with the credit for any tax-
able year beginning within the calendar year 1943 will be designated "Second
Series"; those purchased with the credit for any taxable year beginning within
the calendar year 1944 will be designated "Third Series"; and those purchased
with the credit for any taxable year beginning after December 31, 1944, will be
designated "Fourth Series". Bonds of the First, Second, Third, and Fourth
Series will mature, respectively, on the last day of the second, third, fourth, and
fifth calendar years beginning after the cessation of hostilities in the present war,
determined as provided in section 780 (e) of the Internal Revenue Code, as
amended, but will be redeemable (at the option of the United States), after said
cessation of hostilities, in whole or in part upon three months' notice.
Sec. 320.3. Iss^ie of bonds. — The bonds will be issued following certification by
the Commissioner of Internal Revenue of the amount of bonds to which a tax-
payer is entitled, and will be issued only in registered form in the name so cer-
tified; each bond will be dated as of the da}^ the credit available for its purchase
is transferred to the Pubhc Debt account. If the amount of the credit is less
than $1,000, a single bond will be issued for the exact amount of the credit. If
the credit equals or exceeds $1,000, one bond will be issued for the highest pos-
sible multiple of $1,000, and an additional bend will be issued for any remaining
amount less than $1,000. In case of later deficiency assessments or determination
of overassessment, provisions will be made for adjustments of the amount of the
bonds.
Sec. 320.4. Terms of the bonds. — The bonds will bear no interest, will be non-
negotiable and may not be transferred by sale, exchange, assignment, pledge,
hypothecation or otherwise, on or before the date of said cessation of hostilities.
After such date the bonds will be fully negotiable and may be exchanged or trans-
ferred without restriction. Bonds issued hereunder are subject to estate, in-
heritance, gift or other excise taxes, whether Federal or State, but are exempt from
all taxation now or hereafter imposed on the principal thereof by any State or
any of the possessions of the United States, or by any local taxing authority; the
proceeds of the bonds upon redemption shall not be included in gross income
under the Internal Revenue Code.
Sec. 320.5. Future provision. — Provisions will hereafter be made for tlie reissue
of bonds in the names of successors of registered owners by reason of dissolution,
merger, or consolidation of corporations; bankruptcy or insolvency of a registered
owner, relief in the case of lost, stolen or destroyed bonds, and for the exchange
or transfer of bonds subsequent to the cessation of hostilities as provided in said
section 780.
Sec. 320.6. Address for communications. — All correspondence in connection
with the issue of bonds hereunder after certification by the Commis.sioner of
Internal Revenue, and as to further transactions therein, should be addressed to
the Treasury Department, Division of Loans and Currency, Washington, D. C.
Sec. 320.7. Amendments. — The Secretary of the Treasury reserves the right at
any time, or from time to time, to revoke or amend these regulations or to pre-
scribe and issue supplemental or amendatory rules and regulations governing
excess profits tax refund bonds.
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 34
Fourth supplement, April 29, 19U, to Department Circular No. SOO, prescribing
regulations governing United States bonds and notes
Treasurt Department,
Washington, April 29, 1944.
Paragraph 33 (a) of Treasurv Department Circular No. 300, dated July 31, 1923,
as supplemented by the First Supplement dated June 25, 1935 (31 C. F. R. 306), is
hereby amended to read as follows:
"33. Officers authorized to witness assignments. —
(a) In general. — The following officers are authorized to witness assignments of
United States registered bonds:
Judges and clerks of United States courts;
United States district attorneys;
REPORT OF THE SECRETARY OF THE TREASURY 345
United States collectors offcustoms;!
United States collectors of internal revenue;
Executive officers of Federal Reserve Banks located in Boston, New York,
Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minne-
apolis, Kansas City, Dallas, and San Francisco, and managers and assistant
managers of the branches thereof;
Executive officers of Federal land banks;
Executive officers of Federal home loan banks;
Executive officers of banks and trust companies incorporated in the United States,
or its organized territories, and managers of the branches thereof, domestic and
foreign;
Executive officers of incorporated banks and trust companies in the insular
possessions of the United States doing business under Federal charter or
organized under Federal law;
Commanding officers of the Armj^, Navy, Marine Corps, and Coast Guard of
the United States (only for members of their respective services) ;
Diplomatic and consular representatives of the United States on duty abroad,
and those officers of the Navy and Marine Corps of the United States who
have certain consular powers under the act approved April 25, 1935.
Certain officers of the United States Treasury at Washington."
D. W. Bell,
Acting Secretary of the Treasury.
SECURITIES GUARANTEED BY THE UNITED STATES
Exhibit 35
Partial redemption, before maturity, of SYi percent mutual mortgage insurance fund
debentures. Series B {tenth call)
[Department Circular No. 722. Public Debt]
Treasury Department,
Washington, September SO, 1943.
To Holders of 2yi Percent Mutual Mortgage Insurance Fund Debentures, Series B:
I. NOTICE OF TENTH CALL FOR PARTIAL REDEMPTION, BEFORE MATURITY, OF 2^
PERCENT MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, SERIES B
The Federal Housing Commissioner, with the approval of the Secretary of the
Treasury, has issued the following notice of call for partial redemption and offer
to purchase with respect to 2^^ percent mutual mortgage insurance fund deben-
tures. Series B;
"Pursuant to the authority conferred by the National Housing Act (48 Stat.
1246; U. S. C, title 12, sec. 1701 et seq.) as amended, public notice is hereby
given that 2% percent mutual mortgage insurance fund debentures, Series B, of
the denominations and serial numbers designated below, are hereby called for
redemption, at par and accrued interest, on January 1, 1944, on which date
interest on such debentures shall cease:
Serial nunbers
Denomination : (a^^ nuinbers inclusive)
$50 1,512 to 1,542
$100 5,555 to 5,709
$500 1,770 to 1,805
$1,000 6,758 to 6,917
$5,000 486 to 507
$10,000 50 to 55
"The debentures first issued, as determined by the serial numbers, were selected
for redemption by the Commissioner, Federal Housing Administration, with the
approval of the Secretary of the Treasury.
"No transfers or denominational exchanges in debentures covered by the fore-
going call will be made on the books maintained by the Treasury Department on
or after October 1, 1943. This does not affect the right of the holder of a deben-
ture to sell and assign the debenture on or after October 1, 1943, and provision
346 REPORT OF THE SECRETARY OF THE TREASURY
will be made for the payment of final interest due January 1, 1944, with the
principal thereof to the actual owner, as shown by the assignments thereon.
"The Commissioner of the Federal Housing Administration hereby offers to
purchase any debentures included in this call at any time from October 1 to
December 31, 1943, inclusive, at par and accrued interest, to date of purchase.
"Instructions for the presentation and surrender of debentures for redemption
on or after January 1, 1944, or for purchase prior to that date will be given by
the Secretary of the Treasury."
II. TRANSACTIONS IN TENTH-CALLED DEBENTURES
1. The debentures included in the foregoing notice of call for partial redemption
on January 1, 1944, are hereby designated tenth-called 2^4 percent mutual
mortgage insurance fund debentures, Series B, and are hereinafter referred to as
tenth-called debentures.
2. Transfers and denominational exchanges in tenth-called debentures will
terminate at the close of business on September 30, 1943.
III. REDEMPTION OR PURCHASE
1. Holders of tenth-called debentures will be entitled to have such debentures
redeemed and paid at par on January 1, 1944, with interest in full to that date,
at the rate of $13.75 per $1,000. Interest on tenth-called debentures will cease
on January 1, 1944.
2. Holders of tenth-called debentures have the privilege of presenting such
debentures at any time from October 1 to December 31, 1943, inclusive, for
purchase at par and accrued interest, at the rate of $0.074728 per $1,000 per day
from July 1, 1943, to date of purchase.
IV. RULES AND REGULATIONS GOVERNING REDEMPTION AND PURCHASE
1. The United States Treasury Department is the agent of the Federal Housing
Commissioner for the redemption and purchase of tenth-called debentures. In
accordance with regulations adopted by the Federal Housing Commissioner and
approved by the Secretary of the Treasury, the assignment, redemption, and
purchase of tenth-called debentures will be governed by the general regulations
of the Treasury Department with respect to United States bonds and notes, so
far as applicable, except as otherwise provided herein.
2. Tenth-called debentures presented for redemption on January 1, 1944, or
for purchase from October 1 to December 31, 1943, inclusive, must be assigned
by the registered payee or assignee thereof or by their duly constituted representa-
tives in the form indicated in paragraph 3 hereof, and sliould thereafter be pre-
sented and surrendered to any Federal Reserve Bank or to the Division of Loans
and Currency, Treasury Department, Washington 25, D. C, accompanied by
appropriate written advice. (Use Form PD 1894.) The debentures must be
delivered at the expense and risk of the holders. (See paragraph 8 of this section.)
In all cases checks in payment of principal and final interest will be mailed to
the address given in the form of advice accompanying the debentures when
surrendered.
3. If the registered payee or an assignee holding under proper assignment from
the registered payee desires that payment be made to him, the debentures should
be assigned by such payee or assignee or by a duly constituted representative
to "The Federal Housing Commissioner for redemption" or to "The Federal
Housing Commissioner for purchase," according to whether the debentures are
to be presented for redemption on January 1, 1944, or for purchase prior to that
date. If it is desired for any reason that payment be made to some other person
without intermediate assignment, the debentures should be assigned to "The
Federal Housing Commissioner for redemption (or purchase) for the account of
," inserting the name and address of the person to
whom payment is to be made.
4. An 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 debenture for redemption or purchase since, under such an assignment, the
debenture becomes in effect payable to bearer. Assignments in blank or assign-
ments having similar effect should be avoided, if possible, in order not to lose
the protection afforded by registration.
5. Final interest on any tenth-called debentures, whether purchased prior to or
redeemed on or after January 1, 1944, will be paid with the principal in accordance
with the assignments on the debentures surrendered.
REPORT OF THE SECRETARY OF THE TREASURY 347
6. All assignments must be made on the debentures themselves unless other-
wise directed by the Treasury Department. Detached assignments will be
recognized and accepted in any particular case in which the use of detached
assignments is specifically authorized by the Treasury Department. Any
assignment not made upon the debenture is considered a detached assignment.
7. A tenth-called debenture registered in the name of, or assigned to, a corpo-
ration, will be paid to such corporation on or after January 1, 1944, upon an
appropriate assignment for that purpose executed on behalf of the corporation by
a duly authorized officer thereof. An assignment so executed and duly attested
in accordance with Treasury Department regulations will ordinarily be accepted
without proof of the officer's authority. In all cases coming under this provision
payment will be made only by check drawn to the order of the corporation.
Proof of the authority of the officer assigning on behalf of a corporation will be
required, in accordance with the general regulations of the Treasury Department,
in the case of assignments for purchase prior to January 1, 1944, and in case of
assignments for redemption on or after January 1, 1944, for the account of any
person other than the corporation.
8. Debentures presented for redemption or purchase under this circular must
be delivered to a Federal Reserve Bank or to the Division of Loans and Currency,
Treasury Department, Washington 25, D. C, at the expense and risk of the holder.
Debentures bearing restricted assignments may be forwarded by registered mail,
but debentures bearing unrestricted assignments should be forwarded by regis-
tered mail insured or by express prepaid.
9. In order to facilitate the redemption of tenth-called debentures on January
1, 1944, any such debenture may be presented and surrendered in the manner
herein prescribed in advance of that date but not before December 1, 1943.
Such early presentation by holders will insure prompt payment of principal and
interest whenjdue.
V. GENERAL PROVISIONS
1. Any further information which may be desired regarding the redemption of
tenth-called debentures under this circular may be obtained from any Federal
Reserve Bank or from the Division of Loans and Currency, Treasury Department,
Washington 25, D. C, where copies of the Treasury Department's regulations
governing assignments maj^ be obtained.
2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental
and amendatory rules and regulations governing the matters covered by this
circular, which will be communicated promptly to the registered owners of
tenth-called debentures.
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 36
Partial redeniption, before maturity, of 2% percent mutual mortgage insurance fund
debentures, Series JB {eleventh call)
[Department Circular No. 738. Public Debt]
Treasury Department,
Washington, March 30, 1944.
To Holders of 2% Percent Mutual Mortgage Insurance Fund Debentures, Series B:
I. NOTICE OF eleventh CALL FOR PARTIAL REDEMPTION, BEFORE MATURITY, OF
2?4 PERCENT MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, SERIES B
The Federp.l Housing Commissioner, with the approval of the Secretary of the
Trep.sury, has issued the following notice of call for partial redemption and offer
to purchp.se with respect to 2% percent mutual mortgage insurance fund deben-
tures, Se^'ies B:
"Pursuant to the authority conferred by the National Housing Act (48 Stat.
1246; U. S. C, title 12, sec. 1701 et seq.) as amended, public notice is hereby
given that 2% percent mutual mortgage insurance fund debentures, Series B, of
the denominations and serial numbers designated below, are hereby called for
348 REPORT OF THE SECRETARY OF THE TREASURY
redemption, at par and accrued interest, on July 1, 1944, on which date interest
on such debentures shall cease: „ . ,
Serial numbers
Denomination : («" numbers inclusive)
$50 1, 543 to 1,555
$100 5, 710 to 5,765
$500 1,806 to 1, 823
$1,000 6, 918 to 7,007
$5,000 508to 514
"The debentures first issued, as determined by the serial numbers, were
selected for redemption by the Commissioner, Federal Housing Administration,
with the approval of the Secretary of the Treasury.
"No transfers or denominational exchanges in debentures covered by the fore-
going call will be made on the books maintained by the Treasury Department
on or after April 1, 1944. This does not affect the right of the holder of a deben-
ture to sell and assign the debenture on or after April 1, 1944, and provision will
be made for the payment of final mterest due July 1, 1944, with the piincipal
thereof to the actual owner, as shown by the assignments thereon.
"The Commissioner of the Federal Housing Administration hereby offers to
purchase any debentures included in this call at any time from April 1, 1944, to
June 30, 1944, inclusive, at par and accrued interest, to date of purchase.
"Instructions for the presentation and surrender of debentures for redemption
on or after July 1, 1944, or for purchase prior to that date will be given bj^ the
Secretary of the Treasury."
II. TRANSACTIONS IN ELEVENTH-CALLED DEBENTURES
1. The debentures included in the foregoing notice of call for partial redemp-
tion on July 1, 1944, are hereby designated eleventh-called 2% percent mutual
mortgage insurance fund debentures. Series B, and are hereinafter referred to as
eleventh-called debentures.
2. Transfers and denominational exchanges in eleventh-called debentures will
terminate at the close of business on March 31, 1944.
III. REDEMPTION OR PURCHASE
1. Holders of eleventh-called debentures will be entitled to have such deben-
tures redeemed and paid at par on July 1, 1944, with interest in full to that date,
at the rate of $13.75 per $1,000. Interest on eleventh-called debentures will
cease on July 1, 1944.
2. Holders of eleventh-called debentures have the privilege of presenting such
debentures at any time from April 1 to June 30, 1944, inclusive, for purchase at
par and accrued interest, at the rate of $0.075549 per $1,000 per day from January
1, 1944, to date of purchase.
IV. RULES AND REGULATIONS GOVERNING REDEMPTION AND PURCHASE
1. The United States Treasury Department is the agent of the Federal Housing
Commissioner for the redemption and purchase of eleventh-called debentures.
In accordance with regulations adopted by the Federal Housing Commissioner
and approved by the Secretary of the Treasury, the assignment, redemption, and
purchase of eleventh-called debentures will be governed by the general regula-
tions of the Treasury Department with respect to United States bonds and notes,
so far as applicable, except as otherwise provided herein.
2. Eleventh-called debentures presented for redemption on July 1, 1944, or
for purchase from April 1 to June 30, 1944, inclusive, must be assigned by the
registered payee or assignee thereof or by their duly constituted representatives
in the form indicated in paragraph 3 hereof, and should thereafter be presented
and surrendered to any Federal Reserve Bank or to the Division of Loans and
Currency, Treasury Department, Washington 25, D. C, accompanied by appro-
priate written advice. (Use Form PD 1920.) The debentures must be delivered
at the expense and risk of the holders. (See par. 8 of this section.) In all cases
checks in payment of principal and final interest will be mailed to the address
given in the form of advice accompanying the debentures when surrendered.
3. If the registered payee or an assignee holding under proper assignment from
the registered payee desires that payment be made to him, the debentures should
REPORT OF THE SECRETARY OF THE TREASURY 349
be assigned by such payee or assignee or by a duly constituted representative to
"The Federal Housing Commissioner for redemption" or to "The Federal Hous-
ing Commissioner for purchase," according to whether the debentures are to be
presented for redemption on July 1, 1944, or for purchase prior to that date. If
it is desired for any reason that payment be made to some other person without
intermediate assignment, the debentures should be assigned to "The Federal
Housing Commissioner for redemption (or purchase) for the account of
," inserting the name and address of the person to whom
payment is to be made.
4. An 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 debenture for redemption or purchase since, under such an assignment, the
debenture becomes in effect payable to bearer. Assignments in blank or assign-
ments having similar effect should be avoided, if possible, in older not to lose
the protection afforded by registration.
5. Final interest on any eleventh-called debentures, whether purchased prior to
or redeemed on or after July 1, 1944, will be paid with the principal in accordance
with the assignments on the debentures surrendered.
6. All assignments must be made on the debentures themselves unless other-
wise directed by the Treasury Department. Detached assignments will be recog-
nized and accepted in any particular case in which the use of detached assignments
is specifically authorized by the Treasury Department. Any assignment not
made upon the debenture is considered a detached assignment.
7. An eleventh-called debenture registered in the name of, or assigned to, a
corporation, will be paid to such corporation on or after July 1, 1944, upon an
appropriate assignment for that purpose executed on behalf of the corporation
by a duly authorized ofhcer thereof. An assignment so executed and duly
attested in accordance with Treasury Department regulations will ordinarily be
accepted without proof of the officer's authority. In all cases coming under this
provision payment will be made only by check drawn to the order of the corpora-
tion. Proof of the authority of the officer assigning on behalf of a corporation
will be required, in accordance with the general regulations of the Treasury
Department, in the case of assignments for purchase prior to July 1, 1944, and in
case of assignments for redemption on or after July 1, 1944, for the account of
any person other than the corporation.
8. Debentures presented for redemption or purchase under this circular must
be delivered to a Federal Reserve Bank or to the Division of Loans and Currency,
Treasury Department, Washington 25, D. C, at the expense and risk of the holder.
Debentures bearing restricted assignments may be forwarded by registered mail,
but debentures bearing unrestricted assignments should be forwarded by registered
mail insured or by express prepaid.
9. In order to facilitate the redemption of eleventh-called debentures on
July 1, 1944, any such debenture may be presented and surrendered in the manner
herein prescribed in advance of that date but not before June 1, 1944. Such
early presentation by holders will insure prompt payment of principal and interest
when due.
V, GENERAL PROVISIONS
1. Any further information which may be desired regarding the redemption of
eleventh-called debentures under this circular may be obtained from any Federal
Reserve Bank or from the Division of Loans and Currency, Treasury Depart-
ment, Washington 25, D. C, where copies of the Treasury Department's regula-
tions governing assignments may be obtained.
2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental
and amendatory rules and regulations governing the matters covered by this
circular, which will be communicated promptly to the registered owners of
eleventh-called debentures.
D. W. Bell,
Acting Secretary of the Treasury.
350 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 37
Partial redemption, before maturity, of sy^ percent mvtual mortgage insurance fund
debentures. Series E (first call)
[Department Circular No. 723. Public Debt]
Treasury Department,
Washington, September 30, 1943.
To Holders of 2%, Percent Mutual Mortgage Insurance Fund Debentures, Series E:
I. NOTICE OP CALL FOR PARTIAL REDEMPTION, BEFORE MATURITY, OF 2H PERCENT
MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, SERIES E
The Federal Housing Commissioner, with the approval of the Secretar}' of the
Treasury, has issued the following notice of call for partial redemption and offer
to purchase with respect to 2% percent mutual mortgage insurance fund deben-
tures. Series E:
"Pursuant to the authority conferred by the National Housing Act (48 Stat.
1246; U. S. C, title 12, sec. 1701 et seq.) as amended, public notice is hereby given
that 2^^ percent mutual mortgage insurance fund debentures, Series E, of the
denominations and serial numbers designated below, are hereby called for re-
demption, at par and accrued interest, on January 1, 1944, on which date interest
on such debentures shall cease:
. , • Serial numbers
Denommations : {all numbers inclusive)
$50 1 to 15
$100 1 to 66
$500 1 to 16
$1,000 1 to 78
$5,000 1 to 4
$10,000 1
"The debentures first issued, as determined by the serial numbers, were selected
for redemption by the Commissioner, Federal Housing Administration, with the
approval of the Secretary of the Treasury.
"No transfers or denominational exchanges in debentures covered by the fore-
going call will be made on the books maintained by the Treasury Department on
or after October 1, 1943. This does not affect the right of the holder of a deben-
ture to sell and assign the debenture on or after October 1, 1943, and provision
will be made for the payment of final interest due January 1, 1944, with the
principal thereof to the actual owner, as shown by the assignments thereon.
"The Commissioner of the Federal Housing Administration hereby offers to
purchase any debentures included in this call at any time from October 1 to De-
cember 31, 1943, inclusive, at par and accrued interest, to date of purchase.
"Instructions for the presentation and surrender of debentures for redemption on
or after January 1, 1944, or for purchase prior to that date wall be given by the
Secretary of the Treasury."
II. TRANSACTIONS IN CALLED DEBENTURES
1. The debentures included in the foregoing notice of call for partial redemption
on January 1, 1944, are hereby designated called 2?i percent mutual mortgage
insurance fund debentures. Series E, and are hereinafter referred to as called
debentures.
2. Transfers and denominational exchanges in called debentures will terminate
at the close of business on September 30, 1943.
III. REDEMPTION OR PURCHASE
1. Holders of called debentures will be entitled to have such debentures re-
deemed and paid at par on January 1, 1944, with interest in full to that date,
at the rate of $13.75 per $1,000. Interest on called debentures will cease on
January 1, 1944.
2. Holders of called debentures have the privilege of yiresenting such debentures
at any time from October 1 to December 31, 1943, inclusive, for purchase at par
and accrued interest, at the rate of $0.074728 per ipl,000 per day from July 1,
1943, to date of purchase.
REPORT OF THE SECRETARY OF THE TREASURY 351
IV. RULES AND REGULATIONS GOVERNING REDEMPTION AND PURCHASE
1. The United States Treasury Department is the agent of the Federal Housing
Commissioner for the redemption and purchase of called debentures. In accord-
ance with regulations adopted by the Federal Housing Commissioner and approved
by the Secretary of the Treasury, the assignment, redemption, and purchase of
called debentures will be governed by the general regulations of the Treasury
Department with respect to United States bonds and notes, so far as applicable,
except as otherwise provided herein.
2. Called debentures presented for redemption on January 1, 1944, or for
purchase from October 1 to December 31, 1943, inclusive, must be assigned by
the registered payee or assignee thereof or by their duly constituted representatives
in the form indicated in paragraph 3 hereof, and should thereafter be presented
and surrendered to any Federal Reserve Bank or to the Division of Loans and
Currency, Treasury Department, Washington 25, D. C, accompanied by appro-
priate written advice. (Use Form PD 1895.) The debentures must be delivered
at the expense and risk of the holders. (See par. 8 of this section.) In all cases
checks in payment of principal and final interest will be mailed to the address
given in the form of advice accompanjing the debentures when surrendered.
3. If the registered payee or an assignee holding under proper assignment from
the registered payee desires that payment be made to him, the debentures should
be assigned by such payee or assignee or by a duly constituted representative to
"The Federal Housing Commissioner for redemption" or to "The Federal Housing
Commissioner for purchase," according to whether the debentures are to be
presented for redemption on January 1, 1944, or for purchase prior to that date.
If it is desired for any reason that payment be made to some other person without
intermediate assignment, the debentures should be assigned to "The Federal
H ousing Commissioner for redemption (or purchase) for the account of
," inserting the name and address of the person to whom payment
is to be made.
4. An 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 debenture for redemption or purchase since, under such an assignment, the
debenture becomes in effect payable to bearer. Assignments in blank or assign-
ments having similar effect should be avoided, if possible, in order not to lose the
protection afforded by registration.
5. Final interest on any called debentures, whether purchased prior to or
redeemed on or after January 1, 1944, will be paid with the principal in accord-
ance with the assignments on the debentures surrendered.
6. All assignments must be made on the debentures themselves unless other-
wise directed by the Treasury Department. Detached assignments will be
recognized and accented in any particular case in which the use of detached
assignments is specifically authorized by the Treasury Department. Any
assignment not made upon the debenture is considered a detached assignment.
7. A called debenture registered in the name of, or assigned to, a corporation,
will be paid to sucn corporation on or after January 1, 1944, upon an appropriate
assignment for that purpose executed on behalf of the corporation by a duly
authorized officer thereof. An assignment so executed and duly attested in
accordance with Treasury Department regulations will ordinarily be accepted
without proof of tne officer's authority. In all cases coming under this provision
payment will be made only by check drawn to the order of the corporation.
Proof of the authority of the officer assigning on behalf of a corporation will be
required, in accordance with the general regulations of the Treasury Department,
in the case of assignments for purchase prior to Januar}' 1, 1944, and in case of
assignments for redemption on or after Januarj 1, 1944, for the account of any
person other than the corporation.
8. Debentures presented for redemption or purchase under this circular must
be delivered to a Federal Reserve Bank or to the Division of Loans and Currency,
Treasury Department, Washington 25, D. C, at the expense and risk of the
holder. Debentures bearing restricted assignments may be forwarded by regis-
tered mail, but debentures bearing unrestricted assignments should be forwarded
by registered mail insured or by express prepaid.
9. in order to facilitate the redemption of called debentures on January 1, 1944,
any such debenture may be presented and surrendered in the manner herein
prescribed in advance of that date but not before December 1, 1943. Such
early presentation by holders will insure prompt payment of principal and interest
when due.
352 REPORT OF THE SECRETARY OF THE TREASURY
V. GENERAL PROVISIONS
1. Any further information which may be desired regarding the redemption of
called debentures under this circular may be obtained from any Federal Reserve
Bank or from the Division of Loans and Currency, Treasury Department, Wash-
ington 25, D. C, where copies of the Treasury Department's regulations governing
assignments may be obtained.
2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental
and amendatory rules and regulations governing the matters covered by this
circular, which will be communicated promptly to the registered owners of called
debentures.
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 38
Partial redemption, before maturity, of £% percent mutual mortgage insurance fund
debentures. Series E {second call)
[Department Circular No. 739. Public Debt]
Treasury Department,
Washington, March SO, 1944.
To Holders of ^% Percent Mutual Mortgage Insurance Fund Debentures, Series E:
I. NOTICE OF SECOND CALL FOR PARTIAL REDEMPTION, BEFORE MATURITY, OF 2%
PERCENT MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, SERIES E
The Federal Housing Commissioner, with the approval of the Secretary of the
Treasury, has issued the following notice of call for partial redemption and offer
to purchase with respect to 2% percent mutual mortgage insurance fund deben-
tures, Series E:
"Pursuant to the authority conferred by the National Housing Act (48 Stat.
1246; U. S. C, title 12, sec. 1701 et seq.) as amended, public notice is hereby
given that 2% percent mutual mortgage insurance fund debentures, Series E, of
the denominations and serial numbers designated below, are hereby called for
redemption, at par and accrued interest, on July 1, 1944, on which date interest
on such debentures shall cease:
Serial numbers
(,all numbers
Denomination: inclusive)
$50 - 16 to 21
$100 67 to 83
$500 1 7 to 20
$1,000 79 to 96
$5,000 5
"The debentures first issued, as determined by the serial numbers, were selected
for redemption by the Commissioner, Federal Housing Administration, with the
approval of the Secretary of the Treasury.
"No transfers or denominational exchanges in debentures covered by the fore-
going call will be made on the books maintained by the Treasury Department on
or after April 1, 1944. This does not affect the right of the holder of a debenture
to sell and assign the debenture on or after April 1, 1944, and provision will be
made for the payment of final interest due July 1, 1944, with the principal thereof
to the actual owner, as shown by the assignments thereon.
"The Commissioner of the Federal Housing Administration hereby offers to
purchase any debentures included in this call at any time from April 1, 1944, to
June 30, 1944, inclusive, at par and accrued interest, to date of purchase.
"Instructions for the presentation and surrender of debentures for redemption
on or after July 1, 1944, or for purchase prior to that date will be given by the
Secretary of the Treasury."
REPORT OF THE SECRETARY OF THE TREASURY 353
II. TRANSACTIONS IN SECOND-CALLED DEBENTURES
1. The debentures included in the foregoing notice of call for partial redemption
on July 1, 1944, are hereby designated second-called 2^4 percent mutual mortgage
insurance fund debentures, Series E, and are hereinafter referred to as second-
called debentures.
2. Transfers and denominational exchanges in second-called debentures will
terminate at the close of business on March 31, 1944.
III. REDEMPTION OR PURCHASE
1. Holders of second-called debentures will be entitled to have such debentures
redeemed and paid at par on July 1, 1944, with interest in full to that date, at
the rate of $13.75 per $1,000. Interest on second-called debentures will cease on
July 1, 1944.
2. Holders of second-called debentures have the privilege of presenting such
debentures at any time from April 1 to June 30, 1944, inclusive, for purchase at
par and accrued interest, at the rate of $0.075549 per $1,000 per day from January
1, 1944, to date of purchase.
IV. RULES AND REGULATIONS GOVERNING REDEMPTION AND PURCHASE
1. The United States Treasury Department is the agent of the Federal Hous-
ing Commissioner for the redemption and purchase of second-called debentures.
In accordance with regulations adopted by the Federal Housing Commissioner
and approved by the Secretary of the Treasury, the assignment, redemption, and
purchase of second-called debentures will be governed by the general regulations
of the Treasury Department with respect to United States bonds and notes, so
far as applicable, except as otherwise provided herein.
2. Second-called debentures presented for redemption on July 1, 1944, or for
purchase from April 1 to June 30, 1944, inclusive, must be assigned by the regis-
tered payee or assignee thereof or by their duly constituted representatives in the
form indicated in paragraph 3 hereof, and should thereafter be presented and sur-
rendered to any Federal Reserve Bank or to the Division of Loans and Currency,
Treasury Department, Washington 25, D. C, accompanied by appropriate written
advice. (Use Form PD 1921.) The debentures must be delivered at the expense
and risk of the holders. (See par. 8 of this section.) In all cases checks in pay-
ment of principal and final interest will be mailed to the address given in the form
of advice accompanying the debentures when surrendered.
3. If the registered payee or an assignee holding under proper assignment from
the registered payee desires that payment be made to him, the debentures should
be assigned by such payee or assignee or by a duly constituted representative to
"The Federal Housing Commissioner for redemption" or to "The Federal Housing
Commissioner for purchase," according to whether the debentures are to be pre-
sented for redemption on July 1, 1944, or for purchase prior to that date. If it is
desired for any reason that payment be made to some other person without inter-
mediate assignment, the debentures should be assigned to "The Federal Housing
Commissioner for redemption (or purchase) for the account of
," inserting the name and address of the person to whom payment
is to be made.
4. An 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 debenture for redemption or purchase since, under such an assignment, the
debenture becomes in effect payable to bearer. Assignments in blank or assign-
ments having similar effect should be avoided, if possible, in order not to lose the
protection afforded by registration.
5. Final interest on any second-called debentures, whether purchased prior to
or redeemed on or after July 1, 1944, will be paid with the principal in accordance
with the assignments on the debentures surrendered.
6. All assignments must be made on the debentures themselves unless otherwise
directed by the Treasury Department. Detached assignments will be recognized
and accepted in any particular case in which the use of detached assignments is
specifically authorized by the Treasury Department. Any assignment not made
upon the debenture is considered a detached assignment,
7. A second-called debenture registered in the name of, or assigned to, a cor-
poration, will be paid to such corporation on or after July 1, 1944, upon an appro-
priate assignment for that purpose executed on behalf of the corporation by a duly
authorized officer thereof. An assignment so executed and duly attested in
613185—45 24
354 REPORT OF THE SECRETARY OF THE TREASURY
accordance with Treasury Department regulations will ordinarily be accepted
without proof of the officer's authority. In all cases coming under this provision
payment will be made only by check drawn to the order of the corporation. Proof
of the authority of the officer assigning on behalf of a corporation will be required,
in accordance with the general regulations of the Treasury Department, in the
case of assignments for purchase prior to July 1, 1944, and in case of assignments
for redemption on or after July 1, 1944, for the account of any person other than
the corporation.
8. Debentures presented for redemption or purchase under this circular must
be delivered to a Federal Reserve Bank or to the Division of Loans and Currency,
Treasury Department, Washington 25, D. C, at the expense and risk of the
holder. ' Debentures bearing restricted assignments may be forwarded by regis-
tered mail, but debentures bearing unrestricted assignments should be forwarded
by registered mail insured or by express prepaid.
9. In order to facilitate the "redemption of second-called debentures on July 1,
1944, any such debenture may be presented and surrendered in the manner
herein prescribed in advance of that date but not before June 1, 1944. Such early
presentation by holders will insure prompt payment of principal and interest
when due.
V. GENERAL PROVISIONS
1. Any further information which may be desired regarding the redemption of
second-called debentures under this circular may be obtained from any Federal
Reserve Bank or from the Division of Loans and Currency, Treasury Depart-
ment, Washington 25, D. C, where copies of the Treasury Department's regula-
tions governing assignments may be obtained.
2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental
and amendatory rules and regulations governing the matters covered by this
circular, which will be communicated promptly to the registered owners of second-
called debentures.
D. W. Bell,
Acting Secretary of the Treasury.
MONETARY DEVELOPMENTS
Exhibit 39
Revised draft, dated July 10, 19J,S, of the Treasury's tentative proposal for an inter-
national stabilization fund of the United and Associated Nations
Press Release, August 20, 1943, Relative to the Revised Draft of the
Treasury's Tentative Proposal for an International Stabilization
Fund
Secretary Morgenthau made public today a revised draft of the Treasury's
tentative proposal for an international stabilization fund of the United and
Associated Nations.
The revised draft was prepared by technical experts of the Treasury in coop-
eration with experts of other departments. The revision followed exploratory
discussions that have been going on for more than two months between the mone-
tary experts of this Government and the monetary experts of nearly thirty coun-
tries. While suggestions of representatives of other countries have been included
in the revised draft, Secretary Morgenthau pointed out that it does not necessarily
reflect the views of the experts of any other countries.
The exploratory technical discussions in Washington have been held in re-
sponse to an invitation Secretary Morgenthau sent late last March to the finance
ministers of the United Nations, enclosing for their examination a preliminary
draft of the Treasury's tentative proposal. The finance ministers were requested
to submit the draft for study by their technical experts and to send their experts
to Washington to discuss the feasibility of international monetary cooperation
along the suggested lines.
Secretary Morgenthau said the exploratory discussions have been extremely
helpful in clarifying the views widely held by the experts of the United Nations.
"I believe the technical experts are unanimous in their view that international
monetary cooperation is essential if we are to avoid the collapse of some monetary
REPORT OF THE SECRETARY OF THE TREASURY 355
systeirs, to prevent the disruption of foreign exchanges and to facihtate the
restoration and balanced growth of international trade," he said.
There will be further discussions with the representatives of other countries
who are expected to arrive during the month, Secretary Morgenthau said. He
said that no conference would be called until he had had an opportunity to con-
sult with the congressional committees.
"This revised draft," he said, "is in every sense still a preliminary document.
It has not received the official approval either of the Treasury or of this Govern-
ment."
Secretary Morgenthau pointed out that he is keeping the appropriate commit-
tees of the Senate and the House fully informed of the discussions. On April 5
and 6, 1943, Mr. Morgenthau appeared before three committees of the Senate and
three committees of the House to explain the proposal for an international sta-
bilization fund. Mr. Morgenthau said he intended to appear before the appro-
priate committees of the Senate and the House soon after Congress convenes to
consult with them further on the proposal.
"Treasury officials," Mr. Morgenthau said, "are arranging discussions with
representative public groups to explain what we are doing, and to get their sug-
gestions. There will be a conference of officers and directors of several Federal
Reserve Banks in Chicago next week at which proposals for post-war stabilization
of currency will be fully discussed."
The Secretary indicated that similar conferences will be held with other Federal
Reserve Banks.
Within the next few weeks Treasury officials will hold conferences with the
Advisory Council of the American Bankers Association, the New York City banks,
and other representative banking groups. Arrangements are also being made for
meetings with members of the Foreign Trade Council and other organizations
representing businessmen engaged in foreign trade.
Secretary Morgenthau said the Treasury had received a large number of letters
regarding the proposal, many of them embodying interesting suggestions." All of
these letters are being carefully considered.
Preliminary Draft Outline of a Proposal for an International
Stabilization Fund, Revised July 10, 1943
foreword by secretary of the treasury morgenthau
When the United Nations have brought this war to a successful conclusion, they
will be faced with many urgent international economic and financial problems.
Some of these are new problems arising directly from this war; others are contin-
uing consequences of failure to solve the problems that have been with us since the
last war. The solution of these problems is essential to the development of a sound
economic foundation for world peace and prosperity.
All of the important international economic and financial problems are closely
interrelated. Monetary stabilization, commercial policy, the provision of long-
term international credit, promotion of stability in the prices of primary products,
and arrangements for relief and rehabilitation are problems that join at innumer-
able points. Nevertheless, because of their complexity, they must be taken up
separately, although each in turn must be integrated with the rest.
It is generally recognized that monetary stability and protection against dis-
criminatory currency practices are essential bases for the revival of international
commerce and finance. For this reason, an appropriate starting point might well
be the consideration of post-war international monetary problems. Success in
dealing with international monetary problems in the post-war period will contrib-
ute toward final solution of the other international financial and economic
problems. Despite the technical difficulties involved, the common interest which
all countries have in the solution of post-war tnonetary problems provides a basis
for agreement.
It is still too soon to know the precise form and magnitude of post-war mone-
tary problems. But it is certain that we shall be confronted with three inseparable
monetary tasks: to prevent the disruption of foreign exchanges, to avoid the col-
lapse of monetary systems, and to facilitate the restoration and balanced growth
of international trade. Clearly, such formidable problems can be successfully
handled only through international action.
The creation of instrumentalities adequate to deal with the inevitable post-war
monetary problems should not be postponed until the end of hostilities. It
would be ill-advised, if not dangerous, to leave ourselves unprepared at the end
356 REPORT OF THE SECRETARY OF THE TREASURY
of the war for the difficult task of international monetary cooperation. Specific
and practical proposals must be formulated by the experts and must be carefully
considered by the policy-shaping officials of the various countries. In each
country acceptance of a definitive plan can follow only upon legislative or execu-
tive action. And even when a plan is finally adopted, much time will be consumed
in preparation before an international institution for monetary cooperation can
begin effective work.
There is another important reason for initiating now concrete discussions of
specific proposals. A plan for international monetary cooperation can be a
factor in winning the war. It has been suggested, and with much cogency, that
the task of assuring the defeat of the Axis powers would be made easier if the
victims of aggression could have greater assurance that a victory of the United
Nations will not mean in the economic sphere a repetition of the exchange insta-
bility and monetary collapse that followed the last m ar. The people in all of the
United Nations must be given some assurance that there will not again be two
decades of post-war economic disruption. The people must know that we at
last recognize the fundamental truth that the prosperity of each country is closely
linked to the prosperity of other countries.
One of the appropriate agencies to deal with international economic and
monetary problems would be an international stabilization fund with resources
and powers adequate to the task of helping to achieve monetary stability and of
facilitating the restoration and balanced growth of international trade. A
proposal along these lines was drafted by American technical experts and made
public on April 7, 1943. There have been informal discussions on this draft in
which nearly thirty countries have participated. These discussions have shown
that all countries think joint action in this field is necessary for the reconstruction
of the world economy.
It is recognized that an international stabilization fund is only one of the
instrumentalities which may be needed in the field of international economic
cooperation. Other agencies may be needed to provide long-term international
credit for post-war reconstruction and development, to provide funds for rehabili-
tation and relief, and to promote stability in the prices of primary international
commodities. There is a strong inclination on the part of some to entrust to a
single agency the responsibility for dealing with these and other international
economic problems. We believe, however, that an international economic
institution can operate most effectively if it is not burdened with diverse duties
of a specialized character.
Although an international stabilization fund can provide the facilities for
cooperation on monetary questions, the establishment of such an institution would
not of itself assure the solution of these difficult problems. The operations of
such a fund can be successful only if the powers and resources of the fund are
used wisely, and if member countries cooperate with the fund's endeavors to
maintain international equilibrium at a high level of international trade. Such
cooperation must include commercial policies designed to reduce trade barriers
and to terminate discriminatory practices that have in the past hampered the
balanced growth of international trade. The nations of this world can be pros-
perous only if they are good neighbors in their economic as well as their political
relations.
The draft proposals that have been put forward on a tentative basis have
received wide publicity in the United States, the United Kingdom, Canada, and
in other countries. It is in the best democratic tradition that the people should
have the fullest opportunity to express their views and to shape the policies of
their governments on the import,ant problems affecting national well-being.
And it is an extension of this tradition that all the United Nations should have an
opportunity to participate in the formulation of a program for international
monetary cooperation.
This revised draft is published with the hope that it will call forth further
comments and constructive suggestions. It aims to present only the essential
elements of a workable international stabilization fund, and its provisions are in
every sense tentative. Obviously, there are many details that have been omitted
and that can be better formulated after there is agreement on the more important
points. We believe that a workable and acceptable plan can emerge only from
the joint efforts of the United Nations supported by enlightened public opinion.
REPORT OF THE SECRETARY OF THE TREASURY 357
PREAMBLE
1. There is a growing recognition that progress toward establishment of a func-
tioning democratic world in the post-war period will depend on the ability of free
peoples to work together in solving their economic problems. Not the least of
these is the problem of how to prevent a widespread breakdown of currencies with
resultant international economic disorder. We must assure a troubled world that
the free countries will solve these perplexing problems, and that they will not
resort to competitive exchange depreciation, multiple currency practices, dis-
criminatory bilateral clearing, or other destructive foreign exchange devices.
2. These are not transitory problems of the immediate post-war period affecting
only a few countries. The history of the past two decades shows that they are
continuing problems of vital interest to all countries. There must be a general
realization that world prosperity, like world peace, is indivisible. Nations must
act together to restore multilateral international trade, and to provide orderly
procedure for the maintenance of balanced economic growth. Only through
international cooperation will it be possible for countries successfully to apply
measures directed toward attaining and maintaining a high level of employment
and income which must be the primary objective of economic policy.
3. The international stabilization fund of the United and Associated Nations
is proposed as a permanent institution for international monetary cooperation.
The resources of this fund would be available under adequate safeguards to
maintain currency stability, while giving member countries time to correct
maladjustments in their balance of payments without resorting to extreme
measures' destructive of international prosperity. The resources of the fund
would not be used to prolong a basically unbalanced international position. On
the contrary, the fund would be influential in inducing countries to pursue policies
making for an orderly return to equilibrium.
4. The fund would deal only with member governments and their fiscal agents,
and would not intrude in the customary channels for conducting international
commerce and finance. The fund is intended to provide supplemental facilities
for the successful functioning of the established foreign exchange institutions
and to free international commerce from harmful restrictions.
5 The success of the fund must ultimately depend upon the willingness of
nations to act together on their common problems. International monetary
cooperation should not be regarded as a matter of generosity. All countries
have a vital interest in the maintenance of international monetary stability,
and in the balanced growth of multilateral international trade.
I. PURPOSES OF THE FUND
The United Nations and the countries associated with them recognize, as
declared in the Atlantic Charter, the need for the fullest cooperation among
nations with the object of securing economic advancement and rising standards
of living for all. They believe that attainment of these objectives will be facil-
itated by international monetary cooperation. Therefore, it is proposed that
there be established an international stabilization fund with the following
purposes:
1. To help stabilize the foreign exchange rates of the currencies of the United
Nations and the countries associated with them.
2. To shorten the periods and lessen the degree of disequilibrium in the inter-
national balance of payments of member countries.
3. To help create conditions under which the smooth flow of foreign trade and
of productive capital among the member countries will be fostered.
4. To facilitate the effective utilization of the blocked foreign balances accumu-
lating in some countries as a consequence of the war situation.
5. To reduce the use of such foreign exchange restrictions, bilateral clearing
arrangements, multiple currency devices, and discriminatory foreign exchange
practices as hamper world trade and the international flow of productive capital.
II. COMPOSITION OF THE FUND
1. The fund shall consist of gold and the currencies and securities of member
governments.
2. Each of the member countries shall subscribe a specified amount, to be called
its quota. The aggregate of quotas of the member countries shall be the equiv-
alent of at least $5 billion.
358 REPORT OF THE SECRETARY OF THE TREASURY
3. Each member country shall meet its quota contribution in full on or before
the date set by the board of directors for the fund's operations to begin.
(a) A country shall pay in gold not less than an amount determined as follows.
If its gold and free foreign exchange holdings are —
(i) In excess of three times its quota, it shall pay in gold 50 percent of its
quota.
(ii) More than two but less than three times its quota, it shall pay in gold
40 percent of its quota plus 10 percent of its holdings in excess of tv\ ice its
quota.
(iii) More than its quota but less than twice its quota, it shall pay in gold
30 percent of its quota plus 10 percent of its holdings in excess of its quota.
(iv) Less than its quota, it shall pay in gold 30 percent of its holdings.
The gold payment required of a member country substantial parts of
whose home areas have been wholly or partly occupied by the enemy, shall
be only three-fourths of the above. (For other gold provisions, Cf. V-2-a
and V-6, 7.)
A member country may include in the legal reserve account and in the
published statement of the reserves of gold and foreign exchange in its
treasury or central bank, an amount not to exceed its gold contribution to
the fund, minus its net purchases of foreign exchange from the fund paid for
with local currency.
(b) It shall pay the remainder of its quota in local currency, except that a
member country may substitute government securities (redeemable at par) for
local currency up to 50 percent of its quota.
4. A quota for each member country shall be computed by an agreed upon
formula which gives due weight to the important relevant factors, e. g., a country's
holdings of gold and free foreign exchange, the magnitude and the fluctuations
of its balance of international payments, its national income, etc.
Before computing individual quotas on the basis of the agreed upon formula,
there shall be reserved an amount equal to 10 percent of aggregate quotas to be
used as a special allotment for the equitable adjustment of quotas. Where the
initial quota of a member country as computed by the formula is clearly inequi-
table, the quota may be increased from this special allotment.
5. Quotas shall be adjusted on the basis of the most recent data 3 years after
the establishment of the hind, and at intervals of 5 years thereafter, in accord-
ance with the agreed upon formula. In the period between adjustment of quotas,
the fund may increase the quota of a country, where it is clearly inequitable, out
of the special allotment reserved for the equitable adjustment of quotas.
6. Any changes in the formula by which the quotas of member countries are
determined shall be made only with the approval of a four-fifths vote of the board.
7. No increase shall be made in the quota of a member country under II-4,
5, or 6 without the consent of the representative of the country concerned.
8. The resources of the fund shall be used exclusively for the benefit of the
member countries.
III. MONETARY UNIT OF THE FUND
1. The monetary unit of the fund shall be the unitas {^SW) equal in value to
137J4 grains of fine gold (equivalent to $10). No change in the gold value of the
unitas shall be made except with the approval of 85 percent of the member votes.
When such change is made, the gain or loss sustained by the fund on its holdings
of gold shall be distributed equitably among the members of the fund.
The accounts of the fund shall be kept and published in terms of unitas.
2. The value of the currency of each member country shall be established in
terms of unitas and may not be altered except as provided in IV-5, below. (Cf.
IV-1, 2, below.)
No member country shall purchase or acquire gold, directly or indirectly, at a
price in terms of its national currency in excess of the parity which corresponds to
the value of its currency in terms of unitas and to the value of unitas in terms of
gold; nor shall any member country sell or dispose of gold, directly or indirectly,
at a price in terms of its national currency below the parity which corresponds
to the value of its currency in terms of unitas and to the value of unitas in terms
of gold. (Cf. VII-1.)
3. No change in the value of the currencies of member countries shall be
permitted to alter the value in unitas of the assets of the fund. Whenever the
currency of a member country has depreciated to a significant extent, that country
must deliver to the fund when requested an amount of its local currency or securi-
ties equal to the decrease in the unitas value of the fund's holdings of the local
REPORT OF THE SECRETARY OF THE TREASURY 359
currency and securities of the country. Likewise, if the currency of a member
country should appreciate to a significant extent, the fund must return to that
country an amount (in the currency or securities of that country) equal to the
resulting increase in the unitas value of the fund's holdings.
IV. EXCHANGE RATES
1. The rates at which the fund will buy and sell one member currency for another
and at which the fund will buy and sell gold for local currency shall be established
in accordance with the provisions below. (Cf. also III-2 and V-2.)
2. The initial rates of exchange for member countries' currencies shall be
determined as follows:
(a) For any country which becomes a member prior to the date on which the
funo's operations begin, the rates initially used by the fund shall be based upon
the value of the currency in terms of United States dollars which prevailed on
July 1, 1943.
If, in the judgm.ent of either the member country or the fund, the above rate is
clearly inappropriate, the initial rate shall be determined by consultation be-
tween the member country and the fund. No operations in such currency shall
be undertaken by the fund until a rate has been established which has the approval
of the fund and of the member country in question.
(6) For anv member coujntry which has been occupied by the enemy, the fund
shall use the exchange rate fixed by the government of the liberated country in
consultation with the fund and acceptable to the fund. Prior to the fixing of a
definitive rate, operations in such currency may be undertaken iDy the fund with
the approval of the board at a tentative rate of exchange fixed by the member
country in consultation with the board. No operations shall be continued under
this provision for more than 3 months after the liberation of the country or when
the local currency holdings of the fund exceed the quota of the country, except
that under special circumstances the period and the amount of such operations
may be extended by the fund.
3. The fund shall not come into operation until agreement has been reached on
the exchange rates for currencies of countries representing a majority of the aggre-
gate quotas.
4. The fund shall determine the range within which the rates of exchange of
member currencies shall be permitted to fluctuate. (Cf. VII-1.)
5. Changes in the exchange value of the currency of a member country shall be
considered only when essential to the correction of fundamental disequilibrium in
its balance of payments, and shall be made only with the approval of three-fourths
of the member votes including the representative of the country concerned.
Because of the extreme uncertainties of the immediate post-war period, the
following exceptional provisions may be used during the first 3 years of the fund's
operations:
(a) When the existing rate of exchange of a member country is clearly incon-
sistent with the maintenance of a balanced international payments position for that
country, changes from the established rate may be made at the special request of
that country and with the approval of a majority of the member votes.
(6) A member country may change the established rate for its currency by not
more than 10 percent provided that the member country shall notify the fund of its
intention and shall consult with the fund on the advisability of its action.
v. POWERS AND OPERATIONS
1. The fund shall have the power to buy, sell and hold gold, currencies, and
government securities of member countries; to earmark and transfer gold; to issue
its own obligations, and to offer them for discount or sale in member countries.
The fund shall purchase for local currency or needed foreign exchange any
member currency in good standing acquired by another member country in settle-
ment of a balance of payments on current account, where such currency cannot be
disposed of in the foreign exchange markets within the range established by the
fund.
2. The fund may sell to the treasury of any member country (or stabilization
fund or central bank acting as its agent) at the accepted rate of exchange, currency
of any member country which the fund holds, provided that:
(a) The foreign exchange demanded from the fund is required to meet an adverse
balance of payments predominantly on current account with any member country.
(Cf. V-3, for capital transfers.)
360 REPORT OF THE SECRETARY OF THE TREASURY
When the gold and free foreign exchange holdings of a member country exceed
50 percent of its quota, the fund in selling foreign exchange to such member
country shall require that one-half of such exchange shall be paid for with gold or
foreign exchange acceptable to the fund. (Cf. V-6, 7; on gold collateral, see
V-2-C.)
(6) The fund's total holdings of the currency and securities of any member
country shall not exceed the quota of such country by more than 50 percent during
the first year of operation of the fund, and thereafter shall not exceed such quota
by more than 100 percent (except as otherwise provided below). The total hold-
ings thus permitted are termed the permissible quota of a country. When the
fund's holdings of local currency and securities are equal to the permissible quota
of a country, the fund may sell foreign exchange for such additional local currency
only with the specific approval of the board of directors (cf. VI-3-a, below), and
provided that at least one of the following two conditions is met:
(i) In the judgment of the fund satisfactory measures are being or will be
taken by the country whose currency is acquired by the fund, to correct the
disequilibrium in the country's balance of payments; or
(ii) It is believed that tlae balance of payments of the country whose
currency is acquired by the fund will be such as to warrant the expectation
that the excess currency holdings of the fund can be disposed of within a
reasonable time:
Provided further, That when the fund's holdings of the currency of any member
country or countries fall below 20 percent of their respective quotas, the sale of
such currencies shall also require the approval of the representatives of these
countries.
(c) When the fund's holdings of local currency and securities exceed the per-
missible quota of a country, the board may require the member country to deposit
collateral in accordance with regulations prescribed by the board. Such collateral
shall take the form of gold, foreign or domestic currency or government bonds, or
other suitable collateral within the capacity of the member country.
(d) When, in the judgment of the fund, a member country, whose currency and
securities held by the fund exceed its quota, is exhausting its permissible quota
more rapidly than is warranted, or is using its permissible quota in a manner that
clearly has the effect of preventing or unduly delaying the establishment of a
sound balance in its international accounts, the fund may place such conditions
upon additional sales of foreign exchange to that country as it deems to be in the
general interest of the fund.
3. The fund may sell foreign exchange to a member country, under conditions
prescribed by the fund, to facilitate a transfer of capital, or repayment or adjust-
ment of foreign debts, when in the judgment of the board such a transfer is de-
sirable from the point of view of the general international economic situation,
provided the fund's holdings of the currency and securities of the member country
do not exceed 150 percent of the quota of that country. When the fund's holdings
of the local currency and securities of a member country exceed 150 percent of
the quota of that country, the fund may, in exceptional circumstances, sell foreign
exchange to the member country for the above purposes with the approval of
three-fourths of the member votes. (Cf. V-2-a, above; on voting, VI-3-a,
below.)
4. When the fund's holdings of the currency and securities of a member country
become excessively small in relation to prospective acquisitions and needs for that
currency, the fund shall render a report to that country. The report shall embody
an analysis of the causes of the depletion of the fund's holdings of that currency,
a forecast of the prospective balance of payments in the absence of special measures
and, finally, recommendations designed to increase the fund's holdings of that
currency. The representative of the country in question shall be a member of
the fund committee appointed to draft the report. This report shall be sent to
all member countries and, if deemed desirable, be made public. Member coun-
tries agree that they will give immediate and careful attention to recommendations
made by the fund.
5. Whenever it becomes evident to the board of directors that the anticipated
demand for any particular currency may soon exhaust the fund's holdings of that
currency, the fund shall inform the member countries of the probable supply of
the currency and of a proposed method for its equitable distribution, together with
suggestions for helping to equate the anticipated demand for and supply of that
currency.
The fund shall make every effort to increase the supply of the scarce currency
by acquiring that currency from the foreign balances of member countries. The
REPORT OF THE SECRETARY OF THE TREASURY 361
fund may make special arrangements with any member country for the purpose
of providing an emergency supply under appropriate condifeions which are accept-
able to both the fund and the member country.
To facilitate appropriate adjustment in the balance of payments position of
member countries, and to help correct the distortions in the pattern of trade
balances, the fund shall apportion its sales of such scarce currency. In such ap-
portionment, it shall be guided by the principle of satisfying the most urgent
needs from the point of view of the general international economic situation. It
shall also consider the special needs and resources of the particular countries
making the request for the scarce currency.
The right of any member country to acquire an amount of other currencies
equal to its permissible quota shall be limited by the necessity of assuring an
appropriate distribution among the various members of any currency the supply
of which is scarce.
6. In order to promote the most effective use of the available and accumulating
supply of foreign exchange resources of member countries, each member country
agrees that it will offer to sell to the fund, for its local currency or for foreign cur-
rencies which the member country needs, one-half of the foreign exchange resources
and gold it acquires in excess of its official holdings at the time it became a member
of the fund, but no country need sell gold or foreign exchange under this provision
unless its official holdings (i. e., treasury, central bank, stabilization fund, etc.)
are in excess of 25 percent of its quota. For the purpose of this provision, only
free and liquid foreign exchange resources and gold shall be considered. The fund
may accept or reject the offer. (Cf. II-3-a, V-2-a, and V-7.)
To help achieve this objective each member country agrees to discourage the
excessive accumulation of foreign exchange resources and gold by its nationals.
The fund shall inform any member country when, in its opinion, any further growth
of privately held foreign exchange resources and gold appears unwarranted.
7. When the fund's holdings of the local currency and securities of a member
country exceed the quota of that country, the fund shall, upon request of the
member country, resell to the member country the fund's excess holdings of the
currency of that country for gold or acceptable foreign exchange. (Cf. V-14, for
charges on holdings in excess of quota.)
8. To buy from the governments of member countries, blocked foreign bal-
ances held in other member countries, provided all the following conditions are met:
(a) The blocked balances are held in member countries and are reported as
such (for the purpose of this provision) by the member governments and are
verified by the fund.
(b) The member country selling the blocked balances to the fund agrees to
transfer these balances to the fund and to repurchase from the fund 40 percent
of them (at the same price) with gold or such free currencies as the fund may wish
to accept, at the rate of 2 percent of the transferred balances each year for 20
years beginning not later than 3 years after the date of transfer.
(c) The country in which the blocked balances are held agrees to transfer to
the fund the balances described in (b) above, and to repurchase from the fund 40
percent of them (at the same price) with gold or such free currencies as the fund
may wish to accept, at the rate of 2 percent of the transferred balances each year
for 20 years beginning not later than 3 years after the date of transfer.
(d) A charge of 1 percent on the amount of blocked balances sold to the fund,
payable in gold, shall be levied against the country selling its blocked balances
and against the country in which the balances are held. In addition a charge of
not less than one percent, payable in gold, shall be levied annually against each
country on the amount of such balances remaining to be purchased by it.
(e) if the countrj' selling blocked balances to the fund asks for foreign exchange
rather than local currency, the request will not be granted unless the country
needs the foreign exchange for the purpose of meeting an adverse balance of pay-
ments not arising from the acquisition of gold, the accumulation of foreign bal-
ances, or other capital transactions.
(/) Either country may, at its option, increase the amount it repurchases
annually. But, in the case of the country selling blocked balances to the fund,
not more than 2 percent per annum of the original sum taken over by the fund
shall become free, and only after 3 years shall have elapsed since the sale of the
balances to the fund.
(g) The fund has the privilege of disposing of any of its holdings of blocked
balances as free funds after the 23-year period is passed, or sooner under the
following conditions:
(i) Its holdings of the free funds of the country in which the balances are
held fall below 20 percent of its quota; or
362 REPORT OF THE SECRETARY OF THE TREASURY
(ii) The approval is obtained of the country in which the balances are
held.
(h) The country in which the blocked balances are held agrees not to impose
any restrictions on the use of the installments of the 40 percent portion gradually
repurchased by the country which sold the balances to the fund.
(z) The fund agrees not to sell the blocked balances acquired under the above
authority, except with the permission or at the request of the country in which
the balances are being held. The fund may invest these balances in the ordinary
or special government securities of that country. The fund shall be free to sell
such securities in any country under the provisions of V-11, below.
(j) The fund shall determine from time to time the maximum proportion of the
blocked balances it will purchase under this provision:
Provided, however, That during the first 2 years of its operation, blocked bal-
ances purchased by the fund shall not exceed in the aggregate 10 percent of the
quotas of all member countries. At the end of 2 years of operation, the fund
shall propose a plan for the gradual further liquidation of blocked balances still
outstanding indicating the proportion of the blocked balances which the board
considers the fund can appropriately purchase.
Blocked balances acquired under this provision shall not be included either in
computing the amount of foreign exchange available to member countries under
their quotas (cf. V-2, 3), or in computing charges on balances of local currency
in excess of the quotas (cf. V-14).
9. To buy and sell currencies of non-member countries but shall not acquire
more than $10 million of the currency of any one non-member country nor hold
such currencies beyond 60 days after date of purchase except with the approval
of the board.
10. To borrow the currency of any member country provided the additional
amount is needed by the fund and provided the representative of that country
approves.
11. To sell member-country obligations owned by the fund provided that the
representatives of the country issuing the securities and of the country in which
the securities are to be sold approve, except that the approval of the representative
of the issuing country shall not be necessary if the obligations are to be sold in its
own market.
To use its holdings to obtain rediscounts or advances from the central bank
of any country whose currency the fund needs.
12. To invest any of its currency holdings in government securities of the
countrv of that currency provided that the representative of the country approves.
13. 'To lend to any member country its local currency from the fund for 1 year
or less up to 75 percent of the currency of that country held by the fund, provided
the local currency holdings of the fund are not reduced below 20 percent of the
quota.
14. To make a service charge on all gold and exchange transactions.
To levy a charge uniform to all countries, at a rate not less than 1 percent per
annum, payable in gold, against any country on the amount of its currency held
by the fund in excess of the quota of that country. An additional charge, payable
in gold, shall be levied by the fund against any member country on the fund's
holdings of its currency in excess of the permissible quota of that country.
In case the fund finds it necessary to borrow currency to meet the demands
of its members, an additional charge, payable in gold, shall be made by the fund
sufficient to cover the cost of the borrowing.
15. To levy upon member countries a pro rata share of the expenses of operating
the fund, payable in local currency, not to exceed one-tenth percent per annum
of the quota of each country. The levy may be made only to the extent that the
earnings of the fund are inadequate to meet its current expenses.
16. The fund shall deal only with or through —
(a) The treasuries, stabilization funds, or central banks acting as fiscal agents
of member governments.
(b) Any international banks owned predominantly by member governments.
The fund may, nevertheless, with the approval of the representatives of the
governments of the countries concerned, sell its own securities, or securities it
holds, directly to the public or to institutions of member countries.
VI. MANAGEMENT
1. The administration of the fund shall be vested in a board of directors.
Each government shall appoint a director and an alternate, in a manner deter-
mined by it, who shall serve for a period of 5 years, subject to the pleasure of
their government. Directors and alternates may be reappointed.
REPORT OF THE SECRETARY OF THE TREASURY 363
2. In all voting by the board, the director or alternate of each member country
shall be entitled to cast an agreed upon number of votes.
The distribution of basic voles shall be closely related to the quotas of member
countries, although not in precise proportion to the quotas. An appropriate dis-
tribution of basic voting power would seem to be the following: Each country
shall have 100 votes, plus 1 vote for the equivalent of each 100,000 unitas ($1
million) of its quota.
No country shall be entitled to cast more than one-fifth of the aggregate basic
votes, regardless of its quota.
3. All voting shall be according to basic votes except as follows:
(a) In voting on proposals to authorize the sale of foreign exchange, each
country shall cast a number of votes modified from its basic vote:
(i) By the addition of one vote for each $2 million of net sales of its cur-
rency by the fund (adjusted for its net transactions in gold), and
(ii) By the subtraction of one vote for each $2 million of its net purchases
of foreign exchange from the fund (adjusted for its net transactions in gold)
(6) In voting on proposals to suspend or restore membership, each member
country shall cast one vote, as provided in VI- 11, below.
4. All decisions, except where specifically provided otherwise, shall be made by a
majority of the member votes.
5. The board of directors shall select a managing director of the fund and one
or more assistants. The managing director shall become an ex officio member of
the board and shall be chief of the operating staff of the fund. The operating
staff shall be selected in accordance with regulations established by the board of
directors.
6. The board of directors shall appoint from among its members an executive
committee of not less than 11 members. The chairman of the board shall be
chairman of the executive committee, and the managing director of the fund shall
be an ex officio member of the executive committee.
The executive committee shall be continuously available at the head office of
the fund and shall exercise the authority delegated to it by the board. In the
absence of any member of the executive committee, his alternate shall act
in his place. Members of the executive committee shall receive appropriate
remuneration.
7. The board of directors may appoint such other committees as it finds neces-
sary for the work of the fund. It may also appoint advisory committees chosen
wholly or partially from persons not employed by the fund.
8. The board of directors may at any meeting authorize any ofl^cers or com-
mittees of the fund to exercise any specified powers of the board not requiring
more than a majority vote.
The board may delegate any authority to the executive committee, provided
that the delegation of powers requiring more than a majoritj' of the member votes
can be authorized only by a majority (of the board) of the same size as specified,
and can be exercised by the executive committee only by like majority.
Delegated powers shall be exercised only until the next meeting of the board
and in a manner consistent with the general policies and practices of the board.
9. The board of directors may establish procedural regulations governing the
operations of the fund. The officers and committees of the fund shall be bound by
such regulations.
10. The board of directors shall hold an annual meeting and such other meetings
as it may be desirable to convene. The annual meeting shall be held in places
designated by the executive committee, but not more than one annual meeting in
any 5-year period shall be held within the same member country.
On request of member countries casting one-fourth of the votes, the chairman
shall call a meeting of the board for the purpose of considering any matters placed
before it.
11. A country failing to meet its obligations to the fund may be suspended
provided a majority of the member countries so decides. While under suspension,
the country shall be denied the privileges of membership but shall be subject to
the same obligations as any other member of the fund. At the end of 1 year the
country shall be automatically dropped from membership unless it has been
restored to good standing by a majority of the member countries.
Any country may withdraw from the fund by giving notice, and its withdrawal
will take effect 1 year from the date of such notice. During the interval between
notice of withdrawal and the taking effect of the notice, such country shall be
subject to the same obligations as any other member of the fund.
364 REPORT OF THE SECRETARY OF THE TREASURY
A country which is dropped or which withdraws from the fund shall have
returned to it an amount in its own currency equal to its contributed quota, plus
other obligations of the fund to the country, and minus any sum owed by that
country to the fund. Any losses of the fund may be deducted -pro rata from the
contributed quota to be returned to the country that has been dropped or has
withdrawn from membership. Local currency holdings of the fund in excess of
the above shall be repurchased by that country with gold or foreign exchange
acceptable to the fund.
When any country is dropped or withdraws from membership, the rights of
the fund shall be fully safeguarded. The obligations of a country to the fund
shall become due at the time it is dropped or withdraws from membership; but
the fund shall have 5 years within which to liquidate its obligations to such
country.
12. Net profits earned by the fund shall be distributed in the following manner:
(a) Fifty percent to reserves until the reserves are equal to 10 percent of the
aggregate quotas of the fund.
{h) Fifty percent to be divided each year among the members in proportion to
their quotas. Dividends distributed to each country shall be paid in its own
currency or in gold at the discretion of the fund.
VII. POLICIES OF MEMBER COUNTRIES
Each member country of the fund undertakes the following:
1. To maintain by appropriate action exchange rates estalDlished by the fund
on the currencies of other countries, and not to alter exchange rates except as
provided in IV-5, above.
Exchange rates of member countries may be permitted to fluctuate within the
specified range fixed by the fund.
2. Not to engage in exchange dealings with member or non-member countries
that will undermine stability of exchange rates established by the fund.
3. To abandon, as soon as the member countr,y decides that conditions permit,
all restrictions (other than those involving capital transfers) over foreign exchange
transactions with other member countries, and not to impose any additional
restrictions (except upon caijital transfers) without the approval of the fund.
The fund may make representations to member countries that conditions are
favorable for the abandonment of restrictions over foreign exchange transactions,
and each member country shall give consideration to svich representations.
All member countries agree that all of the local currency holdings of the fund
shall be free from any restrictions as to their use. This provision does not apply
to blocked foreign balances acquired by the fund in accordance with the provisions
of V-8, above.
4. To cooperate effectively with other member countries when such countries,
with the approval of the fund, adopt or continue controls for the purpose of regu-
lating international movements of capital. Cooperation shall include, upon
recommendation by the fund, measures that can appropriately be taken, such as:
(a) Not to accept or permit acquisition of deposits, securities, or investments
bj nationals of any member country imposing restrictions on the export of capital
except with the permission of the government of that country and the fund;
{h) To make available to the fund or to the government of any member country
such information as the fvmd considers necessary on property in the form of de-
posits, securities, and investments of the nationals of the member country imoos-
ing the restrictions.
5. Not to enter upon any new bilateral clearing arrangements, nor engage in
multiple currency practices, which in the judgment of tne fund would retard the
growth of world trade or the international flow of productive capital.
6. To give consideration to the views of tiie fund on any existing or proposed
monetary or economic policy, the effect of which would be to bring about sooner
or later a serious disequilibrium in the balance of paj ments of other countries.
7. To furnish the fund with all information it needs for its operations and to
furnish such reports as the fund maj' require in the form and at the times requested
by the fund.
8. To adopt appropriate legislation or decrees to carry out its undertakings to
the fund.
REPORT OP THE SECRETARY OF THE TREASURY 365
Exhibit 40
Tentative proposal for a bank for reconstruction and development of the United and
Associated Nations
Statement of the Secketart of the Treasury, November 23, 1943, Relative
TO THE Tentative Proposal for a Bank for Reconstruction and Devel-
opment
When the Treasury made public the tentative proposal for an international
stabilization fund, I said that we were studying means of encouraging and facil-
itating international investment for reconstruction and development. A few
weeks ago I appeared before the congressional committees and summarized for
them the principles which we believe should guide us in the establishment of a
United Nations bank for reconstruction and development.
The technical staffs of the Treasury and other interested departments and
agencies have now prepared a tentative proposal for such a bank. This tentative
proposal is being sent to the finance ministers of the United Nations and the
countries associated with them, for consideration and for study by their technical
staffs. The finance ministers have been informed that this tentative proposal
does not represent the official views of this Government but it is an indication of
the views held by our technical staffs.
We are releasing for publication the tentative proposal for a United Nations
bank for reconstruction and development and a covering memorandum on the
problem of international investment. These two documents, sent to the finance
ministers, are being released to make them available for public discussion. It is
our intention to discuss the tentative proposal with business, banking, and other
interested groups in this country.
The technical staffs of the Treasury and other departments of this Government
are of the opinion that an international stabilization fund and a bank for recon-
struction and development could help provide a sound financial foundation on
which private enterprise can build a prosperous world economy.
Preliminary Draft Outline Dated November 24, 1943, of a Proposal for a
Bank for Reconstruction and Development
foreword by secretary of the treasury morgenthau
One of the important international economic and financial problems which will
confront the United Nations at the end of the war will be the unprecedented need
for foreign capital. In the areas devastated by war or plundered and ravaged by
the enemy, factories and mines, public utilities and railroads, public buildings and
public works will have to be repaired or restored. In most of the United Nations,
industries now producing war goods will require capital for reconversion to peace-
time production and in many areas of the world, large investment will be needed
for industrial, agricultural, and commercial development.
Countries whose productive capacities have been seriously impaired by war will
find that their industries cannot provide the capital goods and their people cannot
provide the savings required for investment in reconstruction. Most nonindu.strial
countries will of necessity be dependent upon foreign capital to acquire the funds
for the purchase of machinery, equipment, and other capital goods necessary for
development. And even in those countries where a considerable part of the need
for capital can be met locally, there will be some need for foreign capital to supple-
ment the funds that can be raised at home.
With the return of an assured peace, private financial agencies may be expected
to supply most of the needed short-term foreign capital. When the shipping
situation is improved and peacetime industry here and abroad has recovered,
many business firms will be eager to sell their products abroad on reasonable and
even generous credit terms. And banks likewise will hasten to expand their foreign
business, reopening and establishing branches abroad, and assisting in the financing
of international trade.
It is not unreasonable to expect that with the return of peace there will also be a
gradual resumption of long-term international investment, particularly through
the establishment of foreign branch plants and the acquisition of shares in estab-
lished foreign enterprises. With the growth of confidence in monetary stability,
366 REPORT OF THE SECRETARY OF THE TREASURY
foreign investments will gradually assume the form of publicly floated loans to
governments and municipalities, and to public utilities and other industries.
This flow of private capital to war stricken countries will be encouraged by an
adequate program of international relief and rehabilitation which helps to restore
quickly to a working basis the economic life of those countries. Another, and
possibly even more important, stimulus to foreign investment would be the exist-
ence of an international agency, such as the international stabilization fund, de-
signed to promote stability of foreign exchange rates and freedom from restrictions
on the withdrawal of earnings. Such an agency could do much to enhance the
attractiveness of foreign investments.
While there will undoubtedly be substantial amounts of long-term foreign invest-
ment even in the early post-war period, the flow of capital to countries greatly in
need of foreign capital is likely to be inadequate for many years to come. Private
capital will understandably hesitate to venture abroad in anything like the re-
quired volume. It has suffered too many losses from war, from depreciating cur-
rencies, from exchange restrictions, and from failures and defaults. There is
little evidence to justify the hope that in the years immediately after the war in-
vestors will lend the large sums that can be economically used in foreign countries
unless steps are taken to restore confidence in foreign investment.
It would be desirable to encourage in every way, the provision of capital for
sound and productive purposes through private investment channels, and to the
extent that private investment is inadequate, to provide supplemental facilities.
The problem is fundamentally an international problem and only an international
agency equipped with broad powers and large resources can effectively encourage
private capital to flow abroad in adequate amounts and provide a part of the capital
not otherwise available.
The primary aim of such an agency should be to encourage private capital to
go abroad for productive investment by sharing the risks of private investors and
by participating with private investors in large ventures. The provision of some
of the capital needed for reconstruction and development, where private capital is
unable to take the risk, is intended to remain secondary in the operations of such
an agency. It should, of course, scrupulously avoid undertaking loans that
private investors are willing to make on reasonable terms. It should perform
onlv that part of the task which private capital cannot do alone.
The need for foreign capital will be so great and the provision of adequate
capital so important that it would be extremely short-sighted to neglect this
lu-gent international problem. If private capital should suffice there would then
be little for an international agency to do, beyond encouraging private investment.
If, however, private capital were to prove unable fully to meet the needs, then such
an international agencv would be able to fill the breach until private capital again
flowed freely and the demand for foreign capital throughout the world became less
urgent.
It is imperative that we recognize that the investment of productive capital in
undeveloped and in capital-needy countries means not only that those countries
will be able to supply at lower costs more of the goods the world needs, but that
they will at the same time become better markets for the world's goods. By
investing in countries in need of capital, the lending countries, therefore, help
themselves as well as the borrowing countries. If the capital made available to
foreign countries would not otherwise have been currently employed, and if it is
used for productive purposes, then the whole world is truly the gainer. Foreign
trade everywhere will be increased; the real cost of producing the goods the world
consumes will be lowered; and the economic well-being of the borrowing and
lending countries will be raised.
One great contribution that the United Nations can make to sustained peace
and world-wide prosperity is to make certain that adequate capital is available
on reasonable terms for productive uses in capital-poor countries. With abundant
capital, the devastated countries can move steadily toward rehabilitation and a
constantly improving standard of living. Nothing could be more conducive to
political stability and to international collaboration. Without adequate supplies
of capital, however, recovery in Europe and Asia will be slow and sporadic, and
economic discontent and international bitterness will in time assume disturbing
proportions.
Accompanying this memorandum is a draft proposal for a bank for reconstruc-
tion and development of the United and Associated Nations. The draft was
prepared by the technical staff of the United States Treasury in consultation with
the technical staffs of other departments of this Government. The proposal has
neither official status nor the approval of any department of this Government.
REPORT OF THE SECRETARY OF THE TREASURY 367
It is in outline form, touching on the more important points, and is intended
only to stimulate thoughtful discussion of the problem in the hope that such dis-
cussion will call forth constructive criticism, suggestions, and alternative proposals
for possible later submission to the appropriate authorities and to the public.
A United Nations bank for reconstruction and development is proposed as
another international agency needed to help attain and maintain world-wide pros-
perity after the war. It is designed as a companion agency to an international
stabilization fund. Each agency could stand and function effectively without the
other; but the establishment of such a bank would make easier the task of an
international stabilization fund, and the successful operation of such a fund would
enhance the effectiveness of the bank.
PREAMBLE
1. The provision of foreign capital will be one of the important international
economic and financial problems of the post-war period. Many countries will
require capital for reconstruction, for the conversion of their industries to peace-
time needs, and for the development of their productive resources. Others will
find that foreign investment provides a growing market for their goods. Sound
international investment will be of immense benefit to the lending as well as to
the borrowing countries.
2. Even in the early post-war years it may be hoped that a considerable part
of the capital for international investment will be provided through private in-
vestment channels. It will undoubtedly be necessary, however, to encourage
private investment by assuming some of the risks that will be especially large
immediately after the war and to supplement private investment with capital
provided through international cooperation. The United Nations bank for
reconstruction and development is proposed as a permanent institution to
encourage and facilitate international investment for sound and productive
purposes.
3. The bank is intended to cooperate with private financial agencies in making
available long-term capital for reconstruction and development and to supple-
ment such investment where private agencies are unable to meet fully the legiti-
mate needs for capital for productive purposes. The bank would make no loans
or investments that could be secured from private investors on reasonable terms.
The principal function of the bank would be to guarantee and to participate in
loans made by private investment agencies and to lend directly from its own re-
sources whatever additional capital may be needed. The facilities of the bank
would be available onlj^ for approved governmental and business projects which
have been guaranteed by national governments. Operating under these princi-
ples, the bank should be a powerful factor in encouraging the provision of private
capital for international investment.
4. By making certain that capital is available for productive uses on reasonable
terms, the bank can make an important contribution to enduring peace and pros-
perity. With adequate capital, countries affected by the war can move steadily
toward reconstruction, and the newer countries can undertake the economic
development of which they are capable. International investment for these
purposes can be a significant factor in expanding trade and in helping to maintain
a high level of business activity throughout the world.
I. THE PURPOSES OF THE BANK
1. To assist in the reconstruction and development of member countries by
cooperating with private financial agencies in the provision of capital for sound
and constructive international investment.
2. To provide capital for reconstruction and development, under conditions
which will amply safeguard the bank's funds, when private financial agencies are
unable to supply the capital needed for such purposes on reasonable terms con-
sistent with the borrowing policies of member countries.
3. To facilitate a rapid and smooth transition from a wartime economy to a
peacetime economy by increasing the flow of international investment, and thus
to help avoid serious disruption of the economic life of member countries.
4. To assist in raising the productivity of member countries by helping to
make available through international collaboration long-term capital for the
sound developmejQt of productive resources.
5. To promote the long-range balanced growth of international trade among
member countries.
368 REPORT OF THE SECRETARY OF THE TREASURY
II. CAPITAL STRUCTURE OF THE BANK
1. The authorized capital shall be equivalent to about $10 billion consisting of
shares having a par value equal to $100,000.
2. The shares of the bank shall be nontransferable, nonassessable, and non-
taxable. The liability on shares shall be limited to the unpaid portion of the
subscription price.
3. Each government which is a member of the international stabihzation fund
shall subscribe to a minimum number of shares to be determined by a formula to
be agreed upon. The formula shall take into account such relevant data as the
national income and the international trade of the member country.
Such a formula would make the subscription of the United States approximately
one-third of the total.
4. Payments on subscriptions to the shares of the bank shall be made as
follows;
(a) The initial payment of each member country shall be 20 percent of its
subscription, some portion of which (not to exceed 20 percent) shall be in gold
and the remainder in local currency. The proportions to be paid in gold and
local currency shall be graduated according to a schedule to be agreed upon
which shall take into account the adequacy of the gold and free foreign exchange
holdings of each member country.
(6) The member countries shall make the initial payment within 60 days after
the date set for the operations of the bank to begin. The remainder of their re-
spective subscriptions shall be paid in such amounts and at such times as the board
of directors may determine, but not more than 20 percent of the subscription may
be called in any one year.
(c) Calls for further payment on subscriptions shall be uniform on all shares, and
no calls shall be made unless funds are needed for the operations of the bank. The
proportion of subsequent payments to be made in gold shall be determined by the
schedule in II-4-a as it applies to each member country at the time of each call.
5. A substantial part of the subscribed capital of the bank shall be reserved in
the form of unpaid subscriptions as a surety fund for the securities guaranteed by
the bank or i.ssued by the bank.
6. When the cash resources of the bank are substantially in excess of prospective
needs, the board may return, subject to future call, uniform proportions of the sub-
scriptions. When the local currency holdings of the bank exceed 20 percent of the
subscription of any member country, the board may arrange to repurchase with
local currency some of the shares held by such a country.
7. Each member country agrees to repurchase each year part of its currency held
by the bank amounting to not more than 2 percent of its paid subscription, paying
for it with gold: Provided, however, That:
(a) This requirement may be generally suspended for any year by a three-fourths
vote of the board.
{h) No country shall be required to repurchase local currency in any given year
in excess of one-half of the addition to its official holdings of gold during the pre-
ceding year.
(c) The obligation of a member country to repurchase its local currency shall be
limited to the amount of the local currency paid on its subscription.
8. All member countries agree that all of the local currency holdings and other
assets of the bank located in their countries shall be free from any special restric-
tions as to their use, except such restrictions as are consented to by the bank, and
subject to IV-13, below.
9. The resources and the facilities of the bank shall be used exclusively for the
benefit of member countries.
III. THE INTERNATIONAL MONETARY UNIT
1. The monetary unit of the bank shall be the unit of the international stabiliza-
tion fund (137)^ grains of fine gold, that is, equivalent to $10 U. S.).
2. The bank shall keep its accounts in terms of this unit. The local currency
assets of the bank are to be guaranteed against any depreciation in their value in
terms of gold.
IV. POWERS AND OPERATIONS
1. To achieve the purposes stated in Section I, the bank may guarantee, par-
ticipate in, or make loans to any member country and through the government of
such country to any of its political subdivisions or to business or industrial enter-
prises therein under conditions provided below.
REPORT OF THE SECRETARY OF THE TREASURY 369
(a) The payment of interest and principal is fully guaranteed by the national
government.
(6) The borrower is otherwise unable to secure tiie funds from other sources,
even with the national government's guarantee of repaj^ment, inider conditions
which in the opinion of the bank are reasonable.
(c) A competent committee has made a careful study of the merits of the project
or the program and, in a written report, concludes that the loan would serve
directly or indirectly to raise the productivity of the borrowing country and
that the prospects are favorable to the servicing of the loan. The majority of the
committee making the report shall consist of members of the technical staff of the
bank. The committee shall include an expert selected by the country requesting
the loan, who may or ma.v not be a meml)er of the technical staff of the bank.
(d) The bank shall make arrangements to assure the use of the proceeds of
any loan which it guarantees, participates in, or makes for the purposes for which
the loan was approved.
(e) The bank shall guarantee, participate in, or make loans only at reasonable
rates of interest with a schedule of repayment appropriate to the character of
the project and the balance of paj-ments prospects of the country of the borrower.
2. In accordance with the provisions in IV-1, above, the bank may guarantee,
in whole or in part, loans made by private investors: Provided, further:
(a) The rate of interest and other conditions of the loan are reasonable.
(b) The bank is compensated for its risk in guaranteeing the loan.
3. The bank may participate in loans placed through the usual investment
channels, provided that all the conditions listed under IV-1 above are met
except that the rate of interest ma}' be higher than if the loans were guaranteed
by the bank.
4. The bank may encourage and facilitate international investment in equity
securities by securing the guarantee by governments of conversion into foreign
exchange of the current earnings of such foreign held investments. In promoting
this objective the bank may also participate in such investments, but its aggregate
participation in such equity securities shall not exceed 10 percent of its paid-in
capital.
5. The bank may publicly offer any securities it has previously acquired. To
facilitate the sale of such securities, the bank may, in its discretion, guarantee
them.
6. The bank shall make no loans or investments that can be placed through
the usual private investment channels on reasonable terms. The bank shall by
regulation prescribe procedure for its operations that will assure the application
of this principle.
7. The bank shall impose no condition upon a loan as to the particular member
country in which the proceeds of the loan must be spent: Provided, however, That
the proceeds of a loan may not be spent in any coimtrj' which is not a member
country without the approval of the bank.
8. The bank in making loans shall provide that:
(a) The foreign exchange in connection with the j^roject or program shall be
provided by the bank in the currencies of the countries in which the proceeds of
the loan will be spent, and only with the approval of such countries.
(b) The local currency needs in connection with the project shall be largely
financed locally without the assistance of the bank.
(c) In special circumstances, where the bank considers that the local part of
any project cannot be financed at home except on very unreasonable terms, it
can lend that portion to the borrower in local currency.
(d) Where the developmental program will give rise to an increased need for
foreign exchange for purposes not directly needed for that program, yet resulting
from the program, the bank will provide an appropriate part of the loan in gold
or desired foreign exchange.
9. When a loan is made by the bank, it shall credit the account of the borrower
with the amount of the loan. Payment shall be made from this account to meet
drafts covering audited expenses.
10. Loans participated in or made by the bank shall contain the following
payment provisions:
(a) Payment of interest on loans shall be made in currencies acceptable to the
bank or in gold. Interest will be payable only on amounts withdrawn.
(6) Payment on account of principal of a loan shall be in currencies acceptable
to the bank or in gold. If the bank and the borrower should so agree at the time
a loan is made, payment on principal may be in gold, or at the option of the bor-
rower, in the currency actually borrowed.
613185 — 45 25
370 REPORT OF THE SECRETARY OF THE TREASURY
(c) In the event of an acute exchange stringency the bank may accept local
currency in payment of interest and principal for periods not exceeding three years.
The bank shall arrange with the borrowing country for the repurchase of such
local currency over a period of years under appropriate terms that safeguard the
value of the bank's holdings of such currency.
(d) Payments of interest and principal, whether made in member currencies
or in gold, must be equivalent to the gold value of the loan and of the contractual
interest thereon.
11. The bank may levy a charge against the borrower for its expenses in investi-
gating any loan placed, guaranteed, participated in, or made in whole or in part
by the bank.
12. The bank may guarantee, participate in, or make loans to international
governmental agencies for objectives consonant with the purposes of the bank,
provided that at least one-half of the participants in the international agencies
are members of the bank.
13. In considering any application to guarantee, participate in, or make a loan
to a member country, the bank shall give due regard to the effect of such a loan
on business and financial conditions in the country in which the loan is to be spent
and shall, accordingly, obtain the consent of the country affected.
14. At the request of the countries in which portions of the loan are spent, the
bank will repurchase for gold or needed foreign exchange a part of the local cur-
rency proceeds of the loan expended by the borrower in those countries.
15. With the approval of the representatives of the governments of the member
countries involved, the bank may engage in the following operations:
(a) It may issue, buy or seU, pledge, or discount any of its own securities and
obligations, or securities and obligations taken from its portfolio, or securities
which it has guaranteed.
(6) It may borrow from member governments, fiscal agencies, central banks,
stabilization funds, private financial institutions in member countries, or from
international financial agencies.
(c) It may buy or sell foreign exchange, after consultation with the international
stabilization fund, where such transactions are necessary in connection with its
operations.
16. The bank may act as agent or correspondent for the governments of mem-
ber countries, their central banks, stabilization funds and fiscal agencies, and for
international financial institutions.
The bank may act as trustee, registrar, or agent in connection with loans guar-
anteed, participated in, made, or placed through the bank.
17. Except as otherwise indicated, the bank shall deal only with or through.
(a) The governments of member countries, their central banks, stabilization
funds, and fiscal agencies.
(b) The international stabilization fund and any other international financial
agencies owned predominantly by member governments.
The bank may, nevertheless, with the approval of the member of the board
representing the government of the country concerned, deal with the public or
institutions of member countries in the bank's own securities or securities which
it has guaranteed.
18. If the bank shall declare any country as suspended from menibership, the
member governments and their agencies agree not to extend financial assistance
to that country without approval of the bank until the country has been restored
to membership.
19. The bank and its officers shall scrupulously avoid interference in the
political affairs of any member country. This provision shall not limit the right
of an officer of the bank to participate in the political life of his own country.
The bank shall not be influenced in its decisions with respect to applications for
loans by the political character of the government of the country requesting a
loan.
V. MANAGEMENT
1. The administration of the bank shall be vested in a board of directors com-
posed of one director and one alternate appointed by each member government
in a manner to be determined by it.
The director and alternate shall serve for a period of 3 years, subject to the
pleasure of their government. Directors and alternates may be reappointed.
2. Voting by the board shall be as follows :
(a) The director or alternate of each member country shall be entitled to cast
1,000 votes plus one vote for each share of stock held. Thus, a government
REPORT OF THE SECRETARY OF THE TREASURY 371
owning one share will cast 1,001 votes, while a government owning 1,000 shares
will cast 2,000 votes.
(6) No country shall cast more than 25 percent of the aggregate votes.
(c) Except where otherwise provided, decisions of the board of directors shall
be by simple majority of the votes cast, each member of the board casting the votes
allotted to his government. When deemed to be in the best interests of the bank,
decisions of the board may be made, without a meeting, by polling the directors
on specific questions submitted to them in such manner as the board shall by
regulation provide.
3. The board of directors shall select a president of the bank, who shall be the
chief of the operating staff of the bank and ex-officio a member of the board, and
one or more vice presidents. The president and vice presidents of the bank shall
hold oflSce for 4 years, shall be eligible for reelection and may be removed for cause
at any time by the board. The staff of the bank shall be selected in accordance
with regulations established by the board of directors.
4. The board of directors shall appoint from among its members an executive
committee of not more than nine members. The president of the bank shall be an
ex-officio member of the executive committee.
The executive committee shall be continuously available at the head office of
the bank and shall exercise the authority delegated to it by the board. In the
absence of any member of the executive committee his alternate on the board shall
act in his place. Members of the executive committee shall receive appropriate
remuneration.
5. The board of directors shall select an advisory council of seven members.
The council shall advise with the board and the officers of the bank on matters of
general policy. The council shall meet annually and on such other occasions as
the board may request.
The members of the advisory council shall be selected from men of outstanding
ability, but not more than one member shall be selected from the same country.
They shall serve for 2 years, and the term of any member may be renewed.
Members of the council shall be paid their expenses and a remuneration to be
fixed by the board.
6. The board of directors may appoint such other committees as it finds neces-
sary for the work of the bank. It may also appoint advisory cominittees chosen
wholly or partially from persons not regularly employed by the bank.
7. The board of directors may authorize any officers or committees of the bank
to exercise any specified powers of the board except the powers to guarantee, par-
ticipate in, or make loans. Delegated powers shall be exercised in a manner con-
sistent with the general policies and practices of the board.
The board may by a three-fourths vote delegate to the executive committee the
power to guarantee^ participate in, or make loans in such amounts as may be fixed
by the board. In passing upon applications for loans, the executive committee
shall act in accordance with the requirements specified for each type of loan.
8. A member country failing to meet its financial obligations to the bank may be
declared in default and may be suspended from membership during the period of
its default, provided that a majority of the member countries so decides.
While under suspension, the country shall be denied the privileges of member-
ship but shall be subject to the obligations of membership. At the end of 1 year
the country shall be dropped automatically from membership in the bank unless
it has been restored to good standing by a majority of the member countries.
If a member country elects to withdraw or is dropped from the bank, its shares
of stock shall, if the bank has a surplus, be repurchased at the price paid. If the
bank's books show a loss, such country shall bear a proportionate share of the loss.
The bank shall have 5 years in which to liquidate its obligations to a member
country withdrawing or dropped from the bank.
Any member country that withdraws or is dropped from the international stabi-
lization fund shall lose its membership in the bank unless three-fourths of the
member votes favor its remaining as a member.
9. The yearly net profits shall be applied as follows:
(a) All profits shall be distributed in proportion to shares held, except that one-
fourth of the profits shall be applied to surplus until the surplus equals 20 percent
of the subscribed capital.
(&) Profits shall be payable in a country's local currency or in gold at the option
of the bank.
10. The bank shall collect and make available to member countries and to the
international stabilization fund financial and economic information and reports
relating to the operations of the bank.
372 REPORT OF THE SECRETARY OF THE TREASURY
Member countries shall furnish the bank with all information and data that
would facilitate the operations of the bank.
Exhibit 41
Statements on, and swtnmary of recommendations for, an international monetary
fund of the United and Associated Nations
Statement of the Secretary of the Treasury, April 21, 1944, Before the
Senate Committees on Foreign Relations and Banking and Currency,
AND THE Special Senate Committee on Post- War Economic Policy and
Planning and Before the House of Representatives Committee on
Foreign Affairs, Ways and Means, Banking and Currency, and Coinage,
Weights and Measures, and the Special House Committee on Post-
war Economic Policy and Planning
I am happy to tell you today that technical experts of the United Nations
have agreed upon a set of basic principles for an international monetary fund.
This is a great step forward. It is of greatest importance to all of us who believe
that the nations of the world can cooperate in dealing with international economic
problems.
Technicians representing some of these thirty nations have prepared a joint
statement of the principles which are agreed upon. This statement does not,
of course, bind any government to participate in the international monetary
fund, though it does mean that the fund will be recommended to each of the
governments as a practical means of meeting post-war monetary problems.
I want to call particular attention to some of the facts contained in this joint
statement, but before I do thai; I should like to review with you some of the things
that have happened since I appeared before these committees on October 5 of
last year. At that time, I told you I would like to keep you informed of progress,
and accordingly I appreciate this opportunity to bring you up to date.
Since I last talked to you, we have discussed the principles of the international
stabilization and investment program with bankers, labor representatives, and
other interested groups in Washington, Chicago, Boston, Philadelphia, New
York, and other cities. Out of these meetings came helpful suggestions, many
of which were incorporated in our plans.
The vast majority of those with whom we have talked are inclined to look
favorably upon the principle of cooperation to maintain stable and orderly
exchange rates. Informed opinion seems to point to private investment on a
world-wide basis as vital to post-war recovery and reconstruction ; and the stabili-
zation of currencies among the United Nations through the medium of an inter-
national fund, is generall}^ believed to be a necessary prerequisite to this invest-
ment. I believe we cannot expect American businessmen, nor businessmen of
any nation, to take major financial risks, immediately upon the heels of a catas-
trophic global war, without some assurance that steps have been taken to prevent
their investments from being jeopardized by unduly fluctuating money values and
severe exchange restrictions.
Having studied the world picture after the last war, we are all agreed that an
effort must be made to prevent, insofar as possible, harmful fluctuations of cur-
rency ; and to prohibit deliberate manipulation of currencies in an effort to secure
unfair competitive advantage in world trade.
When I was here on October 5, I spoke of a projected international bank for
reconstruction and development.
Because discussions on the bank were initiated somewhat later they are not yet
completely finished. I can tell you, however, that there is considerable support
for the general jirinciples embodied in the world bank, and that good progress
has been made.
Those with whom we have discussed the problem of reviving post-war inter-
national investment regard the bank as essential to the expansion of international
trade and the maintenance of a high level of business activity. They believe it
necessary to take steps to encourage and aid private investors in providing an
adequate vohune of long-term investment capital for productive purposes.
The discussions we have had contemplate the establishment of a bank for recon-
struction and development to facilitate long-term investment capital through
private financial agencies by guaranteeing and participating in loans made by
private investors. The bank would also supplement investment of private
REPORT OP THE SECRETARY OF THE TREASURY 373
financial agencies if this becomes necessary, by lending for productive purposes
from its own resources when private capital is otherwise not available on reason-
able terms.
A full statement of recommendations on the establishment of such a bank and of
the principles on which such a bank should be based is still in preparation by
technicians. It is my hope that this statement will soon be coinpleted and that it
will be issued later. Before it is published, I shall fully inform your committees.
Now I should like to explain briefly some of the principles upon which the
technicians are agreed in connection with the international monetary fund.
Here are the purposes and policies as set forth in the joint statement:
(1) To promote international monetary cooperation through a permanent
institution which provides the machinery for consultation on international
monetary problems.
(2) To facilitate the expansion and balanced growth of international trade and
to contribute in this way to the maintenance of a high level of employment and
real income, which must be a primary objective of economic policy.
(3) To give confidence to member countries by making the fund's resources
available to them under adequate safeguards, thus giving members time to correct
maladjustments in their balance of payments without resorting to measures
destructive of national or international prosperity.
(4) To promote exchange stability, to maintain orderly exchange arrange-
ments among member countries, and to avoid competitive exchange depreciation.
(5) To assist in the establishment among member coimtries of multilateral
payments facilities on current transactions and to aid in the elimination of foreign
exchange restrictions which hamper the growth of world trade.
(6) To -shorten the periods and lessen the degree of disequilibrium in the inter-
national balance of payments of member countries.
The joint statement recommends that all of the United and Associated Nations
subscribe approximately $8 billion to the fund in the form of gold and local cur-
rency. The resources of the fund would be available under adequate safeguards
to help member countries to maintain exchange stability and to correct malad-
justments in their balance of payments. Member countries would be able to
buy foreign exchange from the fund with their own currencies, to the extent of
their quotas, in order. to meet international payments consistent with the pur-
poses of the fund.
The par value of currencies of member countries would be expressed in gold and
could be changed only at the request of member countries after consultation and
approval of the fimd. I'he fund would approve a requested change in parity only
if it were essential to correct a fundamental disequilibrmm. Prompt consider-
ation would be given to requests for necessary adjustment of exchange rates.
Member countries would not allow their exchange rates to fluctuate outside a
narrow range based on the agreed gold parity.
Voting power in the fund would be closely related to quotas. A member
country could withdraw from the fund immediately by giving notice in writing,
and obligations would be liquidated within a reasonable time.
During the period of transition following the war, member countries would be
permitted to retain their exchange controls with the exi)ectation that these would
gradually be relaxed.
I am frank to say that in my ojiinion the agreement of the technical experts to
these principles constitutes a long step on the way toward preventing a break-
down of ciuTencies and the imposition and retention of restrictive and discrim-
inatory exchange measures after the war. Through international cooperation
now, we can assure a stable and orderly pattern of post-war exchange rates.
The purposes set forth in this joint statement have long been the international
monetary policies of the United States. For years it has been our objective to
have these policies ado])ted by other countries. We know of no better way of
assuring general adnerence to these policies than through international cooDeration
in an international monetar3' fund.
We believe that it is of the greatest importance that all of the United Nations
are in agreement on the best means to deal with these international financial
problems after the war. This is concrete evidence that the United Nations can
and will work together in establishing a peaceful and prosperous world just as they
are now fighting together to destroy tyranny and oppression.
International cooperation on monetary and financial matters is the ke^'stone of
successful cooperation on all international economic problems. Unless we agree
to expand world trade and develop the world economy, few other economic agree-
ments which we might make will or can be eiTective.
374 REPORT OF THE SECRETARY OF THE TREASURY
The tentative proposals that have been under discussion by the technical
experts are part of a program for cooperation on international economic problems
among the United Nations. The objectives of this program are the expansion
and development of international trade, the restoration of international invest-
ment for productive purposes, the maintenance of stable and orderly exchanges.
Through these means we can contribute to a high level of employment and
production. The establishment of an international monetary fund and a bank
for reconstruction and development are important steps in the attainment of the
objectives of this broad program.
I want to emphasize again that the discussions up to now have all been of a
technical nature and exploratory in character. Whatever has been done repre-
sents the views of the technical experts of this country and of other countries
that have been studying these questions. The United States is not in any way
committed until Congress has taken action.
It is my hope that after studying the recommendations of the technical experts
the governments of the United Nations will come to the conclusion that there is
sufficient basis of agreement at a technical level to warrant the convening of a
formal conference.
I am happy to say that the President has authorized me to state that if a con-
ference is held it is his intention to invite direct congressional participation in
the work of the United States delegation.
Joint Statement by Experts, April 21, 1944, on the Establishment op an
International Monetary Fund
foreword by secretary op the treasury morgenthau
The publication of the joint statement of the recommendations of the experts
on an international monetary fund is concrete evidence that the United Nations
can and will cooperate in establishing a peaceful and prosperous world.
It is a matter of gratification that the agreement of the experts on principles
for international monetary cooperation was reached in harmony with the best
traditions of democracy. Tentative proposals prepared by the technical experts
of the United States, the United Kingdom and Canada were published and widely
distributed. In this country, the representatives of the Treasury and of other
departments discussed the tentative proposals with interested groups in Washing-
ton, Chicago, Boston, St. Louis, Philadelphia, New York, and other cities. Out of
these meetings came helpful suggestions, many of which were incorporated in the
joint statement. In the meantime, exploratory discussions were going on between
the technical representatives of the United States and the technical representa-
tives of more than 30 other countries. As a result of these discussions, an agree-
ment was reached by the experts recommending the establishment of an inter-
national monetary fund as the most practical method of assuring international
monetary cooperation.
The tentative proposals that have been under discussion by the exi>erts are
part of a broad program for cooperation on international economic problems
among the United Nations. The objectives of this program are the expansion
and development of international trade, the revival of international investment
for productive purposes, the establishment of orderly and stable exchange rates,
and the elimination of discriminatory exchange practices that hamper world trade.
The attainment of these objectives wiU go far toward preventing serious eco-
nomic disruption in many countries during the critical decade after the war.
The discussions up to now have all been of a technical nature and exploratory
in character. What has been done represents the views of the technical experts
of this country and other countries that have been studying the question. The
United States will not in any way be committed until Congress takes action.
joint STATEMENT BY EXPERTS
Sufficient discussion of the problems of international monetary cooperation has
taken place at the technical level to justify a statement of principles. It is the
consensus of opinion of the experts of the United and Associated Nations who have
participated in these discussions that the most practical method of assuring inter-
national monetary cooperation is through the establishment of an international
monetary fund. The principles set forth below are designed to constitute the
basis for this fund. Governments are not asked to give final approval to these
REPORT OF THE SECRETARY OF THE TREASURY 375
principles until they have been embodied in the form of definite proposals by the
delegates of the United and Associated Nations meeting in a formal conference.
I. PURPOSES~AND POLICIES^OF~THE FUND
The fund will be guided in all its decisions by the purposes and policies set forth
below:
1. To promote international monetary cooperation through a permanent insti-
tution which provides the machinery for consultation on international monetary
problems.
2. To facilitate the expansion and balanced growth of international trade and
to contribute in this way to the maintenance of a high level of employment and
real income, which must be a primary objective of economic policy.
3. To give confidence to member countries by making the fund's resources
available to them under adecjuate safeguards, thus giving members time to correct
maladjustments in their balance of payments without resorting to measures
destructive of national or international prosperity.
4. To promote exchange stability, to maintain orderly exchange arrangements
among member countries, and to avoid competitive exchange depreciation.
5. To assist in the establishment of multilateral payments facilities on current
transactions among member countries and in the elimination of foreign exchange
restrictions which hamper the growth of world trade.
6. To shorten the periods and lessen the degree of disequilibrium in the inter-
national balance of payments of member countries.
II. SUBSCRIPTION TO THE FUND
1. Member countries shall subscribe in gold and in their local funds amounts
(quotas) to be agreed, which will amount altogether to about $8 billion if all the
United and Associated Nations subscribe to the fund (corresponding to about $10
billion for the world as a whole).
2. The quotas may be revised from time to time but changes shall require a
four-fifths vote and no member's quota may be changed without its assent.
3. The obligatory gold subscription of a member country shall be fixed at 25
percent of its subscription (quota) or 10 percent of its holdings of gold and gold-
convertible exchange, whichever is the smaller.
III. TRANSACTIONS WITH THE FUND
1. Member countries shall deal with the fund only through their treasury,
central bank, stabilization fund, or other fiscal agencies. The fund's account in
a member's currency shall be kept at the central bank of the member country.
2. A member shall be entitled to buy another member's currency from the
fund in exchange for its own currency on the following conditions:
(a) The member represents that the currency demanded is presently needed
for making payments in that currency which are consistent with the purposes of
the fund.
(6) The fund has not given notice that its holdings of the currency demanded
have become scarce in which case the provisions of VI, below, come into force.
(c) The fund's total holdings of the currency oflFered (after having been restored,
if below that figure, to 75 percent of the member's quota) have not been increased
by more than 25 percent of the member's quota during the previous 12 months
and do not exceed 200 percent of the quota.
(d) The fund has not previously given appropriate notice that the member is
suspended from making further use of the fund's resources on the ground that it
is using them in a manner contrary to the purposes and policies of the fund; but
the fund shall not give such notice until it has presented to the member concerned
a report setting forth its views and has allowed a suitable time for reply.
The fund may in its discretion and on terms which safeguard its interests
waive any of the conditions above.
3. The operations on the fund's account will be limited to transactions for the
purpose of supplying a member country on the member's initiative with another
member's currency in exchange for its own currency or for gold. Transactions
provided for under 4 and 7, below, are not subject to this limitation.
4. The fund will be entitled at its option, with a view to preventing a particular
member's currency from becoming scarce:
(a) To borrow its currency from a member country;
(6) To offer gold to a member coimtry in exchange for its currency.
376 REPORT OF THE SECRETARY OF THE TREASURY
5. So long as a member country is entitled to buy another member's currency
from the fund in exchange for its own currency, it shall be prepared to buy its
own currency from that member with that member's currency or with gold. This
shall not apply to currency subject to restrictions in conformity with IX, 3 below,
or to holdings of currency which have accumulated as a result of transactions of
a current account nature effected before the removal by the member country of
restrictions on multilateral clearing maintained or imposed under X, 2 below.
6. A member country desiring to obtain, directly or indirectly, the currency of
another member country for gold is expected, provided that it can do so with
equal advantage, to acquire the currency by the sale of gold to the fund. This
shall not preclude the sale of newly mined gold by a gold-producing country on
any market.
7. The fund may also acquire gold from member countries in accordance with
the following provisions:
(a) A member country may repurchase from the fund for gold any part of the
latter's holdings of its currency.
(6) So long as a member's holdings of gold and gold-convertible exchange ex-
ceed its quota, the fund in selling foreign exchange to that country shall require
that one-half of the net sales of such exchange during the fund's financial year be
paid for with gold.
(c) If at the end of the fund's financial year a member's holdings of gold and
gold-convertible exchange have increased, the fund may 'require up to ono-half
of the increase to be used to repurchase part of the fund's holdings of its currency
so long as this does not reduce the fund's holdings of a country's currency below
75 percent of its quota or the member's holdings of gold and gold-convertible ex-
change below its quota.
IV. PAR VALUES OF MEMBKR CURRENCIES
1. The par value of a member's currency shall be agreed with the fund when
it is admitted to membership, and shall be expressed in terms of gold. All trans-
actions between the fund and members shall be at par, subject to a fixed charge
payable by the member making application to the fund, and all transactions in
member currencies shall be at rates within an agreed percentage of parity.
2. Subject to 5, below, no change in the par value of a member's currency shall
be made by the fund without the country's approval. Member countries agree
not to propose a change in the parity of their currency unless they consider it
appropriate to the correction of a fundamental disequilibrium. Changes shall
be made only with the approval of the fund, subject to the provisions below.
3. The fund shall approve a requested change in the par value of a member's
currency, if it is essential to the correction of a fundamental disequilibrium. In
particular, the fund shall not reject a requested change, necessary to restore
equilibrium, because of the domestic social or political policies of the country
applying for a change. In considering a requested change, the fund shall take
into consideration the extreme uncertainties prevailing at the time the parities
of the currencies of the member countries were initially agreed upon.
4. After consulting the fund, a member country may change the established
parity of its currency, provided the proposed change, inclusive of any previous
change since the establishment of the fund, does not exceed 10 percent. In the
case of application for a further change, not covered by the above and not exceed-
ing 10 percent, the fund shall give its decision within 2 days of receiving the appli-
cation, if the applicant so requests.
5. An agreed uniform change may be made in the gold value of member cur-
rencies, provided every member country having 10 percent or more of the aggregate
quotas approves.
V. CAPITAL TRANSACTIONS
1. A member countr\- may not use the fund's resources to meet a large or sus-
tained outflow of capital, and the fund may require a member countr.y to exercise
controls to prevent such use of the resources of the fund. This provision is net
intended to prevent the use of the fund's resources for capital transactions of
reasonable amount required for the expansion of exports or in the ordinary course
of trade, banking, or other l)usiness. Nor is it intended to prevent capital mo^•e-
ments which are met out of a member country's own resources of gold and foreign
exchange, provided such capital movements are in accordance with the purposes
of the fund.
REPORT OF THE SECRETARY OF THE TREASURY 377
2. Subject to VI below, a member country may not use its control of capital
movements to restrict payments for current transactions or to delay unduly the
transfer of funds in settlement of commitments.
VI. APPORTIONMENT OF SCARCE CURRENCIES
1. When it becomes evident to the fund that the demand for a member coun-
try's currency may soon exhaust the fund's holdings of that currency, the fund
shall so inform member countries and propose an equitable method of apportioning
the scarce currency. When a currency is thus declared scarce, the fund shall
issue a report embodying the causes of the scai'city and containing recommenda-
tions designed to bring it to an end.
2. A decision by the fund to apportion a scarce currency shall operate as an
authorization to a member country, after consultation with the fund, temporarily
to restrict the freedom of exchange operations in the affected currency, and in
determining the manner of restricting the demand and rationing the limited
supply among its nationals, the member country shall have complete jurisdiction.
VII. MANAGEMENT OF THE FUND
1. The fund shall be governed by a board on which each member will be repre-
sented and by an executive committee. The executive committee shall consist
of at least nine members including the representatives of the five countries with
the largest quotas.
2. The distiibution of voting power on the board and the executive committee
shall be closely related to the quotas.
3. Subject to II, 2, and IV, 5, all matters shall be settled by a majority of the
votes.
4. The fund sha.ll publish at short intervals a statement of its position showing
the extent of its holdings of member currencies and of gold and its transactions
in gold.
VIII. WITHDRAWAL FROM THE FUND
1. A member country may withdraw from the fund by giving notice in writing.
2. The reciprocal obligations of the fund and the country are to be liquidated
within a reasonable time.
3. After a member country has given notice in writing of its withdrawal from
the fund, the fund may not dispose of its holdings of the country's currency
except in accordance with the arrangements made under 2, above. After a
country has given notice of witharawal, its use of the resources of the fund is
subject to the approval of the fund.
IX. OBLIGATIONS OF MEMBER COUNTRIES
1. Not to buy gold at a price which exceeds the agreed parity of its currency
by more than a prescril^ed margin and not to sell gold at a price which falls below
the agreed parity by more than a prescribed margin.
2. Not to allow exchange transactions in its market in currencies of other
members at rates outside a prescribed range based on the agreed parities.
3. Not to impose restrictions on payments for current international trans-
actions with other member countries (other than those involving capital transfers
or in accordance with VI, above) or to engage in any discriminatory currency
arrangements or multiple currency practices without the approval of the fund.
X. TRANSITIONAL ARRANGEMENTS
1. Since the fund is not intended to provide facilities for relief or reconstruction
or to deal with international indebtedness arising out of the war, the agreement
of a member country to provisions III, 5 and IX, 3 above, shall not become
operative until it is satisfied as to the arrangements at its disposal to facilitate the
settlement of the balance of payments differences during the early post-war
transition period by means which will not unduly encumber its facilities with
the fund.
2. During this transition jDeriod member countries may maintain and adapt to
changing circumstances exchange regulations of the character which have been in
operation during the war, but they shall undertake to withdraw as soon as possible
by progressive stages any restrictions which impede multilateral clearing on
current account. In their exchange policy they shall pay continuous regard to
378 REPORT OF THE SECRETARY OF THE TREASURY
the principles and objectives of the fund; and they shall take all possible measures
to develop commercial and financial relations with other member countries
which will facilitate international payments and the maintenance of exchange
stability.
3. The fund may make representations to any member that conditions are
favorable to withdrawal of particular restrictions or for the general abandonment
of the restrictions inconsistent with IX, 3 above. Not later than 3 years after
coming into force of the fund any member still retaining any restrictions incon-
sistent with IX, 3 shall consult with the fund as to their further retention.
4. In its relations with member countries, the fund shall recognize that the
transition period is one of change and adjustment, and in deciding on its attitude
to any proposals presented by members it shall give the member country the
benefit of any reasonable doubt.
Summary of the Recommendations of the Technical Experts for the
Establishment of an International Monetary Fund, April 21, 1944
The experts propose the establishment of an international monetary fund as a
permanent institution for international monetary cooperation. The purpose
would be to promote exchange stabilitj^ assure multilateral payment facilities, help
lessen international disequilibrium and give confidence to member countries. All
of the United and Associated Nations would subscribe approximately $8 billion to
the fund in the form of gold and local currency in accordance with an agreed
formula. The resources of the fund would be available under adequate safeguards
to help member countries to maintain exchange stability while they correct mal-
adjustments in their balance of payments.
Member countries would be able to buy foreign exchange from the fund with
their own currency to meet payments consistent with the purposes of the fund
until the fund's total holdings of their currency reach 200 percent of the quota.
Where a member country is making use of the fund in a manner contrary to its pur-
poses and policies, the fund would give appropriate notice that it would sell ad-
ditional exchange to the member coimtry only in limited amounts. Member
countries holding adequate sold and exchange resources would be expected to pay
for half of their exchange purchases with gold and countries whose official holdings
of gold are adequate and are increasing would be expected to use half of the in-
crease to repurchase part of the fund's holdings of their currency.
When the fund's holdings of a currency become scarce, the fund would issue a
report and make recommendations designed to increase the supply of such cur-
rency. In the meantime, after consultation with the fund, member countries
would be authorized temporarily to restrict freedom of exchange operations in the
scarce currency.
The fund's resources could not be used to meet a large outflow of capital, al-
though they could be used for capital transactions of reasonable amount. A
member country could also use its own resources of gold or foreign exchange for
capital transactions that are in accordance with the purposes of the fund.
The par value of the currencies of member countries would be expressed in gold
and could be changed only at the request of member countries. The fund would
approve a requested change in parity if it were essential to correct fundamental
disequilibrium. After consultation, a member country would be permitted to
change the parity of its currency by not more than 10 percent. Prompt consid-
eration would be given to other requests for adjustment of exchange rates.
The fund would be governed by a board and an executive committee represent-
ing the members. Voting power would" be closely related to quotas. A member
country would withdraw from the fund immediately by giving notice in writing.
Thereafter, the reciprocal obligations of the fund and the country would be
liquidated within a reasonable time.
Member countries would not allow exchange transactions at rates outside a
prescribed range based on the agreed parities. They would not be permitted to
impose restrictions on payments for current international transactions, or to engage
in discriminatory currency arrangements or multiple currency practices without
the approval of the fund.
During the period of transition following the war, member countries would be
permitted to retain their exchange controls with the expectation that these would
gradually be relaxed. Three years after the establishment of the fund any mem-
ber still retaining restrictions inconsistent with these principles would consult with
the fund as to their retention. The transition period is recognized as one of change
REPORT OP THE SECRETARY OF THE TREASURY 379
and adjustment and in deciding on requests presented by members the fund would
give them the benefit of any reasonable doubt.
Exhibit 42
Press release, June 23, 19^4, containing the text of the President's letter, June 9,
1944, to the Secretary of the Treasury relative to the United Nations Monetary and
Financial Conference at Bretton Woods
All agreements reached at the United Nations Monetary and Financial Con-
ference at Bretton Woods, N. H., will be referred to the participating govern-
ments for adoption or rejection, it was made plain in a letter of instructions from
President Roosevelt to Secretary Morgenthau in which the Secretary of the
Treasury was named to head the American delegation.
Definite proposals accepted by the delegates at the conference, which begins
next July 1, will in no sense be binding on the governments represented, Mr.
Roosevelt said.
The President's letter set forth that Secretary Morgenthau, serving as the
principal spokesman for this country, and working in close consultation with the
Secretary of State, would be expected to coordinate the activities and views of
the other American delegates.
The American delegation has the responsibilitj', Mr. Roosevelt said, of demon-
strating to the world that international post-war cooperation is possible.
The text of Mr. Roosevelt's letter, dated June 9, follows:
My Dear Mr. Secretary: I am pleased that you will head the American
delegation which will participate in the United Nations Monetary and
Financial Conference to be held at Bretton Woods, beginning July 1, 1944.
It is my hope that this conference will formulate for presentation to the
participating governments definite proposals for an international monetary
fund and possibly a bank for reconstruction and development. In the
invitation which I extended to these governments to participate in the con-
ference, I stated that the agreement by the conference upon definite pro-
posals will not be binding either morally or legally on the governments
represented but will be referred to the respective governments for adoption
or rejection. You will, of course, be governed accordingly in your discus-
sions and negotiations.
In formulating a definite proposal for an international monetary fund, both
you and the other delegates will be expected to adhere to the joint statement
of principles of an international monetary fund announced April 21, 1944.
You, as head of the delegation, are authorized, however, after consultation
with the other delegates to agree to modifications which, in your opinion, are
essential to the effectuation of an agreement and provided that such modifica-
tions do not fundamentally alter the principles set forth in the joint statement.
You will apply the same principles in your discussions and negotiations with
respect to the proposed bank for reconstruction and development except that
you will be governed by the principles agreed upon by the American Technical
Committee.
As the head of the American delegation of the conference, you wiU be the
principal spokesman for this country and you will be expected to coordinate
the activities and views of the other American delegates. You will, of course,
work in close consultation with the Secretary of State.
The responsibility which you and the other delegates of the American
delegation wiU undertake is the responsibility for demonstrating to the world
that international post-war cooperation is possible. I am confident that you
will do your best to accomplish the purposes of the conference.
Very sincerely yours,
Franklin D. Roosevelt.
380 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 43
Joint statement, June 15, 1944, ^V the Secretary of the Treasury and the Foreign
Economic Administrator relative to the lend-lease of silver to India
The following joint statement was issued today bj' Secretary Morgenthau, and
the Foreign Economic Administrator, Mr. Crowley:
The United States Government has agreed to supply the Government of In-
dia under a special lend-lease agreement with 100 million ounces of silver to
be used to maintain an adequate supply of coinage for the large numbers of
United Nations forces there and for India's expanded war production, and
to help to keep prices stable in this important United Nations supply base
and war theater.
The Government of India has agreed to return the silver to the United
States after the end of the war on an ounce-for-ounce basis.
The silver bullion will he supplied lo India from the large stocks of United
States Treasury free silver. The shipments of silver will not impair in any
way the supply of silver required for domestic purposes in the United States.
Silver has been supplied under lend-lease from time to time to a number
of other countries for industrial and coinage purposes essential to the war.
The total amount of silver shipped under lend-lease to date to all countries
is approximately 4,000 short tons.
Exhibit 44
Joint statements, August 2 and 17, 1943, by the Treasury and War Departments
relative to the allied military currency used in liberated Sicily
Statement, August 2, 1943
Joint statement by the Treasury Department and the War Department:
Allied expeditionary forces, seeking to establish orderly relationships with the
people of liberated Sicily, are introducing into its occupied areas an "Allied Mili-
tary Currency," speaking a "Lira" language that will be understood by every
Sicilian trader and consumer.
It may now be revealed that a distinctive currency, determined upon by
British and American officials was made in th^ Treasury's Bureau of Engraving and
Printing. It was rushed to the scene of action by huge transport planes and is
being used as the medium of exchange in that part of Italy that we now hold.
A part of its legend reads "Issued in Italy."
At the same time, it was revealed, a comparable series of postage stamps will be
introduced into the areas under military administration.
This is the first truly allied venture into the field of military monetary expe-
dients and an undertaking without precedent so far as the United States is con-
cerned. The distinctive lira currency will be used in the payment of troops of
all the Allied Nations on Italian soil, and in payment by the procurement services
for local supplies.
Government officials said the undertaking is designed to give the occupied
areas a currency in denominations and terms which they know.
It provides an adequate circulating medium in sections where there may be a
shortage of local currency because of confiscation or destruction by retreating
enemy forces, or from other causes.
It avoids complication of the monetary system which use of foi-eign currencies
might cause.
Previously, the United States forces in North Africa had used a regular "back
home" currency with a distinctive seal, while the British had used a "military
pound." Now, authorities of the Allied Nations have worked out this cooperative
use of a single medium of exchange.
The preparation of this military ciu-rency and postage in advance of the inva-
sion of Italy is itself an amazing chai)ter in "the story of the gigantic and minutely
detailed planning that preceded the expedition, a story that must, for the most
part, ren^ain mitold until after the war. From the standpoint of the physical
imdertaking alone, there is no precedetit for such a job. Presses of the Bureau
of Engraving and Printing worked 24 hours a day, not even pausing for meal
periods, for weeks, to have the stocks of notes and stamps ready for the final,
revealing overprinting when the invasion actually began.
REPORT OF THE SECRETARY OF THE TREASURY 381
The planning of the job goes back some four months, when high officials of the
Treasury, the War and Navy Departments, the Department of State, and officials
of the British Government laid the groundwork in a series of extraordinary con-
ferences lield in utmost secrecy.
No inkUng of the ])roject ever was })ut in writing, no word of it spoken over a
telephone, and no discussions of it carried outside the conference rooms.
Designs for the notes and stan)ps had to be completed under similar conditions
of secrecy, and stocks of disthictive paper and huge amounts of inks of various
colors accumulated. In none of this preliminary work was the country for which
the notes were intended ever identified.
On the basic designs vmder consideration, where now the words "Issued in
Italy" appear, the words "United States" were placed fictitiously, and where the
"lira" designation is prhited were such unrevealing terms as "dollars" or "shillings."
Basic printing of the notes began early in June, with the name of the country
and the currency designation still omitted. Huge stocks of the partially finished
notes were accumulated against the day when the "go" signal should be given.
The invasion news was flashed to the world on the night of July 9. Key
employees of the Bureau of Engraving and Printing stood by their telephones
throughout Sunday, and continued at their posts until the printing order was
released by Army authorities actually on Tuesday, July 13. Huge presses immedi-
ately began to roll, overprinting the partially completed notes with the identify-
ing legends.
By Saturday, July 17, enough had been completed to load a huge transport
plane, but transportation was not available until Monday, July 19, when two
planes carrying seven tons of the distinctive money took off. Other shipments
have followed, both of currency and stamps.
The currency introduced into Sicily is in eight denominations from one to
1,000 lire. The smaller denominations are half the size of United States currency,
and the larger denominations the same size. It is made by a lithograph process,
since the time element and the size of the undertaking did not permit steel
engraving.
Except for the "lire" designation, all the legend on the bills is in English. The
"Four Freedoms," Freedom of Speech, Freedom of Religion, Freedom from Want,
and Freedom from Fear, appear prominently on the reverse sides of all the notes.
Ornate designs in pantograph, of a neutral nature, are used in the series, so that
it might be adapted to the needs of troops in further assaults upon Hitler's
European fortress merely by overprinting the proper currency designations and
name of country on the basic stock.
Smaller notes, of one, two, five, and ten lire bear a wheat field scene in brown
on the face, with the denomination in the center. Blue, lavender, green, and
black borders also identify the respective denominations. The words "Allied
Military Currency" appear on the upper margin of the face and in an ornate oval
on the reverse side. The face also carries the legends, "Series 1943," "Issued in
Italy," and a serial number. The Four Freedoms appear in the four corners of
the note on the reverse side.
For notes of 50, 100, 500, and 1,000 lire, borders and ornate design of the front
are in blue, lavender, green, and black, respectively, with the background on all
four notes a pale blue. The denomination appears in each of the four corners on
the face, and in an ornate shield in the center. The words "Issued in Italy"
appear in ovals at each end, and the words "Allied Military Currency" at the
bottom of the note. The face also carries the designation "Series 1943," and
serial numbers.
The reverse side of these larger notes is a subdued brown, with "Allied Military
Currency" appearing in a center shield, and the Four Freedoms in ovals at either
side.
The allied military postage stamps are in denominations of 15, 25, 30, 50, and
60 centesimi, and in 1, 2, 5, and 10 lire. They are all of the same design, distin-
guished by colors of the usual United States postage series. They bear a panto-
graph background, with white lettering, and the denomination in the center of
the stamp, are perforated, and on a gummed paper. Both the stamp design and
the overprint are put on in one operation on a two-color press.
382 REPORT OF THE SECRETARY OF THE TREASURY
Statement, August 17, 1943
The Treasury and War Departments today made public further details concern-
ing the special currencies employed in the Sicilian operations:
Financial and military plans are so closely interrelated in modern warfare that
it is necessary, for reasons of military security, to maintain secrecy regarding
financial arrangements incident to military operations until the financial as well as
strictly military aspects of the initial stages of the operation have unfolded.
However, military secrecy ceases to exist regarding the financial measures effective
for an operation when the relative decrees of the military commander are issued in
the liberated area. Accordingly, the following information can now be released
supplementing the story previously made public regarding the printing of Allied
military currency by the Bureau of Engraving and Printing.
Measures to meet the currency problems incident to the Sicilian operation were
taken jointly by the United States and British military authorities and insofar as
American interests are concerned, under the guidance of and in consultation with
the United States Treasury.
A distinction is to be drawn between the two kinds of currencies, namely,
"spearhead" and "occupation," employed by the United States forces in these
military operations. The "spearhead" currency was the "yellow seal" dollar
which is a regular silver certificate of the United States Government, the yellow
seal being used to distinguish it from ordinary United States currency. This
distinctive mark was adopted partly for security reasons to permit the isolation of
the currency if it fell into enemy hands, partly to prevent the influx into the area of
dollar currency already in the hands of the enemy, and partly to facilitate its
entry into the United States by freeing it from present restrictions on ordinary
United States currency. The yellow seal was first used bj'^ the United States
military forces in North Africa and was again used as a spearhead currency in
Sicily.
In connection with the use of the yellow seal dollar by the United States forces, it
is of interest to note that concurrently the British forces used the British military
authority pound note. The B. M. A. note is a special currency and not the regu-
lar British pound note. The same exchange rate for conversion purposes was
established in Sicily as in North Africa between the B. M. A. note and the yellow
seal dollar — one B. M. A. pound equals four United States yellow seal dollars.
The occupation currency employed is the Allied military lira which was de-
scribed in a previous joint press release by the Treasury and War Departments.
This currency is being used jointly in the Sicilian operation by the Allied military
forces to supplement supplies of local currency when and if necessary in order to
meet the requirements of military operations. For obvious reasons it was desir-
able that the Allied forces should not continue to use pound and dollar currencies
longer than was necessary and should move into currency denominated in terms
of local units as quickly as the military situation would allow. It is not intended
nor desired to replace the local currency with the Allied miUtary lira currency
unless absolutely necessary from a military standpoint, but rather to use the
Allied military lira to supplement the supply of local currency.
When the United States Army obtains Allied military lire for expenditures in
Sicily for pay of troops, supplies, and other expenditures that would normally be
charged to its appropriation, it will charge the relevant War Department appro-
priation for the dollar equivalent of such expenditure. The decreed rate of
exchange is 100 lire to the dollar. This procedure, it was pointed out, marks no
change in the customary control by the Congress over the size and nature of
Army appropriations. Congress retains its jurisdiction over such army expendi-
tures. The British military forces are following a parallel procedure with a
decreed rate of 400 lire to the British pound. In all cases complete records are
being kept and a detailed accounting procedure has been set up in connection with
the issuance and use of this currency. These complete records will also facilitate
the adjustment of financial matters growing out of the military operations of the
Allied forces in the occupied area.
The Allied military lira has been made legal tender in Sicily and is interchange-
able at par with local lira currency. It will be in every respect as acceptable as a
medium of exchange as the local lira currency, both to the men of our fighting
forces and to the local population. Insofar as our troops are concerned, arrange-
ments have already been made so that they may remit all or any portion of their
pay which they receive in lire to the United States against instant payment here
in dollars. United States soldiers leaving the area may exchange lira currency
held by them for dollar currency at the decreed rate of exchange.
REPORT OF THE SECRETARY OF THE TREASURY 383
On the other hand, for obvious reasons, War Department appropriations will
not be charged for expenditures in Sicily by the Allied Military Government for
local governmental operations whether financed from local taxes or revenue or
through the use of Allied military currency. Thus, for example, the Allied
Military Government will not charge Army appropriations in connection with
the maintenance of public schools, water systems, salaries of local officials, and the
like.
Officials emphasized the essential distinction between the regular issuance of
currency within the United States and the issuance of a special currency by the
military authorities within an area under military occupation such as Sicily.
W hile the former is governed by the Constitution and the statutes of the United
States, the rules governing the latter are those of the law of nations as established
by international agreement and the usage of the world. Under international law,
the Hague Conventions and the decisions of the Supreme Court of the United
States, the military commander in areas occupied by the forces under his command
has all the powers necessary for the carrying out of governmental functions.
These powers include the right to provide for the currency needs of the area
occupied. In fact, it is a fundamental principle of international law that an
occupying authority has, in addition to its powers, certain obligations to the
inhabitants of the territory under its control. It must take whatever steps are
necessary to secure public order. The latter cannot be maintained unless the
continued operation of local trade and commerce is protected. This protection
includes the establishment and maintenance of an. adequate and effective circu-
lating medium.
The Allied forces must be in a position to meet a variety of conditions which
they may find in areas occupied by them. The enemy might, for example, adopt
a "scorched earth" policy which, on the monetary side, may evidence itself in the
withdrawal or destruction of currency stocks and the resulting depletion of the
circulating medium of exchange of the area. On the other hand, the enemy might
in its efforts to cause maximum difficulties to the occupying forces, flood the area
to be occupied with local currency to such a point that it becomes practically
worthless as a satisfactory medium of exchange; and may even resort to the use of
counterfeit local currency.
Financial problems will vary in different areas freed by the forces of the United
Nations. Although the basic principles underlying the authority of the miUtary
commander remain unchanged, the details of procedure must be adapted to the
circumstances found to exist in liberated areas.
It should be noted that in contrast with Axis procedure, which is governed by a
policy of exploitation or of outright destruction of the existing economy of a con-
quered area. Allied military policy and procedure is governed by a spirit of libera-
tion and a policy of rehabilitation and fair dealing with the liberated peoples.
Exhibit 45
Joint statement, February 9, 1944, ^V the Treasury, War, and Navy Departments
relative to the special Hawaiian series of United States currency
The Treasury, War, and Navy Departments tonight issued the following
joint statement:
The American marines, sailors, and soldiers who have been driving out the
Japanese from their Central Pacific strongholds have brought with them for their
use and for the use of the inhabitants of these islands the "Hawaiian dollar," 1. e.,
the special Hawaiian series of United States currency.
The use of this Hawaiian currency emphasizes the marked change which has
been brought about in the Central Pacific theater of operations during the last
year. The introduction of the special "Hawaiian dollar" in July 1942 was taken
as a step toward the complete economic defense of Hawaii, while today the
"Hawaiian dollar" is being used to facilitate the offensive against the Japanese-
held islands thousands of miles from Hawaii in the direction of Tokyo.
When the "Hawaiian dollar" was introduced, the Japanese had been recently
defeated in the battle of Midway but had just landed forces on the Island of
Kiska and responsible American naval and military leaders were pointing out
that a threat to Hawaii still existed. It was against this background that
measures were taken by the United States Treasury for the withdrawaLpffall
regular United States currency in circulation in the Territory of Hawaii and its
replacement by a new series of United States currency. This new currency
384 REPORT OF THE SECRETARY OF THE TREASURY
consists of United States silver certificates and Federal Reserve notes bearing the
distinctive overprint "Hawaii" in bold open-faced type on each end of the face
of the note and the word "Hawaii' in large open-faced type across the reverse
side of the note. After August 15, 1942, no currency other than United States
currency, Hawaiian series, could be held or used in Hawaii without a license from
the Governor of the Territory of Hawaii. On the other hand, in order to effectuate
the purposes of its issuance, the United States currency, Hawaiian series, was
kept from circulating on the mainland of the United States by virtue of a pro-
hibition on its export from Hawaii.
The distinctive characteristics of the "Hawaiian dollar" are of equal value for
offensive purposes as well as defensive. It is in the interests of our Government
to be able to identify easily the currency which is being used in areas of combat,
in order to facilitate the isolation of this particular currency if it should fall into
enemy hands.
It would have been possible, of course, to achieve practically all of the ad-
vantages of the use of the "Hawaiian dollar" by the use of the yellow seal cur-
rency used in North Africa, Sicily, and Italy. It was felt, however, that since
these Central Pacific islands have closer direct military and financial relations
with Hawaii than with the mainland and since the "Hawaiian dollar" has all the
advantages of the yellow seal currency, it was preferable to use the "Hawaiian
dollar" in the Central Pacific operations.
The rate of exchange that has been established for these liberated islands of the
Central Pacific is 20 Japanese military yen to one "Hawaiian dollar." This rate
was determined in the light of present prevailing circumstances in these small
island groups and will in no way be considered a precedent for the rates that may
be applied to other areas now occupied by the Japanese.
TAXATION DEVELOPMENTS
Exhibit 46
Siaiement of Secretanj Morgenihau before the Hovse Ways and Means Committee,
October 4, 194S, in support of the Treasury's program for additional revenue
I want to present to you today the administration's suggested program for
raising additional taxes to help pay for the war. But more than that, I want to
explain why we are presenting this program. You are entitled to know not only
the decisions we have made, but our reasons for making those decisions.
Because of the huge cost of the war, it is necessary for us to ask for a great deal
of money. We need it, and the time to get it is now, when the national income is
the highest it has ever been.
The budget for the fiscal year 1944 calls for lOG billions in expenditures. And
while it may be possible, and I hope it is, to curtail some governmental expendi-
tures, even that will not lessen our need for getting at this tim.e all that the
American people can possibly give us in additional taxes.
The additional taxes for which we are going to ask will make it necessary for
people to take in their belts- — but the cold hard facts of fiscal necessity demand it.
We know by now that our willingness to s])eiid the necessary funds, no matter how
large, has had aiid will continue to have'a'definiie effect"on''the''lives of our men in
battle. The superior fighting equipment which we have produced and bought has
been expensive, but it will shorten the war and will save the lives of thousands of
American fighting men.
The money that is expended to help our allies keep the enemy engaged on dozens
of fronts all over the world also saves untold lives and helps shorten the war.
These things — equipment, medical supplies, lend-lease, and all the rest — have
helped to build the war cost to its present huge proi^ortions, but I am sure you will
agree, and I am sure the American people agree, that it is worth while.
We must raise a great deal of additional money for financing the war and com-
bating inflation, and yet in doing it we cainiot overlook the fact that there is a
point beyond whic-h some people of moderate'means cainiot pay higher taxes of any
sort and still keep a family going. There is a point beyond which they cannot
meet the tax bills and still maintain a standard of living which will permit them to
continue to help in the effective prosecution of the war.
I am telling you this to emphasize the fact that the Treasury Dejiartment has
not arbitrarily set down a figure as the amount to be raised, without regard to the
problems which exist, and which must be met. We have, over the past several
months, asked the help of every executive department of Government having any
REPORT OF THE SECRETARY OF THE TREASURY 385
relationship to taxes, including the Army and the Navy. And I think we have
examined every conceivable plan to raise additional taxes.
We have measured these plans against —
First, the ability of the plan to raise money, and its eflfect on the inflation
problem;
Second, the degree to which it might interfere with war production;
Third, the degree of hardship the plan places upon people with fixed incomes
and with fixed obligations, and upon people with inadequate incomes; and
Fourth, its practicability and cost from the standpoint of its administration.
No plan is good if it is impractical for the Government to handle, or if it unduly
tries the patience of the taxpayer who is already burdened with too much and
too complicated paper work.
One of our chief considerations in developing a tax program has been the
drawing off of what is called "excess spending money." It has been estimated
that income payments to individuals will amount to 152 billion dollars in the
fiscal year of 1944. The amount of goods and services available can absorb only
about 89 billion of this 152 billion, leaving 63 billion. Personal taxes will reduce
this figure by 21 billion at the present rate, leaving a total of about 42 billion
dollars. Of this 42 billion dollars we expect to draw off a substantial amount
in the sale of war bonds to individuals. During the past 12 months — that is to
say, through the three drives which we have had, and the regular bond sales
which go on month after month — we have absorbed nearly 17 billion dollars of
this "excess spending money" from individuals.
There are of course other forms of noninflationary savings, such as life insur-
ance, which also must be subtracted from the 42 billion potentially dangerous
dollars.
But even taking into consideration these savings along with war bonds, a
substantial amount of excess income will still be left. There will be available
spending money far in excess of the limited supply of goods available, and with
this excess the danger of inflation mounts.
As you know, the seeds of inflation have been with us since the start of the war
in Europe, and the Government has taken numerous measures to cope with the
situation. Partially because the threat of inflation seemed to many to be far
away, and partially because of a lack of general understanding of the economic
factors involved in inflation, not enough has been done.
In the Treasury we have taken several steps within our province to help com-
bat inflation. We have consistently recommended higher taxes, and have
succeeded in getting the people of the Nation to invest many billions in war
bonds and tax notes.
On March 19, 1941, we set up the Defense Savings Staff in the Treasury for
the purpose of promoting the sale of defense savings bonds to the general public.
On May 1 we introduced the Series E, F, and G savings bonds in an effort to
absorb individual savings and to forestall the potentially inflationary effects of
the expenditure of these funds for consumers' goods. Altogether, the American
people have invested 21 billions net in these bonds.
On April 24, 1941, I appeared before the Committee on Ways and Means to
discuss the need of raising 3.5 billions additional revenue, one of the objectives
of which was "to prevent a general rise in prices by keeping the total volume of
monetary purchasing power from outrunning production."
On August 1, 1941, we placed on sale tax anticipation notes, designed to enable
the taxpayer to save systematically for his tax bill, and at the same time to
absorb purchasing power which might have been spent for consumers' goods.
On December 27, 1941, we implemented the payroll savings plan for the regular
and systematic sale of United States savings bonds to wage earners. At the
present time 27 million persons are deducting a total of 420 million dollars a month.
On March 3, 1942, I appeared before this committee and asked for an increase
in revenue of 7.6 billion dollars. I stated that the chief objective of the new
Revenue Act was to help check inflation, and iDointed out that "nothing in the
economic field can interfere with the war effort as much as an uncontrolled rise
in prices, and an inflationary price rise is a source of grave social injustice."
In the 3 years — 1940, 1941, 1942 — I recommended to Congress tax increases,
totaling approximately 20 billion dollars, and I am glad to say that Congress
enacted most of these increases.
These tax increases and the money that we have realized through the sale of
bonds have been substantially helpful, in connection with other governmental
actions and restrictions, in controlling inflation to the extent to which it has thus
far been controlled.
613185—45 26
386 REPORT OF THE SECRETARY OF THE TREASURY
From a statistical standpoint, we know where the bulk of the new money lies,
and where, therefore, lies also the greatest danger of inflationary pressure.
Today, four-fifths of all the income of the Nation is going to people earning less
than $5,000 a year. And except for the people earning no more than a bare
subsistence wage, this group presents the greatest potential danger from the
inflationarj' standpoint. The weight of the inflationary money in the hands of
this group can cause undue price rises, and can completely upset our entire
economic sj'stem, unless absorbed in sufficient quantity.
Having this in mind, as well as the need for additional funds to finance this
most expensive war, the Treasury set a goal earlier this year of 12 billion dollars
as the amount of additional revenue which should be raised by new taxation.
Since this goal was set we have gone outside the Treasury offices, outside of
Washington. We knew that 12 billion dollars, when translated into individual
cases, was a great deal of money; and, as we progressed in our investigations, we
became more and more aware of the problems we would have in levying so large
an additional tax on anything like an equital^le basis.
While it is perfectly obvious that the economic condition of the country indicates
a great deal of room for additional taxation, income is not distributed in such a
way that it can equitably be drawn off in huge quantities sti'aight across any
given income level.
We found this out very definitely when we made actual observations in the field.
When we talked to actual people — people who pay rent, feed their families, and
meet the extra bills which wartime living saddles upon them — we found that some
had ability to pay much heavier taxes, but that others earning the same amount
of money could not l^ear as heavy a burden.
From our surveys, and from checking closely the response of working people and
farmers and other groups in the bond drives, we further found that this inequality
in ability to pay taxes is being compensated for in a large measure by the volun-
tary purchase of bonds among people who have more than their usual amount of
money to spend. We found, for example, that among war workers in industries
where income has been substantially increased, the purchase of bonds is high.
In most factories where production is especially high, and where wages and over-
time are accordingly high, the sale of bonds is similarly high. For example, in the
former automobile plants, now converted to war production, 87.6 percent of all the
workers are regularly buying bonds on payroll deduction plans, and those who are
enrolled are regularly investing 10.3 percent of their wages. During the Third War
Loan drive the workers in representative automobile plants in Detroit invested up-
ward of an average of $100 per man in extra war bonds. They did this of their own
free will, without compulsion by the Government.
This pattern holds true throughout the war production industries. Seventy-
five percent of all the shipbuilders are on the payroll deduction plan, and are in-
vesting 11.3 percent of their wages.' Employees in the construction industry who
are on the plan are deducting 10.4 percent of their pay; and — to take a different
kind of an industr.v — 85 percent of the employees of the telephone and telegraph
industry are subscribing 9.3 percent of their pay.
The great majority of the American people are ready and anxious to do their
part to cooperate in every way that will help win the war in the shortest possible
time. I have seen this spirit at work in our war loan drives.
I am sure that we can count on them as individuals to see us successfully through
our fight against inflation if we will only tell them what to do — clearly and de-
cisively. Tell them how they can help. We cannot legislate cooperation, and be-
yond a certain point I think we must tread lightly.
The amount of money we can take by tax legislation cannot possibly absorb
enough of our dangerous dollars, but we must ask the people, so that they may
protect themselves from the injustice of inflationary price rises, to do aU they
possibly can. And while I think we should not burden the American taxpayers at
this time with additional taxes in so great an amount as 12 billion dollars, I do
believe that they can pay, and will, an additional total of 10.5 billions.
At first glance, it may seem that a billion and a half less than our original figure
is not a substantial reduction; but all of the reduction is in the individual income
tax and it amounts to a great deal in terms of a reduced burden on any given in-
dividual or family.
The proposed schedule calls for 6.5 billions in additional individual income taxes.
We realize that these additional taxes, even in the reduced amount of 6.5 billions,
will impose a heavy burden on some taxpayers. You may therefore wish to con-
sider some device for lessening the ultimate impact of the increased tax on the
lower income groups.
REPORT OF THE SECRETARY OF THE TREASURY 387
One such device which we have considered, and wliich I pass along to you for
your consideration, is provision for a post-war refund of a part of the tax.
Such a refund should benefit principally the lower income groups and might be
in the range of between 2 and 3.5 billions of the 6.5 billion tax. If such a device
should be used, it is suggested that the taxpayer be permitted to purchase with his
refund credit a fuUy paid-up life insurance policy. There should also be a special
provision permitting the immediate use for tax payment of any post-war credit in
cases where the taxpayer's income has not increased substantially.
As a result of our investigations among average Americans, there is an impor-
tant general recommendation that I want to make. It is vitally important that
every possible step be taken to reduce the complications in our tax laws which
make it necessary for the taxpayer to fill out complex and difficult tax forms.
Many of the complications which confuse and irritate the taxpayer arise out of
the fact that under the present law there are two income taxes. We have the
regular income tax. We also have the Victory tax, which was passed last year,
and became aiDplicable' to this year's income.
The Victory tax introduces a new and different income computation which does
not take account of deductions for interest paid, taxes paid, contributions to
charity, or other nonbusiness expenses. It has a different scheme of exemptions,
with an exemption of $624 for each individual taxpayer. This exemption is re-
duced in the case of a married couple where one spouse has less than $624 of
income. No exemption is allowed for dependents. The Victory tax has a com-
plicated post-war credit amounting to 25 percent of the tax for single persons,
with a limit of $500, 40 percent of the tax for married couples with a limit of
$1,000, and an additional 2 percent for each dependent with a limit of $100.
A further complication is the provision for taking this credit currently to the
extent of debt repayment, life insurance premiums, or war bond purchases — and
this provision not only increases complexity, but for all practical purposes wipes
out the post-war character of the credit.
Because of these variations from the income tax, the Viccory tax confuses the
taxpayers and makes impossible any real simplification of tax forms. It has wiped
out simplifications previously possible in income tax forms. For example, the
complete tax computation table which we were able to provide for taxpayers in
the 1941 and 1942 returns has become impossible this year because of the Victory
tax.
I, therefore, recommend the repeal of the Victory tax as the first and most
important single step toward tax simplification.
But there are additional gains to be made by repealing this tax now. Such a
step would improve the equity of the income tax system in important respects.
The Victory tax failed to take due account of family status. It loaded an addi-
tional tax on all those earning an income above $624 regardless of the size of their
families.
While it does not seem desirable simply to exempt wholly from taxation all
those now liable for Victory tax, but not within present income tax brackets,
equity will be promoted by repealing the Victory tax and lowering present income
tax e.xemptions. By lowering them to $1,100 for married persons and $300 for
dependents, we would retain, with about the same tax burden, those taxpayers
now liable only for Victory tax, who are best able to bear the burden of some
income tax. At the same time we would relieve 9,000,000 hard-pressed families
from tax on their incomes.
Repeal would not, of course, leave these citizens untaxed. They would con-
tinue to pay heavy indirect taxes, and most of them under existing law will have
their social security taxes doubled next year.
In the interest of simplification, there is another recommendation I want to
make again, as I did last year. I urge the repeal of the earned-income credit.
The elimination of the earned-income credit would make possible the achieve-
ment of a further important simplification through the consolidation of the normal
tax and the surtax into one tax schedule.
Under present law all net income ud to $3,000 is assumed to be earned income,
whether or not it is actually earned. This failure to distinguish between different
sources of income below $3,000 deprives the earned-income credit of its chief
significance. Yet it complicates both the returns and the computation of the
income tax. By eliminating this misnamed earned-income credit, we can gain
simplification without discriminating against the salaried people and wage earners
with modest incomes.
A desirable change which would further simplify filing and collection procedure
would be the withholding of taxes from wages and salaries af graduated rates.
388 REPORT OF THE SECRETARY OF THE TREASURY
Graduated withholding could keep millions more of our taxpayers on a strictly
current, paid-up basis, by covering the full liability in all brackets instead of just
the first bracket, as at present. This would materially reduce the number of
persons required to file troublesom.e declarations of estimated tax. Recent
discussions with employers indicate that they believe withholding at graduated
rates to be desirable and entirely feasible.
Let me tell you now about our specific suggestions for the tax program.
I am suggesting a program to iilcrease Federal revenue collections by approxi-
mately 10.5 billion dollars for a full year of operation.
I recommend that those taxes be raised through an increase in estate and gift
taxes, corporation taxes, selected excise taxes, and individual income taxes.
Estate and Gift Taxes
Estate taxes have been a part of our Federal tax structure since 1916, but the
total contribution has been unduly small. In this period ahead when great addi-
tional revenue is necessary, estate taxpayers should contribute as heavily as
possible to the cost of the war along with other groups of taxpayers. I am sug-
gesting that the exemption for estate taxes be reduced from $60,000 to $40,000;
that estate and gift tax rates be increased throughout the scale. By so doing, we
can raise an additional 400 million dollars on a full A'ear's basis.
CoRroRATioN Taxes
It is recommended that corporation taxes be increased. Despite heavy in-
creases in taxes, net corporation income after taxes has risen greatly since 1939.
After paying dividends, corporations (including both profitable and deficit
corporations) will have added to their capital out of earnings an estimated 11 or 12
billion dollars during the 3 years of 1941, 1942, and 1943. We therefore recom-
mend that corporation taxes in general be raised, but that small corporations be
given special favorable treatment. Our schedule for increasing corporation taxes
has been worked out along this line and will raise an additional 1.1 billion dollars.
Excise Taxes
It is the belief of the Treasury Department that an increase in excise tax
rates has much to commend it as a means of raising additional money during a
war period. Little or no increase in administrative machinery is required.
Items can be selected which need to be conserved for war purposes and additional
taxes can be placed upon such items of expenditure as liquor and tobacco. The
tax rates that we are suggesting have been fitted to the wartime conditions of
supply and demand for each item separately. Under the schedule which we
will present to you in detail, we can raise an additional 2.5 billion dollars through
increases in present excise tax rates and through two new excises.
The tax increases just suggested — the added estate and gift taxes of 400 million
dollars, the new corporation taxes of 1.1 billion dollars, and the increased excises
of 2.5 billions, add up to a total of 4 billion dollars.
' Individual Income Taxes
I am suggesting increases in individual income taxes to yield 6.5 biUion dollars.
In planning a schedule to raise this 6.5 billions in additional income taxes, we
have merged the Victory tax into the income tax. As I have indicated, the
exemptions suggested are $500 for single persons, $1,100 for married persons, and
$300 for each dependent.
The total amount of Victory tax paid by the 9 million people who will thus be
relieved of paying any Federal income tax is 300 million dollars, all of which has
been redistributed and absorbed in our proposed schedule.
I should like to take a moment now to tell you exactly how this proposed
income tax schedule will work in actual practice.
Take, for example, a married person with two dependents; under the present
law, the income tax exemption would amount to $1,900, and the Victory tax
exemption would usually amount to $624; under the proposal, there would be one
exemption amounting to $1,700.
REPORT OF THE SECRETARY OF THE TREASURY 389
Such a person having a net income of a thousand dollars a year will pay a
gross tax under the present law of $25, of which $11 is his refundable Victory
tax credit. Under the new proposal, he will not be required to pay any tax at all.
If such a person is earning $3,000 a year, he is now paying a gross tax of $327,
of which $60 is his Victory tax credit. Under the new proposal, he would pay
$384, or $57 more than his present gross tax.
A married person with two dependents earning $8,000 a year is now paying a
total of $1,735, of which $182 is his Victory tax credit. Under the present pro-
posal he would pay $2,523, or $788 more than his present gross tax.
At $25,000 per year, a married person with two dependents is now paying
$10,171, of which $597 is his Victory tax credit. Under the new proposal he
would pay $13,750, or $3,579 more than his present gross tax.
It is my belief that the suggestions I have just made constitute a program as
equitable as could be suggested to attain the results we desire. Enactment of a
program of this general character, I believe, would serve the Nation in many
ways.
It would enable us to finance a considerably larger part of our huge war costs
through taxation; and by so doing would relieve us and our children of a burden
which could materially retard post-war progress.
It would materially simplify our tax structure.
It would strengthen us in our war on inflation, as well as in our war on the
Axis.
All of the tax increases I have mentioned are suggested as parts of a war program
to be eflFective only until a date following the termination of the war to be fixed
by Congress.
Mr. Paul and the Treasury staff are here to present to you complete schedules
and plans and answer cjuestions concerning them.
Statement on Social Security
There is one further suggestion I should like to make to this committee. It is
not a part of the tax proposal, but it bears a distinct kinship to it.
I should like to suggest, as enthusiastically as I know how, that you amplify
and extend the present social security system.
I have talked to many people who would be concerned with extension of the
social security program which would involve increases in jjayroll taxes. I have
been met with interest and enthusiasm for broadening the provisions of the
Social Security Act. I have been assured that the people who would have to
pay additional j^ayroU taxes see the wisdom of making the necessary additional
sacrifices.
The President has announced plans to reestablish our fighting men economically
when they return to build new lives on the sound foundations of the victory they
will have won; and now we must also keep in mind, on that same sound foundation
of victory, workingmen and farmers, and all other people on the home front, many
of whom are not now covered by social security, must also build new and better
lives.
Therefore, I suggest that the Congress seriously consider widening social
security to cover practically all persons in the Nation, to increase unemployment
insurance benefits, and to provide benefits for temporary disability and
hospitalization.
On the basis of bills already introduced in Congress, to do this would increase
the social security taxes paid by employees by approximately 3.7 billions. The
necessarv additional emploj^ers' payroll tax of 1.6 billion dollars would make an
annual increase of 5.3 billion dollars for social security purposes.
A substantial increase in the social security payroll taxes would be of immediate
service in diminishing the threat of inflation.
There is no pretense on the part of low-income people that they could com-
fortably pay these additional payroll taxes. It is known by them, and admitted
to be a sacrifice; but it is felt by leaders and spokesmen for many such people,
and by those of the people themselves with whom I have talked, that because we
would be expanding social security advantages and permitting workers to invest
in their futures, this sacrifice would be made willingl3^
If payroll taxes are increased, the income taxes should at that time be made
substantially lower than I have suggested to avoid an excessive tax burden on
the lower-income groups.
390
REPORT OF THE SECRETARY OF THE TREASURY
EXHIBIT A. ESTIMATED INCREASE OF THE REVENUE PROGRAM OVER THE YIELD OF
THE PRESENT LAW ASSUMING A FULL YEAR OF OPERATIONS AT LEVELS OF INCOME
ESTIMATED FOR THE CALENDAR YEAR 1944.
[In bUlions of dollars]
Increase
over pres-
ent law '
Individual Income tax: Increase surtax rates; reduce the personal exemption of married
couples and heads of families to $1,100 and reduce the dependent credit to $300; repeal the
Victory tax and repeal the earned-income credit
Corporation income taxes: Increase surtax rates, the combined normal and surtax rate reach-
ing a maximum of 50 percent as compared with the present maximum of 40 percent on cor-
porations with income in excess of $50,000. _
Estate and gift taxes: Increase estate tax rates, reduce specific exemption from $60,000 to
$40,000, and increase gift tax rates to three-quarters of the new and higher estate tax rates
Excise taxes
Total in crease --- --
Effect of possible post-wax credits:
Amounts of post-war credits:
Suggestion 1 2 2.27
Suggestion II ' 3.51
Net increase after post-war credits:
Suggestion I2 _
Suggestion II ^
6.53
.40
2.49
8.29
7.05
1 The net Victory tax after post-war credit, rather than the gross Victory tax, is contained in the yield of
the present law.
2 Post-war credit, suggestion I, 50 percent of the first $50 of individual income tax, 25 percent of the next
$50 of tax, and 5 percent of the tax in excess of $100, the maximum post-war credit not to exceed $250.
5 Post-war credit, suggestion II, 50 percent of the first $50 of individual income tax, 25 percent of the next
$150 of tax, and 10 percent of the tax in excess of $200, the maximum post-war credit not to exceed $400.
EXHIBIT B. TENTATIVE ESTIMATED TAX LIABILITY UNDER THE PROPOSAL AS COM-
PARED WITH THE TAX|lIABILITY UNDER THE PRESENT LAW FOR A FULL YEAR OF
OPERATION '
[In millions of dollars]
General and special accounts
Yield of
tax pro-
gram
Yield of
present
law
Increase
or de-
crease (—)
over yield
of pres-
ent law
1.
Internal revenue:
(1) Income and excess-profits taxes:
Corporation:
Income 2
5, 872. 7
10, 888. 8
105.6
4, 734. 6
10, 888. 8
105.6
1,138.1
Excess-profits tax
Total corporation (gross).— . .. _ . . _
16, 867. 1
1, 088. 9
15, 72p. 0
1,088.9
1, 138. 1
Less post-war credit
Total corporation (net)
15, 778. 2
14, 640. 1
1, 138. 1
Individual:
Net income tax (gross) _. -..
23, 892. 1
14, 105. 5
9, 786. 6
Victory tax (gross) ..
5, 324. 1
-2,066.0
-5,324.1
Less post-war credit - .
2, 066. 0
Victory tax (net)
3, 258. 1
-3, 258. 1
Total individual -
23, 892. 1
17, 363. 5
6, 528. 5
Total income and excess-profits taxes.-
39, 670. 3
32, 003. 6
7, 666. 6
(2) Miscellaneous internal revenue:
Capital stock, estate, and gift taxes:
Capital stock tax
400.0
902.1
62.1
400.0
522.4
40.2
Estate tax .
379.7
Gift tax
2L9
Total capital stock, estate, and gift taxes
1,364.2
962.6
401.6
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
391
EXHIBIT B. TENTATIVE ESTIMATED TAX LIABILITY UNDER THE PROPOSAL AS COM-
PARED WITH THE TAX LIABILITY UNDER THE PRESENT LAW FOR A FULL YEAR OF
OPERATION • — continued
[In millions of dollars]
General and special accounts
Internal revenue— Continued.
(2) Miscellaneous internal revenue — Continued.
Taxes on commodities and services:
Liquor taxes: "
Distilled spirits (domestic and imported) (excise
tax) 2 3
Fermented malt liquors 2
Rectification tax 2
Wines (domestic and imported) (excise tax) 2
Special taxes in connection with liquor occupations. .
Container stamps. _
Floor stocks taxes
Another
Total liquor taxes.
Tobacco taxes:
Cigarettes (small) 2
Tobacco (chewing and smoking)
Cigars (large) 2
SnufiE....
Cigarette papers and tubes
All other 2
Total tobacco taxes.
Stamp taxes:
Issues of securities, bond transfers, and deeds of con-
veyance -
Stock transfers __
Playing cards 2
Silver bullion sales or transfers
Yield of
tax pro-
gram
2, 068. 7
Yield of
present
law
1, 463. 2
Total stamp taxes.
Manufacturers' excise taxes:
Gasoline
Lubricating oils
Passenger automobiles and motorcycles
Automobile trucks, busses, and trailers
Parts and accessories for automobiles
Tires and inner tubes
Electrical energy
Electric, gas, and oil appliances
Electric light bulbs
Radio receiving sets, phonographs, phonograph
records, and musical instruments
Refrigerators, refrigerating apparatus, and air-con-
ditioners
Business and store machines. __
Photographic apparatus
Matches.
Luggage'
Sporting goods
Firearms, shells, pistols, and revolvers
Candy and chewing gum
Soft drinks
Total manufacturers' excise taxes.
Retailers' excise taxes:
Jewelry, etc
Furs
Toilet preparations
Luggage,* handbags, wallets, etc
Total retailers' excise taxes.
25.0
19.0
7.5
51.6
251.1
54.3
.9
3.5
25.0
40.0
48.5
3.6
5.0
3.5
1.1
2.8
11.9
10.5
2.0
190.0
177.0
831.5
256.5
93.0
86.4
58.4
Increase
or de-
crease (—)
over yield
of pres-
ent law
, 222. 4
735. 2
714.5
504.0
11.5
11.5
97.7
36.6
11.0
11.0
9.4
9.4
.6
.6
1.6
1.6
1, 309. 9
1, 204. 1
892.8
85.0
45.0
99.5
31.7
13.2
7.0
1.3
.1
1.3
.1
25.0
19.0
7.5
51.6
251.1
54.3
.9
3.5
25.0
40.0
48.5
3.6
5.0
3.5
1.1
2.8
11.9
10.5
5.0
2.0
.8
469.5
89.2
38.2
35.0
494.3
162.4
Footnotes at end of table.
392
REPORT OF THE SECRETARY OF THE TREASURY
EXHIBIT B. TENTATIVE ESTIMATED TAX LIABILITY UNDER THE PROPOSAL AS COM-
PARED WITH THE TAX LIABILITY UNDER THE PRESENT LAW FOR A FULL YEAR OF
OPERATION ^ — continued
[In millions of dollars]
(leneral and special accounts
1. Internal revenue— Continued.
(2) Miscellaneous internal revenue— Continued.
Taxes on commodities and services— Continued.
Miscellaneous taxes:
Telephone, telegraph, radio, and cable facilities,
leased wires, etc
Telephone bill _
Transportation of oil by pipe line
Transportation of persons
Transportation of property
General admissions
Cabarets, etc
Club dues and initiation fees
Leases of safe deposit boxes
Use of motor vehicles and boats
Coconut and other vegetable oils, processed 2 _.
Oleomargarine, etc., including special taxes and
adulterated butter
Sugar tax
Coin-operated amusement and gaming devices
Bowling alleys and billiard and pool tables
All other, including repealed taxes «
Total miscellaneous taxes.
Total taxes on commodities and services.
Total miscellaneous internal revenue
(3) Employment taxes:
Employment by other than carriers:
Federal Insurance Contributions Act.
Federal Unemployment Tax .\ct
Total
Taxes on carriers and their employees (Chap. 9, Subchap. B
of the Internal Revenue Code)...
Total employment taxes.
Total internal revenue
2. Railroad unemployment insurance contributions.
3. Customs --
4. Miscellaneous receipts '
Total yield, general and special accounts
Effect of possible post-war credits:
.\mounts of post-war credits:
Suggestion I? 2,268.8
Suggestion II 8 3,506.7
Total yield, general and special accounts:
Suggestion I'
Suggestion II '
Yield of
tax pro-
gram
152. 7
140.7
14.5
354.5
490.4
110.7
11.3
6.5
115.5
2.0
3. 1
61.0
12.2
28.8
1.2
1,511.1
2, 799. 0
207.0
3, OOG. 0
262.7
3, 268. 7
50, 723. 6
12.1
400.0
1, 014. 2
52, 149. 9
49, 881. 1
48, 643. 2
Yield of
present
law
121.2
97.8
14.5
141.8
189.2
163.5
19.4
6.2
6.5
115.5
2.0
3.1
61.0
12.2
1.8
1.2
956.9
3, 928. 2
4, 890. 8
2, 799. 0
207.0
3, 006. 0
262.7
3, 208. 7
40, 163. 1
12.1
400.0
1,014.2
41, 589. 4
41, 589. 4
41, 589. 4
Increase
or de-
crease (—)
over yield
of pres-
ent law
31.5
48.9
212.7
-189.2
327.0
91.3
5. 1
27.0
2, 492. 2
2, 893. 8
10, 560. 4
10, 560. 4
8,291.6
7, 053. 7
Note.— Figures are rounded and will not necessarily add to totals.
> Estimates of the yield of the tax program and of present law are at levels of income estimated for the
calendar year 1944 with one exception. The estimate of miscellaneous receipts is the one for receipts in
the fiscal year 1944 contained in the Sunnnation of the 1944 Budget released Aug. 1, 1943.
2 Collections for credit to trust funds are not included.
3 These estimates are after allowances for drawbacks of $27.6 millions under the proposal and of $14.8
millions under present law.
I Less than $0.05 million.
5 The tax on luggage has been changed from a manufacturers' excise to a retailers' excise tax.
6 Includes collections from taxes on narcotics; taxes under the National Firearms Act; and the tax on
hydraulic mining, all of which are effective currently. In addition includes collections from repealed taxes
not reinstated by the Revenue Act of 1941 and collections from the following excise taxes repealed by the
Revenue Act of 1942: Rubber articles, electric signs, optical equipment, and washing machines.
' Post-war credit, suggestion I, 50 percent of the first $50 of individual income tax, 25 percent of the next
$50 of tax, and 5 percent of the tax in excess of $100, the maximum post-war credit not to exceed $250.
8 Post-war credit, suggestion II, 50 percent of the first $50 of individual income tax, 25 percent of the next
$150 of tax, and 10 percent of the tax in excess of $200, the maximum post-war credit not to exceed $400.
REPORT OF THE SECRETARY OF THE TREASURY
393
EXHIBIT C. SUMMARY OF INDIVIDUAL INCOME TAX PROPOSALS
(Effective January 1, 1944, except as indicated)
1. Rei^eal Victory tax.
2. Repeal earned-income credit.
3. Reduce exemptions for married persons and heads of families from $1,200 to
$1,100, lower the dependent credit from $350 to $300, the single person exemptions
remaining unchanged.
4. Increase surtax rates throughout the scale.
5. Extend withholding to salaries and wages in excess of the first bracket surtax
net income to collect substantially the full liability with respect to the higher
salary and wage brackets.
6. For 1943, change the Victory tax to accord with the assumption that all
post-war credits are taken currently.
A post-war credit to apply primarily at the lower levels of income is suggested
as a possibility for the committee's consideration. One suggestion is to refund
2.27 billion dollars. The other is to refund 3.51 billion dollars. The post-war
credit resulting in a refund of 2.27 billion dollars is as follows: 50 percent of the
first $50 of tax, plus 25 percent of the next $50, plus 5 percent of the balance,
with a maximum credit of $250. The post-war credit resulting in a refund of
3.51 billion dollars is as follows: 50 percent of the first $50 of tax, plus 25 percent
of the next $150 of tax, plus 10 percent of the balance, with a maximum credit
of $400.
Table a. — Comparison of individval surtax rate schedule under pr'esent law and Treasury proposal '
Surtax net income
$0 to $500
$500 to $1,000
$1,000 to $1,500
$1,500 to $2,000
$2,000 to $4,000
$4,000 to $6,000
$6,000 to $8,000
$8,000 to $10,000...
$10,000 to $12,000..
$12,000 to $14,000..
$14,000 to $16,000..
$16,000 to $18,000..
$18,000 to $20,000..
$20,000 to $22,000..
$22,000 to $26,000..
$26,000 to $32,000..
$32,000 to $38,000-.
$38,000 to $44,000..
$44,000 to $50,000..
$50,000 to $60,000..
$60,000 to $70,000.-
$70,000 to $80,000..
$80,000 to $90,000-.
$90,000 to $100,000.
$100,000 to $150,000
$150,000 to $200,000
$200,000 and over.-
Normal tax
Bracket rate
Present law Proposal
Percent
13
13
13
13
16
20
24
28
32
36
40
43
46
49
52
55
58
61
63
66
69
72
75
77
79
81
82
Percent
21
24
27
30
35
40
45
49
53
57
61
65
68
71
74
77
79
81
83
85
86
87
Total cumulative surtax
Present law
130
195
260
580
980
1,460
2,020
2,660
3,380
4,180
5,040
5.960
6,940
9,020
12, 320
15, 800
19, 460
23, 240
29, 840
36, 740
43, 940
51, 440
59, 140
98, 640
139, 140
Proposal
$105
225
360
510
1,210
2,010
2,910
3,890
4,950
6,090
7,310
8,610
9,970
11,390
14, 350
18, 970
23, 710
28, 570
33, 550
42, 050
50, 650
59, 350
68, 150
77, 050
122, 050
167, 050
1 Under the proposal, the Victory tax and earned-hicome credit are eliminated. The proposed exemp-
tions are $500 for a single person, $1,100 for a married couple, and $300 for each dependent; under present
law, the exemptions are $500, $1,200, and $350, respectively.
394
REPORT OF THE SECRETARY OF THE TREASURY
Table h.— Amounts and effective rates of individual income tax under present law and Treasury proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal exemption
Amoimts of tax
Effective rates
Present law,
Present law,
including
Proposal,
including
Proposal,
net Victory
gross tax 2
net Victory
gross tax ^
taxi
taxi
Percent
Percent
$15
1.5
29
$41
2.3
3.2
79
108
6.3
7.2
134
180
7.7
10.3
188
255
9.4
12.8
242
335
10.8
14.9
297
417
11.9
16.7
351
504
12.8
18.3
405
594
13.5
19.8
647
999
16.2
25.0
894
1,409
17.9
28.2
1,173
1,864
19.6
31.1
1,780
2,829
22.3
35.4
2,467
3,885
24.7
38.9
4,533
6,867
30.2
45.8
7,100
10, 356
35.5
51.8
10, 035
14, 230
40.1
56.9
27, 075
35, 571
.54.2
71.1
46. 955
58. 477
62.6
78.0
68,584
82, 005
68.6
82.0
440, 747
465, 994
88.1
93.2
3 899, 000
945, 994
3 89.9
94.6
3 4,499,000
4, 785, 994
390.0
95.7
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
.$4,000
$5,000
$6,000
$8,000
$10,000....
$15,000---
$20,000-..
$25,000-..
$50,000-..
$75,000--.
$100,000...
$500,000...
$1,000,000-
$5,000,000.
1 Maximum eamed-income credit assumed. Victory tax net income assumed to be ten-ninths of net
income.
2 Victory tax and eamed-income credit eliminated.
3 Taking Into account maximum effective rate limitation of 90 percent.
EXHIBIT D
Table ^.—Comparison of estate tax rate schedule under present law and Treasury proposal •
Net estate after specific exemption '
Bracket rate
Present
law
Proposal
Total cumulative estate
tax
Present
law
Proposal
Not over $5,000
$5,000-$10.000.--
$10,000-$1.5,000
$15,00O-$20,000...
$20,000-$30,000
$30,000-.$40,000
$40,000-$50,000
$50,000-$60,000
$60,000-$70,000
$70,000-$100,000
$100,000-$150,000
$150,000-$200,000
$200,000-$250,000
$2.50,00O-$300,O00
$300,000-$350,000.
$350.000-$400,000
$400,000-$4,50,000
$450.000-$500,000
$500,000-$GOO,000
$600,000-$700,000
$700,000-$800,000
$800,000-$900,000
$900,000-$1.000,000.--.
$l,000,00O-$l,250,000_-
$1,250,000-$1, 500,000..
$l,500,000-$2,000,000..
$2,000,00(>-$2,500,000.-
$2,500,000-.$3,000,000.-
$3,000,000-$4,000,000. .
$4,000,000-$5,000,000-.
$5,000,000-.$6,000,000-.
$6,000,000-$7,000,000.-
$7,000,000-$8,000,000..
$8,000,000-$9,000,000--
$9,000,000-$10,000,000.
Over $10,000,000
Percent
3
7
11
11
14
22
25
28
28
30
30
30
32
32
32
32
32
35
35
35-37
37
37
39
42
45
49
53
56-59
63
67
70
73
76
76
77
Percent
5
8
12
16
20
24
28
31
34
37
40
43
45
48
51
54
57
60
63
66
69
72
75
78
$150
500
1,050
1,600
3,000
4,800
7,000
9,500
12, 300
20, 700
35, 700
50, 700
65, 700
81, 700
97, 700
113,700
129, 700
145, 700
180, 700
215, 700
251, 700
288, 700
325, 700
423, 200
528, 200
753, 200
998, 200
1, 263, 200
1,838,200
2, 468, 200
3, 138, 200
3, 838, 200
4, 568, 200
5, 328, 200
6, 088, 200
$250
650
1,250
2,050
4,050
6,450
9,250
12, 350
15,750
26, 850
46, 850
68, 350
90, 850
114,850
140, 350
167, 350
195, 850
225, 850
288, 850
354, 850
423, 850
495, 850
570, 850
765, 850
963, 350
1, 363, 350
1, 763, 350
2, 163, 350
2, 963, 350
3, 763, 350
4, 563, 350
5, 363, 350
6, 163, 350
6, 963, 350
7, 763, 350
' Before deduction of credit for State death taxes.
» The specific exemption under present law is $60,000, under the proposal $40,000.
REPORT OF THE SECRETARY OF THE TREASURY 395
Table h.— Amounts and effective rates of estate tax under present law and Treasury proposat i
Amounts of tax
Effective rates
Net estate before specific
exemption 2
Present law
Proposal
Increase in
tax
Present
law
Proposal
Increase
in effec-
tive rates
$50,000
0
0
$1, 600
4,800
17, 900
32, 700
94, 500
159, 700
229, 700
303, 500
726, 200
1, 802, 800
3, 098, 000
6, 042, 600
13, 742, 000
29, 142, 000
75, 342, 000
$650
2,050
6,450
12, 350
30, 850
51, 150
145, 750
263, 650
396, 250
540, 850
1,331,350
2, 931, 350
4, 531, 350
7, 731, 350
15,731,350
31, 731, 350
79, 731, 350
$650
2,050
4,850
7,550
12, 950
18, 450
51,250
103, 950
166, 550
237, 350
605, 150
1, 128, 550
1, 433, 350
1, 688, 750
1, 989, 350
2, 589, 350
4, 389, 350
Percent
Percent
1.3
.3.4
8.1
12.4
20.6
25.6
36.4
43.9
49.5
54.1
66.6
73.3
75.5
77.3
78.7
79.3
79.7
Percent
1.3
$60,000. _. _
3.4
$80,000
2.0
4.8
11.9
16.4
23.6
26.6
28.7
30.4
36.3
45.1
51.6
60.4
68.7
72.9
75.3
6.1
$100,000-
7.6
$150,000
8.6
$200,000- -
9.2
$400,000-
12.8
$600,000... . --
17.3
$800,000
20.8
$1,000,000
23.7
.$2,000,000
30.3
$4,000,000 .-
28.2
$6,000,000 .
23.9
$10,000,000
16.9
$20,000,000 -.-
9.9
$40,000,000
6.5
$100,000,000
4.4
' Before deduction of credit for State death taxes.
2 The specific exemption under the present law is $60,000, under the proposal $40,000.
Table c— Estate and gift tax collections as a percent of total net receipts, fiscal years 1917-44
[Dollar amounts in millions]
Fiscal year
Estate
tax
Gift tax
Total es-
tate and
gift taxes
Net re-
ceipts
Total estate
and gift
taxes as
percentage
of net re-
ceipts
1917
$6.1
47.5
82.0
103.6
154.0
139.4
126.7
103. 0
101.4
116.0
100.3
60.1
61.9
64.8
48.1
47.4
29.7
104.0
140.4
218.8
281.6
382. 2
332.3
330.9
355.2
340.3
414.5
511.8
$6.1
47.5
82.0
103.6
154.0
139. 4
126.7
103. 0
108.9
119.2
100.3
60.1
61.9
64.8
48.1
47.4
34.3
113.2
212.1
378.9
305.5
416.9
360. 7
360.1
407.1
432.5
447.5
556.6
$1, 124. 3
3, 664. 6
5, 152. 3
6, 694. 6
5, 624. 9
4, 109. 1
4, 007. 1
4, 012. 0
3, 780. 1
3, 962. 8
4,129.4
4, 042. 3
4, 033. 3
4, 177. 9
3, 190. 0
2, 005. 7
2, 079. 7
3,11.5.6
3, 800. 5
4,116.0
5, 028. 8
5, 854. 7
5, 164. 8
5, 387. 1
7, 607. 2
12, 799. 1
22, 071. 6
38, 147. 9
0.54
1918 _
1.30
1919
1.59
1920
1.55
1921 . - -
2.74
1922 - --
3.39
1923
3.16
1924 .
2.57
1925_
$7.5
3.2
2.88
1926
3.01
1927 ---
2.43
1928 - .
1.49
1929
1.53
1930
1.55
1931
1.51
1932
2.36
1933 -
4.6
9.2
71.7
160.1
23.9
34.7
28.4
29.2
51.9
92.2
33.0
44.8
1.65
1934.-,
3.63
1935
5.58
1936
1S37. --- . .
9.21
6.08
1938
7.12
1939 .-
6.98
1940
6.68
1941
5.35
1942
3.38
1943
2.03
1944 (estimated)
1.46
SouBCE. — Annual Report of the Secretary of the Treasury, 1942, and Statement of the President on the
Summation of the 1944 Budget, July 27, 1943.
39G
REPORT OF THE SECRETARY OF THE TREASURY
EXHIBIT E
Table a. — Corjwrn/inn income iind ej:cess-profitx tar ra/ia viulcr intsinf hnr and Tnasinii ]>ro;iosal
1. NORMAL TAX HATKS
Corporation income
Domestic corporations with normal-tax net income not over $50,000:
First $5,000
Next $15,000
Next $5,000
Next $25,000 (notch)
Domestic corporations with normal-tax net income over $50,0001; Flatrate.
2. SURTAX RATES
Corporations with surtax net income not over $50,000:
First $25,000
Next $25,000 (notch)
Corporations with surtax net income over $50,000: Flat rate.
3. COMBINED NORMAL AND SURTAX RATES
Domestic corporations with net income ^ not over $50,000:
First $25,000
Next $25,000 (notch)
Corporations with net income ' over $50,000: Flat rate..-
29-33
69
5(1
4. EXCESS-PROFITS TAX RATES 3
Adjusted excess-profits net income: Flat rate.
■• 90 No change.
' And foreign corporations engaged in business within the United States irrespective of amount of norma!
tax income.
- Assuming that normal-tax net income and surtax net income are identical.
3 Combined normal tax, surtax and excess-profits tax (before deduction of post-war credit) is limited to
80 percent of surtax net income (before credit for adjusted excess-profits net income) .
* With post-war refund of 10 percent of tax.
Table b. — Net income, tax liabilities and dividends of net income corporations
[In millions of dollars]
Actual
Estimatec
1936
1937
1938
1939
1940
1941 I
1942
1943
1944
Net income 2
Income and excess-profits taxes:
Income tax
Undistributed-profits tax
Excess-profits tax (after de-
duction of entire post-war
credit)
7,222
1,025
145
7,334
1,057
176
5,100
854
7,248
1, 216
9,431
2,144
374
31
15, 894
3,745
3,357
64
20, 850
4,300
7,350
100
23,400
4,500
8,850
100
25, 500
4, 700
9, 800
Declared value excess-profits
tax , , _ _
22
43
6
16
100
Total income and excess-
profits taxes
1,191
6,031
4,675
1,276
6,058
4,794
860
4,240
3,155
1,232
6,016
3,783
2,549
6,882
4,036
3 7, 166
8,728
4,426
■i 11, 750
9,100
4,000
313,450
9,950
3,900
314,000
Net income after taxes _. _ .
Net dividends paid *
10,900
4,000
Net income retained, , _
1,356
1,264
1,085
2,233
2,846
4,302
5,100
6,050
6,900
Note.— Figures are rounded and will not necessarily add to totals.
Source for years 1936-41: Statistics of Income.
1 Preliminary figures.
2 Excludes dividends received, includes both partially and wholly tax-exempt interest; net operating loss
is deducted.
3 Excludes the effect of the carry-back of net operating losses and the carry-back of unused excess-profits
credit.
* Dividends paid to stoekliolders other than domestic corporations; includes cash and assets other than
companies' own stock.
REPORT OF THE SECRETARY OF THE TREASURY
397
EXHIBIT F. EXCISE TAX PROPOSALS
Article or service
1. Distilled spirits.
2. Beer
3. Wine:
(a) Still:
Under 14 percent alcohol
14 to 21 percent alcohoL-
Over 21 percent alcohol _
(b) Sparkling
(c) Other
4. C igarettes -
5. Cigars.
6. Chewing and smoking tobacco
and snuff.
7. General admissions
8. C abarets
9. Club dues and initiation fees
10. Bowling alleys, billiard parlors
1 1 . Transportation of persons
12. Communications:
(a) Toll service
(b) Telegraph, etc.:
(1) Domestic
(2) International
(c) Leased wires, etc
13. Local telephone service
14. Jewelry
15. Fur and fur-trimmed articles
16. Luggage, handbags, wallets, etc...
17. Toilet preparations-
18. Soft drinks
19. Candy and chewing gum.
Present tax
$6 per gallon (draw-back
of $3.75 per gallon on
nonbeverage alcohol) .
$7 per barrel
10 cents per gallon
40 cents per gallon
$1 per gallon
10 cents per half pint
5 cents per half pint
$3.50 per thousand
Intended retail
price —
Over
Cents
2^
4
6
Not
over
Cents
4
6
8
15
20
Tax per
thousand
$2.50
3.00
4.00
7.00
10.00
15.00
20.00
18 cents per pound. .
I cent per 10 cents...
5 percent of charge . .
II percent of charge.
f$10 per alley
[$10 per table
10 percent of charge.
20 percent of charge -
15 percent of charge
10 percent of charge
15 percent of charge
10 percent of charge
10 percent of retail price.
...do
10 percent of manufac-
turers' sales price on
luggage only.
10 percent of retail price.
None -.
None .
Total additional revenue, items 1 to 19
20. Less repeal of tax on transportation of property.
Total additional revenue, items 1 to 20.
Proposed tax
$10 per gallon (draw-
back of $7 per gallon
on nonbeverage alco-
hol).
$10 per barrel.
50 cen ts per gallo n
$1 per gallon
$2 per gallon
20 cents per half pint. . .
10 cents per half pint. . .
$5 per thousand
Estimated
additional
revenue from
proposals (in
millions)'
Intended retail
price —
Over
Cents
31^
5
7
9
17
22
Not
over
Cents
5
7
9
17
22
Tax per
thousand
$12. 50
13.00
14.00
17.00
30.00
35.00
40.00
34 cents per pound. .
3 cents per 10 cents..
30 percent of charge.
20 percent of charge.
20 percent of charge .
$20 per table
25 pei-cent of charge.
.do-
20 percent of charge. .
10 percent of charge. .
20 percent of charge. .
15 percent of charge. .
30 percent of retail price.
25 percent of retail price
do
25 percent of retail price.
Bottled drinks, 1 cent
per each 5 cents of in-
tended retail price; the
equivalent taxes of $1
per gallon on sirup and
25 cents per pound on
carbonic acid gas used
in unbottled soft
drinks.
Articles intended to re-
tail from 5 to 15 cents
per bar or package, 1
cent per each 5 cents of
intended retail price;
other items, the equi-
valent tax of 35 per-
cent of manufacturers'
sales price.
' Estimates of additional revenue are for a full year of operation at levels of business estimated for calendar
year 1944.
2 Estimated additional net revenue yield after allowance fori ncreased drawback on nonbeveraae alcohol
of $12.8 million.
398
REPORT OF THE SECRETARY OF THE TREASURY
EXHIBIT G.— POST-WAR CREDIT, SUGGESTION I *
Table a. — A mounts of indiridual income tax under present taw and proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
exemption
Present law,
including
net Victory
tax 2
Proposal '
Gross tax
Post-war
credit, sug-
gestion 1 1
Net tax
Increase in
net tax
$800
$900
$1,000-.-
$1,100-.-
$1,200-.-
$1,500.-.
$1,600...-
$2,000....
$2,500....
$3,000-..-
$4,000-...
$5,000-...
$6,000.—
$8,000....
$10,000...
$12,500...
$15,000...
$20,000...
$25,000-.
$50,000-.
$75,000..
$100,000-
$500,000-
$1,000,000
$5,000,000
$17
62
85
107
130
153
220
243
333
446
574
829
1.105
1,40]
2,052
2,783
3,802
4,968
7,626
10, 644
28, 058
48, 001
69, 665
441,863
< 899, 500
« 4. 499, 500
$27
81
108
135
165
195
285
318
450
630
835
1,245
1,680
2,140
3,135
4,215
5,670
7,265
10, 800
14,710
36, 105
59, 035
82, 575
466. 570
946, 570
, 786, 570
33
38
39
41
42
47
48
55
64
74
95
117
140
189
243
250
250
250
250
250
250
250
250
250
250
$14
48
70
96
124
153
238
270
395
566
761
1,150
1,564
2,001
2,946
3,972
5,420
7,015
10, 550
14, 460
35, 855
58, 785
82, 325
466, 320
946, 320
4, 786, 320
-$3
-14
-15
-11
-6
0
18
27
62
120
187
321
469
600
894
1,189
1,618
2,047
2, 924
3,816
7,797
10, 784
12, 660
24, 457
46.820
286, 820
Note. — Figures are rounded and will not necessarily add to totals.
' The post-war credit under suggestion I, resulting in a refund of 2.27 billion dollars, is as follows: 50 per-
cent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum credit not
to exceed $250.
' Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
< Taking into account maximum effective rate limitation of 90 percent.
Table b. — Effective rates of individual income tax under present law and proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
exemption
Present law,
including
net Victory
tax '
Proposal '
Gross tax
Post-war
credit, sug-
gestion 1 3
Net tax
Increase in
net tax
$600
$800
$900.-
.$1,000
$1,100
$1,200.—
$1,500
$1,600
$2,000
$2,600
$3,000
$4,000
$5,000 -
$6,000
$8,000- -_ -
Footnotes at end of table
Percent
2.
7.
9.
10.
11.
12,
14,
15.
16,
17,
19,
20,
22,
23,
25,
Percent
4.5
10.1
12.0
13.5
15.0
16.3
19.0
19.9
22.5
25.2
27.8
31.1
33.6
36.7
39.2
Percent
2.3
4.1
4.2
3.9
.3.7
3.5
3.1
3.0
2.8
2.6
2.6
2.4
2.3
2.3
2.4
Percent
2.
6.
Percent
-0.5
-1.8
-1.6
-1.1
-.5
0.0
1.2
].7
3.1
4.8
6.3
8.1
9.2
9.9
11.1
REPORT OF THE SECRETARY OF THE TREASURY 399
Table h.— Effective rates of individual income tax under present law and proposal — Continued
Net income before personal
exemption
$10,000—
$12,500—
$15,000—
$20,000- .
$25,000_..
$50,000—
$75,000.-.
$100,000-
$500,000..
$1,000,000
$5,000,000
Proposal '
Gross tax
Percent
42.2
45.4
48.4
54.0
58.8
72.2
78.7
82.6
93.3
94.7
95.7
Post-war
credit, sug:-
gestion I »
Percent
2.4
2.0
1.7
Net tax
Percent
39.7
43.4
46.8
52.8
57.8
71.7
78.4
82.3
93.3
94.6
95.7
Increase in
net tax
Percent
11.9
13.0
13.7
14.7
15.2
15.6
14.4
12.6
4.9
4.6
5.7
Note.— Figures are rounded and will not necessarily add to totals.
1 Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum
credit not to exceed $250.
* Taking into account maximum effective rate limitation of 90 percent.
« Less than 0.05 percent.
Table c. — Amounts of individual income tax under present laic and proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal
exemption
Present law,
Proposal *
including
Increase in
net Victory
Post-war
net tax
taxi
Gross tax
credit, sug-
gestion I 3
Net tax
$15
-$15
29
$41
$20
$20
-9
79
108
38
70
-9
134
180
42
139
5
188
255
45
210
22
242
335
49
285
43
297
417
53
364
67
351
504
58
446
95
405
594
62
532
127
647
999
82
917
270
894
1,409
103
1,306
412
1,173
1,864
126
1,738
565
1,780
2,829
174
2,655
875
2,467
3,885
227
3,658
1.191
4,533
6,867
250
6,617
2,084
7,100
10, 356
250
10, 106
3,006
10, 035
14, 230
250
13,980
3,945
27, 075
35, 571
250
35, 321
8,246
46, 955
58, 477
250
58, 227
11,272
68,584
82, 005
250
81, 755
13, 171
440,747
465, 994
250
465, 744
24,997
< 899, 000
945, 994
250
945, 744
46, 744
« 4, 499, 000
4, 785, 994
250
4, 785, 744
286,744
$1,000-...
$1,250.-..
$1,500....
$1,750.—
$2,000...-
$2,250—.
$2,500-...
$2,750—
$3,000—.
$4,000....
$5,000....
$6,000-..
$8,000—.
$10,000-.-
$15,000-.
$20,000-.
$25,000...
$50,000--
$75,000-.
$100,000..
$500,000-
$1,000,000
$5,000,000
Note.— Figures are rounded and will not necessarily add to totals.
' Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
' 50 percent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum
credit not to exceed $250.
« Taking into account maximum effective rate limitation of 90 percent.
400
REPORT OF THE SECRETARY OF THE TREASURY
Table d. — Effective rates of individual income tax under present laiv and proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Present law,
including
net Victory
tax"
Proposal 2
Net income before personal
exemption
0 ross tax
Post-war
credit, sug-
gestion I 3
Net tax
Increase in
net tax
$1 000
Percent
1.5
2.3
5.3
• 7.7
9.4
10.8
11.9
12.8
13.5
16.2
17.9
19.6
22.3
24.7
30.2
35.5
40.1
54.2
62.6
68.6
88.1
<89.9
<90.0
Percent
Percent
Percent
Percent
-1.5
$1,250
3.2
7.2
10.3
12.8
14.9
16.7
18.3
19.8
25.0
28.2
31.1
35.4
38.9
45.8
51.8
56.9
71.1
78.0
82.0
93.2
94.6
95.7
1.6
2.5
2.4
2.3
2.2
2.1
2.1
2.1
2.)
2.1
2.1
2.2
2.3
1.7
1.3
1.0
.5
.3
.3
.1
{')
(5)
1.6
4.7
7.9
10.5
12.7
14.5
16.2
17.7
22.9
26.1
29.0
33.2
36.6
44.1
50.5
55.9
70.6
77.6
81.8
93.1
94.6
95.7
-.7
$1,500
-.6
$1,750
.2
$2,000
1.1
$2,250
1.9
$2,500 .
2.6
$2,750
3.4
$3,000
4.2
$4,000
6.7
$5,000
8.2
$6,000
9.4
$8,000
10.9
$10,000
11.9
$15,000
13.9
$20,000 - -
15.0
$25,000
15.8
$50,000
16.4
$75,000 .
15.0
$100,000
13.2
$500,000
5.0
$1,000,000 -.
4.7
$5,000,000
5.7
Note. — Figures are rounded and will not necessarily add to totals.
' Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
5 50 percent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum
credit not to exceed $250.
< Taking into account maximum effective rate limitation of 90 percent. « Less than 0.05 percent.
Table e.—Amounts of individual income tax under present laiv and proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
$1,800..._
$2,000
$2,300
$2,500....
.$3,000-..
$4,000....
$5,000....
$6,000....
$8,000....
$10,000...
$12,500...
$15,000...
$20,000...
$25,000...
$50,000...
$75,000..
$100,000_-
$500,000..
$1,000,000
$5,000,000
Present law,
including
net Victory
tax 1
$39
58
116
159
267
485
730
979
1,553
2,208
3,144
4,207
6,693
9,574
20, 392
46, 209
67, 803
439, 931
I 4, 498, 800
Proposal *
Gro.ss tax
$27
81
165
225
384
753
1,163
1,588
2,523
3,555
4. 962
6,489
9,912
13, 750
35, 037
57, 919
81,435
465, 418
945, 418
, 785, 418
Post-war
credit, sug-
gestion 1 3
$14
33
41
44
52
70
91
112
159
210
250
250
250
250
250
250
250
250
250
250
Net tax
$14
48
124
181
332
683
1,072
1,476
2,364
3,345
4,712
6,239
9,662
13, 500
34, 787
57, 669
81, 185
465, 168
945, 168
4, 785, 168
Increase in
net tax
-.$25
-10
8
22
65
198
342
497
811
1,137
1,568
2,032
2,969
3,920
8,395
11,460
13, 382
25, 237
46, 368
286,368
Note. — Figures are rounded and will not necessarily add to totals.
1 Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
- Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum
credit not to exceed $250.
* Taking into account maximum effective rate limitation of 90 percent.
REPORT OF THE SECRETARY OF THE TREASURY
401
Table f. — Effective rates of individual income tax under present law and proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
$1,800-...
$2,000....
$2,300....
$2,500
$3,000....
$4,000....
$5,000-...
$6,000....
$S,000....
$10,000...
$12,500...
$15,000...
$20,000...
$25,000...
$50,000---
$75,000—
$100,000..
$500,000--
$1,000,000
$5,000,000
Present law,
including
net Victory
taxi
Percent
2.2
2.9
5.0
6.4
8.9
12.1
14.6
16.3
19.4
22.1
25.2
28.0
33.5
38.3
52.8
61.6
67.8
88.0
<89.9
«90.0
Proposal
Gross tax
Percent
1.5
4.1
7.2
9.0
12.8
18.8
23.3
26.5
31.5
35.6
39.7
43.3
49.6
55.0
70.1
77.2
81.4
93.1
94.5
95.7
Post-war
credit, sug-
gestion 1 3
Percent
0.8
1.6
1.8
1.8
1.7
1.8
1.8
1.9
2.0
2.1
2.0
1.7
1.3
1.0
. 5
.3
.3
. 1
(')
(5)
Net tax
Percent
0.8
2.4
5.4
7.3
11.1
17.1
21.4
24.6
29.6
33.4
37.7
41.6
48.3
54.0
69.6
76.9
81.2
93.0
94.5
95.7
Increase in
net tax
Percent
Note. — Figures are rounded and will not necessarily add to totals.
1 Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $50; and 5 percent of the balance; the maximum
credit not to exceed $250.
* Taking into account maximum effective rate limitation of 90 percent.
' Less than 0.05 percent.
Table g. — Amounts of individual income tax and employee social security contribution for 191,3, under the
present law, and for 1944 under the proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
e.xemption
$600
$800
$900 -.-
$1,000
$1,100
$1,200
$1,500 -
$1,600
$2,000
$2,500
$3,000—
$4,000 -
$5,000
$6,000
$8,000. -
$10,000 - -.
$12,.500
Footnotes at end of table
613185—45 27
Income tax, 2
including net
Victory tax,
and 1 percent
social .security
contribution '
(1)
$24
71
95
118
142
166
237
261
355
474
604
859
1,135
1,431
2,082
2, 813
3,832
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
$40
99
128
157
189
222
318
354
494
686
895
1, 305
1,740
2,200
3,195
4,275
5,730
Post-war
credit,
suggestion I *
(3)
$14
33
38
39
41
42
47
48
55
64
74
95
117
140
189
243
250
Income tax
(net) and 2
percent social
security con-
tribution '
(4)
$27
66
90
118
149
179
272
305
439
622
821
1,210
1,624
2,061
3,006
4,032
5.480
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
$3
-5
-5
0
7
13
35
44
84
148
217
351
489
630
924
1,219
1,648
402
REPORT OF THE SECRETARY OF THE TREASURY
Table g.— Amounts of individual income tax and employee social security contribution for 194S, tmder the present
law, and for 1944 under the proposal — Continued
Net income before personal
exemption
1943
Income tax,'
including net
Victory tax,
and 1 percent
social security
contribution ^
(1)
1944 1
Income tax
(gross) and 2
percent social
security con-
tribution
(2)
Post-war
credit,
suggestion I <
(3)
Income tax
(net) and 2
percent social
security con-
tribution '
(4)
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
$15,000...
$20,000...
$25,000...
$50,000...
$75,000....
$100,000..
$500,000-.
$1,000,000
$5,000,000
$4, 998
7,656
10, 674
28, 088
48, 031
69, 695
441, 893
« 899, 530
» 4, 499, 530
$7, 325
10, 860
14, 770
36, 165
59, 095
82, 635
466, 630
946, 630
, 786, 630
$250
$7, 075
250
10, 610
250
14, 520
250
35, 915
250
58, 845
250
82, 385
250
466, 380
250
946, 380
250
4,786,380
$2, 077
2,954
3,846
7,827
10, 814
12, 690
24,487
46, 850
286, 850
Note.— Figures are rounded and will not necessarily add to totals.
1 Under the proposal, the Victory tax and earned-income credit are eliminated.
2 Maximum earned-income credit assumed.
3 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $50; and 5 percent of the balance; the maxi-
mum credit not to exceed $250.
« Taking into account maximum effective rate limitation of 90 percent.
Table h.— Effective rates of individual income tax and employee social security contribution for t94S, under the
present law, and for 1944 under the proposal
SINGLE PERSON — NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
1943
19441
Increase in
net tax, in-
cluding social
security con-
tribution »
(4)-0)
(5)
Net income before personal
exemption
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution '
(1)
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
Post-war
credit,*
suggestion I *
(3)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
$600
Percent
4.0
8.9
10.6
11.8
12.9
13.8
15.8
16.3
17.8
19.0
20.1
21.5
22.7
23.9
26.0
28.1
30.7
33.3
38.3
Percent
6.7
12.4
14.2
15.7
17.2
18.5
21.2
22.1
24.7
27.4
29.8
32.6
34.8
36.7
39.9
42.8
45.8
48.8
54.3
Percent
2.3
4.1
4.2
3.9
3.7
3.6
3.1
3.0
2.8
2.6
2.5
2.4
2.3
2.3
2.4
2.4
2.0
1.7
1.3
Percent
4.5
8.3
10.0
11.8
13.5
14.9
18.1
19.1
22.0
24.9
27.4
30.3
32.5
34.4
37.6
40.3
43.8
47.2
53.1
Percent
0.5
$800 .. .
-.6
$900
-.6
$1,000
.0
$1,100
.6
$1,200. ..
1.1
$1,500
2.3
$1,600
2.8
$2,000
4.2
$2,500
5.9
$3,000
7.2
$4,000 . .
8.8
$5,000
9.8
$6,000
10.5
$8,000
11.6
$10,000
12.2
$12,500
13.2
$15,000
13.8
$20,000 . .
14.8
REPORT OF THE SECRETARY OF THE TREASURY
403
Table h.-
-Effective rates of individual income tax and employee social security contribution for 194S, under the
present law, and for 19i4 under the proposal— Continued
Net income before personal
exemption
$25,000—
$50,000....
$75,000-
$100,000-
$500,000-
$1,000,000
$5,000,000
1943
Income tax,^
including net
Victory tax,
and 1 percent
social security
contribution 3
(1)
Percent
42.7
56.2
64.0
69.7
88.4
5 90.0
5 90.0
1944 1
Income tax
(gross) and 2
percent social
security con-
tribution '
(2)
Percent
59.1
72.3
78.8
82.6
93.3
94.7
95.7
Post-war
credit,
suggestion I *
(3)
Percent
1.0
.5
.3
.3
.1
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Percent
58.1
71.8
78.5
82.4
93.3
94.6
96.7
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
Percent
15.4
15.7
14.4
12.7
4.9
4.7
5.7
Note. — Figures are rounded and will not necessarOy add to totals.
1 Under the proposal, the Victory tax and earned-income credit are eliminated.
2 Maximum earned-income credit assumed.
5 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $50; and 5 percent of the balance; the maxi-
mum credit not to exceed $250.
' Taking into account maximum effective rate limitation of 90 percent.
• Less than 0.05 percent.
Table i. — Amounts of individual income tax and employee social security contribution for 1943, under the present
law, and for 1944 wider the proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, .$1,100
Net income before personal
exemption
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000—
$15,000 ...
$20,000-..
$25,000-..
$50,000-.
.$75,000-..
$100,000-.
$500,000-
$1,000,000
$5,000,000
1943
Income tax,^
including net
Victory tax,
and 1 percent
social security
contribution 3
(1)
$26
43
96
153
210
267
325
381
435
677
924
1,203
1,810
2,497
4,563
7,130
10, 065
27, 105
46, 985
68, 614
440, 777
8 899, 030
5 4, 499, 030
1944'
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
$22
68
141
219
299
385
473
565
654
1,059
1,469
1,924
2,889
3,945
6,927
10,416
14, 290
35, 631
58, 537
82, 065
466, 054
946, 054
, 786, 054
Post-war
credit,
suggestion I *
(3)
$20
38
42
45
49
53
58
62
82
103
126
174
227
250
250
250
250
250
250
250
250
250
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
$22
48
103
177
254
335
419
506
592
977
1,366
1,798
2,715
3,718
6,677
10, 166
14, 040
.35, 381
58, 287
81,815
465, 804
945, 804
, 785, 804
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
-$4
5
7
24
44
68
i
12f
If!
300
442
595
905
1,221
2.114
3,036
3,975
8,276
11, 302
13, 201
25, 027
46, 774
286, 774
Note. — Figures are rounded and will not necessarily add to totals.
1 Under the proposal, the Victory tax and earned-income credit are eliminated.
' Maximum earned-income credit assumed.
» Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $50; and 5 percent of the balance; the maxi-
mum credit not to exceed $250.
» Taking into account maximum effective ratel imitation of 90 percent.
404
REPORT OF THE SECRETARY OF THE TREASURY
Table ].— Effective rates of indmdual income tax and employee social security contribution for 1943, under the
present laiu, and for 1944 under the proposal
MARRIED PERSONS— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal
exemption
Income tax,2
including net
Victory tax,
and 1 percent
social security
contribution s
(1)
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250...-
$2,500
$2,750
$3,000
$4,000....
$5,000
$6,000
$8,000
$10,000—
$15,000.-.
$20,000...
$25,000...
$50,000...
$75,000...
$100,000..
$500,000..
$1,000,000
$5,000,000
1943
Percent
2.
3.
6 89.
5 90.
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
Percent
2.2
5.4
9.4
12.5
15.0
17.1
18.9
20.5
21.8
26.5
29.4
32.1
36.1
39.5
46.2
52.1
57.2
71.3
78.0
82.1
93.2
94.6
95.7
Post-war
credit,
suggestion I*
(3)
1.6
2.5
2.4
2.3
2.2
2.1
2.1
2.1
2.1
2.1
2.1
2.2
2.3
1.7
1.3
1.0
.5
.3
.3
.1
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Percent
2.
3.
6.
10.
12.
14.
16.
18.
19.
24.
27.
30.
33.
37.
44.
50.
56.
70.
77.
81.
93.
94.
95.
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
Percent
-0.4
4
5
4
2
0
Note.— Figures are roimded and will not necessarily add to totals.
1 Under the proposal, the Victory tax and earned-income credit are eliminated.
2 Maximum earned-income credit assumed.
3 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax. 25 percent of the next $50, and 5 percent of the balance; the
maximum credit not to exceed $250.
« Taking into accoimt maximum effective rate limitation of 90 percent.
« Less than 0.05 percent.
REPORT OF THE SECRETARY OF THE TREASURY
405
Table k. — Amoitnts of individual income tax and employee social security contribution for 1943, under the present
law, and for 1944 under the proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
1943
Income tax, 2
iricluduig net
Victory tax,
and 1 percent
social security
contribution 3
$1,800
$2,000
$2,300
$2,500
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000.—
$12,500....
$15,000.-..
$20,000....
$25,000....
$50,000—.
$75,000.-..
$100,000...
$500,000...
$1,000,000.
$5,000,000.
(1)
$59
80
142
187
297
515
760
1,009
1,583
2,238
3,174
4,237
6,723
9,604
26, 422
46, 239
67, 833
439, 961
5 898, 830
5 4, 498, 830
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
$67
125
216
281
444
813
1, 223
1,628
2,583
3, 615
5,022
6,549
9,972
13, 810
35, 097
57, 979
81, 495
465, 478
945, 478
, 785, 478
1944 1
Post-war
credit,
suggestion I*
(3)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
$14
$54
33
93
41
175
44
237
52
392
70
743
91
1,132
112
1, 536
159
2,424
210
3,405
250
4,772
25(1
6, 299
250
9,722
250
13, 560
25(1
34, 847
250
57, 729
250
81, 245
250
465, 228
250
945, 228
250
4, 785, 228
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
-$5
13
33
50
95
228
372
527
841
1,167
1,598
2,062
2,999
3,956
8, 425
11,490
13,412
25, 267
46, 398
286, 398
Note. — Figures are rounded and will not necessarily add to totals.
1 Under the proposal, the Victory tax and eamed-income credit are eliminated.
2 Maximum earned-income credit assumed.
3 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $50; and 5 percent of the balance; the maxi-
mum credit not to exceed $250.
6 Taking into account maximum effective rate limitation of 90 percent.
406
REPORT OF THE SECRETARY OF THE TREASURY
Table 1. — Effective rates of indiiidual income tax and employee social security contribution for 194$, under the
present law, and for 19U under the proi osnl
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
$1,800
$2,000
$2,300
$2,500
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000_..
$12,500...
$15,000...
$20,000...
$25,000...
$50,000...
$75,000. _.
$100,000..
$500,000..
$1,000,000
$5,000,000
1943
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution ^
(1)
Percent
3.3
4.0
6.2
7.5
9.9
12.9
15.2
16.8
19.8
22.4
25.4
28.2
33.6
38.4
52.8
61.7
67.8
88.0
'89.9
«90.0
1944:
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
Percent
3.7
6.3
9.4
11.2
14.8
20.3
24.5
27.5
32.3
36.2
40.2
43.7
49.9
55.2
70.2
77.3
81.5
93.1
94.5
95.7
Post-war
credit,
suggestion I *
(3)
Percent
O.S
1.6
1.8
1.8
1.7
1.8
1.8
1.9
2.0
2.1
2.0
1.7
1.3
1.0
^5
.3
.3
.1
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Percent
3.0
4.6
7.6
9.5
13.1
18.6
22.6
25.6
30.3
34.0
38.2
42.0
48.6
54.2
69.7
77.0
81.2
93.0
94.5
95.7
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
Percent
-0.3
.7
1.4
2.0
3.2
5.7
7.4
8.8
10.5
11.7
12.8
13.7
15.0
15.8
16.9
16.3
13.4
5.1
4.6
5.7
Note. — Figures are rounded and will not neces.sarily add to totals.
1 Under the proposal, the Victory tax and earned-income credit arc eliminated.
» Maximum earned income credit as.sumed.
3 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $50; and 5 percent of the balance; the maxi-
mum credit not to exceed $250.
« Talking into account maximum effective rate limitation of 90 percent.
« Less than 0.05 percent.
REPORT OF THE SECRETARY OF THE TREASURY
407
EXHIBIT H.' — POST-WAR CREDIT, SUGGESTION II '
Table a.— Amounts of individual income tax under present law and proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500: proposal, $500
Net income before personal
exemption
$600
$800
$900
$1,000
$1,100
$1,200
$1,500
$1,600
$2,000
$2,500
$3,000
$4,000
$5,000
$6,000. _...
$8,000
$10,000 ._
$12,500. _
$15,000-._,
$20,000...
$25,000...
$50,000...
$75,000...
$100,000..
$500,000..
$1,000,000
$5,000,000
Present law,
including
net Victory
tax'
$17
62
85
107
130
153
220
243
333
446
574
829
1,105
1,401
2,052
2,783
3,802
4,968
7,626
10, 644
28, 058
48, 001
69, 665
441, 863
« 899, 500
« 4, 499, 500
Proposal '
Gross tax
$27
81
108
135
165
195
285
318
450
630
835
1,245
1,680
2,140
3,135
4, 215
5,670
7,265
10, 800
14,710
36, 105
59, 035
82, 575
466, 570
946, 570
, 786, 570
Post-war
credit, sug-
gestion II '
$14
33
40
46
54
61
71
74
88
106
126
167
211
257
356
400
400
400
400
400
400
400
400
400
400
400
Net tax
$14
89
111
134
214
244
363
525
709
1,078
1,470
1, 884
2,779
3.815
5,270
6,865
10, 400
14,310
35, 705
58, 635
82. 175
466, 170
946, 170
4, 786, 170
Increase in
net tax
-$3
-14
-16
-18
-19
-19
-6
1
30
79
135
249
365
483
727
1,032
1,468
1,897
2,774
3, 666
7,647
10, 634
12, 510
24, 307
46, 670
286, 670
Note. — Figures are rounded and will not necessarily add to totals.
• The post-war credit under suggestion II, resulting in a refund of 3.51 bUlion dollars, is as follows: 50
percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum credit
not to exceed .$400.
2 Maximum earned-incomc credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
3 Victory tax and earned-income credit eliminated.
' Taking into account maximum effective rate limitation of 90 percent
408
REPORT OF THE SECRETARY OF THE TREASURY
Table b. — Effective rates of individual income tax under present law and proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
exemption
$600.
$900
$1,000
$1,100
$1,200
$1,500
$1,600
$2,000
$2,500
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000.--.
$12,500-...
$15,000.--
$20,000.—
$25,000—.
$50,000-..
$75,000—
$100,000.-.
$500,000-.
$1,000,000-
$5,000,000-
Present law,
including
net Victory
tax 1
Percent
2.8
7.8
9.4
10.7
11.8
12.8
14.7
15.2
16.7
17.8
19.1
20.7
22.1
23.4
25.7
27.8
30.4
33.1
38.1
42.6
56.1
64.0
69.7
88.4
<90. 0
<90.0
Proposal 2
Gross tax
Percent
4.5
10.1
12.0
13.5
15.0
16.3
19.0
19.9
22.5
25.2
27.8
31.1
33.6
3.5.7
39.2
42.2
45.4
48.4
54.0
58.8
72.2
78.7
82.6
93.3
94.7
95.7
Post-war
credit, sug-
gestion II 3
Percent
2.3
4.1
4.4
4.6
4.9
5.1
4.7
4.6
4.4
4.2
4.2
4.2
4.2
4.3
4.5
4.0
3.2
2.7
2.0
1.6
.8
.5
.4
.1
(«)
(5)
Net tax
10.1
11.1
14.3
15.2
18.1
21.0
23.6
27.0
29.4
31.4
34.7
38.2
42.2
4.5.8
52.0
57.2
71.4
78.2
82.2
93.2
94.6
95,7
Increase in
net tax
Note.— Figures are rounded and will not necessarily add to totals.
• Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income. 2 Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum
credit not to exceed $400. ' Taking into account maximum effective rate limitation of 90 percent.
5 Less than 0.05 percent.
Table c. — Amounts of individual income tax under present law and proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law. $1,200; proposal, $1,100
Net income before personal
exemption
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000--.
$15,000---
$20,000.--
$25,000—.
$50,000....
$75,000-.-
$100,000-..
$500,000-.-
$1,000,000.
$5,000,000.
Present law,
including
net Victory
tax '
$15
29
79
134
188
242
297
351
405
647
894
173
,780
,467
,533
,100
,035
.075
,9.55
68,584
440, 747
* 899, 000
* 4, 499, 000
Proposal '
Gross tax
108
180
255
335
417
504
.594
999
1,409
1,S64
2,829
3,885
6,867
10, 356
14, 230
35, 571
58, 477
82, 005
465, 994
945, 994
, 785, 994
Post-war
credit, sug-
gestion II 3
$20
40
58
93
102
142
183
229
325
400
400
400
400
400
400
400
400
400
400
Net tax
$20
69
123
187
259
333
411
492
857
1,226
1,635
2, 504
3, 485
6,467
9,956
13, 830
35, 171
58, 077
81, 605
465, 594
945, 594
4, 785, 594
Increase in
net tax
-$15
—9
-10
-11
-1
17
36
60
87
210
332
462
724
1,018
1,934
2,856
3,795
8,096
11,122
13,021
24,847
46, 594
286, 594
Note. — Figures are rounded and wOl not necessarily add to totals.
• Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income. 2 victory tax and earned-income credit eliminated.
' 50 percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum
credit not to exceed $400. * Taking into account maximum effective rate limitation of 90 percent.
REPORT OF THE SECRETARY OF THE TREASURY
409
Table d. — Effective rates of ind'widual income tax under present law and jnoposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal
exemption
$1,000....
$1,250
$1,500....
$1,750...-
$2,000....
$2,250.-.-
$2,500-...
$2,750.—
$3,000..-
$4,000-...
$5,000-.-.
$6,000-...
$8,000-.-
$10,000.-.
$15,000...
$20,000...
$25,000—
$50,000...
$75,000....
$100,000-
$500,000..
$1,000,000
$5,000,000
Present law,
including
net Victory
tax 1
Percent
1.
2.
5.
7.
9.
10.
11.
12.
13.
16.
17.
19.
22.
24.
30.
35.
40.
54.
62.
68.
190.0
Proposal '
Gross tax
3.2
7.2
10.3
12.8
14.9
16.7
18.3
19.8
25.0
28.2
31.1
35.4
38.9
45.8
51.8
56.9
71.1
78.0
82.0
93.2
94.6
95.7
Post-war
credit, sug-
gestion II 3
Percent
1.6
2.6
3.3
3.4
3.4
3.4
3.4
3.4
3.6
3.7
3.8
4.1
4.0
2.7
2.0
1.6
Percent
1.6
4.6
7.0
9.4
11.5
13.3
14.9
16.4
21.4
24.5
27.3
31.3
34.9
43.1
49.8
55.3
70.3
77.4
81.6
93.1
94.6
95.7
Increase in
net tax
Percent
-1.5
-.7
-.7
-.6
-.1
.8
1.4
2.2
2.9
5.3
6.6
7.7
9.1
10.2
12.9
14.3
15.2
16.2
14.8
13.0
5.0
4.7
5.7
Note.— Figures are rounded and will not necessarily add to totals.
1 Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income.
2 Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum
credit not to exceed $400.
< Taking into account maximum effective rate limitation of 90 percent.
» Less than 0.05 percent.
Table e. — Amounts of individual income tax under present law and proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, .$300
Net income before personal
exemption
Present law,
including
net Victory
tax 1
Proposal 2
Gross tax
Post-war
credit, sug-
gestion II 5
Net tax
Increase in
net tax
$1,800
$2,000
$2,300
$2,500
$3,000-..
$4,000
$5,000
$6,000
$8,000
$10,000—
$12,500....
$15,000....
$20,000...
$25,000....
$50,000—.
$75,000—.
$100,000..
$500,000...
$1,000,000
$5,000,000
$39
58
116
159
267
485
730
979
1,553
2,208
3,144
4,207
6,693
9,574
26, 392
46,209
67, 803
439, 931
< 898, 800
< 4, 498, 800
$27
81
165
225
384
753
1,163
1,588
2,523
3,555
4,962
6,489
9,912
13, 750
35, 037
57, 919
81, 435
465, 418
945, 418
, 785, 418
$14
33
64
65
81
118
159
201
295
398
400
400
400
400
400
400
400
400
400
400
$14
48
111
160
303
635
1,004
1,387
2,228
3,157
4,562
6,089
9,512
13, 350
34, 637
57, 519
81,035
465, 018
945, 018
4, 785, 018
-$25
-10
-5
1
36
150
274
408
675
949
1,418
1,882
2,819
3,776
8,245
11,310
13, 232
25, 087
46, 218
286, 218
Note.— Figures are rounded and will not necessarily add to totals.
1 Maximum earned-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
income. 2 Victory tax and earned-income credit eliminated.
3 50 percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum
credit not to exceed $400. • Taking into account maximum eflective rate limitation of 90 percent.
410
REPORT OF THE SECRETARY OF THE TREASURY
Table f. — Effective rates of individual income tax under present lato and proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
$1,800.—
$2,000....
$2,300....
$2,500...-
$3,000.--
$4,000...-
$5,000-...
$6,000..--
$8,000-—
$10,000—
$12,500—
$15,000...
$20,000...
$25,000...
$50,000...
$75,000-..
$100,000.-
$500,000-.
$1,000,000
$5,000,000
Present law,
including
net Victory
taxi
Percent
2.
2.
5.
«90.
Proposal '
Gross tax
Percent
1.5
4.1
7.2
9.0
12.8
18.8
23.3
26.5
31.5
35.6
39.7
43.3
49.6
55.0
70.1
77.2
81.4
93.1
94.5
95.7
Post-war
credit, sug-
gestion II »
Percent
0.8
1.6
2.3
2.6
2.7
2.9
3.2
3.4
3.7
4.0
3.2
2.7
2.0
1.6
Net tax
Percent
0.8
2.4
4.8
0.4
10.1
15.9
20.1
23.1
27.9
31.6
36.5
40.6
47.6
53.4
69.3
76.7
81.0
93.0
94.5
95.7
(')
Increase in
net tax
Percent
-1.4
-.5
-.2
1.2
3.8
5.5
6.8
8.4
9.5
11.3
12.5
14.1
15.1
16.5
15.1
13.2
5.0
4.6
5.7
Note. — Figures are roimded and will not necessarily add to totals.
' Maximum eamed-income credit assumed. Victory-tax net income assumed to be ten-ninths of net
Income.
' Victory tax and eanied-income credit eliminated.
' 50 percent of the first $50 of tax; 25 percent of the next $150; and 10 percent of the balance; the maximum
credit not to exceed $400.
* Taking into account maximum effective rate limitation of 90 percent.
» Less than 0.05 percent.
REPORT OF THE SECRETARY OF THE TREASURY
411
Table g. — Amounts of individual income tax and employee social security contribution for 1943, under the present
law, and for IBU under the proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
exemption
$600
$800
$900
$1,000
$1,100
$1,200
$1,500
$1,600
$2,000
$2,500
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000—
$12,500—
$15,000—
$20,000—.
$25,000—
$50,000—
$75,000—
$100,000-
$500,000-
$1,000,000
$5,000,000
1943
1944 1
Income tax,^
including net
Victory tax,
and 1 percent
social security
contribution ^
(1)
$24
71
95
118
142
166
237
261
355
474
604
859
1,135
1,435
2,082
2,813
3,832
4,998
7,656
10, 674
28, 088
48, 031
69, 695
441. 893
« 899, 530
« 4, 499, 530
Income tax
(gross) and 2
percent social
security con-
tribution '
(2)
128
157
189
222
318
354
494
686
895
1,305
1,740
2,200
3,195
4,275
5,730
7,325
10, 860
14, 770
36, 165
59, 095
82, 635
466, 630
946, 630
, 786, 630
Post-war
credit, sug-
gestion II «
(3)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
$14
$27
33
66
40
89
46
111
54
136
61
160
71
247
74
279
88
407
106
580
126
769
167
1,138
211
1,530
257
1,944
356
2,839
400
3,875
400
5,330
400
6,925
400
10, 460
400
14, 370
400
35, 765
400
58, 695
400
82, 235
400
466, 230
400
946, 230
400
4, 786, 230
Increase In
net tax, in-
cluding social
security con-
tribution '
(4)-(l)
(5)
$3
-5
-6
-7
-6
-6
10
18
52
106
165
279
395
509
757
1,062
1.498
1,927
2,804
3,696
7,677
10,664
12, 540
24, 337
46, 700
286, 700
Note.— Figures are rounded and will not necessarily add to totals.
' Under the proposal, the Victory tax and eamed-income credit are eliminated.
• R'laximum eamed-income credit assumed.
» Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
» Taking into account maximum effective rate limitation of 90 percent.
412
REPORT OF THE SECRETARY OF THE TREASURY
Table h.— Effective rates of individual income tax and employee social security contribution for 1943, under (he
present law, and for 19U under the proposal
SINGLE PERSON— NO DEPENDENTS
Exemptions: Present law, $500; proposal, $500
Net income before personal
exemption
1943
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution '
(1)
1944 1
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
Post-war
credit, sug-
gestion II *
(3)
Income tax
(net) and 2
percent social
security con
tribution '
(4)
Increase in
net tax, in-
cluding social
security con-
tribution «
(4)-(l)
(5)
$600
$800
$900
$1,000---
$1,100-.--
$1,200-.--
$1,500---.
$1,600--.
$2,000---.
$2,500--.
$3,000--..
$4,000---
$5,000-...
$6,000....
$8,000...-
$10,000—
$12,500---
$15,000-.
$20,000...
$25,000-..
$50,000-.
$75,000--.
$100,000-
$500,000..
$1,000,000
$5,000,000
Percent
4.0
8.9
10.6
11.8
12.9
13.8
15.8
16.3
17.8
19.0
20.1
21.5
22.7
23.9
26.0
28.1
30.7
33.3
38.3
42.7
56.2
64.0
69.7
88.4
5 90.0
«90.0
Percent
6.7
12.4
14.2
15.7
17.2
18.5
21.2
22.1
24.7
27.4
29.8
32.6
34.8
36.7
39.9
42.8
45.8
48.8
.54.3
59.1
72.3
78.8
82.6
93.3
94.7
95.7
Percent
2.3
4.1
4.4
4.6
4.9
5.1
4.7
4.6
4.4
4.2
4.2
4.2
4.2
4.3
4.5
4.0
3.2
2.7
2.0
1.6
Percent
4.5
8.3
9.8
11.1
12.3
13.4
16.5
17.5
20.3
23.2
25.6
28.5
30.6
32.4
35.5
38.8
42.6
46.2
52.3
57.5
71.5
78.3
82.2
93.2
94.6
95.7
Percent
Note. — Figures are rounded and will not necessarily add to totals.
' Under the proposal, the Victory tax and earned-income credit are eliminated.
« Maximum earned-income credit assumed.
' Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
• 50 percent of the first $50 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
• Taking into account maximum effective rate limitation of 90 percent.
• Less than 0.05 percent.
REPORT OF THE SECRETARY OF THE TREASURY
413
Table i. — Amounts of individual income tax and employee social security contribution for 194S, under the present
law, and for 1944 under the proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal
exemption
1943
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution '
(1)
19441
Income tax
(gross) and 2
percent social
security con-
tribution '
(2)
Post-war
credit, sug-
gestion II *
(3)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Increase in
net tax, in-
cluding social
security con-
tribution s
(4)-(l)
(5)
$1,000_^._
$1,250-.--
$1,500—-
$1,750_—
$2,000—.
$2,250—.
$2,500....
$2,750.-..
$3,000..-.
$4,000
$5,000....
$6,000....
$8,000.-.
$10,000...
$15,000...
$20,000....
$25,000...
$50,000...
$75,000—
$100,000..
$500,000-.
$1,000,000
$5,000,000.
$26
$22
43
68
96
141
153
219
210
299
267
385
325
473
381
565
435
654
077
1,059
924
1,469
1,203
1,924
1,810
2,889
2,497
3,945
4,563
6,927
7,130
10, 416
10, 065
14,290
27, 105
35, 631
46, 985
58, 537
68, 614
82, 065
440, 777
466, 054
5 899, 030
946, 054
• 4, 499, 030
4, 786, 054
$20
40
58
68
76
84
93
102
142
183
229
325
400
400
400
400
400
400
400
400
400
400
$22
48
102
161
231
309
388
471
552
917
1,286
1,695
2,564
3,545
6,527
10,016
13, 890
35, 231
58, 137
K1.665
465, 654
945, 654
4, 785, 654
-$4
5
6
8
21
42
63
90
117
240
362
492
754
1,048
1,964
2,886
3, 825
8,126
11,152
13, 051
24, 877
46, 624
286, 624
Note.— Figures are rounded and will not necessarily add to totals.
' Under the proposal, the Victory tax and earned-income credit are eliminated.
' Maximum earned-income credit assumed.
» Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
» Taking into account maximum effective rate limitation of 90 percent.
414
REPORT OF THE SECRETARY OF THE TREASURY
Table ].— Effective rates of irKlividual income tax and employee social security contribution for 194S, under the
present law, and for 1944 under the proposal
MARRIED PERSON— NO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Net income before personal
exemption
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
$4,000
$5,000—.
$6,000.—
$8,000
$10,000—
$15,000...
$20,000- - .
$25,000—
$50,000-. -
$75,000...
$100,000..
$500,000- -
$1,000,000
$5,000,000
1943
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution 3
(1)
Percent
2.6
3.4
6.4
8.7
10.5
11.9
13.0
13.9
14.5
16.9
18.5
20.1
22.6
25.0
30 4
35.7
40.3
54.2
62.6
68.6
88.2
S89.9
«90.0
19441
Income tax
(gross) and 2
percent social
security con-
tribution s
(2)
Percent
2.2
5.4
9.4
12.5
15.0
17.1
18.9
20.5
21.8
26.5
29.4
32.1
36.1
39.5
46.2
52.1
57.2
71.3
78.0
82.1
93.2
94.6
95.7
Post-war
credit, sug-
gestion II <
(3)
Percent
1.6
2.6
3.3
3.4
3.4
3.4
3.4
3.4
3.6
3.7
3.8
4.1
4.0
2.7
2.0
1.6
.8
.5
.4
.1
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Percent
2.2
3.8
6.8
9.2
11.6
13.7
15.5
17.1
18.4
22.9
25.7
28.3
32.0
35.5
43.5
50.1
55.6
70.5
77.5
81.7
93.1
94.6
95.7
Increase in
net tax, in-
cluding social
security con-
tribution »
(4)-(l)
(5)
-0.4
.4
.4
.5
1.1
1.9
2.5
3.3
3.9
6.0
7.2
8.2
9.4
10.5
13.1
14.4
15.3
16.3
14.9
13.1
5.0
4.7
5.7
Note. — Figures are rounded and will not necessarily add to totals.
> Under the proposal, the Victory tax and eamed-income credit are eliminated.
' Maximum eamed-income credit assumed.
8 Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
' Taking into account maximum effective rate limitation of 90 percent.
' Less than 0.05 percent.
REPORT OF THE SECRETARY OF THE TREASURY
415
Table k. — Amounts of individual income tax and employee social security contribution for 194S, under the present
law, and for 1944 under the proposal
MARRIED PERSON— 2 DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution 3
(1)
Income tax
(gross) and 2
percent social
security con-
tribution 3
(2)
Post-war
credit, sug-
gestion II *
(3)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Increase in
net tax, in-
cluding social
seciu-ity con-
tribution 3
(4)-(l)
(5)
$1,800
$2,000
$2,300
$2,500
$3,000
$4,000
$5,000
$6,000....
$8,000
$10,000...
$12,500...
$15,000...
$20,000...
$25,000...
$50,000...
$75,000...
$100,000..
$500,000..
$1,000,000
$5,000,000
$59
80
125
142
216
187
281
297
444
515
813
760
1,223
1,009
1,648
1,583
2, 583
2,238
3,615
3,174
5,022
4,237
6, 549
6,723
9,972
9,604
13.810
26, 422
35, 097
46,239
57, 979
67, 833
81, 495
439, 961
465, 478
» 898, 830
945, 478
4. 498, 830
4, 785, 478
$14
$54
33
93
54
162
65
216
81
363
118
095
159
1,064
201
1,447
295
2,288
398
3,217
400
4,622
400
6,149
400
9, 572
400
13,410
400
34. 697
400
57, 579
400
SI, 095
400
465, 078
4(K)
945, 078
400
4, 785, 078
-$5
13
20
29
66
180
304
438
705
979
1.448
1.912
2.849
3,806
8.275
11,340
13,262
25, 117
46. 248
286, 248
Note. — Figures are rounded and will not necessarily add to totals.
' Under the proposal, the Victory tax and eamed-income credit are eliminated.
' Maximum eamed-income credit assumed.
' Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $60 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
« Taking into account maximum effective rate limitation of 90 percent.
416
REPORT OF THE SECRETARY OF THE TREASURY
Table 1. — Effective rates of individual income tax and employee social security contribution for WiS, under the
present law, and for 19H under the proposal
MARRIED PERSON— TWO DEPENDENTS
Exemptions: Present law, $1,200; proposal, $1,100
Credit for each dependent: Present law, $350; proposal, $300
Net income before personal
exemption
$1,800
$2,000-_..
$2,300—.
$2,500
$3,000
$4,000
$5,000
$6,000
$8,000
$10,000...
$12,500...
$15,000...
$20,000...
$25,000...
$50,000...
$75,000...,
$100,000..
$500,000,.
$1,000,000
$5,000,000
1943
Income tax, 2
including net
Victory tax,
and 1 percent
social security
contribution 3
(1)
Percent
3.
4.
6.
7.
9.
12.
15.
16.
19.
22.
25.
28.
33.
38.
52.
61.
67.
5 90
1944 1
Income tax
(across) and 2
percent social
security con-
tribution 3
(2)
Percent
3.7
6.3
9.4
11.2
14.8
20.3
24.5
27.5
32.3
36.2
40.2
43.7
49.9
55.2
70.2
77.3
81.5
9.3.1
94.5
95.7
Post-war
credit, sug-
gestion II <
(3)
Percent
0.8
1.6
2.3
2.6
2. 7
2^9
3.2
3.4
3.7
4.0
3.2
2.7
2.0
1,6
.8
.4
.1
(«)
(«)
Income tax
(net) and 2
percent social
security con-
tribution 3
(4)
Percent
3.0
4.6
7.1
8.6
12.1
17.4
21.3
24.1
28.6
32.2
37.0
41.0
47.9
53.6
69.4
76.8
81.1
93.0
94.5
95.7
Increase in
net tax, in-
cluding social
security con-
tribution 3
(4)-(l)
(5)
Percent
-0.3
.7
.9
1.2
2.2
4.5
6.1
7.3
11.6
12.7
14.2
15.2
16.6
15.1
13.3
5.0
4.6
5.7
Note.— Figures are rounded and will not necessarDy add to totals. •
1 Under the proposal, the Victory tax and earned-income credit are eliminated.
• Maximum earned-income credit assumed.
' Gross income (wages) assumed to be ten-ninths of net income for purposes of Victory tax and social
security contributions.
* 50 percent of the first $50 of income tax; 25 percent of the next $150; and 10 percent of the balance; the
maximum credit not to exceed $400.
' Taking into account maximum effective rate limitation of 90 percent.
' Less than .05 percent.
Exhibit 47
Stateytient of Secretary Morgenthau before the Senate Finance Comrnittee, Noveinher 29,
1943, in further support of the Treasury's program for additional revenue
Mr. Chairman and gentlemen, when I appeared before the Ways and Means
Committee of the House on October 4 to present the administration's suggestions
for increased war taxes, I gave to that committee as best I could a picture of the
financial position of the Nation and its wartime revenue needs. I stated that the
fiscal situation required much heavier wartime taxation and that it was our
opinion that the people could pay additional wartime taxes of at least $10.5
billion. The Ways and Means Committee and the House reached a different
result and approved a bill increasing revenues by only $2,000,000,000. In view
of this wide difference on a matter so important to the present and future welfare
of this Nation, we have carefully reviewed the fiscal situation. I am appearing
before you today to present our conclusions.
The outstanding fact in our financial picture is the stupendous bill which this
war will leave behind. On that point there can be no quibbling. We are accumu-
lating debt at the rate of over $150,000,000 a day. Last month (October 1943)
the Federal Government spent $5.6 billion more than it collected in revenue. In
the fiscal year 1942 the deficit was $21,000,000,000, in 1943 it was $57,000,000,000,
and in 1944 it is expected to be $57,000,000,000 again. On the basis of any
estimates we can now make, we foresee a public debt at the end of the present
fiscal year of about $200,000,000,000. On such a debt the interest charges alone
will be close to $4,000,000,000 a year. As the war continues, the debt, the
interest, and the problems of repayment will grow larger and larger.
REPORT OF THE SECRETARY OF THE TREASURY 417
In this situation if we pay in taxes any less than we can now afford to pay, we
shall be unfair to those who must face the accumulated bill after the war has been
fought and won. We shall be doing a particularly great injustice to the men who
are fighting our battles on foreign soil. We shall not onlj' be asking the 10,000,000
members of the armed forces to give the most important years out of their lives
to fight the war. We shall also be requiring them as a large body of future
taxpayers to pay in taxes after the war what we could and should have paid while
they were fighting.
It is clear that we are not paying all the wartime taxes that we can and should
pay. We are not now fighting an all-out war on the fiscal front. All the estimates
of national income, by whomever made, bear elociuent testimony to the fact that
the ability of the American people to pay increased taxes is far from being ex-
hausted. In the fiscal year 1939 individuals had incomes, after personal taxes, of
$65,000,000,000. In tlie fiscal year 1944, it is estimated that individuals will have
incomes of 8126,000,000,000, after allowance for all present taxes. That is, after
paying taxes, incomes of people in the United States will have almost doubled
since 1939.
The incomes of the American people are not only ample to pay much higher
taxes. The spending power of these incomes is so great as to threaten rapid and
burdensome increases in the cost of living. About half of American productive
effort is going into war equipment and supplies for our armed forces. These
products are not available for civilian consumption. Yet our people are being
paid for all they produce. They thus have far more money to spend than there are
goods on which to spend it. In the fiscal year 1944 this surplus of income over
goods is expected to amount to about $36,000,000,000 after payment of personal
taxes. If those who hold this surplus income try to spend it on consumer goods
the inevitable result will be black markets, ruptured price ceilings, and substantial
increases in the cost of living, followed by tremendous pressures for higher wages
and farm prices, which will set in motion further forces in the spiral of inflation.
Up to this point spending has been held down and we have avoided disastrous
price increases. We have done this through a variety of measures. Price ceilings
and rationing, wage and salary stabilization, and the taxes already imposed have
all had a restraining effect. The campaigns for the voluntary purchase of war
bonds with their emphasis on saving have been a strong influence in curbing
spending.
But we cannot expect these controls to hold indefinitely in the face of a con-
tinued large surplus of income over goods and a great accumulation of spendable
liquid wartime savings. Day after day, the continuous pressure of spending
power has been cracking our price controls a little here and a little there and threatens
to produce a major break-down. We are courting danger if we do not do all that is
possible through the tax mechanism to strengthen the foundations of our stabiliza-
tion program.
I have been told that the American people do not believe in the dangers of
inflation. I cannot believe that is true, but there may be a confusion of meaning.
If by inflation is meant a situation where money becomes worthless, I agree that
the danger now is not of that character. It is rather the danger of substantial and
continuous and, at least in part, permanent rises in prices that would undermine
standards of living, reduce the value of investments, and impair the security we
seek to achieve through savings and insurance. Unfortunately, lack of belief
in the danger of inflation does not remove that danger. There are few indeed who
have followed with care the developments of the recent past who are not concerned
over the possible break-down of the stabilization program. Higher wartime
taxes obviously cannot meet the danger alone but they are necessary if it is to be
met.
I have also been told that some people have a defeatist attitude toward our fiscal
problem. They argue that, since the deficit is so large, the Government debt so
huge, and the inflationary possibilities of surplus income and accumulated private
savings so great, a few billion dollars more or less will not make a great deal of
difference and that, therefore, we might as well avoid the unpopularity of imposing
additional taxes. I think this would be a poor excuse to give to the returning sol-
dier who will be interested to know what sacrifices we incurred at home to protect
his future.
In fact, however, $10.5 billion of additional taxes would have very important
effects on the deficit, the debt, and the inflationary pressure. In its direct effects
on spending, in the renewed assurance it would give that the elected and appointed
representatives of the people take the problems of the public debt seriously, and
in the sobering influence it would have on public understanding of the true cost of
the war, a $10.5 billion increase in taxes would be immensely beneficial.
613185—45 — —38
418 REPORT OF THE SECRETARY OF THE TREASURY
Perhaps the most superficially plausible and therefore the most insidious argu-
ment I have recently heard is that economy in governmental expenditures is a
substitute for higher taxes. Economy is always an important objective and a tax
bill makes it neither more nor less desirable. I am in complete and hearty sym-
pathy with any measure that can be adopted to reduce governmental costs, to
reduce even war costs so long as the reductions do not impair our war effort. But
if we are to fight the war to a speedy conclusion we cannot relax our fighting or our
production for war. That means we cannot significantly relax our spending. I
am not in sympathy with any measures or any proposal to cut expenditures in any
way that will make our total production anything less than an aU-out effort.
At the time I appeared before the Ways and Means Committee, I said that
"while it may be possible, and I hope it is, to curtail some governmental expendi-
tures, even that will not lessen our need for getting at this time all that the Ameri-
can people can possibly give us in additional taxation." That is still my position.
The Bureau of the Budget has just released estimates that total expenditures
for the fiscal year 1944 which ends next June 30 will amount to $98,000,000,000
instead of the $106,000,000,000 in the estimate issued last August. It is under-
stood that this decrease in expenditures represents a combination of changes in
the war program and a delay in reaching the production goals of some items.
Revenues were estimated at $41,000,000,000 instead of $38,000,000,000. The
over-all result of the revision is to reduce the previously expected deficit from
$68,000,000,000 to $57,000,000,000 for the fiscal year 1944.
There is nothing in the new Budget figures in our opinion to warrant reducing
our goal below $10.5 billion of additional wartime taxes. If no one had originally
expected more than a $57,000,000,000 deficit for the fiscal year 1944, the amount
would appear tremendous, which it truly is. It is no less so because it represents
a reduction from a previously estimated higher figure; $57,000,000,000 is equal to
last year's record deficit, and is almost three times the deficit of 1942.
The Budget revisions do not alter the fact that we can pay much higher taxes;
they do not in any degree affect our moral obligation to meet now all of the costs
of the war that can be met by current taxation ; and they do not affect in significant
degree the serious inflationary dangers that face us for the balance of this fiscal
year, the succeeding fiscal years as long as the war shall last, and in the post-war
period. Our tax goal, as I pointed out to the Ways and Means Committee, was
the amount that we believed could be fairly distributed without undue sacrifice
and hardship. From every point of view it is a minimum fiscal program in the
light of the deficit, the accumulated debt, and the inflationary pressure.
In view of all these facts, the House bill, in my opinion falls far short even of an
attempt to meet our fiscal needs in a realistic or courageous way.
Let us bear in mind that an essential part of fighting a war is paying for it in
the right way at the right time. There is no escape from the cost of war. It is
a great fallacy to suppose that we can fight history's greatest war to save what
we hold most dear without financial sacrifice. Inevitably we shall experience
much greater financial sacrifice than we have thus far. Taxation now, during the
war, is the easiest way to make that sacrifice.
In presenting our national fiscal problem to you, I have endeavored to perform
the duty placed on the Secretary of the Treasury by law and tradition. I have
endeavored to show you as objectively and as clearly as I can that a tax program
of not less than $10.5 billion is needed to safeguard the financial and economic
future of this country during the war and after the war.
Supplemental Statement I — The Sales Tax
The Treasury proposals do not include a general sales tax. I should like
briefly to state the reasons for our decision.
The form of sales tax which would produce the most revenue and cause the
least rupturing of price ceilings is the retail sales tax. The highest rate I have
heard mentioned is 10 percent. That is over three times as high as the rate now
in force in any State.
A 10 percent sales tax with no exemptions for necessities of life would raise at
current sales levels about $6 billion, or about one-tenth of this year's estimated
deficit.
Such a tax would be very harsh, especially on low income families with children.
It is completely lacking in any relation to ability to pay because it hits families
much harder than single individuals at the same income levels and it hits people
with small incomes much harder than people with larger ones. Such a tax would
REPORT OF TPIE SECRETARY OF THE TREASURY 419
be opposed to every principle of tax equity and would in my opinion interfere
with the war effort.
There are many proponents of the sales tax who would agree with these criti-
cisms and who propose to meet them by allowing exemptions of the necessities
of life. Such exemptions would indeed improve the character of the tax, although
they would still leave the discrimination against large families. However, the
exemptions would quickly remove so much of the tax base as to leave little more
than an empty shell.
The exemption of food would reduce the yield by $2.4 billion; the exemption
of medicine would reduce the yield another $200 million ; the exemption of cloth-
ing would reduce the yield by another $1.1 billion. Those exemptions do not
include all of the necessities of life, but let us stop at that point. A sales tax with
such exemptions would yield about $2.6 billion. However, of that amount about
$1.2 billion would come from goods and services already subject to Federal
excise taxes. The tax yields from the sale of these commodities can be increased
or decreased by adjusting the excise tax rates. No sales tax is needed to produce
revenue from them. All that is left after excluding such commodities is $1.4
billion. Nearly $600 million of the $1.4 billion would come from equipment,
chemicals, and materials used in business and thus entering into the costs of
doing business, with resultant increases in the costs of doing business and in
prices to the Government and to the public.
Most of the remaining $800 million tax would be on items that might properly
be subject to sales taxation. It is hardly necessary to point out that the expenses
to 2% million businessmen and increased costs to Government, as well as the use
of precious manpower, would not be justified by yields of this kind when there
are other methods of raising money at hand which do not call for heavy increases
in costs of administration and compliance.
It is very doubtful if a general sales tax without the exemption of necessities
of life would really be helpful in financing the war or restraining inflationary
price rises. The imposition of a substantial sales tax would almost surely be the
signal for widespread demands for higher wages and farm prices which, if allowed,
would result in large additional costs to Government and increases in the cost of
living over and beyond the amount of the tax. These dangers are much greater
in the sales tax than in excise taxes or income taxes. Excise taxes touch in only
minor respects commodities that are necessities of life, while income taxes have
personal exemptions which protect minimum living standards.
Personal exemptions could be introduced into the sales tax, but the incon-
venience of distributing and using exemption coupons and the resultant reduction
in revenue would be serious factors. Even the most simple sales tax would
require the use of much precious manpower and machines by Government and
business. It is doubtful if manpower and those machines could be secured without
interfering with the war effort.
Supplemental Statement II. — Tax Burdens on the Lower Income Groups
It is contended that persons with incomes of less than $5,000 are the major
source of inflationary pressure and that these persons would escape their fair share
of the additional tax load under the Treasury proposals. Although at 1944 levels
of income about 81 percent of the total cash income will be received by persons
with incomes under $5,000, only 65 percent of the net income above income tax
exemptions will be received by this group. Likewise, although 61 percent of total
income will be received by persons with incomes under $3,000, only 39 percent of
the net income above income tax exemptions will be received by this group.
Looking behind these aggregates to individual cases we find that the margin of
disposable income over and above wartime needs is very narrow for the millions
of persons in the lower income brackets. Out of 67.3 million income recipients in
the calendar year 1944, 58.2 million are expected to receive net incomes of less
than $3,000. The average cash income per recipient before taxes will be $1,650
and after existing taxes, about $1,500. The demands of wartime living on incomes
of this size leave little margin for additional taxes and afford few opportunities for
inflationary spending.
Nevertheless, the urgent requirements of war finance demand that we tap even
this small margin of disposable income. Under the Treasury proposals one-half
of the income tax increases would fall on persons with net incomes of less than
$5,000 and about one-fourth on persons with less than $3,000. Much the same
proportions hold for the complete Treasury program, including proposed changes
in corporation taxes and in excise taxes.
420
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 48
Statement of Randolph E. Paul, General Counsel for the Treasury Department, before
the Senate Finance Cojumittee, November 29, 1943, discussing Treasury tax pro-
posals in detail and comparing them with provisions of the House bill*
A. Introduction
The purpose of my statement today is, first, to explain in detail the specific
recommendations of "the Treasury and to compare them with the provisions of
H. R. 3687, the House bill; second, to indicate some of the technical considerations
underlying the Treasury proposals; and, third, to examine with you some of the
principal criticisms which have been made of the administration's proposals for
$10.5 billion of additional taxes.
B Revenue Comparison of the Treasury Proposals and the House Bill
(H. R. 3687)
In his statement to the Ways and Means Committee on October 4, 1943, the
Secretary recommended wartiine tax increases totaling $10.58 billion for a full
year of operation. The bill now before you would raise $2.05 billion. These totals
are made up as follows:
[In millions of dollars]
Individual income taxes.
Corporate taxes.
Estate and gift taxes
Excise taxes..
Miscellaneous receipts.. .
Increases under —
Treasury
proposals
6, 528. 5
1, 138. 1
401.6
2,511. 1
House bill '
226.0
467.9
1, 194. 8
158.8
J 2, 047. 6
1 For a detailed comparison of estimated liabilities under the present law and the House bill, see pp. 431-434.
2 This estimate is in contrast with the Ways and Means Committee's estimate of a yield of $2,139,000,000.
Theie is attached hereto as appendix A a statement comparing the proposals
made by the Treasuiy to the Ways and Means Committee with the provisions of
the House bill.
C. The Individual Income Tax
The major objectives of the Treasury individual income tax proposal are (1) to
simplify the income tax by absorbing the Victory tax into the regular income tax
structure, and (2) to add $6.5 billion to tax revenues. The major objective of the
income tax provisions in the House bill is to replace the Victory tax with a mini-
mum tax and adjustments in the regular income tax.
I. simplification through victory tax integration
The chairman of this committee and many others have expressed concern over
the complexities of our tax laws and an urgent desire to simplify our tax structure.
The Treasury shares the view that simplification is a first order of business, and on
several occasions has made specific suggestions to this end. Especially in the case
of the individual income tax, which directly affects more than 50,000,000 tax-
payers, simplification has become crucially important. No really effective simpli-
fication is possible without eliminating the Victory tax. Both the Treasury pro-
posal and the House bill recognize this fact by replacing the Victory tax with
adjustments in the regular income tax.'
♦In the interest of brevity 17 of the 18 exhibits submitted with Mr. Paul's statement, a section on the sales
tax duplicating the Secretary's statement on this subject, and the charts are here omitted, and the text has
bfen adjusted accordingly. "The full statement may be found in the Hearings of the Senate Finance Com-
mittee on the Revenue Act of 1943, pp. 25-98.
1 One proposal for simphfication recommended by the Treasury has already been adopted and will apply
to 1943 tax returns filed next March. In Public Law 178, the Congress changed the Victory tax rate from a
gross to a net basis by providing for automatic current allowance of the post-war credit. This change elimi-
nates a complicated step in computing the Victory tax.
REPORT OF THE SECRETARY OF THE TREASURY 421
(a) Comparison of Treasury and House bill methods of integral ion. —The method
suggested by the Treasury to absorb the Victory tax into the regular income tax
structure would (a) repeal the Victory tax; {h) eliminate the earned-income credit;
(c) reduce the personal exemption for a married person or head of family from
$1,200 to $1,100, and the dependent credit from $350 to $300, leaving the single
person's exemption unchanged; and (d) increase surtax rates by 3 percentage points
on surtax net income up to $38,000, and by 4 to 7 points above that level.
The House bill (o) repeals the Victory tax; (6) eliminates the earned-income
credit; (c) imposes a minimum tax of 3 percent on the excess of net income over
special personal exemptions ($500 for a single individual or a married person filing
a separate return, and $700 for a married couple filing a joint return, plus $100 for
each dependent) ; - (d) sets the personal exemption under the regular income tax
at $500 for each married person filing a separate return; (e) increases the normal
tax rate from 6 percent to 10 percent; and (/) decreases surtax rates by 1 percentage
point on surtax net income between $6,000 and $12,000 and increases them by 1
to 3 percentage points on surtax net income above $38,000. The combined normal
tax and surtax increase would be 4 percentage points on net taxable income up to
$6,000; 3 points between $6,000 and $12,000; 4 points between $12,000 and
$38,000; and 5 to 7 points above that level.
Comparing the Treasury proposal with the House bill, we find that they differ
sharply in the technique of integration. The principal difference is this: The
House' bill substitutes for the Victory tax a 3 percent minimum tax with new
exemptions; the Treasurv proposal employs no minimum tax but would reduce
the credit for dependents bv $50 and the exemption for a married couple by $100
(b) Analysis of the integration plan in H. R. 3687. In the process of absorbing
the Victory tax into the regular income tax structure, both the House bill and the
Treasury proposal eliminate the earned-income credit and thereby simplify tax
computation. But the real promise of simplification this year lies in substituting
a single income base for a double base, a single set of exemptions for a double set,
and a single tax computation for a double one. The Treasury integration pro-
posal would realize this promise in full. The House bill realizes the same promise
only in a minor degree, and at the same time adds some complexities found
neither in the present law nor in the Treasury proposal.
The House bill eliminates the gross base of the Victory tax and substitutes a
single for a double tax computation on the simplified form (Form 1040A). Both
the regular income tax and the minimum tax are computed on the basis of income
tax net income. Moreover, a table indicating the regular tax and minimum tax
is provided for users of the simplified form. This is all to the good, but it is only
a small part of the simplification that is needed.
The House bill does not eliminate the dual set of personal exemptions and will
still require users of the long form (Form 1040) to determine which of two taxes
applies to their incomes. In addition, it will confuse taxpayers with its com-
plicated minimum tax. It will make it disadvantageous for many taxpayers
now using the simplified form to use that form in the future. It will require
millions of married couples to go through a series of alternative tax computations
to ascertain their lowest possible liability.
(1) Confusion caused by minimum tax: The House bill provides that taxpayers
shall pay either the minimum tax or the regular tax, whichever is larger. Two
alternative taxes with different rates and exemptions will confront taxpayers
using the long form. A table can be appended to that form showing the net in-
come "breaking points" above which the regular tax applies and below which the
minimum tax applies. But this mechanical guide cannot remove the confusion
inherent in having two alternative taxes side by side.
The confusion caused by the House bill may perhaps best be visualized by a
specific example. Take the case of a married couple with two dependents, the
husband having $900 of net income from business and the wife $700. Their
minimum combined liability under the House bill will be realized by filing sep-
arate returns, each claiming one dependent. The husband will be subject to the
regular tax, the wife, to the minimum tax. The husband will get a $350 credit
for the one dependent and will applv a 23 percent rate to his income. The wife
will get a $100 credit for the other dependent and will apply a 3 percent rate to
her income. The confusion in this family is apparent.
(2) The necessity of comparing taxes under separate and joint returns: Under
the House bill the "problem of choosing between joint and separate returns is not
* The taxpayer pays either this minimum tax or the tax computed at the regular rates and exemptions,
whichever is higher.
422 REPORT OF THE SECRETARY OF THE TREASURY
only greatly complicated, but is forced upon millions of taxpayers not now affected
by it because of the difference in aggregate exemptions depending upon whether
separate or joint returns are filed. Under present law the problem is restricted
to the comparatively few married couples having combined net incomes reaching
beyond the first surtax bracket. The choice is fairly clear. It involves persoss
who are for the most part familiar with tax procedure. To married couples with
combined surtax net incomes below $2,000, it is generally a matter of indifference
whether they file separate or joint returns.
However, under the House bill it is no longer a matter of indifference. Married
taxpayers in even the lowest income brackets, many of them newcomers to the
income tax, will be driven to compare the tax advantages of joint and separate
returns. They will find that the advantage shifts with the size of income, with
the particular division of income between husband and wife, and with the number
and division of dependents. Because of these variables, no clear dividing lines
or income zones can be established to guide taxpayers into one type of return or
tlie other. In order to determine their lowest tax liability, they will have to
resort to a method of trial and error involving numerous alternative computations.
Merely stating the provisions of the House bill on this point demonstrates
how bewildered the taxpayer will be. Under the minimum'' tax husband and wife
receive an exemption of $500 each, or a total 'of $1,000, if they file separate re-
turns, but only one $700 exemption if they file a joint return. Under the regular
income tax, their exemption is still $500 each, or a total of $1,000, on separate
returns, but is $1,200 on a joint return.^ In other words, the minimum tax
exemption will be smaller under a joint return tlian under separate returns, thus
offering an inducement to file separate returns. The regular tax exemption, on
the other hand, will be greater under a joint return than under separate returns,
thus offering an inducement to file joint returns. By setting the credit for de-
pendents at $100 for the minimum tax in contrast with $350 for the regular tax,
the House bill further complicates the choice between joint and separate returns.
The large number of variables injected by the House bill will force husband
and wife who both receive income to compute a series of alternative taxes to
ascertain their lowest possible liabihty. I should like to cite an example which
brings home more forcibly than any lengthy explanation the nature of the com-
pliance burden imposed on these taxpayers. The example is that of a married
couple with 3 children and a net income of $2,125, of which the husband receives
$1,250 and the wife, $875. Using Form 1040, this couple could reach five differ-
ent tax results. This would involve nine separate tax computations. These
computations are necessary to determine the maximum tax advantage under (1)
joint or separate returns and (2) different divisions of the dependents between
husband and wife. (See illustration in appendix B.) To be absolutely certain
that they have arrived at their lowest possible tax, this couple would also have
to make nine tax determinations on the short form (1040A). The actual case in
which 18 tax computations would be made to ascertain the lowest tax would be
rare. But the mere fact that such cases can occur and that a problem similar in
kind, if not in degree, will be faced by many taxpayers is a serious indictment of
this phase of the House bill.
With such extreme complexity established beyond any doubt, the question
might still arise (a) whether the number of necessary tax computations is much
larger than under present law, (b) whether the tax differentials involved are sub-
stantial, and (c) whether many taxpayers will be affected.
(a) There is no incentive under present law for married persons with small
incomes to file separate returns, and the problem of allocating dependents is
thereby avoided.
(6) The illustration in appendix B shows that the tax differentials under the
various procedures for computing the tax can be very substantial. On the modest
income of $2,125 in the example cited, the tax liability computed on Form 1040
ranges from $24.75 under the most advantageous method to $174.75 under the
least advantageous method of filing.
(c) Estimates indicate that the House bill will confront well over 10 million
married couples with the choice between joint and separate returns. Under that
bill it is estimated that 10.7 million joint returns will be filed for 1944.*
' None of tfee $500 exemption allowed on a separate return may be shifted from one spouse to the other
under either the minimum or the regular tax.
♦ Under present law, 8.2 million joint returns are expected, while under the Treasury integration proposal
the figure would be 6.7 million.
REPORT OF THE SECRETARY OF THE TREASURY 423
In addition, a number of separate returns will also be filed by married couples
where both receive income. The great majority of millions of married couples
will decide to file either joint or separate returns only after making difficult, time-
consuming comparisons.
(3) Decreased use of the simplified return: Another undesirable byproduct of
the House bill is that it would in effect deny the use of the simplified form (1040A)
to manjf taxpayers now able to use that form. Husband and wife may use Form
1040A as a separate return as long as both use it and neither has more than $3,000
of gross income. The House bill, by providing married couples with a $1,200
exemption if they file joint returns but a combined exemption of only $1,000 if
they file separate returns, places a premium on joint returns. As a result, many
married persons with combined gross incomes between $3,000 and $6,000, who
now file separate returns on Form 1040A, will be penalized by a $200 reduction in
exemption if they continue to use Form 1040A. Plainly, they will turn to the
more complicated Form 1040. Since it is desirable to extend rather than restrict
the use of the simplified form, this effect of the House bill is unfortunate.
(4) Complication of the withholding process: In addition to comphcating tax
returns and the filing process, H. R. 3687 complicates collection at the source and
raises new problems for employers. Many employers withhold on the exact
basis instead of by w^age brackets, either to approximate the final liability more
closely or because their mechanical equipment requires the use of the exact com-
putation. Since the Victory tax exemption is $624 regardless of family status,
present law requires the employer to apply only one set of exemptions varying
with family status. But under the House bill "the minimum tax will also have
variable exemptions. Employers will thus be confronted with two sets of varying
exemptions, as well as two tax rates, in determining how much to withhold.
The problem of year-end refunds and additional tax payments is also
aggravated.^
Husbands and wives filing separate returns have fixed exemptions of $500 each.
No shift of part of the exemption from one to the other is permitted as under
present law. Situations will frequently arise, therefore, where one spouse is
entitled to a refund and the other is subject to additional tax. Yet, because the
exemption is fixed at $500, the opportunity that exists today for canceling out the
refund and the additional liability is removed. For example, if the wife works
part of the year but does not take any of the withholding exemption, she is
entitled to a refund. The husband, who takes the entire withholding exemption,
will probably have to pay additional tax. But even if the wife's refund is equal
to or greater than the husband's remaining liability, there is no way of shifting the
personal exemption and thus offsetting one against the other. He will have to
pay the tax and she will have to wait for a refund.
(5) Complication of the administrative process: The House bill also makes
heavy demands upon administration. For 1944, it will require the filing and
processing of 41.7 million returns, representing 52.4 million taxpayers, in contrast
with the Treasury proposal, which would require only 36.5 million returns repre-
senting 43.2 million taxpayers.^ The House bill, like the present law, requires
millions of returns from persons in those income brackets in which the ratio of
administrative effort to tax proceeds is highest. Moreover, the complexity and
confusion generated by the double exemptions and computations and by the
involved choice between joint and separate returns will inevitably burden ad-
ministration. Both in terms of the taxpayers who will throng the collectors'
offices for help, and in terms of the volume of errors that taxpayers will make, the
House bill magnifies the problems of administration.
(c) Contrast of House bill with Treasury integration proposal from the standpoint
of simplicity. — The contrast between the House biU and the Treasury proposal on
the score of simplicity is complete. What the House bill gains in removing the
Victory tax, it loses in introducing the minimum tax. It retains the complexities
of a double tax system and adds special vagaries of its own. It burdens admin-
istration with new problems at a time when it is still faced by the enormous task
of adjusting itself to current collection. Worst of all, it will require taxpayers to
struggle with the new minimum tax concept even before they finish hurdling the
Victory tax barrier.
6 The Treasury has recommended changes in the withholding procedure that would minimize the problem
of year-end refunds and additional tax payments. The Treasury proposed that withholding be applied
on a graduated basis to the taxpayer's full liability rather than merely to his partial liability under the normal
tax and the first bracket of surtax. It also proposed narrower withholding brackets to adjust amounts
withheld more closely to actual tax liabilities.
« Under present law the figures would be 44.1 million returns and 52.3 million taxpayers.
424 REPORT OF THE SECRETARY OF THE TREASURY
Under the Treasury proposal, on the other hand, there would be no double tax
base, no double exemptions, and no multiple choices and computations. Admin-
istration would be simplified by dropping the Victory tax. Similarly, with-
holding would be simplified by dropping the minimum withholding feature
necessary to guarantee collection of the Victory tax. Most important, com-
pliance would be simplified. Taxpayers could face the prospect of filing their
necessarily complicated annual return next March with the assurance that future
income tax returns would be both more imderstandable and simpler.
(d) Tax increases and decreases under the House hill and the Treasury integration
proposal. — Some contend that the Treasury proposal achieves simplicity at an
excessively high cost in tax reduction for taxpayers in the lowest brackets and
that the House bill involves no corresponding cost. I should like to cite the
facts refuting this contention.
The Treasury integration proposal would exempt entirely 9.1 million taxpayers
who now pay a net Victory tax of 275 million dollars. Including these, it would
reduce taxes for 18 million taxpayers, the combined reduction totaling 436 million
dollars. The House bill exempts only 130,000 taxpayers, but reduces taxes for a
total of 26.0 million taxpayers; the aggregate reduction is 370 miUion dollars, onl\-
66 million dollars less than the Treasury proposal. The Treasury proposal would
increase liabilities for 34.4 million taxpayers, the increases totaling 711 million
dollars. The House bill increases liabilities for 26.4 million taxpayers, the
increases totaling 459 million dollars. While the 9 million taxpayers who would
be exempted under the Treasury proposal pay 275 million dollars under present
law, they would pay only 161 million dollars under the House bill. This figure
of 161 inillion dollars measures the reduction involved in their elmination from
the incoine tax rolls.
Any integration plan will inevitably change liabilities of many taxpayers. The
major concern should be that the changes meet the tests of simplicity and fairness.
The Treasury changes meet these tests far better than the changes in H. R. 3687.
While the Treasury integration proposal would reduce taxes only for taxpayers in
the lowest brackets and subject to family responsibilities, the House bill would
apply reductions to taxpayers with incomes as high as $3,931 (married person with
two dependents) and $4,572 (married person with three dependents). >.Tore
important, the Treasurv proposal would simplifv the entire income tax structure in
eliminating $275,000,000 of tax for the 9,000,000 taxpayers least able to pay and
most expensive to tax. In contrast, the House bill complicates that structure
and multiplies the compliance laurdens of over 50,000,000 persons merely to keep
the 9,000,000 taxpayers on the rolls, and to exact from them the relatively small
sum of $161,000,000. It seems utterly unreasonable to erect a mountain of
complexity for such a molehill of revenue.
(e) Conclusion on simplif cation. — Simplicity in income taxation implies both
mechanical ease of compliance and understandability of the basic tax rules. The
integration scheme in H. R. 3687 violates both of these standards. It has been
amply illustrated that the mechanical problems of compliance under the minimum
tax may be even more burdensome than those associated with the Victory tax.
But even assuming that master tables could be developed to cope with most of the
mechanical complexities of the House bill, the problem of simplicity would not be
solved. The minimum tax and its relationship to the regular tax completely defy
understanding on the part of the average taxpayer.
A tax law which aflFects over 50,000,000 people must be made understandable
to them if it is to survive. It must be explainable to them over the radio, in
the press, and through the mails. I might be able to visualize mechanical guides
which would help taxpayers to stumble in robot fashion through income tax
compliance under the House bill. I cannot visualize an information campaign
that could make this tax understandable to taxpayers generally.
Putting the minimum tax in its proper perspective, it is not an overstatement
to say that its complexities will jeopardize the whole income tax system. Merely
to! collect $161,000,000 from 9,000,000 taxpayers near the bottom of the income
scale, it endangers the collection of more than $17,000,000,000 from over 50,000,-
000 taxpayers throughout the scale. The House bill offers the American taxpayer
a minimum tax "cure" that is worse than the Victory tax "disease." We cannot
afford to disappoint the mass of taxpayers who have been promised relief from the
complexities of our present dual tax structure. We cannot risk a breakdown in
the mainstay of our Federal tax system in the midst of total war.
The question of Victory tax integration is of crucial importance. I am firmly
convinced that the Treasury integration proposal would achieve real simplification
at a modest and entirely reasonable cost.
REPORT OF TPIE SECRETARY OF THE TREASURY 425
2. INCREASE IN REVENUE
(a) The Treasury proposal. — Thus far, I have discussed only the Victory tax
integration segment of the Treasury individual income tax proposal. The Treas-
ury has also recommended as part of a 10.5 billion dollar program of wartime taxes
that an additional 6.5 billion dollars of revenue be raised in individual income
taxes. The surtax-rate increases suggested to raise this revenue of course include
the changes designed to absorb the Victory tax.
Two alternative schedules for raising approximately 6.5 billion dollars of added
income tax revenue are also attached for the convenience of your committee. (See
exhibit on page 437.) It will be seen that these alternative schedules would impose
a heavier burden in the lower-income brackets than the October 4 proposal.^ The
exact additional burden is indicated in the footnote in my statement.
(b) The House bill. — Revenue is only an incidental consideration in the income
tax provisions of the House bill. Those provisions will add $226,000,000 to
income tax revenues. Of this amount about $90,000,000 is attributable to the
changes made in connection with Victory tax integration. About $150,000,000
is attributable to the disallowance of deductions for Federal import duties and
miscellaneous excise and stamp taxes not otherwise deductible as business expenses.'
The other individual income tax changes made by the House bill are of a technical
character.
3. ANSWJIR TO CRITICISMS OF THE TREASURY PROPOSALS FOR HIGHER INCOME
TAXES
I should now like to examine with you some criticisms that have been made of
the Treasury's affirmative income tax proposals. The three arguments I shall
examine are (1) that the Treasury proposals would not bear heavily enough on
the lower-income brackets; (2) that the American people do not have the capacity
to pay more income taxes, and (3) that income tax rates in 1944 will be con-
fiscatory.
Now, I think I may omit reading the next part of my statement because it has
been covered by the Secretary's testimony [on tax burdens on the lower income
groups, page 419.1
(b) Capacity to pay. — A second contention is that the American people do not
have the capacity to pay additional income taxes. The facts contradict this
contention. Individual incomes after personal taxes amounted to $65,000,000,000
in the fiscal year 1939 and are expected to amount to $126,000,000,000 in the
fiscal year 1944. The corresponding figures before subtracting personal taxes
are $68,000,000,000 and $148,000,000,000. In other words, personal taxes show
an increase of $19,000,000,000 while incomes before taxes show an increase of
$80,000,000,000. Less than one-fourth of the increase in annual income payments
generated by defense and war activities is being absorbed by taxes.
In an attempt to prove that American taxes are too high, it is argued that taxes
in the United States are higher in terms of dollars per capita than in the United
Kingdom and Canada." This argument is, of course, grossly misleading, since
it gives absolutely no indication oif real burdens. How burdensome a given tax
will be is determined by the ratio of the tax to the income from which the tax is
paid. Personal incomes here are larger than in either Canada or Great Britain.
Furthermore, the rates of income tax and excise taxes are higher in the Allied
countries than here. Practically any citizen of the United States, if given the
choice of paying American, Canadian, or British taxes, would choose the American
tax system, since his tax here would be the lowest.
(c) The argument of confiscation. — In connection with the argument that taxes
will exceed capacity to pay, it is contended that our existing income tax rates
are confiscatory. Those who make this contention point to the combined burden
of current taxes, uncanceled 1942 liabilities, and State income taxes. It is said
that this combination will exceed 100 percent of income in 1944.
' Persons with net incomes of less than $5,000 would pay 3.5 billion dollars out of the total of 6.5 billion
dollars additional income tax under the Treasury proposal of October 4; 3.9 billion dollars out of 6.7 billion
dollars under alternative proposal A; and 4.4 billion dollars out of 6.8 billion dollars under alternative
proposal B.
8 This disallowance was recommended by the Treasury. At present, the allowance of deductions under
sec. 23 (c) is inconsistent and depends entirely on the legal laneuage used in imposing the tax. For e.x-
ample, admissions taxes are allowed as deductions, but the cabaret tax is not. Uniformity in the matter
of deductibility is desirable. Revenue, administrative, and equity considerations also suggest disallowance
of these taxes insofar as they constitute personal expenses.
« See p. 8, H. Rept. No. 871 on the revenue bill of 1943.
426 REPORT OF THE SECRETARY OF THE TREASURY
Such statements are grossly misleading. They ignore two facts. The first
is that the Federal income tax allows for the deduction of State income taxes in
computing net income. This deduction protects the taxpayer from a confiscatory
combination of State and Federal taxes, even if the State tax does not permit the
deduction of the Federal tax.
The second fallacy lies in comparing 2 years' taxes, or 1}^ 3'ear's taxes, with 1
year's income. The uncanceled part of the 1942 tax is in no sense a tax on 1944
income. This becomes entirely clear when it is realized that a person having no
1942 income has no uncanceled tax to pay in 1944, and would therefore not be
covered by the schedules combining the 2 years' taxes. As a matter of fact,
when the taxes for 2 years are combined with the net income for 2 years, as they
should be, it becomes apparent that the 75 percent cancelation is a windfall
which has made it easier, not harder, to pay taxes on 1944 income.
D. Corporation Taxes
The Treasury suggested to the Ways and Means Committee (a) that the surtax
on larger corporations (those with net income in excess of $25,000) be increased by
10 percentage points and on smaller corporations by 4 percentage points; (6) that
no change be made in the excess-profits tax rates; and (c) that certain changes be
made in the existing provisions for carry-back of losses and unused excess-profits
credits. The Treasury proposals would increase corporate tax revenues by $1,138
million.
The bill passed by the House (a) makes no change in the surtax rate; (b) raises
the excess-profits tax rate to 95 percent; (c) reduces the excess-profits credit for
some corporations by lowering the percentages allowed on invested capital; (d)
raises the specific exemption for excess-profits taxes from $5,000 to $10,000; (e)
makes no change in the carry-back of losses and unused excess-profits credits; and
(/) provides special tax treatment for certain natural resources industries. The
House bill increases corporate tax revenues by $468 million. I should like to
discuss these matters in detail.
1. COMPARATIVE EFFECTS OF INCREASES IN SURTAX AND INCREASES IN EXCESS-
PROFITS TAX
Unlike an increase in surtax rates, which would increase the net tax liability
(after post-war credit) of all taxpaying corporations, the increase in the excess-
profits tax rate under H. R. 3687 will increase liabilities for comparatively few
corporations. Corporations not subject to the excess-profits tax and those already
subject to the 80 percent ceiling on corporate taxes will have no added tax to pa v.
Of 263,000 taxable corporate returns estimated for 1944, 71,000, or about''27
percent will be subject to excess-profits tax. Moreover, the 80 percent ceiling
will apply to 4,300 corporations or approximately 6 percent of all excess-profits
taxpayers. This 6 percent, however, will pay about 40 percent of total excess-
profits taxes in 1944. An additional 3,200 corporations will become subject to
the 80 percent ceiling as a result of the 5-percentage-point increase in the excess-
profits tax rate. The effect will be to limit still further the range of corporations
to whom the full increase would apply. It would apply only to the residual class,
namely, corporations that pay excess-profits taxes, but will not become subject
to the 80 percent tax ceiling.
In contrast with the House bill, the Treasury proposal would increase the net
liability of all corporations. For those subject to the 80 percent ceiling, an in-
crease in the surtax would mean a decrease in the share of their 80 percent tax
represented by excess-profits taxes. As a result, their post-war credit would be
smaller and their liabilities correspondingly larger, even though their gross tax
payments were unaffected. For all other corporations, both the gross payment
and the net liability would be increased.
From the foregoing analysis it is apparent on the one hand that the House bill
will not strike corporate profits generally, but only a restricted segment of cor-
porate profits. On the other hand, it will not strike approximately one-half of
the excess profits, nor will it touch the most profitable corporations. To reach
corporate profits generally, an increase in surtax rates would be necessary. To
reach the bulk of excess profits and the most profitable corporations, added
excess-profits taxes would have to be coupled with an upward revision of the
80 percent limitation.
Because of its broad coverage, the corporate surtax affords an instrument for
tapping war profits that are not defined as excess profits in our tax law. At best,
it is extremely difficult to single out excess profits and war profits by legal defini-
REPORT OF THE SECRETARY OF THE TREASURY 427
tion. An excess-profits tax cannot be a perfect instrument; a 90 percent or a 95
percent excess-profits tax rate does not mean that the Government will recapture
90 or 95 percent of the war profits of corporations. In the area labeled "normal
profits" there are bound to be some war profits. For example, many corporations
with large invested capital but low normal earnings, receive substantial war profits
without becoming subject to excess-profits taxes. The same is true of corporations
with high base-period earnings now engaged in the production of war materials.
Other corporations have had their excess-profits tax liabilities substantially re-
duced by the special relief provision in the tax law. Still others will ultimately
have a substantial proportion of their excess-profits taxes refunded to them under
the operation of the carry-back provisions.
The surtax thus off'ers greater assurance that all corporations which have bene-
fited from the war will make an additional tax contribution.
A further reason in favor of a surtax rate increase, as distinguished from an
excess-profits tax rate increase, may be found in the comparative effect on man-
agerial profit incentives. Financial incentives to efficient management depend
upon the number of cents the corporation retains out of each additional dollar of
profit. The House bill would increase the net tax (after post-war credit) on each
dollar of excess-profits from 81 to 85'/^ cents. Under the Treasury proposal for
an increase in surtax rates, not more than 50 cents would ordinarily be taken out
of each doUar of normal profits, and the present figure of 81 cents for excess profits
would not be touched.^" The increase in surtax proposed by the Treasury is less
likely to impair financial incentives than would an increase in the excess-profits
tax rate. With corporate rates at their present levels, the impact on incentives
cannot be ignored in making tax decisions.
The Treasury agrees that our corporations should be kept "in a sound financial
condition so that they may be able to convert to peacetime production and pro-
vide employment for men leaving the armed forces after the war." " But figures
on corporate earnings, dividends, and accumulations make it clear that added
taxes can be levied without unduly burdening profits and profit incentives, and
without impairing the sound financial condition of corporations generally. Cor-
porate profits (excluding dividends received) will reach an estimated level of
$22.6 billion for 1943. This is more than four times the corporate profits for the
year 1937, one of the most prosperous years of the thirties. Taxes have also risen
sharply during this period, both because of increases in corporate income and
because of increases in rates. But they have failed to keep pace with earnings.
In 1937, corporations had left less than $4,000,000,000, after paying one and one-
fourth billion dollars of taxes. In 1943, corporations will have left nearly $9.2
billion, even after paying $13.5 billion of taxes. In 1944, corporate profits, after
taxes at present rates are expected to reach $9.9 billion, or three times the average
annual profits after taxes from 1936 through 1939.
Figures on dividends and undistributed profits are also impressive. Average
dividends from 1936 to 1940 were $4.1 billion, 1937 being the peak year, when
$4.8 billion were distributed.'- In spite of war taxes, dividends for 1941, 1942,
and 1943 are estimated at $4.5 billion, $4.1 billion, and $4 biUion, respectively.
It is estimated that even after paying taxes and dividends, American corporations
win accumulate over $12,000,000,000 of undistributed profits for the 3 years 1941,
1942, and 1943.
Recent studies show that liquid assets of corporations have risen even faster
than retained earnings. Nonfinancial corporations increased their holdings of
currency, bank deposits, and United States Government securities by $12,000,-
000,000 during the two years 1941 and 1942 according to an estimate prepared
by the Securities and Exchange Commission. If the accumulation of liquid assets
in the first half of 1943 should continue at the present rate through the year, the
total increase would be $25,000,000,000 for the 3 years 1941, 1942, and 1943. A
study just released by the Federal Reserve Board indicates that business deposits,
both corporate and noncorporate, totalled $30,000,000,000 on July 31, 1943.
It is recognized that the combined corporate and individual taxes on dividend
income are higher in this country than in England and in Canada, and that steps
must be taken after the war to relieve corporate stockholders of their dispropor-
tionate tax burden. However, so long as the war continues and corporations gen-
erally are able to maintain present abnormally high levels of earnings, the discrimi-
nation against this class of income recipient will continue to be more apparent than
11 Corporations with income between $25,000 and $50,000 will, of course, be subject to higher marginal
surtax rates as a result of the notch provision.
11 See p. 5, H. Kept. No. 871 on the revenue bill of 1943.
" Dividend payments in 1936 and 1937 are generally conceded to have been abnormally high as a result
of the undistributed profits tax in effect during those years.
428 REPORT OF THE SECRETARY OF THE TREASURY
real. The taxation of the excessive profits of corporations imposes no real burden
on corporate stockholders.
I have indicated why the Treasury prefers to raise additional revenue by means
of an increase in surtax rather than an increase in excess-profits tax. However, if
your committee should decide in favor of an increase in the excess-profits tax rate,
the Treasury suggests an upward revision of the 80 percent limitation on corporate
taxes. Without this revision the increase in excess-profits tax rates will reach only
a limited range of excess profits.i^
2. CHANGES IN EXCESS-PROFITS TAX EXEMPTIONS AND CREDITS UNDER THE HOUSE
BILL
The House bill provides for an increase from $5,000 to $10,000 in the specific
excess-profits tax exemption.'* This provision, which was recommended by the
Treasury last year, will distribute the excess-profits tax burden more equitably
between large and small business enterprises.
The profits of small business are likely to fluctuate more widely than profits of
large business. Base-period earnings under the average-earnings method are,
therefore, a less reliable index of normal earnings for small business than for large.
An increase in exemption tends to avoid a penalty on extreme fluctuations of
earnings without forcing a resort to the relief provisions of section 722.
Moreover, profits of small business are more likely to reflect a return on man-
agerial efl'orts than a return on invested capital. Consequently, the increased
exemption also aids small corporations using the invested capital base for deter-
mining excess profits.
The Treasury also agrees with the provisions reducing by 1 percentage point
the invested capital credit in each of the brackets above $5,000,000. Invested
capital is generally used as a base for computing excess-profits credits only by
those corporations which earned a low rate of return during the base period.
Where such earnings were abnormally low, corporations are protected by the
remedy in section 722. But corporations the base-period earnings of which were
normally low should not be provided an escape from taxes on war-increased profits.
Since a large invested capital credit unrelated to base-period earnings tends to
provide such an escape, the proposed reduction will reduce an unfair advantage
gained by large corporations having a history of low normal earnings.
The proposed reduction of the invested capital credit will also reduce the
advantage gained by large corporations on borrowed capital. Because 50 percent
of borrowed capital is inchided in invested capital, corporations can get a tax
advantage by borrowing at rates of interest below the percentages allowed on
invested capital. The large corporation generall}' has a higher credit standing
than the small and therefore gets larger tax benefits from borrowing than the small
corporation. This advantage will be reduced by the reduction in percentage
allowances on invested capital.
3. SPECIFIC RELIEF MEASURES IN THE HOUSE BILL
The House bill provides special tax treatment for certain mine owners and
operators. It extends percentage depletion and excess-profits tax exemption to
several minerals as a means of stimulating their wartime production. Insofar
as these fall within the category of strategic minerals designated by the War
Production Board, the Treasury concurs with tax measures which will accelerate
their output. But for minerals not so designated it is believed that the proposed
treatment is unwarranted. A further statement on the Treasury position is
contained in appendix D.
The House bill also extends to the natural gas industry the special excess-profits
tax treatment now granted with respect to the accelerated output of depletable
natural resources. Insofar as this treatment is extended to nonproducers of
natural gas, this provision in the House bill appears to be undesirable. This point
is further developed in appendix E. This appendix also contains a statement of
the Treasury position with respect to the broadening of the excess-profits tax
relief for coal and iron miners and timber tracts.
Tax relief measures can serve very useful purposes. But unless they are
handled very carefully, they may simply become tax loopholes. If tax relief is
1' A revision of the 80 percent limitation wOl improve tlie relationship of net taxes payable by corpora-
tions not subject to the tax ceiling and those which are subject to the tax ceiling. In appendix C to this
statement, there are outlined three alternative methods of revising the 80 percent limitation to gain these
advantages, which would still prevent net corporate taxes from exceeding SOjpercent of net income.
n See p. 57, H. Kept. No. 871, on the revenue bill of 1943.
REPORT OF THE SECRETARY OF THE TREASURY 429
distributed without regard to need, it deprives the Government of much needed
revenue, and distributes tax burdens inequitably among business enterprises. It
must not be forgotten that reduction in the tax liabilities of especially favored
taxpayers means increased tax burdens on all other taxpayers.
4. ACQUISITIONS TO AVOID INCOME OR EXCESS-PROFITS TAX
At this point I would like to discuss one technical amendment which is of major
importance. Section 115 of the House bill is intended to curb the development
of a public market in which alleged tax benefits may be bought and sold. The
currently advertised schemes are designed to enable a taxpayer with large war
profits to avoid income and excess-profits taxes by purchasing for such purpose
a losing or defunct corporation having large current, past, or prospective losses,
deficits, or large current or unused profits credits. The utilization and adver-
tisement of such devices has disturbed responsible taxpayers and their attorneys
who have refused to use these schemes. It is also disturbing to the Government
in its effort to administer the revenue laws equitably and uniformly.
The amendment disallows the part of the deduction or credit involved in the
tax avoidance device, but only if the acquisition of an interest in or control of a
corporation or property has occurred on or after October 8, 1940, and then only
if one of the principal purposes "for which (the) * * * acquisition was made
or availed of is the avoidance of * * * tax by securing the benefit of" such
deduction or credit. The amendment is directed solely at those devices which
distort or pervert the natural business relationship between a deduction or credit
and the enterprise which produced it, and for the benefit of which the deduction
or credit was provided by law. The gist of the distortion is the circumstance that
such natural relationship has in whole or in part ceased, and that a taxpayer seeks
to use the deduction or credit as an off'set to the profits of an enterprise to which
the deduction or credit does not bear a reasonable business relationship. The
amendment in no way abridges the privilege of doing business in individual,
partnership, or corporate form, or the privilege of filing a separate or a consoli-
dated return, or any of the numerous choices which the structure of the tax system
is intended to afford. But the amendment does operate whenever under any of
these privileges or choices such a distortion or perversion of a deduction or credit
appears. Hence the scope of the amendment in its field is precisely the same as
that of sections 45 and 141 of the present law, where analogous distortions or
perversions have been frequently described by the committee as "milking" or
shifting of deductions and credits. The Treasury believes with the House that
the amendment is a significant part of an equitable tax structure and that it is well
adapted to accomplish its purpose.
E. Estate and Gift Taxes
In seeking sources of additional wartime revenue, we cannot afford to overlook
estate and gift taxes. Increases in these taxes have not kept pace with tax
increases generally. Small as their relative contribution to the total has been in
the past, it has fallen during the war. Estate and gift tax collections for the
fiscal year 1944 are expected to represent a smaller proportion of total tax receipts
than at any time during the past 10 years.
In a period when huge additional revenues are needed, the beneficiaries of
estates and gifts should contribute their full share to the cost of the war along
with other groups of taxpayers. Yet, relatively few estates are subject to tax,
and rates in the lower and middle brackets continue to be moderate. The
Treasury has, therefore, recommended that the estate tax exemption be reduced
from $60,000 to $40,000 and that estate tax rates be raised. '* Corresponding
increases in the gift tax are also suggested. These changes would add $400,000,000
to our revenues on a full-year basis. The proposed changes in the estate and gift
tax provisions should be permanent, rather than simply for the duration of the
war. 15
15 Two technical estate and gift tax provisions of the House bill deserve comment. As passed by the
House, the bill contains an estate tax amendment which provides that in valuing stock or securities the
value of which cannot be determined by reference to bid and asked prices or to sales prices by reason of
the absence of listing for sales, there shall be considered, in addition to all other factors, the value of stock
or securities of comparable corporations which are listed on an exchange. It is believed that this amend-
ment is highly undesirable because it can only lead to continuous, unnecessary and costly litigation, and
harbors dangerous potentialities for imposing unjust tax burdens upon the recipients of closely held stock.
The House bill also provides that in certain instances the appointment of a trustee, the vesting of dis-
cretion in a trustee as to the selection of beneficiaries or the distribution of benefits, or the exercise by a trustee
of such discretion shall not bo deemed a taxable gift. This provision is completely divorced from any
reasonable classification of trusts and is enmeshed in ambiguities which can only produce manifold adminis-
trative difficulties and increase the litigation burden of taxpayers.
430 REPORT OF THE SECRETARY OF THE TREASURY
I should like to report to the committee that the Treasury is now making an
extensive study of all phases of estate and gift taxation. For example, we are
investigating the possibility of integrating the estate and gift taxes and correlating
them with the income tax. An advisory committee, comprising some of the lead-
ing tax practitioners in the estate and gift tax field, is aiding us in this study. It is
hoped that the study wiU lead to recommendations which will simplify these taxes
and make them more effective and more equitable. It is anticipated that this
study will be completed before the Congress considers the next tax bill.
F. Excise Taxes
The Treasury recommended that an additional $2.5 billion be raised through
increases in the rates and changes in the base of several existing excise taxes and
through the enactment of two new excises. It is further recommended by the
Treasury that the tax on transportation of property be repealed. In selecting
specific items for heavier taxation and in setting the proposed rates, the Treasury
gave careful consideration to the demand and supply conditions in affected indus-
tries and to the impact on producers and consumers. The $2.5 billion excise tax
recommendation was designed to be a part of a balanced over-all program.
Selected excises have much to commend them as a source of wartime revenue.
They involve little increase in administrative machinery and compliance costs.
At the same time, in most cases the higher levies would be shifted to consumers,
thus avoiding undue burdens on business concerns. Since only a few nonessentials
are affected, and since the tax can be avoided or reduced by cutting consumption
of the taxed items, the excises will not cause hardship for consumers.
Excise taxes are far superior to a sales tax. They involve only a small fraction
of the administrative and compliance effort demanded by a sales tax. Second,
they bear on nonessentials rather than necessities. Third, they support rather
than jeopardize the Government program to stabilize the cost of living.
For an elaboration of the points just made, I should like to refer you to ap-
pendix F. This appendix also compares the Treasury excise tax proposals with
the House bill provisions, analyzes those provisions, and indicates why it is desir-
able to terminate excise tax exemptions on sales to the Federal Government, as
recommended by the President.
G. Renegotiation of Contracts
I think the agencies principally concerned may wish to present their views on
the renegotiation provisions of the House bill. However, I should like to present
the Treasury position on one of the renegotiation provisions that vitally affects
the revenue system. I refer to the provision permitting aggrieved contractors to
secure a redetermination of excessive profits by The Tax Court of the United
States. I think it cannot be too strongly emphasized that the choice of The Tax
Court as a forum for renegotiation litigation is an unwise one. For many years
it has been recognized that the volume and complexity of Federal tax cases
require a specially qualified and skilled tribunal, such as The Tax Court, which
shall devote its entire time and efforts to their consideration and disposition.
This need threatens to become even more pressing after the war. The inevitable
accumulation of cases during the war and the development of many excess-
profits tax cases, particularly those arising under the general relief provisions of
section 722, make it obvious that The Tax Court faces a possible post-war crisis,
without the addition of complex renegotiation-of-contracts issues to its calendar.
The renegotiation statute is not a taxing statute, but this proposal would tend
to confuse renegotiation with taxes. It is also to be recognized that renegotiation
cases, under the terms of the House amendments, will demand a large part of the
time of any tribunal. Many issues will be presented, often difficult of proof;
take for example the issue of a large contractor's efficiency or lack of it, which
might occupy the court for weeks. It seems inevitable that few cases will be
susceptible of quick disposition.
It is my very firm conviction that if the trial of renegotiation cases is added to
the task that will confront The Tax Court, the prompt collection of revenue
will be impaired, the rights of the Government and of taxpaj'ers will be prejudiced,
and the deservedly high reputation of the Court may greatly suffer. Any im-
pairment of the reputation and efficiency of the Court would constitute a most
serious blow to the proper administration of the tax law.
REPORT OF THE SECRETARY OF THE TREASURY
431
H. Conclusion
This statement has dealt kirgely with the teclmical aspects of tlie Treasury
proposals and the House bill. I believed that I could be o.f most assistance to the
committee by concentrating on these aspects of the pending bill.
I have given special emphasis to simplification because of the crucial necessity
of simplifying our tax laws. Unnecessary complications can put our entire war-
time income tax program in jeopardy.
I hope that the committee will not misunderstand my emphasis upon simplifica-
tion and technical matters. Total war makes broad demands on our tax system.
Present taxes do not meet these demands, either in terms of paying for the war
as we go, or in terms of combating inflation. The legacy of taxes at present levels
will be not only a huge debt, but may also be a demoralized price structure both
during and after the war. The growth of the public debt, and the imminence of
inflation, force the conclusion that the Treasury's 10.5 billion dollars additional
revenue goal is much nearer the minimum than the maximum demanded by total
war.
Estimated change in the Budget position of the United States resulting from the excise tax provisions {Title III)
of the revenue bill of 1943 (H. R. S6&7) as passed by the House of Representatives Nov. 24, 19J,3, for a full year
of operation at levels of business estimated for the calendar year 1944 '
Article or service
Present law
Revenue bill of 1943
Estimated
additional
revenue from
excise tax pro-
visions of the
revenue bill
of 1943
1. Distilled spirits.
2. Beer
3. Wine:
(a) Still:
Under 14 per-
cent alcoiiol.
14 to 21 per-
cent alcohol.
Over 21 per-
cent alcohol.
(6) Sparkling
(c) Other
4. Electric-light bulbs
C. Jewelry, etc.
$G per gallon (drawback of
$3.75 per gallon on non-
beverage alcohol).
$7 per barrel-
$9 per gallon (drawback of
$5 per gallon on nonbever-
age alcohol) .
$8 per barrel _..
Million dollars
■ 370. 1
70.5
10 cents per gallon.
40 cents per gallon.
$1 per gallon
16 cents per gallon.
00 cents per gallon.
$2 per gallon
C. Fur and fur-trimmed ar-
ticles.
7. Toilet preparations
8. Luggage, handbags, wal-
lets, etc.
9. Communications:
(o) Toll service
(b) Telegraph, radio-
grams, etc.:
(1) Domestic.
(2) Interna-
tional.
(c) Leased wires, etc..
(d) Wire and equip-
ment service.
10. Local telephone service
11. Transportation of persons.
12. General admissions
13. Cabarets
14. Club dues and initiation
fees.
15. Bowling alleys, billiard
parlors.
16. Pari-mutuel wagering
10 cents per half pint. _
5 cents per half pint
5 percent of manufacturers'
sales price.
10 percent of retail price ...
do
15 cents per half pint _ .
10 cents per half pint
25 percent of manufacturers'
sales price.
20 percent of retail price; sil-
ver plated flatware ex-
cluded.
25 percent of retail price
.do.
10 percent of manufacturers'
sales price on luggage only.
20 percent of charge
.do_
-do-
25 percent of charge.
15 percent of charge .
10 percent of charge .
15 percent of charge.
5 percent of charge. .
10 percent of charge.
do
1 cent per 10 cents...
5 percent of charge. .
11 percent of charge.
.do.
$10 per alley per annum.
,$10 per table per annum.
None
15 percent of charge.
20 percent of charge.
7 percent of charge. .
15 percent of charge.
do
2 cents per 10 cents. .
30 percent of charge .
20 percent of charge.
do
$20 per table per annum
6 percent of total amount
wagered.
20.0
20.0
81.9
51.4
53.4
30. 9
48.9
70.9
163.5
91.3
5.1
27.0
29.1
Total additional
revenue, items 1
to 16.
1,194.8
' The estimates are intended to reflect the net improvement in the Budget position of the United States
resulting from the bill. Therefore, the portion of the bill which increases Federal receipts and expenditures
to the same extent by terminating certain governmental excise tax exemptions (Title III, sec. 307, of the bill)
does not incr(;ase the present estimate of the net yield of the bill over present law.
3 Estimated additional net revenue yield after allowance for increased drawback on nonbeverage alcohol
of 4.9 million dollars.
432
REPORT OF THE SECRETARY OF THE TREASURY
Vttimated chanoe in fhe Budget poiition of the United States remltinn from the revenue bill of 19J,S (ff. R. $687),
03 passed by the House of Representatives Nov. U, ms, for a full year of operation at levels of income esti-
mated for the calendar year 19U ^
[In millions of dollars]
1. Internal revenue:
(1) Income and excess profits taxes:
Corporation:
Income
Excess profits tax
Declared value excess profits tax.
Total corporation (gross)
Less post-war credit
Total corporation (net) .
Individual:
Net income tax
Victory tax (gross)
Less post-vrar credit..
Net yield of tax
program in
excess of cer-
tain increased
expenditures
resulting from
the revenue
bill of 1943 1
Yield of
present
law
Victory tax (net) -
Total individual
Total income and excess profits taxes
(2) Miscellaneous internal revenue:
Capital stock, estate, and gift taxes:
Capital stock tax
E state tax — .
Gift tax
Total capital stock, estate, and gift taxes..
Taxes on commodities and services:
Liquor taxes:
Distilled spirits (domestic, and im-
ported) (excise tax) 2 3
Fermented malt liquors 2
Rectification tax ^
Wines (domestic and imported) (excise
tax) 2
Special taxes in connection with liquor
occupations
Container stamps
Floor stocks taxes
Another..
Total liquor taxes '
Tobacco taxes:
Cigarettes (small) ^
Tobacco (chewing and smoking) 2_
Cigars (large) 2
Snuff
Cigarette papers and tubes
Another'
Total tobacco taxes.
Stamp taxes:
Issues of securities, bond transfers, and
deeds of conveyance
Stock transfers
Playing cards '
Silver biiUion sales or transfers
Total stamp taxes.
4, 787. 6
11,349.6
105.6
16. 242. 8
1, 134. 8
15, 108. 0
17, 589. 5
17, 589. 5
32, 697. 5
4, 734. 6
10, 888. 8
105.6
15, 729. 0
1, 088. 9
14. 105. 5
5, 324. 1
-2, 066. 0
3. 258. 1
17, 303. 5
32. 003. 6
Increase {+)
or de-
crease (— )
over yield of
present law '
400.0
522.4
40.2
962.6
1,105.3
574. 5
11.5
56.6
11.0
9.4
.6
1.6
892.8
45.0
31.7
7.0
1.3
.1
977.9
400.0
522.4
40.2
73.5. 2
504. 0
11.5
36.6
11.0
9.4
.6
1.6
892.8
45.0
31.7
7.0
1.3
.1
m
2.5.0
19.0
7.5
977.9
(«)
25.0
19.0
7.5
-f53.0
-t-460. 8
-1-513. 8
+45.9
-1-467. 9
+3, 484. 0
-5,.324. 1
-4-2, 066. 0
-3, 258. 1
-f 226. 0
-f693. 9
-1-370. 1
-!-70.5
-1-20.0
-t-460. 6
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
433
Estimated change in the Budget position of the United States resulting from the revenue bill of 194$ (H. R. S687)
as passed by the House of Representatives Nov. 24, 1943, for a full year of operation at levels of income estimated
for the calendar year 1944^ — Continued
[In millions of dollars]
Net yield of tax
program in
excess of cer-
tain increased
expenditures
resulting from
the revenue
bill of 1943 1
Yield of
present
law
Increase (-f )
or de-
crease (— )
over yield of
present law »
1. Internal revenue — Continued.
(2) Miscellaneous internal revenue— Continued.
Taxes on commodities, etc. — Continued.
Manufacturers' excise taxes:
Gasoline .
251. 1
54.3
.9
3.5
25.0
40.0
48.5
3.6
25.0
3.5
1.1
2.8
11.9
10.5
251. 1
54.3
.9
3.5
25.0
40.0
48.5
3.6
5.0
3.5
1. 1
2.8
11.9
10.5
5.0
2.0
.8
Lubricating oils . . _ .
Paaseuger automobiles and motorcycles.
Automobile trucks, busses, and trailers-
Parts and accessories for automobiles...
Tires and inner tubes
Electrical energy
Electric, ga?, and oil appliances.
Electric-light bulbs . . .
+20.0
Radio receiving sets, phonographs,
phonograph records, and musical
instruments
Refrigerators, refrigerating apparatus
and air conditioners
Business and store machines
Pho tographic apparatus
Matches
Luggage •
— 5 0
Sporting goods _ __ ..
2.0
.8
Firearms, shells, pistols and revolvers. . .
Total manufacturers' excise taxes
484.5
469. 5
-fl5.0
Retailers' excise taxes:
Jewelry, etc
171.1
93.0
86.4
58.4
89.2
38.2
35.0
-f81.9
+54.8
+51.4
+58.4
Furs. --.
Toilet preparations
Luggage,' handbags, wallets, etc
Total retailers' excise taxes
408.9
162.4
+246. 5
Miscellaneous taxes:
Telephone, telegraph, radio and cable
facilities, leased wires, etc-
158. 1
146.7
14.5
212.7
170.3
327.0
110.7
11.3
6.5
115.5
2.0
3.1
61.0
12. 2
28.8
29.1
1.2
121,2
97.8
14.5
141.8
' 170. 3
163.5
19.4
6.2
6.5
115.5
2.0
3.1
61.0
12.2
1.8
+36.9
+48.9
Telephone bill
Transportation of oil by pipe line
Transportation of per.'Jons-. .
+70.9
Transportation of property
General admissions
+ 163.5
+91.3
+5.1
Cabarets, etc
Club dues and initiation fees ..
Leases of safe-deposit boxes
Use of motor vehicles and boats
Coconut and other vegetable oils proc-
essed 2 _.
Oleomargarine, etc., including special
taxes and adulterated butter
Sugar tax . .
Coin-operated amusement and gaming
devices
Bowling alleys and billiard and pool
tables .
+27.0
+29.1
Pari-mutuel wagering
All other, including repealed taxes '
1.2
Total miscellaneous taxes
1,410.7
5, 104. 1
6, 066. 7
938. 0
3, 903. 3
4,871.9
+472. 7
+ 1.19-1.8
+ 1,194.8
Total taxes on commodities and serv-
ices ..
Total miscellaneous internal revenTie..
Footnotes at end of table.
613185— 45-
434
REPORT OF THE SECRETARY OF THE TREASURY
Estimated change in the Budget position of the United States resulting from the revenue bill of 1943 (//. R. S687),
as passed by the House of Representatives Nov. S4, 1943, for a full year of operation at levels of income estimated
for the calendar year 1944 ' — Continued
[In millions of dollars]
Net yield of tax
program in
excess of cer-
tain increased
expenditures
resulting from
the revenue
bill of 1943 1
Yield of
present
law
Increase (+)
or de-
crease (— )
over yield of
present law "
1. Internal revenue— Continued.
(3) Employment taxes:
Employment by other than carriers:
Federal Insurance Contributions Act
2, 799. 0
207.0
2, 799. 0
207.0
Federal Unemployment Tax Act_. __-
Total -
3, 006. 0
262.7
3,006.0
262.7
Taxes on carriers and their employees (Ch. 9,
subch. B of the Internal Revenue Code)
Total employment taxes
3, 268. 7
3, 268. 7
Total internal revenue.^- .-_ _._ .- _
42, 032. 9
12.1
400.0
739.8
40, 144. 2
12.1
400.0
581.0
-f 1, 888. 7
2. Railroad unemployment insurance contributions
+158. 8
Total yield, general and special accounts
43, 184. 8
41, 137. 3
+2, 047. 5
Note.— Figures are rounded and will not necessarily add to totals.
1 The estimates are intended to reflect the net improvement in the Budget position of the United States
resulting from the revenue measures contained in the bill. Therefore, the portion of the bill which increases
Federal receipts and expenditures to the same extent by terminating certain governmental excise tax exemp-
tions (Title III, sec. 307, of the bill) does not increase the present estimate of the net yield of the bill over
present law. ^ Collections for credit to trust funds are not included.
3 These estimates are after allowances for drawbacks of .$19.7 millions under the proposal and of !fl4.8 mil-
lions under present law.
■1 Excludes noin-eeurring collectionof (ax on floor stocks held on Jan. 1, 1944, the effective date of the
revenue bill of 1943, in the amount of $63 millions. 6 Less than $0.05 million.
6 The tax on luggage has been changid from a manufacturers' excise to a retailers' excise tax.
7 Includes the effects of H. R. 3338, Public Law 180, approved Nov. 4, 1943.
8 Includes collections from: Taxes on narcotics; taxes under the National Firearms Act; and the tax on
hydraulic mining, all of which are effective currently. In addition includes collections from repealed taxes
not reinstated by the Revenue Act of 1941 and collections from the following excise taxes repealed by the
Revenue Act of 1942: Rubber articles, electric signs, optical equipment, and washing machines.
» The increase of postal revenues, estimated at $183.8 millions, will add to any surplus or reduce any deficit
in postal operations that may exist. Only the net surplus, if any, from postal operations will be reflected
in miscellaneous receiiJts. It is assumed that the postal surplus under present law in the calendar year 1944
wOl be $3.5 millions, the same as was estimated in the Budget of the U. S. Government for the fiscal year
ending June 30, 1944.
Estimated change in the Budget position of the United States resulting from the revenue bill of 1943 {H. R. 3687),
as passed by the House of Representatives Nov. 24, 1943, for a full year of operation at levels of income esti-
mated for the calendar year 1944 ' TmrrfrKif mer
[In millions of dollars] pr7se7lZ'^
Individual income tax: Eliminate the earned-income credit; increase the normal tax rate from 6
percent to 10 percent; deny deduction for Federal excise taxes except as incurred in trade or busi-
ness; provide a special deduction for blind individuals; alter surtax rates applicable above $6,000
surtax net income; repeal the Victory tax; provide for a minimum tax of 3 percent of the excess
of net income (over $500 for a single person or a married person filing a separate return, $700 for a
head of a family or a married couple filing one return, and $100 for each dependent; require a
married person filing a separate return to take personal exemption of $500; limit tax to 90 percent
of taxpayer's net income 226.0
Corporation income and excess-profits taxes: Increase excess-profits tax rate from 90 percent
to 95 percent; increase excess-profits tax specific exemption from $5,000 to $10,000; reduce
excess-profits credit based on invested capital in brackets over $5,000,000; allow relief under
sec. 735 of the Internal Revenue Code to coal and iron properties and timber tracts not in
operation during the base period and to natural-gas pipe lines; and limit the scope of the
act pertaining to renegotiation of war contracts:
Total (gross) 513.8
Less post-war credit 45.9
Total corporation (net) 467.9
Excise taxes "1,194.8
Miscellaneous receipts:
Increase postal rates 183.8
Limit the scope of the act pertaining to renegotiation of war contracts —25.0
Total increase .. 2,047.5
' The estimates are intended to reflect the ffet improvement in the Budget position of the United States
resulting from the bill. Therefore, the portion of the bill which increases Federal receipts and expendi-
tures to the same extent by terminating certain governmental excise tax exemptions (Title III, sec. 307,
of the bill) does not increase the present estimate of the net yield of the bill over.present law.
2 The net Victory tax after post-war credit, rather than the gross Victory tax, is contained in the yield of
the present law.
REPORT OF THE SECRETARY OF THE TREASURY
435
Comparison of excise taxes and postal rates under present law, Treasury proposal, and House bill (H. R. 3687)
EXCISES
Article or service
1. Distilled spirits
2. Beer
3. Wine:
(a) Still:
Under 14 percent
alcohol.
14-21 percent al-
cohol.
Over 21 percent
alcohol.
(6) Sparkling
(c) Other.
Cigarettes:
(a) Small.
(6) Large.
5. Cigars.
0. Chewing, smoking to-
bacco, and sniilT.
7. General admissions, lease
of boxes or seats, etc.
Present law
$6 per gallon
(drawback of
.$3.75 per gallon
on non beverage
alcohol).
.$7 per barrel
10 cents per gallon.
40 cents per gallon
$1 per gallon
10 cents per half
pint.
5 cents per half
pint.
$3.50 per M.
$8.40 per M .
Intended
retail price
Over
Cents
Not
over
Cents
4
6
8
15
20
per
M
$2.50
3.00
4.00
7.00
10.00
15.00
20.00
8. Cabarets
9. Club dues and initiation
fees.
10. Bowling alleys, billiard
parlors.
11. Transportation of per-
sons.
12. Communications:
(a) Toll service
(6) Telegraph, etc.:
(1) Domestic
(2) International.
(c) Leased wires, etc...
(d) Wire and equip-
ment services.
13. Local telephone service, -
14. Jewelry
18 cents per pound
'1 cent per 10 cents
11 percent of
. charge.
5 percent of charge.
11 percent of
charge.
f$lO per alley
l$10 per table
10 percent of
charge.
20 percent
charge.
15 percent
charge.
10 percent
charge.
15 percent
charge. •
5 percent of charge
10 percent of
charge.
10 percent of retail
price.
Treasury pro|)osal
$10 per gallon
(drawback of
$7 per gallon
on non beverage
alcohol).
$10 per barrel
50 cents per gallon.
$1 per gallon
.$2 per gallon
20 cents per half
pint.
10 cents per half
pint.
$5 per M._
$12 per M-
>No increase.
Intended
retail price
Tax
per
M
Over
Not
over
Cents
Cents
■m.
$12. .50
■iV-f
5
13.00
5
7
14.00
7
9
17.00
9
17
30.00
17
22
35, 00
22
40. 00
34 cents per pound.
3 cents i)er 10 cents.
30 percent of
charge.
do
20 percent of
charge.
do .
.$20 per table.
25 percent
charge.
.---do
20 percent
charge.
10 percent
charge.
20 percent
charge.
No -increase-.
House bill
Treas-
ury pro-
posal
$9 per gallon
(drawback of
$5 per gallon
on nonbeverage
alcohol).
.$8 per barrel
15 cents per gallon
60 cents per gallon
.$2 per gallon
15 cents per half
pint.
10 cents per half
pint.
do.
-.do.-
2 cents per
cents.
20 percent
charge.
30 percent
charge.
20 percent
charge.
do
$20 per table
15 percent of
charge.
25 percent
charge.
do
of
Estimated
additional
revenue '
(in millions)
15 percent
charge.
30percent of retail
price.
15 percent
charge.
20 percent
charge.
7 percent
charge.
15 percent
charge.
20 percent of re-
tail price (ex-
empts silver-
plated flat-
ware) .
$487. 2
210.5
■ (il.l
371.3
2 .$370. 1
93.1
5.1
27.0
212.7
48.9
167.3
Footnotes at end of table.
436
REPORT OF THE SECRETARY OF THE TREASURY
Comparison of excise taxes and postal rates under present law, Treasury proposal, and House bill
(H. R. S687)— Continued
EXCISES— Continued
Estimated
additional
revenue '
(in millions)
Article or service
Present law
Treasury proposal
House bill
Treas-
House
ury pro-
bill
posal
15. Fur and fur-trimrued ar-
10 percent of retail'
25 percent of retail
25 percent of re-
$54.8
$54.8
ticles.
price.
price.
tail price.
16. Luggage, handbags, wal-
10 percent of man-
do
---.do
53.4
5.3.4
lets, etc.
ufacturers' sales
price on luggage
only.
17. Toilet preparations
10 percent of retail
do
.-. do -- .
51.4
51 4
price.
18. Electric-light bulbs and
5 percent of man-
No increase
25 percentof man-
20.0
tubes.
ufacturers' sales
ufacturers' sales
19. Soft drinks
None
Bottled drinks, 1
cent per each 5
1/7.0
cents of intended
retail price; the
equivalent taxes
of $1 per gallon
on sirup and 25
cents per pound
on carbonic acid
gas used in un-
bottled soft
drinks.
20. Candy and chewing gum.
do
Articles intended
to retail from 5
to 15 cents per
bar or package,
1 cent per each
5 cents of in-
tended retail
price; other
items, the equiv-
do-.. ._
190. 0
alent tax of 35
percent of man-
ufacturers' sales
21. Pari-mutuel wagering ..
do
None
5 percent of
amount wa-
29.1
gered.
22. 'J'ransportation of prop-
3 percent of charge
Repeal
No change
-170.3
erty.
(4 cents per
short ton on
coal).
Additional revenue
2,.511. 1
1, 194. 8
from excises.
POSTAL RATES
(o) First-class, local
2 cents per ounce..
6 cents per ounce..
1 and 1 1'l cents per
2 ounces.
Various
No change
do
3 cents per ounce .
8 cents per ounce.
2 and 3 cents per
2 ounces.
3 percent of pres-
ent law rate or
1 cent, which-
ever is greater.
20 cents to $1.35
per article.
10 to 70 cents per
article.
24 to 90 cents per
article.
10 to 37 cents per
article.
I::
$56.6
(6) Airmail
10.4
(c) Third-class
do
7.3.8
(d) Fourth-class
do
4.7
ff) Registered mail .
15 cents to $1 per
article.
5 to 35 cents per
article.
12 to 45 cents per
article.
6 to 22 cents per
article.
do
do _
do
do
4.3
(f) Insured mail
(g) C. 0. D. mail
12.1
(ft) Money orders
21.9
Additional revenue
183. 8
from postal rates.
Additional revenue
$2,511.1
1,378.6
from excise taxes and
postal rates.
' Estimated change in budget position of the United States for a full year of operation at levels of income
for the calendar year 1944.
2 Estimated additional net revenue yield after allowance for increased drawback on nonbeverage alcohol
of 12.8 million dollars.
3 Estimated additional net revenue yield after allowance for increased drawback on nonbeverage alcohol
of 4.9 million dollars.
REPORT OF THE SECRETARY OF THE TREASURY
437
EXHIBIT
Comparison of surtax rates under present law, the Treasury proposal of Oct. 4, 194$, and Z alternative
schedules '
Surtax net income
Pres-
ent
law
Treas-
ury
pro-
posal,
Oct. 4,
1943
Treas-
ury
alter-
native
pro-
posal
A
Treas-
ury
alter-
native
pro-
posal
B
Surtax net income
Pres-
ent
law
Treas-
ury
pro-
posal,
Oct. 4,
1943
Treas-
ury
alter-
native
pro-
posal
A
Treas-
ury
alter-
native
pro-
posal
B
Not over $500
$500 to $1,000
$1,000 to $1,500
$1,500 to $2,000
$2,000 to $4,000
$4,000 to $6,000
$6,000 to $8,000
$8,000 to $10,000
$10,000 to $12,000
$12,000 to $14,000
$14,000 to $16,000
$16,000 to $18,000
$18,000 to $20,000
$20,000 to $22,000
Per-
cent
13
13
13
13
16
20
24
■ 28
32
36
40
43
46
49
Per-
cent
21
24
27
30
35
40
45
49
53
57
61
65
68
71
Per-
cent
22
25
28
31
36
40
43
46
49
52
55
58
00
62
Per-
cent
24
26
28
31
36
40
40
44
44
47
47
50
50
53
$22,000 to $26,000....
$26,000 to $32,000
$32,000 to $38,000
$38,000 to $44,000
$44,000 to $50,000
$50,000 to $60,000
$60,000 to $70,000
$70,000 to $80,000
$80,000 to $90,000
$90,000 to $100,000...
$100,000 to $150,000..
$150,000 to $200,000-.
Over $200,000
Normal tax
Per-
cent
52
55
58
61
63
66
69
72
75
77
79
81
82
6
Per-
cent
li
79
81
83
85
80
87
88
89
90
90
90
6
Per-
cent
64
66..
68
70
72
74
76
78
80
82
84
86
87
6
Per-
cent
55
58
61
64
66
69
72
75
78
81
84
87
88
C
1 Under each of the proposals, the Victory tax and earued-income credit are eliminated and the exemp-
tions are $500, $1,100, and $300.
APPENDIX A. SUMMARY
COMPARISON OF THE
THE HOUSE BILL
TREASURY PROPOSALS WITH
It may be helpful to the committee to compare in summary form the major
provisions of the Treasury proposals with those of the House bill as background
for its consideration of that bill. While the Treasury proposals rely heavily on
the individual income tax for additional revenue, the income tax changes in the
House bill are designed primarily to integrate the Victory tax with the income tax
Both would repeal the Victory tax and the earned-income credit. The Treasury
proposal would effect a small reduction in the credit for dependents and the exemp-
tion for married persons; it would increase surtax rates substantially, both to re-
place the Victory tax and to increase revenues. The House bill imposes a 3 per-
cent minimum tax with lower exemptions than the regular tax; it also increases
normal tax rates and adjusts surtax rates, primarily, in order to replace the Victory
tax burden.
The Treasury recommended increases in corporate surtax rates, but no change
in the amount of excess-profits taxes. The House bill does not change surtax
rates. It increases the revenue from excess-profits taxes by increasing the rate
from 90 to 95 percent and by making changes in the excess-profits credit.
The Treasury recommended an increase in estate and gift tax rates and a reduc-
tion in exemptions. The House bill does not change the estate and gift taxes.
In the case of excise taxes, the House bill differs from the Treasury's recom-
mendations in that (1) it does not increase tobacco taxes, (2) it does not tax soft
drinks, candy, and chewing gum, (3) its rate increases generally are lower than
those recommended, and (4) it retains the tax on transportation of property.
Finally, the House bill provides for increases in postal rates on which the Treas-
ury made no recommendations.
APPENDIX B. INTEGRATION OF THE VICTORY TAX WITH THE INCOME TAX
UNDER THE HOUSE BILL AND THE TREASURY INTEGRATION PROPOSAL, COM-
PARED WITH PRESENT LAW
1. Both integration plans, the one contained in the House bill and the Treasury
proposal, would repeal the Victory tax and the earned-income credit. The House
bill increases the normal tax rate from 6 percent to 10 percent, reduces the surtax
rates by 1 percentage point in some brackets and increases them by 1 to 3 percent-
age points in others. A taxpayer would be required to pay the tax computed on
the basis of these changes but not less than a minimum tax of 3 percent on net
income in excess of exemptions of $500 for a single person or a married person filing
a separate return, $700 for a married couple filing a joint return, and $100 for each
dependent. Under the Treasury integration proposal exemptions are reduced
from $500, $1,200, and $350 to $500, $1,100 and $300, and the surtax rates are
increased by 3 to 7 percentage points.
438 REPORT OF THE SECRETARY OF THE TREASURY
2. The administration of the income tax would be much easier under the simpler
Treasury integration plan than under the House bill. For one thing, there would
be a large reduction in the number of returns involving a small amount of tax.
Under the present income tax and Victory tax the estimated number of taxpayers
for calendar year 1944 is approximately 52.3 million. Under the House bill the
number of taxpayers would remain approximately the same as under present law.
Because of the filing of joint returns, the number of taxable returns is less than
the number of taxpayers. The number of taxable returns would be reduced from
44.1 million under present law to 41.7 million under the House bill. Compared
with the 8.2 million joint returns under present law there would be 10.7 million
joint returns under the House bill.
Under the simpler integration plan suggested by the Treasury, there would be
43.2 million taxpayers, a reduction of 9.1 million. The total number of taxable
returns would be 36.5 million, of which 6.7 million would be joint returns.
3. Married taxpayers would find it much easier to comply with the income tax
under the simpler Treasury integration plan than under the House bill, since under
the bill the determination of whether a joint return or separate return would be
more advantageous may involve numerous complications.
Under present law it is ordinarily to the advantage of a married couple to file
separate returns only if their combined surtax net income exceeds $2,000. If
their surtax net income is below that amount, it is ordinarily a matter of indiffer-
ence to them whether they file separate or joint returns. The House bill, how-
ever, makes it advantageous for some such couples to file joint returns and for
others to file separate returns. At the same time, however, it makes the deter-
mination of whether a joint return or separate returns should be filed, a complex
problem for many of these taxpayers. Instead of one breaking point fixed in
terms of surtax net income, as under present law, the House bill results in two
sets of breaking points. On incomes above the higher breaking point and on
incomes below the lower breaking point separate returns are advantageous. In
the area between, joint returns are advantageous. Moreover, the breaking
points are not fixed. Because no part of the $500 exemption on a separate
return may be shifted between husband and wife, the breaking points vary with
the division of income between husVjand and wife and also with the number of
dependents. For individuals filing under supplement T the calculation can be
simplified, but for those required to use the regular income tax form, complexities
could not be avoided. The breaking points are difficult to compute and would
not be known to most taxpayers unless the Treasury undertook to supply a
complicated series of tables indicating the zones of advantage under joint and
separate returns. A sample of this type of table, relating only to one assimied
division of income (50-50) between husband and wife, and only to a married
couple with one dependent, follows:
Type of return resulting
Combined net income: '"■ '***^'' '"*
$800.00 to $1,070.60 Separate.
$1,070.60 to .$5,166.67 Joint.
Over $5,166.67 Separate.
Under the simple integration plan suggested by the Treasury, there is only
one breaking point which can be stated in terms of surtax net income for all
taxpayers, just as under present law. The accompanying chart relating to a
married couple without dependents illustrates the diff'erence in this respect
between the Treasury proposal and the House bill.
The complexities with respect to joint or separate returns under the House
bill follow from (a) the jirovision that a married couple filing separate returns
shall each be allowed an exemption of $500 in contrast with the $1,200 allowed
on a joint return under the ordinary income tax, (6) the provision that no part
of the personal exemption allowed on a separate return may be transferred from
one spouse to another, and (c) the variation between the personal exemption
and dependent credit under the minimum tax as compared with the regular tax.
The relationship between the personal exemptions and dependent credits under
the minimum tax and the regular tax may result in much confusion. For ex-
ample, a husband and wife having two dependents may file separate returns
each claiming one dependent. Under the House bill one spouse may have an
exemption of $100 for each dependent and be subject to a 3 percent tax rate,
while the other spouse may have an exemption of $350 for the other dependent
and be subject to a 23 percent tax rate.
4. A further complication for many taxpayers introduced by the House bill is
the necessity, if separate returns are filed, to allocate the dependent exemption
in such a manner as to reduce the tax liability to a minimum. Many computa-
tions may be needed by taxpaj^ers with several dependents to find the procedure
REPORT OF THE SECRETARY OF THE TREASURY
439
that will result in the least tax for a couple. It is true that in many cases it would
be possible for information to be provided to guide married couples to the expedi-
tious determination of their tax liability under either the minimum tax or the
regular tax. Nonetheless, the problem of complying with the income tax law will
be much more complicated for many couj^les with low incomes under the House
bill than under the present law or under the Treasury integration plan. Many
couples with low incomes in the area where it is now a matter of indifference
whether they filed joint or separate returns or how they divided the dependent
credit would, under the House bill, need to make numerous computations before
reaching the most advantageous tax result. For example, a married couple with
an aggregate net income of .'?2,125 and with three dependents could, depending
upon the procedure that happened to be selected, reach 10 different tax results
(5 using form 1040 and 5 using form 1040A) after making 18 different computa-
tions of tax liability for the husband and the wife before ascertaining the least
combined tax liability. (See illustration.) Under the Treasury integration plan
and under the present law the multiplicity of computations is not necessary.
5. Another difficulty under the House bill is that some taxpayers who may now
file a simplified return would be ])recluded from doing so. Under the regular
income tax, the exemptions which would be allowed on se]:>arate returns are
lower than those on a joint return. Many married couples with a combined gross
income of more than $3,000, wishing to file a joint return to take advantage of
the higher exemptions, will therefore not be able to file a simplified form, since
form 1040A is limited to a return with a gross income of $3,000 or less.
6. It is clear that the House bill would make the income tax more complicated
and would impose greater administrative burdens than the Treasury integration
plan. The repeal of the Victory tax is an important step toward simplification
but under the House bill this is offset to a large extent by other complications
introduced by the bill, which would not exist under the Treasury plan.
7. The House bill would exempt only about 130,000 taxpayers who now pay
a net Victory tax of about $600,000. iTicluding these taxpayers, a total of ap-
proximately 26,000,000 taxpayers would obtain a reduction in tax of 370.3 million
dollars. On the other hand, another 26,000,000 taxpayers would pay an increase
in tax aggregating 459.2 million dollars.
The Treasury plan would exempt 9.1 million taxpayers who now pay a net
Victory tax of 274.9 million dollars. Including these, there would be 18,000,000
taxpayers with a total reduction in tax of 435.9 million dollars. The Treasury
plan would increase the liability of approximately 34,000,000 taxpayers by 711.3
million dollars.
The following table shows the number of taxpayers and the amount of tax
increase or tax decrease and the net change, by net income classes under the
House bill and the Treasury integration plan:
REDUCED TAXES
House bill
Treasury integration
plan
Net iiicorne class (in thousands)
Number of
taxpayers
(millions)
Amount
(millions)
Number of
taxpayers
(millions)
.\mount
(millions)
$0to$3
$3 to $5-
23. n
2.7
.3
-$342.3
-24.5
-3.5
15.7
1.8
.5
-$357.2
-27.9
Over $5
-50.7
Total
26..0
-370.3
18.0
-435.9
INCREASED
TAXES
$0 to $3
20.3
4.1
2.1
189.6
■52.7
217.1
27.5
5.0
1.9
406.0
$3 to $5
99.0
Over$5 ^
206.3
Total
26.4
459.2
34.4
711.3
NET CHANGE
$n to $3..
$3 to $5..
Over $5.
71.1
155.6
Note. — Due to rounding the sum of the individual items may not add to totals.
440
REPORT OF THE SECRETARY OF THE TREASURY
Illustration. — Possible computations on Form lOiO under the Hmise bill, for a married couple with three de-
pendents, to determine the smallest tax liability where the husband has $1,250 net income and the ivife has $875
net income
1
a
a
(1)
Regular personal exemp-
3 tion and credit for de-
"^ pendents
3
bo
O
3
o
a
o
o
C
(3)
C3
CS
3
bo
a>
pi
(4)
Personal exemption and
3 credit for dependents for
^ purpose of minimum tax
H
a
o
•|a
Sa
o
a
o
a
(6)
X
ca
a
3
a
(7)
Tax liability (the larger of
3 column 4 or 7 for each
numbered line)
JOINT RETURN
$2, 125
$2, 250
None
None
$1,000
$1, 125
$33. 75
$33. 75
SEPARATE RETURNS
Husband claiming: credit for 3 dependents,
wife claimintc credit for no dependents:
(2) Husband
(3) Wife
1, 250
875
2. 125
1, 550
500
None None
$375186.25
800
500
4.50
375
13.50
11.25
13. .50
86. 25
Total
2,050
375
86. 25
1,300
826
24.75
99. 75
Husband claiming credit for 2 dependents,
wife claiming credit for 1 deifendent:
(4) Husband . . ....
1, 250
875
1,200
850
50
25
11.50
5.75
700
600
550
275
16.50
8.25
16. 50
(5) Wife..
8.25
Total .
2, 125
2, 050
75
17.25
1,300
825
24. 75
24.75
Husband claiming credit for 1 dependent,
wife claiming credit for 2 dependents:
(6) Husband
1, 250
875
850
1,200
400
None
92.00
None
600
700
650
175
19.50
5.25
92.00
(7) Wife
5.25
Total
2,125
2,050
400
92.00
1,300
825
24.75
97.25
Husband claiming credit for no dependents,
wife claiming credit for 3 dependents:
(S) Husband .. ..
1,250
875
500
1, .550
750
None
172. 50
None
500
800
750
75
22.50
2.25
172. 50
(9) Wife
2.25
Total.
2.125
2. 050
750
172. 50
1, 300
825
24.75
174. 75
APPENDIX C. POSSIBLE REVISIONS IN THE 80 PERCENT LIMITATION TO EFFECT
A MORE SATISFACTORY GEADUATION IN EFFECTIVE RATES
The Revenue Act of 1942 provided for a limitation on the excess-profits tax so
that in combination with the normal tax and surtax it will not exceed 80 percent
of surtax net income. This limitation was imposed on gross taxes before deducting
the post-war refund of 10 percent of excess-profits taxes as limited.
The excess-profits tax as limited is computed by taking 80 percent of surtax net
income and subtracting normal taxes and surtaxes from this figure. The balance
is termed excess-profits taxes and is used in computing the post-war refund of 10
percent of excess-profits taxes.
Thus on a given level of income subject to the 80 percent limitation effective
tax rates after the post-war refund decrease as the percentage of that income
represented by taxable excess profits increases. Since normal profits (normal-tax
net income) are determined by subtracting taxable excess profits from total income,
an increase in taxable excess profits reduces taxable normal profits. A reduction
in normal profits, and, therefore, a reduction in normal taxes and surtaxes, increases
the portion of total tax liabilities (80 percent of surtax net income which remains
unchanged) called excess-profits taxes and increases the post-war credit. Al-
though gross taxes remain at 80 percent of income, net taxes after the post-war
refund are thus reduced.
Therefore, increases in the excess-profits tax base will reduce taxes on corpora-
tions subject to the 80 percent limitation, and increases in the excess-profits tax
rate will leave them unaffected. Only increases in the normal tax or surtax rate,
REPORT OF THE SECRETARY OF THE TREASURY
441
by reducing their post-war refunds, can increase the over-all tax burden on these
corporations without a change in the limitation.
Under a 95 percent excess-profits tax, or 85 }2 percent after deducting the post-
war refund, a still greater limitation in the excess-profits tax results. In order
that an increase in excess-profits taxes will apply to those corporations earning
the largest excess profits, and in order that a smoother graduation in efl'ective tax
rates may be provided as taxable excess profits represent a larger and larger per-
centage of total income. Three possible revisions could be made in the 80 percent
limitation.
Revision A would substitute an 85 percent excess-profits tax with no post-war
refund for the 95 percent excess-profits tax and 10 percent post-war refund in the
House bill. The 80 percent limitation would remain in effect.
Revision B would leave the 80 percent limitation as applied to gross taxes but
taxes after the post-war refund would be determined as if there were no 80 percent
limit.^ This would have the effect, in most instances, of charging the reduction in
taxes resulting from the 80 percent limitation against the taxpayer's post-war
refund, rather than against gross taxes.
Revision C would raise the present limit of 80 i^ercent to 85 percent, but would
not change the basic structure of the limitation.
The effective tax rates which would result from these changes are presented in
table a, both before and after the post-war refund, if any. In chart I (omitted
here) the effective tax rates after the post-war refund are shown.
Table a. — Effective tax rates on corporation income as the proportion of taxable excess profits varies, under
present law, H. R. 36S7, and suggested revisions in the 80 percent limitation
Total taxes as a percent of income under —
Taxable excess
profits as a per-
cent of taxable
Present law
H. R
3687
Revision A
Revision B
Revision C
income
Gloss
Net
Gross
Net
Gloss
Net
Gross
Net
Gross
Net
0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
80.0
80.0
40.0
44.1
48.2
52.3
56.4
60.5
64.6
68.7
72.8
72.4
72.0
40.0
45.5
51.0
56.5
62.0
67.5
73.0
78.5
80.0
80.0
80.0
40.0
44.6
49.1
53.7
58.2
62.8
07.3
71.9
72.8
72.4
72.0
40.0
44.5
49.0
53.5
58.0
62.5
67.0
71.5
76.0
80.0
80.0
40.0
44.5
49.0
53.5
58.0
62.5
67.0
71.5
76.0
80.0
80.0
40.0
45.5
51.0
56.5
62.0
67.5
73.0
78.5
80.0
80.0
80.0
40.0
44.6
49.1
53.7
58.2
62.8
67.3
71.9
76.4
80. 0
80.0
40.0
45.5
51.0
56.5
62.0
67.5
73.0
78.5
84.0
85.0
85.0
40.0
10
44.6
20
49.1
30
53.7
40
58.2
50 --- --
62.8
60
67.3
70 -
71.9
80
76.4
go
76.9
100 -- -.
76.5
Note.— Gross and net refer to taxes before and after the post-war refund, respectively. The capital
stock and aeclared- value excess-profits taxes are not included in this computation. Normal-tax ana surtax
net income are assumed equal and greater than $50,000.
APPENDIX D. ADDITIONAL TAX RELIEF FOR CORPORATIONS ENGAGED IN THE
MINING OF CERTAIN STRATEGIC MINERALS
The Treasury recognizes the importance of encouraging the discovery and
development of mines capable of yielding minerals of high strategic value in the
production of war materials. In those cases where the exemption from excess-
profits taxation and the allowance of more liberal depletion allowances will
increase the output of these strategic minerals, the Treasury believes that such
additional tax relief measures are proper. However, the Treasury believes it
undesirable to extend relief to minerals which, in the opinion of the War Pro-
duction Board, cannot be designated as strategic minerals. Tax relief should not
be permitted to become tax avoidance.
A year ago the Treasury, after consultation with officials of the War Production
Board, recommended that the income from the production of 11 strategic minerals
be exempt from excess-profits taxes. The addition of fluorspar, and flake graphite,
to this list of minerals is proper; both of these minerals are of strategic importance.
However, we see no possible reason for the inclusion of vermiculite among these
strategic minerals. Although this mineral has some uses in connection with war
pr ' on, it is the opinion of officials in the War Production Board that the
pres nt supply is more than adequate. The bulk of this mineral is used for
building insulation in competition with rock wool and asbestos, products which
no one would presume to say were of strategic importance.
' However, in no case would total taxes after the post-war refund exceed 80 percent of surtax net income.
442 REPORT OF THE SECRETARY OF THE TREASURY
The Treasury's position with respect to the extension of percentage depletion
to strategic minerals as a wartime measure is the same as that with respect to the
exemption of these minerals from excess-profits taxes. If, but only if, the allow-
ance of percentage depletion for the duration of hostilities will contribute to the
war effort, the Treasury recognizes the advantages of such allowances despite our
firm conviction that the percentage depletion provisions in the present law have,
in general, enabled many individual and corporate taxpayers to avoid their fair
share of the Nation's tax burden. Generally, our position with respect to per-
centage depletion is the same as was expressed in hearings on the 1942 revenue
bill.i
However, on the basis of the representations of the War Production Board that
percentage "depletion for these metals for the duration of the war will contribute
to the war effort, we concur in the action taken in the House bill in granting
percentage depletion to fluorspar, flake graphite, sheet mica, and beryl.
On the other hand, the Treasury does not believe that the extension of per-
centage depletion to vermiculite, feldspar, lepidolite, spodumene, and potash can
be justified even as a war measure. Although these minerals are used to a greater
or lesser extent in war production, we have been informed by the War Production
Board that the current output of all of them is adequate to meet present wartime
requirements. Consequently, these minerals stand in no difl'erent position from
all the other minerals which have important wartime uses but with respect to
which no critical supply situation exists. It should be noted that most of the
potash reserves in this country are found on public lands. The largest known
deposits are found on Federal land where production is controlled by the Depart-
ment of the Interior.
APPENDIX E. SPECIAL EXCESS-PROFITS TAX TREATMENT WITH RESPECT TO
THE ACCELERATED OUTPUT OF CERTAIN NATURAL RESOURCES
A. THE EXTENSION OF THE COAL .'^ND IRON RULE OF SECTION 735 TO THE NATURAL
GAS INDUSTRY
The House bill provides special excess-profits tax treatment for natural gas
companies with respect to income from the production, storage, and transporta-
tion by pipe lines of natural gas. The treatment given would be the same as that
now granted under section 735 (b) (2) with respect to income from coal and iron
mines.
The Treasury recognizes that natural gas is a depletable resource, the produc-
tion of which has greatly increased since the beginning of the war. It would not be
opposed to the amendment of section 735 to include producers of natural gas.
However, the natural gas companies which will benefit most under the provisions
of the House bill are primarily engaged in the operation of pipe lines. Some of
these companies produce no natural gas, and all of them buy a substantial per-
centage of the gas carried in their pipe lines. The Treasury "believes it would be
undesirable to extend the relief now afforded to depletable resource industries to
these companies.
Our reasons are twofold. First, from an examination of the tax returns of a
laumber of the representative companies in this industry it appears that the industry,
as a whole, is now earning as much per unit of output after excess-profits taxes but
before corporation income taxes as it earned during the base peiiod years. It is
our belief that the excess-profits tax cannot be said to be injuring an industry, if
this tax allows the industry to retain its normal unit profits.
Second, we believe that the problem faced by the natural gas industry as a
result of accelerated output is primarily a depreciation rather than a depletion
problem. The rehef given in the House bill does not appear to provide an
appropriate remedy for the wartime jjroblems of this industry. The Treasury
is of the opinion that the position of the natural gas industry is not so unique
with respect to accelerated depreciation that it should be relieved of the wartime
taxes which Congress has imposed upon industry as a whole.
B. EXTENSION OF THE COAL AND IRON RULE IN SECTION 735 TO NEW
PROPERTIES AND TO CORPORATE LESSORS
The House bill extends the treatment accorded by section 735 to operators of
coal and iron mines and of lumber tracts in two respects: (1) Corporate lessors
1 See Secretary Morgenthau's statement, p. 8, and testimony of Randolph Paul, pp. 84, 2988, 3438, hearings
before Ways and Means Committee, 77th Cong., 2d sess.
REPORT OF THE SECRETARY OF THE TRfeASURY 443
are given the same treatment as operators; and (2) new mines and timber prop-
erties are allowed to treat one-third of their output as excess output.
Last year, when the revenue bill of 1942 was being considered by your com-
mittee, the Treasury pointed out the undesirability of the special formula which
was made applicable to producers of coal, iron, and timber. We believed then,
as we believe today, that a measure which distributes tax relief without regard to
need not only deprives the Government of much needed revenues, but also results
in an inequitable distribution of the wartime tax burden among business enter-
prises.
However, if the coal, iron, and timber rule is to be retained in section 735, the
amendments introduced in the House bill are appropriate. In the case of coal
mines and timber blocks, the distinction between new and old properties appears
to be a tenuous one which has resulted in some inequities. As to the other
amendment, corjDorate lessors of coal, iron, and timber properties should be en-
titled to the same relief now granted by the law to the operators of such properties.
APPENDIX F. EXCISE TAXES
A. GENERAL BASIS FOR RECOMMENDATIONS
We have recommended that an additional 2!-^ ))illion dollars be raised through
increases in the rates and changes in the basis of several existing excise taxes
and through enacting two new excises. In addition, it is recommended that
the tax on the transportation of property be repealed. The specific items selected
for heavier taxation, as well as the level of the proposed rates, were determined
after detailed analyses had been made of the demand and supply conditions in
the different industries, and after consideration had been given to the manner in
which producers and consumers would be affected. Moreover the Treasur}--
recommendations on excises are part of a balanced tax program.
Substantial wartime increases in our excise taxes on consumer goods and
services are justified on several grounds. The additional administrative costs
would be relatively small for the Government, as would the taxpayers' costs of
compliance. There is every reason to believe that few, if any, of the business
concerns affected would be unduly burdened, since the higher levies generally
could be shifted to consumers with little difficulty. Wartime supply shortages
are troublesome for many industries, to be sure, but these very shortages, coupled
with the high level of consumer income, create a market situation extremely
favorable to forward shifting of excise taxes.
Similarly, there is every reason to believe that the higher taxes would not cause
hardship for consumers. The prices of only a relatively few nonbasic commodities
and services would be afi"ected. Consumers in a difficult economic situation would
be given a real choice between paying the higher taxes and decreasing their pur-
chases of these nonessentials and thereby relieving themselves of part or all of
the taxes.
While formulating the Treasury's excise program, we made comparisons with
a sales tax proposal designed to yield an equivalent amount of revenue. To raise
2H billion dollars by means of a sales tax would require about a 4 percent rate
on all retail sales, on basic living needs as well as on nonessentials and luxuries.
If food sales were exempted, the required rate would be more than 6 percent, and
if the exemption were extended to cover also medicines and clothing, the required
rate would be over 9 percent.
There are at least three fundamental reasons why the selective excise method
is to be preferred. First, the added administrative and compliance effort would
be only a small fraction of what would be entailed by a retail sales tax. There
would Ije no substantial enlargement of Bureau of Internal Revenue staff. Few-
new administrative procedures would have to be established, and the added num-
ber of taxpayers would be far less than the 2)^ million firms that would be covered
by a retail sales tax.
Second, the lower income groups would not be forced to reduce their consumption
of the necessities of life as they inevitably would under a sales tax. A retail sales
tax, applying to the bulk of consumer purchases, does not give these groups any
real choice between paying the tax and escaping it by cutting their taxable pur-
chases. Higher prices for the things they buy, whether induced by a sales tax
or any other cause, simply mean that many low-income consumers must exist
at a still lower living standard.
444 REPORT OF THE SECRETARY OF THE TREASURY
Third, under the excise method, we would be certain that a net gain, rather
than a loss, would be achieved on the anti-inflation front. The excise tax pro-
posals would not affect the farm parity index, while a" general retail sales tax
designed to raise the same amount of revenue would increase the index by more
than 2 percent. The excise proposals would increase the cost-of-living index by
about 1 percent, while an equivalent sales tax would raise it by almost 3 percent.
These increases would occur at a time when vigorous action is being taken along
many fronts to keep living costs down. The net effect on business costs would
be minor under the excise method, particularly if the recommended repeal of the
tax on transportation of property jis accepted. Under the sales tax method,
price ceiling adjustments to compensate for the sales tax on various business-cost
items would be unavoidable. From the standpoint of the effects on the parity
index, the cost-of-living index, and on business costs, therefore, the excise method
offers significant advantages. There would be no risk of upsetting the Govern-
ment's wartime stabilization program, particularly because the costs of basic
necessities would not be affected.
B. GENERAL COMPARISON OF TREASURY RECOMMENDATIONS AND THE HOUSE
ACTION ON EXCISE TAXES AND POSTAL RATES
The Treasury's excise tax proposals to the Committee on Ways and Means
were designed to raise an additional 214 billion dollars of revenue. The excise
tax changes embodied in the House bill are estimated to raise an additional 1.2
billion dollars of revenue. The bill also provides for higher postal rates estimated
to produce an increase of 184 million dollars in postal revenues.
In most cases the items selected for heavier taxation in the House bill are the
same as those in the Treasury's recommendations. Some of the rate increases in
the House bill, however, are not as great as those suggested by the Treasury. As a
result the House bill would raise an additional 1.1 billion dollars from items in-
cluded in the Treasury's proposals, whereas the Treasury suggested raising about
1.8 billion dollars from these same sources.
Excise tax changes included in the House bill, but not in the Treasury's pro-
posals, are the increases in rates on electric light bulbs, international telegraph
messages, and wire equipment services, and the new excise on pari-mutuel betting.
The additional revenue from these changes is estimated to be about 51 million
dollars.
The Treasury also proposed to raise an additional 852 million dollars from rate
increases in the tobacco taxes and from new taxes on soft drinks and candy and
chewing gum. None of these proposals is included in the House bill.
Finally, the House bill does not provide for repeal of the tax on transportation
of property.
C. ANALYSIS OP EXCISE TAX PROVISIONS IN HOUSE BILL
The magnitude of our war finance requirements and the need for absorbing
excess consumer spending power to the greatest extent possible demand that
every effort be made to reach the 2]^ billion dollars excise tax goal recommended
by the Treasur}\ The provisions in the House bill would go only about half the
way toward meeting the Treasury's goal. There are two principal reasons for
this difference.
The first reason is that the recommended increases in tobacco taxes and the
proposals for taxing soft drinks and candy and chewing gum were not adopted
in the House. These recommendations would raise $852,000,000. Failure to
provide for wartime increases in the tobacco taxes cannot be justified on the
basis of the prevailing demand and supply conditions in the industries involved.
The proposed tax increases could be passed forward to consumers without burden-
ing tobacco growers, manufacturers or distributors. From the standpoint of the
probable effects on consumers and the industries, there are just as good reasons
for obtaining additional revenue from the tobacco taxes as from the other excise
taxes included in the House bill.
Taxing soft drinks and candy and chewing gum, as recommended by the
Treasury, would raise $367,000,000. The supplies of these items are appreciably
below the wartime demands of consumers and, consequently, the proposed taxes
could be shifted forward to consumers without l-educing the total volume of sales.
While vending machine operators probably could not find a satisfactory method
of shifting the taxes on these products, it is believed that they generally could
continue to operate profitably by distributing nontaxable products such as nuts,
raisins, cookies, and nonaerated soft drinks.
REPORT OF THE SECRETARY OF THE TREASURY 445
The second reason why the House bill does not meet the Treasury's 2% billion
dollars excise tax goal is that it includes rate increases below the levels recom-
mended by the Treasury for the taxes on distilled spirits, fermented malt liquors,
wines, general admissions, transportation of persons, and jewelry. The higher
rates proposed by the Treasury would raise 689 million dollars more than those in
the House bill. The Treasury again recommends the wartime increase originally
proposed for these taxes. These increases are fully warranted in view of the
great wartime increases in demand for these articles and services and the prevail-
ing scarcities in their supply.
A further difference between the House bill and the Treasury's excise proposals
is the failure to repeal the tax on transportation of property which was enacted
last year. This tax is undesirable, since it disturbs existing price and com-
petitive relationships and results in discrimination among competing producers.
It conflicts with the Government's efforts to stabilize prices and the advantages
which would follow its repeal would more than offset the $170,000,000 decrease
in revenue.
Finally, special problems are raised by the excise tax provisions in the House
bill. The first relates to the amount of tax increase on fermented malt liquors.
An increase of $1 per barrel as provided in the House bill would represent 0.2
cent per 8-ounce glass and 0.3 cent per 12-ounce bottle. If distributors were
permitted to increase their unit selling prices by a full cent they would gain
larger profits because of the tax and the Treasury would not get the full benefit
of the higher consumer outlays. On the other hand, if price increases were
not permitted, distributors would be compelled to absorb part of the higher tax.
A $3 per barrel tax increase as originally recommended by the Treasury would
more nearly approximate full cent price increases on customary units of sale.
The Federal Communications Commission has indicated the desirability of
maintaining the present 10 percent rate on international cable and radio-telegraph
messages in order to facilitate its efforts in promoting international communica-
tions. The Commission has also indicated the desirability of continuing the
existing tax differential between the taxes on telephone toll message charges
and domestic telegraph charges. The House bill proposes to tax these two services
at 25 percent rates. It should also be noted that because of competitive re-
lationships existing between domestic telegraph messages and leased wire services,
the taxes on these two types of services should preferably be at the same level.
The House bill provides for a 25 percent tax on domestic telegraph messages and
a 20 percent tax on leased wire, teletypewriter, and talking circuit special services.
Another consideration involves the retailers' excise taxes. At the present
time these are levied at 10 percent rates. The House bill follows the Treasury's
proposals in providing for 25 percent rates on fur and fur-trimmed articles,
toilet preparations, and luggage and related goods. With respect to the jewelry
excise, however, the bill provides for a 20 percent rate, compared to the 30 per-
cent rate recommended by the Treasury. In the light of the optional character
of the bulk of the items covered by the jewelry tax, the unprecedentedly high
demand for these items, and the limited supplies that are available, the Treas-
ury believes that the jewelry tax should be at least as high as the other retailers'
excises.
D. TERMINATION OF CERTAIN GOVERNMENTAL EXCISE TAX EXEMPTIONS
Section 307 of the House bill provides for the termination of numerous excise
tax exemptions on sales of goods and services to the Federal Government as
requested by the President in a letter dated August 11, 1943, to the chairman of
the Committee on Ways and Means. The chief taxes affected are the manufac-
turers' and retailers' excise taxes, the taxes on the transportation of persons and
property, and those upon charges for the use of communication facilities. It
is believed that this amendment would achieve considerable savings in the
manpower now used by the Federal Government and private business to admin-
ister these exemptions.
The exemption provisions required the determination of the questions whether
sales are made to governmental agencies and whether the articles or services are
for the exclusive use of these agencies. Because of the numerous types of con-
tracts under which sales are made to the Government and the greatly expanded
scope of its activities, considerable work is required to establish proof of the
conditions upon which the exemptions depend. The services of employees
taking care of these details could be better utilized in other activities. Repeal
of the exemption privileges also may well increase the net revenues of the Federal
446 REPORT OF THE SECRETARY OF THE TREASURY
Government because it is believed that the present system results in considerable
loss of revenue through carelessness, errors, and possible fraud. The tremendous
volume of paper work involved makes it impossible for the personnel now avail-
able to check adequately transactons for which tax exemptions are requested.
Exhibit 49
Statement of Randolph E. Paul, General Counsel for the Treasury Department,
before the House Ways and Means Committee, September 10, 1943, relative to the
revenue implications of changes in the renegotiation statute.
I appreciate the opportunity which this committee has extended to me to present
the Treasury views on the role and operation of renegotiation in the wartime
economy. Inasmuch as the quantitative burden of renegotiation rests principally
with the major procurement agencies, I shall not undertake to discuss the actual
procedures and mechanisms involved in the process of renegotiation. With the
permission of the committee I shall confine my statement to a discussion, from
the standpoint of revenue implications, of certain suggested changes in that
philosophy and structure.
From the standpoint of tax policy, a question of particular significance is
whether renegotiation should be before or after Federal income and excess-profits
taxes. There was much discussion of this point in the recent hearings before
the Naval Affairs Committee, but no unanimity developed among industrialists.
For example, the president and the vice president of one of the largest corpora-
tions in America have presented squarely contradictory opinions on this question.
On the other hand, there is unanimity of view among the procurement agencies
that renegotiation should be before taxes. Because of this division of opinion
among industrialists, and because of the quantity of discussion of the point,
I would like to present to the committee the position of the Treasury.
If more than a general anah'sis is to be made of the proposal that renegotiation
should be after taxes it will be necessary to define the proposal in somewhat
more precise terms. "Renegotiation after taxes" is not a meaningful phrase until
it has been translated into the application of specific methods to specific cases.
Particularity of this sort has been noticeably absent from much of the previous
discussion by the advocates of renegotiation after taxes. In my discussion
I shall assurne the proposal contemplates that Federal taxes would be allowed
as items of cost on an equal footing with such items as wages, raw materials,
and overhead.
The view that the fixing of reasonable prices in procurement should operate
without taking taxes into account was one of the oases of certainty in World War I
procurement. Even under the cost-plus-percentage-of-cost contract of that era
Federal taxes were excluded, either si)ecifically or by ruling, from the itemization
of the costs by which the contractor's fee was to be measured. In a case in which
a cost-plus- id-percent contract included such taxes as an item of cost, the Acting
Secretary of the Navy, in a ruling of January 24, 1918, addressed to the compen-
sation board, said:
"The mandate of the statute is that the income, corporation, and excess-profits
taxes shall be levied, assessed, collected, and paid; and that certain manufacturers
shall pay the munitions tax.
"To construe the contract clauses submitted by the compensation board as
including the payment of these taxes as a part of the cost in the cost-plus-profits
contracts would ascribe to the Secretary an intention to remit taxes which the
statute commands the contractor to pay.
"As a contract must, if possible, be construed to effect a lawful purpose,
these contracts are not to be construed to exempt contractors from the payment
of these taxes by including them as a part of the costs to be paid by the depart-
ment."
In the present war, as in the last war, contract prices are established in accord-
ance with ordinary commercial practice. This means that they are established
without regard to the amount of taxes on profits earned under the contracts.
Presumably, no one would seriously propose that the Government procurement
officers should wipe out the Federal taxes on war contractors by including an
allowance for such taxes in prices paid for war materiel. Yet, as the preceding
witnesses have pointed out, exactly that result would follow if in renegotiation
taxes were allowed as an item of cost.
Stated in other words, if the Govermnent were to renegotiate after an allowance
for income and excess-profits taxes, it would itself be paying the wartime tax
levy ostensibly imposed on the war-materiel producer. It is self-evident that
REPORT OF THE SECRETARY OF THE TREASURY 447
the buyer should not have to pay the seller's share of the Government's revenue
needs. How much more anomalous would it be for the tax-imposing authority
itself, in its capacity as consumer, to pay the very taxes which it has levied upon
the war-materiel producers as their fair share of the cost of the war?
Not only does renegotiation after taxes carry these harmful implications from
the procurement standpoint, but it would also encroach directly upon the tax
field. It would become a tax measure, and an unscientific and uncoordinated tax
measure at that. In 1940, when the excess-profits tax was adopted, Congress
decided to allow corporations either a return equivalent to the amount of pre-war
earnings or a reasonable return on invested capital, at their option, before sub-
jecting wartime earnings to the excess-profits tax. This established congressional
policy would be nullified if renegotiation were changed to an after-tax basis. A
corporation with a high excess-profits tax base or credit would pay less excess-
profits tax than a corporation with a low base, but would pay more on renegotiation.
The effect would be to equalize the position of all companies. No attention
would be given to the question whether their profits were swollen war profits or
were merely reasonable returns as compared with pre-war earnings or invested
capital. The effect would also be to vitiate the relief provisions so carefully
conceived by this committee and the Senate Finance Committee in enacting the
1942 act, such as section 722 and the carry-back of unused excess-profits tax
credit and net operating loss. In other words, the benefits which the tax laws
extend through the relief provisions would be curtailed, if not eliminated, by the
dollar-for-dollar recapture on renegotiation after taxes. A reduction in taxes
under the relief provisions would increase the amount to be returned upon renego-
tiation. Our wartime corporation tax structure would be thrown into the discard
by the operation of a price adjustment mechanism distorted into an arbitrary
revenue juggernaut.
Renegotiation before taxes determines the amount, if any, of excessive prices.
As a procurement device it very properly does not have any concern with the tax
law concept of excess profits. After procurement, including renegotiation, has
first established reasonable prices, the tax law then functions on the seller's income
in accordance with the specific rules laid down by the Congress for measuring the
proper distribution of the tax burden. In renegotiation after taxes, however, the
tax law would operate before the price had even been fixed, and renegotiation
would then operate as an administratively imposed supertax, without regard to
the pattern of excess-profits credit, relief provisions, or revenue rates. The out-
come would be to throw all war producers together and to extract the same amount
of money proportionately from each of them, either by renegotiation or taxation,
without regard to the amount of excess profits, and without regard to relative
efficiency and reasonableness of price. The corporation with the higher excess-
profits tax base and lower excess-profits tax would pay more on renegotiation than
the compan}^ with the lower base and higher tax, regardless of procurement policies
and regardless of the policies of the tax laws. I do not believe that renegotiation
would have been adopted if it had been regarded as an additional, indiscriminate
tax measure. As I have said many times to this committee, the imposition of
taxes is a congressional, not an administrative, function.
Renegotiation will have served its purpose when it has helped to establish
reasonable prices for war materials, future as well as past. Once that objective
is reached renegotiation will no longer be necessary. Under renegotiation after
taxes, however, the kind of recapture involved would fall wide of establishing
reasonable forward prices. Therefore, renegotiation would never be terminated,
because each past period of a contractor's operations wouW require reexamination.
This leads to a basic question which has been noticeably neglected in previous
discussions. It is not clear, when some speak of renegotiation after taxes, whether
they mean renegotiation after the final determination of tax liability or after the
tentatively determined tax liability at the time of the conclusion of renegotiation.
Assuming the first meaning, renegotiation would either have to be postponed
until (1) final determination of the tax liability or (2) it would involve a very
tentative closing, subject to reopening on final determination of the tax. If rene-
gotiation were to be postponed until after claims for excess-profits tax relief had
finally been decided, either by administrative action or litigation, or until the
effect of the carry-back of the unused excess-profits tax credit and the net operat-
ing loss were determined, it would become a meaningless procedure for pricing.
Forward-pricing, which is one of the most essential objectives of renegotiation,
would be scrapped.
If, on the other hand, renegotiation were to proceed to a tentative closing, sub-
ject to reopening on final determination of the tax, the situation would be no
448 REPORT OF THE SECRETARY OF THE TREASURY
happier. Assume that a company makes large excess profits in 1942, pays taxes
thereon, and after renegotiation, agrees to and makes a refund of a portion of the
remaining profits. In 1944 it suffers a loss which it carries back against its 1942
excess profits, thereby becoming entitled to a tax refund for 1942. The Govern-
ment should then be entitled to reopen the 1942 renegotiation agreement. The
result would not only be that the carry-back provision would be seriously frus-
trated; but, from the standpoint of certainty, no one could possibly know whether
or when a renegotiation agreement would become conclusive. This situation
would contemplate retaining the services of price-adjustment boards indefinitely.
The same condition, in more aggravated form, would prevail if a company
should file and litigate a claim for general relief which might not culminate in a tax
refund until many years later. The prospect of further renegotiation at the time
the refund is ultimately received is not a happy one. Yet this would be the
inevitable result.
Assume, on the other hand, that after completion of renegotiation on the basis
of profits after taxes, a normal tax or excess-profits tax deficiency is determined
against the company. It is not known whether the suggestion of renegotiation
after taxes contemplates that the amount of the deficiency would be retroactively
applied to reduce the renegotiation refund already paid by the contractor. In
order to accomplish that result it is clear that the renegotiation agreement would
have to be subject to reopening on behalf of the company. A renegotiation agree-
ment, which may at any time in the future be reopened by either party, is hardly
an effective aid to economical war procurement.
If, however, the proponents of renegotiation after taxes mean the tentatively
determined tax liabilities at the time of the conclusion of renegotiation, the situa-
tion becomes even more unsatisfactory. The contractor would then have every
incentive to overstate its tax liability by postponing applications for excess-profits
tax relief or other bases of refund. It is clear that any future reduction in taxes,
whether the taxes have affirmatively been overstated or not, and irrespective of
the reason or occasion therefor, would mean a real windfall to the contractor.
Here again, unless under this proposal the contractor would waive in renegotiation
any rights to relief or other bases of refund and accept the tentatively determined
tax liabilitj^ as final, renegotiation would fail to result in reasonable, fair prices.
On the other hand, if there should be such a waiver, the purpose of the relief pro-
vision under the excess-profits tax and other provisions of the revenue laws would
be defeated.
Reserves
I shall touch briefly now upon another suggestion which overlaps the tax field.
This suggestion is that upon renegotiation an allowance be made for post-war
reconversion and allied contingencies. The cjuestion of the allowance of reserves
for post-war contingencies is extraordinarily complex and its implications reach
deeply into the tax and commercial fields. I think it is particularly fortunate
that the committee has so timed its hearings on renegotiation and revenue revision
that it will explore these implications both from the procurement and the tax
standpoints before it decides upon the appropriate disposition of this perplexing
question.
Whether post-war reserves constitute a matter germane to the procurement
mechanism of renegotiation I prefer leaving to the judgment of the major procure-
ment agencies. There is no doubt, however, that revenue techniques and policies
are deeply involved in the question. To canalize the consideration of reserve
allowances into the field of procurement, without regard to its vital tax implica-
tions, would be to attack the problem piecemeal. Under the present revenue
laws whatever reserve allowances are made on renegotiation will leave the con-
tractor with more income subject to tax. Therefore, the effectiveness of the re-
negotiation allowance must be viewed from the standpoint of the accompanying
tax load. Furthermore, the question of allowing post-war reserves on renegotia-
tion must be examined in the light of the provision which Congress has already
made in the tax laws for post-war cost allowances. These allowances in the tax
laws are embodied in the loss carry-back and unused excess-profits credit carry-
back sections. Finally, the allowance of post-war reserves on renegotiation would
not solve the problem from the standpoint of firms which are not engaged in war
work and war contractors who are not subject to renegotiation. I believe that
an effective consideration of the post-war reserve problem requires the more
logical setting of the comprehensive revenue revision study which this committee
will shortly begin.
The Treasury has been engaged in an analysis of the problem of allowing these
reserves for tax purposes. In this study we have had the cooperation of other
REPORT OF THE SECRETARY OF THE TREASURY 449
Government agencies, representatives of industry, and various interested profes-
sional groups. The conclusions of this study will be presented to your Committee
at the hearings on revenue revision. A brief statement on some of the general
problems we have encountered may be helpful.
There can be no quarrel in principle with the proposition that wartime revenues
should be charged with the actual costs of earning that revenue, even if some of
these costs are not incurred until the post-war period. As I have stated, the Con-
gress has already recognized this principle in enacting a 2-year carry-back of net
operating losses and unused excess-profits credits in the Revenue Act of 1942.
There are, of course, other conceivable methods of charging wartime income with
post-war costs directly related to that income. In considering the adoption of any
of these methods the difficult problems involved in working out a plan which will
be fair both to the Government and to enterprise must be faced. Some of these
major problems are: (1) estimating now the magnitude of post-war costs charge-
able to wartiine income; (2) determining the portion of post-war costs chargeable
to wartime income; and (3) administering the post-war application of reserves.
If, on the other hand, the principle of tracing post-war costs back to wartime
income were to be discarded, and post-war reserves were to be allowed without
regard to their applicability to wartime income, the implications for the post-war
competitive structure would be far reaching. The allowance of expenditures for
the production of post-war products would result in substantial discriminatory
benefits to certain firms. The greatest benefit would accrue to firms making the
largest profits during the war, and therefore subject to the highest tax rates.
The benefit would be as great as 81 cents on each dollar for the excess-profits
taxpayer and 40 cents on each dollar for firms earning normal profits during the
war. In contrast, the firms suffering losses during the war period, as well as new
post-war firms, would receive no benefit from this treatment although the diffi-
culties they face in entering post-war markets may be much greater than those
faced by the war producer.
I hope to discuss these and other aspects of the post-war reserve problem with
your committee during the consideration of the next revenue bill.
There may be other questions which the committee has in mind concerning
renegotiation, which may have a revenue implication. If there are any, I shall be
glad to try to answer them at whatever stage of these proceedings the committee
may desire.
I want to add something here to my written statement. I think the point has
been made previously in these hearings, and I want simply to mention the point
in passing that we would have to allow, for instance, in the case of a corporation
subject to the excess-profits tax, five times as much in reserves as the amount of
reserve which we ultimately wish to bestow upon the corporation because the
amount involved in the reserve would be subject to tax, and 81 percent of it
would be taken away by the excess-profits tax imposed upon it.
I hope to discuss these and other aspects of the post-war reserve problem
with your committee during the consideration of the revenue bill.
There may be other questions which I have not covered and on which you
may wish to ask me some questions and I will be very glad to try to answer them.
Exhibit 50
Statement of Rcmdolph E. Paul, General Counsel for the Treasury Department,
before the Suhcommittee on War Contract Termination of the Senate Committee
on Military Affairs on termination of war contracts, October 27, 1943, discussing
the relation of tax policy to corporate reconversion problems
A. The Problem of Post-war Transition
I am very glad to appear before this Subcommittee of the Senate Committee
on Military Affairs in order to present the views of the Treasury on certain
aspects of contract termination. This problem, in its broader aspects, is one of
national concern, since it relates to the speed and smoothness with which the
Nation's transition from a wartime to a peacetime economy can be effected.
In a highly integrated economy, such as ours, the speedy reconversion of
more than half of our men and machines from wartime to peacetime production
cannot be accomplished without some dislocation. The period of transition is
likely to be one in which many workers will find themselves without jobs and
613185 — 45 30
450 REPORT OF THE SECRETARY OF THE TREASURY
many employers will suffer losses. It is, of course, in the interest of all of us to
keep unemployment at a low level. We are all desirous of holding post-war
business losses to the lowest possible figure. In addition, the Treasury is especially
interested in minimizing unemployment and post-war losses since both will have
a significant efi'ect upon its fiscal operations. Apart from the obvious effect of
a low level of employment on Federal revenues, protracted unemployment
during the post-war years will draw heavily on accumulated unemployment
insurance reserves. In addition, business losses will require substantial refunds
of wartime taxes.
During the fiscal year 1944, war expenditures will be about one-half of the
gross national product. Income payments to individuals for the same period
are estimated at $151.8 billion. Even assuming the most careful planning of
Government cancelations, the termination of hostilities is likely to be attended
by a severe reduction in the flow of Government funds. Such a reduction will
in turn be reflected in lower income payments to individuals. It is possible and
important to plan now for the maintenance of a high national income after the
war. I recognize that wartime levels of income and employment may not be
maintained under peacetime conditions. However, if income and employment
are to be maintained at high peacetime levels, private investment and spending
will need to be stepped up to replace Government investment and spending.
Three general situations must be forestalled if the transition from a wartime
to a peacetime economy is to be satisfactorily effected. In the first place,
the inevitable decline in the level of income payments following the termination
of hostilities may become cumulative and result in severe deflation and a low
level of employment. If the workers dismissed from their jobs in war industries
are not given new work in the production of civilian goods within a relatively
short space of time, there is the danger that this initial reduction in purchasing
power will be followed by a further reduction through the curtailment of em-
ployment in the civilian goods sector of the economy. Although the possibility of
sharp deflation following the termination of war orders can not be overlooked,
the tremendous backlog of $55 billion of purchasing power now held in the form
of war savings, coupled with an unprecedented volume of unsatisfied consumer
wants, make such a development unlikely during the period immediately fol-
lowing the close of the war (see exhibit A).
A second possible danger of the transition period is the possibility that the flow
of consumer goods will not respond promptly enough to match the release of long-
pent-up purchasing power. War savings, a substantial amount of which have
been accumulated in the form of currency, checking accounts, and cashable se-
curities, may pour into the consumer goods market faster than industry can
turn out its normal complement of peacetime goods. Thus, delay in recon-
version may lay the basis for substantial price increases and possibly for severe
inflation. The extent of this da^nger depends, of course, on the degree to which
we continue rationing, priorities, and price ceilings.
A third situation may materialize which would have serious consequences on
the post-war competitive structure of business enterprise. Nearly 50 percent of
American industry is currently engaged in the production of war goods. The extent
to which most of these producers can successfully reestablish themselves in the
post-war markets for peacetime products depends, in large part, upon the speed
with which they can reconvert their plants and get them into peacetime produc-
tion. Delay in reconversion may mean the loss of markets which will be either
difficult or impossible to recapture. Thus, the competitive position of corpora-
tions which are, for any reason, prevented from reconverting promptly, will
be impaired. If, as may well be, such a development would operate to the
disadvantage of small and medium-size concerns, it would encourage the growth
of monopolies.
Most business firms will be more than willing — they will be anxious — to make
the expenditures necessary for the reconversion of plant and equipment and the
production of peacetime products. Their ability to do so depends, however,
REPORT OF THE SECRETARY OF THE TREASURY 451
upon the availability of liquid funds with which to pay labor and purchase raw
materials. This in turn depends in part upon the manner in which the problem
of contract termination is handled, particularly the speed with which the Govern-
ment is prepared to meet its obligations to contractors and subcontractors.
It is generally accepted that two factors in the wartime situations will accen-
tuate the post-war cash problem. In the first place, high taxes, possibly imposed
on overstated profits, may create a difficult post-war financial problem for many
firms. In the second place, the demand for high levels of wartime production
has, in many instances, tied up working capital in inventories and work in process.
Unless the provisions permitting the carry-b^ck of losses and unused excess-
profits credit, and the refund of wartime taxes, can be made to operate speedily,
and unless the working capital tied up in Government contracts can be liquidated
promptly, the ability of many firms to survive the transition period may be
impaired.
B. The Need for Speeding up Repayment of Taxes under the Carry-backs
1. THE present situation
In preference to several alternative adjustments, Congress passed, as part of
the Revenue Act of 1942, a two-year carry-back of losses and unused excess-
profits credits. These carry-backs constituted an addition to the then existing
two-year carry-over of such losses and credits.
The broad outlines of the carry-back provisions mav be briefly summarized.
If a net ojjerating loss occurs in any taxable year, it may be carried back and
offset against income earned in the two previous years. Losses must be carried
back first to the second preceding year and then to the immediately preceding
year. In each year losses must be offset first against taxable excess profits
and then against normal profits. The entire income of the earliest year must
be exhausted before the unused loss balance may be carried forward against
income earned in the following year.
Should any taxable excess profits remain in the two preceding years after
this loss carrj'-back adjustment, the unused excess-profits credit may be carried
back against taxable excess profits in the earliest year and then against such
profits in th6 later year. Any part of a net operating loss or unused excess-
profits credit not utilized as a carry-back may be carried forward for two years;
taken together, the carry -backs and the carry-forwards may accomplish a five-year
averaging of income.
These carry-backs, we are convinced, will provide a fully adequate response to
all reasonable needs for reserves not otherwise provided. While business will
not be free of problems, it would be easy to exaggerate its prospective post-war
plight in regard to available assets. In addition to accumulated surplus, the
details of which I shall develop in a few moments, we must take into account
the relief provisions in the present law. The potential importance of the carry-
backs mav be gauged by reference to the profits of corporations for the years
1942 and '1943. The net income before taxes in 1942 and 1943 of $44.3 billion
would be chargeable with losses incurred in 1944 if the war ended in that year.
Even if the losses were not incurred until 1945, 1943 income alone could absorb
losses of $23 billion.
In addition it should be noted that many corporations will obtain relief from
excess-profits taxes under the general relief provision (section 722) which permits
numerous adjustments for constructing a normal earnings credit higher than the
average profits earned in the pre-war base period years. Up to October 19, 1943,
the Bureau of Internal Revenue received 30,150 applications involving $2.3
billion of claims against excess-profits tax liabilities of $4.6 billion. These claims
amount to nearly half of the total liabilities of the filing corporations.
The Treasury believes that the large effective reserves which will emerge from
operation of the present carry-back and relief provisions go a long way to protect
business from wartime taxation on illusory profits. At the same time, it is real-
ized that unless the resulting refunds or credits can be made more speedily avail-
able to the taxpayers than is likely to be possible under the present law. the
stabilizing effects of the refunds will be substantially reduced
452 REPORT OF THE SECRETARY OF THE TREASURY
Under present law refunds resulting from these carry-backs must be claimed in
the usual manner and subject to the customary administrative procedure neces-
sary to determine the merits of the claim and the exact amount due. While
the necessity for careful administration cannot be escaped, it must be recognized
that the present method involves a considerable delay in making funds available
to the taxpayer.
2. THE treasury's PROPOSALS
The Treasury has been considering means of accelerating refunds under the
carry-backs. We have submitted to the Ways and Means Committee a proposal
intended to facilitate a quick improvement in the cash position of taxpayers
whose situation in this respect has suffered by reason of post-war adjustments.
As tentatively worked out, it would embody the following principal features:
1. If, for any taxable year beginning prior to the expiration of some reasonable
post-war period, a corporate taxpayer anticipates the realization of a net operating
loss or the existence of an unused excess-profits credit which could ultimately be
used as a carry-back against the taxable income of the two prior years, it may
apply for complete or partial deferment of the quarterly tax payinents due in
that year with respect to the preceding year's taxable income and also of any
payments of deficiencies in tax which are due.
2. The extent of the postponement of these payments would be limited to the
amount of the refunds of taxes that would result from the anticipated carry-backs.
3. A statement of the estimated amount of these losses or unused credits and
of the resulting refunds would be required to be filed with the Collector of Internal
Revenue, together with supporting data sufficient to satisfy him of the reasonable-
ness of the taxpayer's claim. Generally speaking, such data would include a
statement of profit and loss for at least the preceding quarter and the business
circumstances tending to support a projection of the loss results, or of earnings
below the credit level, for all or the remainder of the taxable year. The latter
information would be of particular importance in instances where the estimated
loss or credit claimed is greater than a proportionate projection of the quarterly
results would indicate. Evidence of falling earnings or of anticipated reconversion
costs, inventory losses, dismissal wage payments, contract terminations and
similar items would be pertinent in this connection.
4. Partial protection should be given to the revenue by permitting acceleration
of the collection of deferred payments, or other protective measures, where subse-
quent circumstances indicate the ultimate collection of tax to be in jeopardy.
5. When the taxable year from which a carry-back is anticipated is completed,
the usual return will be filed and a precise computation of the refunds to be claimed
can then be made. The amount of the deferred payments would first be offset
against the claimed amount of refunds. Any excess of deferred payments would
be collected with interest. On the other hand, it is proposed that payment of
any balance of refunds due would be accelerated.
The procedure for acceleration would, it is believed, involve the making by
the Commissioner of a tentative determination of the amount due. This would
be credited or refunded within the shortest possible time, probably in from sixty
to ninety days. Thereafter, the final determination of claims for refund would
proceed in ordinary course; on ultimate readjustment the taxpayer would repay
any erroneous refunds or the Government would pay any balance of refunds
remaining unpaid.
C. The Need for Prompt Payment in Connection with the Termination
OF War Contracts
The speeding up of tax refunds under the carry-back provisions of the tax law
should meet one phase of the post-war cash problem. There is, however, another
problem — the cash problem arising if working capital is even temporarily frozen
in wartime inventories.
The magnitude of this problem is not easy to assess at the present time. V\ e
do not know how many firms will find themselves in a highly illiquid condition
after the war, because we do not know how long the war will last — nor do we
know whether it will terminate gradually or abruptly. The longer the war lasts,
REPORT OF THE SECRETARY OF THE TREASURY 453
and the more gradual its termination, the easier it will be for war contractors to
finance their reconversion. This is true irrespective of the speed with which con-
tracts are settled and compensation for losses is paid. However, it may well be
that we should provide additional safeguards to business in case an abrupt termina-
tion of a relatively short war places a high premium on cash during the transition
period.
If the war should end at the close of this year, American corporations as a group
would be in an enviable position as to profits and surplus. Treasury estimates
submitted to.the Ways and Means Committee indicate that the net income retained
by profit corporations after taxes and after net dividends paid will aggregate for
the years 1941, 1942, and 1943 $15.5 billion, or two and a half times the amounts
retained during the pre-war years 1936-1939. (See exhibit B.)
Additions to surplus do not, of course, automatically insure liquidity. Liquid-
ity depends on the kinds of assets held by a corporation and not upon the amount of
its surplus. To the extent that retained earnings are tied up in fixed plant, inven-
tories, or receivables, they will not be available for meeting the expenses of transi-
tion to peacetime operation. Neither will they provide working capital needed to
carry on peacetime employment and production.
However, recent studies of the holdings of liquid assets by individuals and cor-
porations suggest that for corporations as a whole these holdings have risen even
faster than retained earnings. In an article appearing in the Survey of Current
Business ' it is estimated that all corporations increased their holdings of currency,
bank deposits and United States Government securities by $19 billion during the
two years, 1941 and 1942. If these holdings of liquid assets are increased as much
in 1943 as they were in 1942 corporations will for the years 1941, 1942 and 1943
have increased their liquid assets by $33 billion.
This general picture of the current financial position of corporate enterprise
does not indicate the probability of a serious post-war cash problem. It is
recognized, however, that the high degree of liquidity for corporations as a whole
does not mean that all corjiorations will be in a satisfactory financial condition
at the end of the war. There are cases where working capital is almost entirely
tied up in wartime inventories and goods in process. In some cases the demands
for ever expanding output have made it impossible to set aside a reserve of liquid
assets out of earnings. A large number of these cases are found in industries
which have enjoyed a phenomenal growth since the beginning of the war, espe-
cially among the smaller corporations. To protect such firms from the impact
of the post-war readjustments it is important that we speed up settlements arising
out of contract termination and arising also from tax refunds.
D. Conclusions
Our principal concern after the war will be to maintain a high level of national
income, high levels of business activity and full employment. This is especially
important in view of the present high levels of income and employment to which
workers and employers alike have become accustomed.
The termination of the war will find many business concerns with cash claims
against the Government. Some will have claims incident to the settlement of
war contracts; others will have claims for tax refunds due to the overpayment of
taxes on wartime incomes. The interests of the Nation can be served best by
providing now for ways and means of expediting the release of suclo. cash claims
to private enterprise immediately after the termination of the war.
We must not permit delayed settlements of contracts and delayed refunds of
tax overpayments to interfere with the speedy readjustment to peacetime produc-
tion. We stand to lose if we strive for the last degree of perfection in the auditing
of such settlements. Our main task is to accomplish the change-over to a peace
economy without delay and with the maximum encouragement from the Govern-
ment by making available to private enterprise speedily the cash which will
ultimately be due to business concerns.
'E. T. Weiler "Wartime Savings and Postwar Inflation." Survey of Curreni Business, July 1943.
454
REPORT OF THE SECRETARY OF THE TREASURY
We must also see to it that in the readjustment to peacetime production after
the war the position of small business is not permitted to deteriorate. Small
business must be able to compete with large business in recapturing the post-war
markets.
In closing, I should like to emphasize the fact that the problem of post-war
adjustments is not one which can be solved through tax measures alone. The
allowance of deductible reserves is not necessary to provide adequate tax relief;
moreover, it would result in gross inequities. It should also be noted that ade-
quate relief would not be afforded by deductible reserves. They would not bear
any necessary relationship to the need for cash. For many profitable corpora-
tions, reserves set up to secure tax deduction would unnecessarily increase liquid
assets, while for unprofitable corporations — which might be hardest hit in the
post-war adjustment — the deduction of reserves would bring no advantage.
To rely upon tax measures to accomplish what other governmental action can
alone accomplish is to do gross inequity without solving any problem at all. The
needs of business for cash cannot be met without the prompt liquidation of war
contracts.
Exhibit A. — Liquid savings of individuals, classified by type of savings,
JANUARY 1940-JUNE 194.3
[In billions of dollars]
Life insurance • ..,
Savings accounts 2
Currency and checking accounts
Securities:
U. S. Government
Other_ _-.
Debt repayment '
Total -..
Net increase during period
Calendar years
Jan. -June
1943
Total
Jan. 1940-
June 1943
1940
1941
1942
1.7
1.0
2.3
.7
-.6
-2.0
2.1
.4
5.3
3.2
-.7
-1.7
2.4
1.0
11.0
10.2
.2
2.5
1.6
1.9
5.3
6.8
7.8
4.3
23.9
20.9
-1.1
1.0
-.2
3.1
8.5
27.2
16.5
55.3
Source.— Securities and Exchange Commission, Comptroller of the Currency, and Treasury Depart-
ment.
Note. — Figures are rounded to nearest tenth of a billion, and will not necessarily add to totals.
' Excludes social insurance accumulations in governmental accounts.
2 Includes time deposits of commercial banks, mutual savings bank accounts and savings and loan asso-
ciation sliares; assumes that none of the increases in time deposits of individuals (including partnerships)
and corporations are attributable to corporations.
3 Reduction in consumer debt and in residential mortgage debt owed to incorporated business.
REPORT OF THE SECRETARY OF THE TREASURY
455
Exhibit B. — Net income, income taxes and dividends op corporation
RETURNS, 1936-44
[Money amounts in millions of dollarsj
RETURNS WITH NET INCOME
Actual
Estimated
1936
1937
1938
1939
1940
1941 1
1942
1943
1944
1. Net income (including dividends
received and tax-exempt inter-
est)
9,726
9,848
6,725
9,028
11,283
17, 986
22, 200
24, 700
26, 900
2. Dividends received ^
2,504
488
2,515
419
1,625
420
1,779
464
1,852
485
2,092
502
1,350
600
1,300
600
1 400
3. Tax-exempt interest '
500
4. Net income (excluding dividends
received and tax-exempt inter-
est: line 1 minus line 2 minus
line 3)--
6,734
7,222
6,915
7,334
4,680
5,100
6,785
7,248
8,946
9,431
15, 391
15, 894
20, 250
20, 850
22,800
23,400
25,000
25, 500
5. Net income (excluding dividends
received: line 1 minus line 2)
Income and excess-profits taxes:
G. Income tax
1,025
145
1,057
176
854
1,216
2,144
3,745
4,300
4,500
4 700
7. Undistributed profits tax
8. Excess profits tax (after deduc-
tion of entire post-war credit) _
374
" 31
3,357
64
7,350
100
8,850
100
9,800
9. Declared-value excess-profits
tax—
22
43
6
16
100
10. Total income and excess-
profits taxes.. _
1,191
1,276
860
1,232
2, 549
<7,166
<1 1,750
<13,450
4 14,600
received) after taxes (line 5
minus line 10)
6,031
4,675
6, 058
4,794
4,240
3,155
6, 016
3,783
6,882
4,036
8,728
4,426
9,100
4,000
9, 950
3,900
10 900
12. Net dividends paid '..
4,000
13. Net income retained after taxes
and after net dividends paid
(line 11 minus line 12)
14. Ratio of taxes to net income (ex-
cluding dividends received:
line 10 divided by line 5) (per-
cent)
1,356
16.5
77.5
1,264
17.4
79.1
1,085
16.9
2,233
17.0
2,846
27.0
58.6
4,302
45.1
50.7
5,100
56.4
44.0
6,050
57.5
39.2
6,900
57.3
15. Ratio of net dividends paid to net
income after taxes (line 12 di-
vided byline 11) (percent)
74.4
62.9
36.7
Source. — For years 1936-41: Statistics of Income. Net income including dividends received and tax-
exempt interest equals compiled net profit for the years 1936-39; for 1940 and subsequently it equals com-
piled net profit with net operating loss deduction.
Note.— Figures are rounded and will not necessarily add to totals.
' Preliminary figures.
2 Dividends from domestic corporations, subject to income taxation under the Federal tax law, which
is the amount used for computation of dividends received credit.
3 Includes both partially and wholly tax-exempt interest.
* Excludes the effect of the carry-back of net operating losses and the carry-back of unused excess-profits
credit.
* Dividends paid to stockholders other than domestic corporations; includes cash and assets other than
companies' own stock.
Exhibit 51
Message from the President of the United States returning unthout approval the bill
(H. R. 3687) entitled "An act to provide revenue, and for other purposes," Febru-
ary 22, 19U
To the House of Representatives:
I return herewith, without my approval, H. R. 3687, entitled "An act to pro-
vide revenue, and for other purpo.ses."
I regret that I find it necessary in the midst of thi.s great war to be compelled
to do this in what I regard as the public interest.
456 REPORT OF THE SECRETARY OF THE TREASURY
Many months ago, after careful examination of the finances of the Nation, I
asked the Congress for legislation to raise $10,500,000,000 over and above the
existing revenue sj'stem. Since then persons prominent in our national life have
stated in no uncertain terms that my figure was too low.
The measure before me purports to increase the national revenue by a little
over $2,000,000,000. Actuallv, however, the bill in its net results will enrich the
Treasury by less than $1,000,000,000.
As a tax bill, therefore, I am compelled to decide that it is wholly ineffective
toward that end.
More specificall}' the bill purports to provide $2,100,000,000 in new revenues.
At the same time it cancels out automatic increases in the social security tax,
which would yield $1,100,000,000. In addition it grants relief from existing taxes
which would cost the Treasury at least $150,000,000 and possibly much moi:e.
In this respect it is not a tax bill but a tax-relief bill providing relief
not for the needy but for the greedy.
The elimination of automatic increases provided in the social security law comes
at a time when industry and labor are best able to adjust themselves to such
increases. These automatic increases are required to meet the claims that are
being built up against the social security fund. Such a postponement does not
seem wise.
The clause relating to renegotiating of war contracts terminates the present
renegotiation authority on December 31 of this year. This seems unwise at this
time because no person can at present determine what a renegotiation time limit
should be. More experience is needed. The formal right of appeal to The Tax
Court that is granted by this bill is an inept provision. The i^resent Tax Court
exists for a wholly different purpose and does not have the personnel or the time
to assume this heavy load.
The bill is replete with provisions which not only afford indefensible special
privileges to favored groups but sets dangerous precedents for the future. This
tendency toward the embodiment of special privileges in our legislation is in
itself sufficiently dangerous to counterbalance the loss of a very inadequate sum
in additional revenues."
Among these special privileges are:
(o) Permission for corporations reorganized in bankruptcy to retain the
high excess-profits credit and depreciation basis attributable to the contri-
butions of stockholders who are usually eliminated in the reorganization.
This privilege inures to the benefit of bondholders who, in many cases, have
purchased their bonds in the speculative market for far less than their face
value. It may open the door to further windfall profits in this market be-
cause of the undeserved benefit received by reorganized corporations.
(6) Percentage depletion allowances, questionable in any case, are now
extended to such minerals as vermiculite, potash, feldspar, mica, talc, lepi-
dolite, barite and spodumene. In the case of some of these minerals the
War Production Board refused to certify that current output was inadequate
for war needs.
(c) The lumber industry' is permitted to treat income from the cutting of
timber, including selective logging, as a capital gain rather than annual
income. As a grower and seller of timber, I think that timber should be
treated as a cro)) and therefore as income when it is sold. This would encour-
age reforestation.
(d) Natural-gas pipe lines are exempted from the excess-profits tax with-
out justification and in a manner which might well lead oil companies to
request similar treatment for their pipe lines.
(e) Commercial air lines are granted an unjustifiable extension of the tax
subsidy on their air-mail contracts.
It has been suggested by some that I should give my approval to this bill on
the ground that having asked the Congress for a loaf of bread to take care of this
war for the sake of this and succeeding generations, I should be content with a
small piece of crust. I might have done so if I had not noted that the small
piece of crust contained so many extraneous and inedible materials.
In regard to that part of the bill which relates to wholly unobjectionable tax
increases, may I respectfully suggest to the Congress that the excise taxes can
easily and quickly be levied. This can be accomplished by the passage of a
simple joint resolution enacting those provisions of the bill which increase the
excise taxes. I should be glad to approve such a measure. This would preserve
the principal revenue provisions of the bill without the objectionable features
I have criticized.
REPORT OF THE SECRETARY OF THE TREASURY 457
In another most important respect this bill will disappoint and fail the
American taxpayers. Every one of them, including ourselves, is disappointed,
confused, and bewildered over the practical results of last year's tax bill. The
Ruml plan was not the product of this administration. It resulted from a wide-
spread campaign based on the attractive slogan of "pay as you go." But, as
was said many years ago in the State of New York in regard to that same slogan,
"You don't pay and you don't go."
The Nation will readily understand that it is not the fault of the Treasury
Department that the income taxpayers are flooded with forms to fill out which
are so complex that even certified public accountants cannot interpret them.
No, it is squarely the fault of the Congress of the United States in using language
in drafting the law which not even a dictionary or a thesaurus can make clear.
The American taxpayer has been promised of late that tax laws and returns
will be drastically simplified. This bill does not make good that promise. It
ignores the most obvious step toward simplifying taxes by failing to eliminate
the clumsy Victory tax. For fear of dropping from the tax rolls those taxpayers
who are at the bottom of the income scale, the bill retains the Victory tax —
while at the same time it grants extensive concessions to many special interest
groups.
The suggestion of withholding at graduated rates, which would relieve millions
of people of the task of filiifg declarations of estimated income, was not adopted.
I trust, therefore, that the Congress, after all these delays, will act as quickly
as possible for simplification of the tax laws which will make possible the simplifi-
cation of the forms and computations now demanded of the individual taxpayers.
These taxpayers, now engaged in an efl'ort to win the greatest war this Nation
has ever faced, are not in a mood to study higher mathematics.
The responsibility of the Congress of the United States is to supply the
Government of the United States as a whole with adequate revenue for wartime
needs, to provide fiscal support for the stabilization program, to hold firm against
the tide of special privileges, and to achieve real simplicity for millions of small
income taxpayers.
In the interest of strengthening the home front, in the interest of speeding
the day of victory, I urge the earliest possible action.
Franklin D. Roosevelt.
The White House, February 22, 1944.
Exhibit 52
Letter to Chairman Walter F. George, Senate Finance Committee, and Chairman
Robert L. Doughton, House Committee on Ways and Means, from Secretary
Morgenthau, March 10, 1944, relative to individual income tax simplification
March 10, 1944.
My Dear Mr. Chairman: I understand that the staflf of the Joint Committee
and the Treasury tax staff are about to complete their work on simplification of
individual income-tax returns. I am told they hope to be ready to submit their
joint recommendations to the Committee on Ways and Means of the House
shortly.
Speedy enactment of the proposed legislation seems to me to be of the very
first importance. Obviously here is one sphere within which we can appreciably
lighten the load of inconvenience which the war has placed on American citizens.
It is my hope that in order to expedite passage of this measure, your Com-
mittee will restrict this bill solely to simplification. I wish to assure you of the
complete cooperation of the Treasury Department in working with your Com-
mittee toward the best possible simplification of our individual income-tax s\'stem.
Sincerely 3'ours,
Henry Morgenthau, Jr.
458
REPORT OF THE SECRETARY OF THE TREASURY
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Normal tax net income,
in total amount:
$25,000 or less:
No change.
Over $25,000 and not
over $50,000: 20
First $25,000—
$4,250.
Next $25,000—
31.0%.
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of entire normal
tax net income.
0-.
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in total amount:
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15.0%.
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17.0%.
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19.0%,.
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over $38,461.54:20
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$4 250.
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37.0%,.
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24.0%, of entire
normal tax net in-
come.
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ill total amount: '»
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16.5%.
Next $5,000—
18 7%
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over $31,964.30:20
First $25,000—
14.85%.
Next $6,964.30—
38.3%.
Over $31,964.30 and
not over $38,-
565.89:20
First $5,000—
15.4%.
Next $15,000—
16.9%.
Next $5,000—
18.9%.
Next $13,565.89—
36.9%.
Over $38,565.89—
24.0% of entire
normal tax net in-
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total amount:
$25,000 or less:
First $5,000—
12.5%.
Next $15,000—
14.0%.
Next $5,000—
16.0%.
Slightly over $25,000
(alternative):
First $25,000— as
above.
Amount over
$25,000— 32.0%,.2'
Over $25,000 (general
rule)— 19.0%.2»
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REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OP THE TREASURY 487
ORGANIZATION AND PROCEDURE
Exhibit 54
Supervision of buremis, offices, and divisions of the Treasury Department
[Department Circular No. 244. Chief Clerk]
Treasury Department,
Washington, July 15, 1943.
1. The following assignments of bureaus, offices, and divisions of the Treasury
Department are hereby ordered.
The Under Secretary of the Treasury:
1. Bureau of the Comptroller of the Currency.
2. Director of Research and Statistics:
(a) Division of Research and Statistics.
Fiscal Assistant Secretary of the Treasury:
1. The Finances.
2. Bureau of Accounts:
(a) Division of Bookkeeping and Warrants.
(b) Division of Disbursement.
(c) Division of Deposits.
(d) Section of Surety Bonds.
3. Bureau of the Public Debt:
(a) Division of Loans and Currency.
(b) Office of the Register of the Treasury.
(c) Division of Public Debt Accounts and Audit.
(d) Division of Paper Custod^^
(e) Division of Savings Bonds.
4. Office of the Treasurer of the United States.
5. Bureau of Engraving and Printing.
6. Bureau of the Mint.
Assistant Secretary in Charge of Customs, Narcotics, and Secret Service:
1. Bureau of Customs.
2. Bureau of Narcotics.
3. Secret Service Division.
Assistant Secretary in Charge of Internal Revenue and Procurement:
1. Bureau of Internal Revenue.
2. Procurement Division.
General Counsel for the Treasury:
1. Legal Division.
2. Director of Tax Research:
(a) Division of Tax Research.
3. Office of the Tax Legislative Counsel.
Assistant to the Secretary:
]. Director of Monetary Research: ^
(a) Division of Monetary Research:
(a-1) Management of Stabilization Fund.
Assistant to the Secretary :
L Foreign Funds Control Unit. (See paragraph 2 below.)
Assistant to the Secretary : (See paragraph 3 below.)
1. War Finance Division.
Administrative Assistant to the Secretary:
1.' Chief Clerk of the Department.
2. Director of Personnel:
(a) Division of Personnel.
3. Secretary's Correspondence Division.
4. Office of Superintendent of Treasury Buildings.
2. The General Counsel for the Treasury as Acting Secretary of the Treasury
shall have general supervision over foreign funds control.
3. The Assistant to the Secretary charged with supervision over the War
Finance Division, under the operating title of National Director (Treasury De-
partment Order No. 50, of June 25, 1943), will report to the Secretary through
the Under Secretary.
4. The Administrative Assistant to the Secretary will act as Budget Officer of
the Treasury, and is authorized to act, for and by direction of the Secretary of
the Treasury, in any branch of the Department.
488 REPORT OF THE SECRETARY OF THE TREASURY
5. In case of the absence or sickness of the Secretary, the Under Secretary
will act as Secretary of the Treasury. In case of the absence or sickness of the
Secretary and the Under Secretary, the Fiscal Assistant Secretary will act as
Secretary. In case of the absence or sickness of the Secretary, the Under Secre-
tary and the Fiscal Assistant Secretary, the senior Assistant Secretary present
will act as Secretary. In case of the absence or sickness of the Secretary, the
Under Secretary, the Fiscal Assistant Secretary and the other Assistant Secre-
taries, the General Counsel for the Department will act as Secretary.
6. In the event of a vacancy in the office of Fiscal Assistant Secretary, the
Under Secretary will act as Fiscal Assistant Secretary and perform all duties and
functions assigned to that office hereunder.
7. In case of the absence or sickness of the Fiscal Assistant Secretary, the
Under Secretary will act as Fiscal Assistant Secretary. In the case of the absence
or sickness of both the Under Secretary and the Fiscal Assistant Secretary*, the
Senior Assistant Secretary present will act as Fiscal Assistant Secretary.
8. This circular supersedes Treasury Department Circular No. 244, dated
June 28, 1940, and all subsequent changes arising since June 28, 1940.
H. MORGENTHAU, Jr.,
Secretary of the Treasury.
Exhibit 55
Orders relating to organization and procedure in the Treasury Department
TREASURY DEPARTMENT ORDER NO. 51, APRIL 6, 1944
Effective from and after this date, the Director of Tax Research and the Tax
Legislative Counsel will report to the Secretary through the Under Secretary.
H. MORGENTHAU, Jr.,
Secretary of the Treasury.
TREASURY DEPARTMENT ORDER NO. 52, APRIL 15, 1944
Foreign Funds Control will continue to operate under the supervision of Mr.
Orvis A. Schmidt as Acting Director.' Mr. Schmidt will report to the General
Counsel.
Matters requiring approval of the Secretary will be referred to the Under
Secretary or the Assistant Secretaries for appropriate action.
H. MoRGENTHAU, Jr.,
Secretary of the Treasury.
TREASURY DEPARTMENT ORDER NO. 53, JUNE 7, 1944
Eflfective from and after this date, the Procurement Division is assigned to
the supervision of Mr. Ernest L. Olrich, Assistant to the Secretary.
Treasury Department Order No. 49, dated May 27, 1943, is revoked and super-
seded by this order.
H. MORGENTHAU, Jr.,
Secretary of the Treasury.
DESIGNATION OF THE BUDGET OFFICER OF THE TREASURY DEPARTMENT,
APRIL 19, 1944
April 19, 194i.
Mr. Charles R. Schoeneman,
Technical Assistant to the Secretary.
Sir: ^ou are hereby designated as Budget Officer of the Treasury Department,
under the provisions of Section 214 of the Budget and Accounting Act, 1921,
which provides as follows:
"(a) The head of each department and establishment shall designate an
official thereof as budget officer therefor, who, in each year under his direction
and on or before a date fixed by him, shall prepare the departmental estimates.
1 The appointment of Mr. John W. Pehle, Director of Foreign Funds Control, as permanent Director of
the War Refugee Board was approved by the President on March 24, 1944.
REPORT OF THE SECRETARY OF THE TREASURY 489
"(b) Such budget officer shall also prepare, under the direction of the head
of the department or establishment, such supplemental and deficiency estimates
as may be required for its work."
Very truly yours,
Henry Morgenthau, Jr.,
Secretary of the Treasury.
Exhibit 56
Time and leave regulations, departmental and field services, February 12, 1944
[Department Circular No. 733. i Chief Clerk]
Treasury Department,
W ashington, February 12, 1944-
To the Officers and Employees of the Treasury Department:
Annual and Sick Leave of Absence
Executive Order No. 9414, dated January 13, 1944, prescribing "Regulations
Relating to Annual and Sick Leave of Government Employees", is hereby pro-
mulgated for the information of all concerned:
"By virtue of and pursuant to the authority vested in me by section 7 of the
act of March 14, 1936, entitled 'An Act to provide for vacations to Government
employees, and for other purposes' (49 Stat. 1161), as amended by the act of
December 17, 1942 (c. 737, 56 Stat. 1052), and by section 7 of the act of March
14, 1936, entitled 'An Act to standardize sick leave and extend it to all civilian
employees' (49 Stat. 1162), as amended by the act of March 2, 1940, entitled
'An Act to amend the Annual and Sick Leave Acts of March 14, 1936' (54 Stat.
38) , I hereby prescribe the following regulations governing the granting of annual
and sick leave to civilian officers and emj^loyees of the United States, the District
of Columbia, and all corporations included within the provisions of the said acts
of March 14, 1936, except as provided by Part VI hereof:
"part I. definitions
"Section 1.1 As used in these regulations:
'"{a) 'Employee' and 'employees' include officer and officers respectively.
"(b) 'Permanent employees' are those appointed without limitation as to
length of service or for definite periods in excess of one year, or for the duration
of the present war and for six months thereafter.
"(c) 'Temporary employees' are those appointed for definite periods of time
not exceeding one year.
"(rf) 'Indefinite employees' are those appointed for the 'duration of the job' and
those who, although paid only when actually employed, are continuously employed
or required to be available for duty for a period of not less than one month, as
distinguished from part-time or intermittent employees.
"(e) 'Accumulated leave' means the unused leave remaining to the credit of
the employee at the close of any calendar year.
"(/) 'Court leave' means leave for attending court as a witness on behalf of the
United States or the Government of the District of Columbia, or for jury duty.
"(g) 'Break in service' means separation from the Federal service for a period
of thirty or more calendar days.
"(h) 'Medical certificate' means a written statement signed by a registered
practicing physician or other practitioner, certifying to the period of disability
of the patient while he was undergoing professional treatment, or to the time of
dental or optical treatments, or medical examination.
"(i) 'Month of service' means a period of thirty consecutive calendar days.
"0) 'Terminal leave' means the period between the last day of duty and the
expiration of annual leave.
■ This eirciilar supersedes all previous circulars regarding Time and Leave Regulations for the depart-
mental and field services.
490 REPORT OF THE SECRETARY OF THE TREASURY
"part II. ANNUAL LEAVE
"Accrual of annual leave
"Section 2.1 Annual leave shall be credited to employees as follows:
"(a) Permanent employees shall be credited with leave at the rate of two days
per calendar month plus an additional 1/2 day in March, June, September, and
December to employees who were continuously employed for the entire quarter-
year ending in such months; or, a credit of 26 days may be given at the beginning
of the calendar year in which it accrues in lieu of the monthly credit: Provided. That
should an employee separate from the service before the expiration of the calendar
year such credit will be reduced proportionately. The minimum credit for leave
shall be the hourly equivalent of 1/2 day and additional credits shall be in multiples
thereof.
"(6) Temporary' emploj'ees shall be credited with leave of 2-1/2 days for each
month of service. After the first month of service such leave may be credited at
the beginning of the month in which it accrues.
" (c) Indefinite employees shall be credited with leave of two da.ys for each month
of service plus an additional 1/2 day when the service aggregates three months.
"Section 2.2 Accumulated annual leave may be carried forward for use in
succeeding years until it totals not exceeding 60 days: Provided, That during the
period of the present emergency 30 days additional leave may be accumulated:
Provided further, That when accumulated leave equals or exceeds 60 days, further
increase in accumulated leave shall be limited to 15 days in anj^ succeeding year.
"Grant of annual leave
"Section 2.3 Annual leave shall be granted to an employee on his request at
such times as the heads of the departments and agencies may prescribe. Em-
ployees during their first year of service shall not be granted leave in excess of the
amount accrued to their credit. The minimum charge for annual leave shall be
one hour, and additional leave shall be charged in multiples ot one hour.
"Section 2.4 An employee who is to be se])arated from the service shall be
entitled to the unused annual leave standing to his credit, and the date of his
separation shall be so fixed as to permit him to take such leave, and in no case,
whether the separation be voluntary or involuntary, shall the separation become
effective on a date prior to the date of termination of such leave: Provided, That an
employee who elects to forfeit the leave standing to his credit may do so by
filing a written notice to such effect.
"Section 2.5 When an employee is absent from duty and in attendance in court
as a witness in behalf of the United States or the Government of the District of
Columbia, or for jury duty in any State court or court of the United States, the
absence from duty shall not be charged against annual leave but should be re-
corded as 'court leave'.
"part III. SICK LEAVE
"Accrual of sick leave
"Section 3.1.
" (a) Permanent employees shall be credited with sick leave at the rate of 1 % days
per month. The minimum credit for sick leave shall be one hour, and additional
credits shall be in multiples thereof.
"(b) Temporar.v and indefinite employees shall be credited with 1% days of
sick leave for each month of service.
"(c) Sick leave accruing during any month of service shall be available at any
time during that or any subsequent month.
"Section 3.2 Unused sick leave shall be cumulative and available for future
use: Provided, That the balance to the credit of the employee at the end of any
month shall not exceed ninety days.
"Grant of sick leave
"Section 3.3 Sick leave shall be granted to employees when they are incapaci-
tated for the performance of their duties by sickness, injury, or pregnancy and
confinement, or for medical, dental or optical examination or treatment, or when
a member of the immediate family of the employee is afflicted with a contagious
disease and requires the care and attendance of the employee, or when, through
exposure to contagious disease, the presence of the employee at his post of duty
would jeopardize the health of others. The minimum charge for sick leave shall
be one hour, and additional leave shall be charged in multiples of one hour.
REPORT OF THE SECRETARY OF THE TREASURY 491
"Section 3.4 An employee who is absent on account of sickness shall notify his
supervisor as early as practicable on the first day of such absence, or as soon there-
after as passible. Failure to give such notice may result in the absence being
charged to annual leave or leave without pay, as the circumstances may justify.
Requests for sick leave for medical, dental, or optical examination or treatment
shall be submitted for approval prior to the beginning of the leave.
"Section 3.5 Written application on the prescribed form for grant of sick leave
shall be filed within two days after the employee returns to duty. For periods
of absence in excess of 3 work days the application must be supported by a med-
ical certificate. Such certificate shall be filed within 15 days after return to duty:
Provided, That when a medical certificate cannot reasonably be obtained, a cer-
tificate of the employee relating the facts incident to the illness may be accepted.
All applications for sick leave for medical, dental, or optical examination or treat-
ment shall be supported by a medical certificate.
"Section 3.6 When sickness occurs within a period of annual leave and lasts in
excess of 5 work days, the period of illness may be charged as sick leave and the
charge against annual leave reduced accordingly. Application for such substitu-
tion of sick leave for annual leave shall be made within two days after return to
duty and shall be supported by a medical certificate.
"Section 3.7 Sick leave may not be granted for a period immediately following
a period of absence in a non-pay status, unless and until there is a return to actual
duty, nor may such leave without pay be converted to sick leave.
^^ Advance of sick leave
"Section 3.8 In cases of serious disability or ailments, and when the exigencies
of the situation so require, sick leave may be advanced to permanent and indefi-
nite employees not in excess of 30 days : Provided, That no advances of sick leave
shall be made to any employee unless the absence from duty on account of illness
is for a period or periods of 5 or more consecutive work days; that every applica-
tion for advance leave shall be supported by a medical certificate; that the total
of such advances shall be charged against sick leave subsequently credited. Sick
leave may be advanced irrespective of whether the employee has annual leave to
his credit.
"Section 3.9 Sick leave shall not be advanced to an employee holding a limited
appointment, or one expiring on a specified date, in excess of the total sick leave
that would accrue during the remaining period of such appointment.
"part IV. GENERAL PROVISIONS
"Section 4.1.
"(a) Leave shall be credited in units of hours on the basis of the established
work day. Fractional parts of an hour that equal or exceed Y^ hour shall be
counted as one hour and fractions of less than ji shall be disregarded.
"(6) Whenever the number of hours of duty in an employee's work day is per-
manently changed the leave standing to his credit shall be converted to the proper
number of hours based upon the new work day.
"(c) The accumulated leave of each employee, as of December 31, 1943, shall
be converted from days-hours-minutes to units of hours. Fractional parts of an
hour that equal or exceed }i hour shall be counted as one hour and fractions of
less than % hour shall be disregarded.
"Section 4.2.
"(a) Leave shall accrue to an employee while in a leave-with-pay status provid-
ing he returns to duty.
"(b) Annual leave shall not accrue to an employee while on terminal leave,
whether by separation, furlough, or resignation. In such cases the accrual of
leave shall cease at the close of the last day on which he was present for duty,
and the final date of separation shall not be extended by the granting of sick or
court leave: Provided, That this subsection shall not apply to employees who are
on terminal leave on the date of issuance of this order.
"Section 4.3. Whenever a permanent emplo3^ee is absent on leave without pay
15 or more days during a calendar year, the credits for annual leave shall be re-
duced one day and for sick leave one-half day for each such period aggregating
15 daj's. Whenever such absences total 90 days there shall be a further reduction
of ]4 day in annual leave credits for each such period: Provided, That when an
employee .absent because of injury received in line of duty requests to be" carried
on leave-without-pay, he shall, upon his return to duty, receive credit for accrued
leave covering the period for which he was paid disability compensation by the
Employees' Compensation Commission.
492 REPORT OF THE SECRETARY OF THE TREASURY
"Section 4.4 Leave shall not accrue during any period of suspension for disci-
plinary reasons which is in excess of three days.
"Section 4.5 Leave shall be charged only for absence upon days which an em-
ployee would otherwise work and receive pay and shall be exclusive of Sundays
which do not occur within a regular tour of duty, holidays, and all non-work
days established by Federal statute or by Executive or administrative order:
Provided, That when a holiday is declared by general administrative order to
be a work day, an employee who absents himself from work without permission
on that day shall be subject to a deduction of one day's pay.
"Section 4.6 Unavoidable or necessary absence from duty not in excess of
thirty minutes, and tardiness, shall be handled administratively by excuse for
adequate reasons, or by requiring additional work, or by a charge against over-
time previously worked beyond regular hours, or by disciplinary action, or by
a charge against annual leave.
"Section 4.7 In case of the separation of an employee who is indebted for
advance leave, the employee shall refund the amount paid him for the period of
such excess, or deduction therefor shall be made from any salary due him. This
section shall not apply in cases of death, retirement, or reduction of force, or in
case an employee who is not found eligible for retirement is unable to return to
duty because of disability, evidence of which shall be supported by an acceptable
medical certificate.
"Section 4.8.
"(a) Leave without pay may be granted to an employee for a period not exceed-
ing twelve months regardless of whether he has leave standing to his credit.
"(b) An employee whose active services are terminated as a result of the expira-
tion of a statute in connection with the administration of which he is employed
and who at the time of such expiration has not exhausted the leave standing to his
credit shall be granted leave without pay or furlough for a maximum period of
twelve months.
"Section 4.9 When an employee is appointed, reappomted, or transferred from
one permanent position to another permanent position, without a break in serv-
ice, his leave account shall be disposed of as follows:
"(a) If the position is within the purview of the leave acts of March 14, 1936,
the leave account shall be certified to the employing agency for credit or charge
to the employee.
" (b) If the position to which he is appointed or transferred is not within the pur-
view of the leave acts of March 14, 1936, the employee shall be furnished with a
statement of his leave account and if he is subsequently appointed, reappointed,
or transferred to another position within the purview of such acts, the leave
shown to be due will be credited to his account.
"Section 4.10.
" (a) When an employee is appointed, reappointed, or transferred without a break
in service from a permanent position to a temporary position in the same agency,
he shall be credited with such leave as may be due him or charged with any un-
accrued leave which may have been advanced.
' ' (6) When an employee is appointed, reappointed, or transferred without a break
in service from a permanent position to a temporary position in a different agency
he shall be furnished with a statement of his leave account and if subsequently he
is appointed, reappointed, or transferred without a break in service to a permanent
position the amount of leave shown to be due shall be credited to his account.
"Section 4.11 Temporary employees who subsequently receive permanent ap-
pointments without break in service, either in the same or a different department
or agency, shall be credited with such leave as may be due them, or charged with
any unaccrued leave which may have been advanced.
"part v. ADMINISTRATION
' ' Section 5. 1 The heads of governing bodies of the various governmental agencies
to which this Executive order applies shall be responsible for the proper adminis-
tration of these regulations so far as they pertain to employees under their respec-
tive jurisdictions, and they shall maintain an account of leave for each employee
in accordance with the methods prescribed by the Civil Service Commission and
approved by the Director of the Bureau of the Budget.
"Section 5.2 The head or governing body of any governmental agency which
has employees who work 24-hour shifts, or other uncommon tours of duty, is
authorized to promulgate supplemental regulations consistent with these regula-
tions for administering leave for such emplo3'ees.
REPORT OF THE SECRETARY OF THE TREASURY 493
"Section 5.3 Nothing in these regulations shall be construed to prevent the con-
tinuance of an}' leave differential existing prior to January 1, 1936, for the benefit of
employees of the Federal Government stationed without the continental limits of
the United States. However, any department may, if it so desires, apply these
regulations to employees stationed without the continental limits of the United
States, subject to the continuance of such leave differential.
"part VI. EMPLOYEES EXCEPTED
"Section 6.1 These regulations shall not apply to:
"(a) Teachers and librarians of the public schools of the District of Columbia.
" (6) Officers and employees of the Panama Canal and the Panama Railroad Co.,
on the Isthmus of Panama.
"(c) Temporary employees engaged on construction work at hourly rates.
' {(l) The Postmaster General and officers and employees in or under the Post
Office Department, except those serving in the departmental service and in the
Mail Equipment Shops.
"(e) Employees not required to be continuously employed during regular tour of
duty, such as (1) per diem or per hour employees engaged in an emergency who
may be employed for more than one 7- or 8-hour shift within 24 hours during the
emergency; (2) part-time or intermittent emploj'ees; (3) persons engaged under
contract; (4) emploj'ees engaged temporarily for less than a month on a piece-
price basis; (5) employees who are paid at hourly rates but who are not engaged on
construction work, such as mechanics, skilled laborers, and others engaged in
various services on maintenance, repair, clean-up work, etc., where employment
is more or less intermittent and not on a regular and continuous basis; (6) consult-
ants employed and paid on the basis of 'when actually employed'; and (7) em-
ployees paid on a fee basis, such as physicians, surgeons, and other consultants.
(/) Alien and native labor emjaloyed outside the continental limits of the United
States: Provided, That the head or governing body of any governmental agency
which employs alien and native labor outside the continental limits of the United
States may promulgate regulations governing the granting of leave to such
employees.
Section 6.2 The regulations contained herein relating to sick leave shall not
apply to officers and members of the Police and Fire Departments of the District
of Columbia other than civilian personnel.
"Part VII. Amendments; Effective date; Publication
"Section 7.1 By virtue of the authority vested in me by the First War Powers
Act, 1941 (55 Stat. 838), it is hereby ordered that, for the period of the war, the
Civil Service Commission is authorizea to promulgate amendments to these
regulations.
Section 7.2 This order shall supersede Executive Orders No. 8384 and No.
8385 of March 29, 1940, No. 9307 of March 3, 1943, and No. 9371 of August 24,
1943, and shall be effective as of January 1, 1944.
"Section 7.3 This order shall be published in the Federal Register.
"Franklin D. Roosevelt."
The Above Executive Order No. 9414 Will Govern the Granting of
Leave to Employees of the Treasury Department, and the Following
Regulations are Applicable Alike to Departmental and Field Em-
ployees, Except as Otherwise Noted
annual leave
Applications for annual leave for more than 2 days must be submitted in advance
on the form prescribed therefor. Applications for 2 days or less need not be made
on this form, but the absence must be noted on the Daily List of Absentees.
Employees will be charged with the number of days of leave granted on appli-
cations unless request is made in writing for cancelation or modification thereof.
Unaccrued leave shall be granted only with the express understanding that if
such leave is not later earned during the calendar year the employee will reimburse
the Government for the unearned portion.
494 REPORT OF THE SECRETARY OF THE TREASURY
FOREIGN SERVICE
Permanent employees stationed in Hawaii, Puerto Rico, Alaska, the Virgin
Islands, the Philippine Islands, the Canal Zone, or abroad in countries not contig-
uous to the Continental United States, will be allowed 30 days' annual leave, ex-
clusive of Sundays and holidays. Such employees who have served continuously
1 year in the Treasury Department and are not leaving the service, may be granted
leave at any time during a calendar year not to exceed 30 days, plus such unused
leave as may have been accumulated from previous years. Employees in the
places named, who have served less than 1 year, may be granted leave at the rate
of 2h days per month, as earned, for each month of service. The leave of em-
ployees in the places named who have been accustomed to living on the mainland
of the United States may be cumulative in an amount not exceeding 90 days.
No leave will be charged against a permanent employee who is granted leave
under the provisions of the above paragraph who is stationed in Hawaii, Puerto
Rico, Alaska, the Virgin Islands, the Philippine Islands, the Canal Zone, or abroad
in countries not contiguous to the Continental United States, who has been accus-
tomed to living on the mainland of the United States, for the time necessarily
consumed in travel from the employee's station direct to the mainland of the
United States and return to his station.
SICK LEAVE
Referring to Part III, sec. 3.3 of Executive Order No. 9414 above quoted,
cases of personal illness or exposure to contagious diseases must be reported at
once to the office to which the employee is attached. Proof of negligence or of
willful misstatement in reporting such exposure to contagion will be sufficient
cause for discipline.
All requests for sick leave on account of enforced absence, due to exposure to a
contagious disease, must be supported by a certificate from the attending physician.
The Department will hold employees strictly accountable for the truth of
statements appearing in applications for sick leave, and the responsible adminis-
trative officer will investigate circumstances coming to his attention which may
appear to be inconsistent with such statements. Proof of any willful misstate-
ment or of any attempt of an employee to mislead or deceive official superiors,
directly or indirectly, in regard to an application for leave on account of sickness,
will be sufficient cause for discipline.
All requests for advanced sick leave shall be accompanied by the employee's
statement showing whether or not he was continuously confined to home or hos-
pital and under the immediate care of a registered practicing physician or other
practitioner.
Special leaves of absence to be given disabled veterans in need of medical treatment
"With respect to medical treatment of disabled veterans who are employed in
the executive civil service of the United States, it is hereby ordered that, upon
the presentation of an official statement from duly constituted medical authority
that medical treatment is required, such annual or sick leave as may be permitted
by law and such leave without pay as may be necessary shall be granted by the
proper supervisory officer to a disabled veteran in order that the veteran may
receive such treatment, all without penalty to his efficiency rating.
"The granting of such leave is contingent upon the veteran's giving prior
notice of definite days and hours of absence required for medical treatment in
order that arrangements may be made for carrying on the work during his ab-
sence", (Executive Order July 17, 1930.)
LEAVE WITHOUT PAY
Leave without pay shall be granted and charged in multiples of one hour,
with a minimum charge of one hour.
If leave without pay on account of illness is applied for, a certificate of the
attending physician should be furnished. If no physician was in attendance,
the reasons therefor should be given. If leave without pay is requested for any
reason other than illness, a statement must be furnished showing the necessity
for such leave.
In the departmental service, applications for leave without pay for 30 days
or more, for reasons other than illness, must be submitted to the Division of Per-
sonnel, together with the recommencjation of the head of the bureau, office, or
REPORT OF THE SECRETARY OF THE TREASURY 495
division, or chief of division, Secretary's Office, or other official authorized to
approve leave in the office in which the applicant is employed.
In the field service, all applications for leave without pay for 30 davs or more
must be submitted on Stock Form 2217 to the head of the service in Washington.
These applications will not be sent to the Division of Personnel.
COURT LEAVE
Witnesses:
Employees who are called upon to serve as witnesses for the Government or the
District of Columbia in any court proceedings are entitled to their regular com-
pensation while absent from duty, but are not entitled to witness fees for such
service. Absence for such purpose shall be recorded as "court leave," and shall
not be charged against annual leave.
Jury service:
The act of June 29, 1940, provides that the compensation of any employee of
the United States who may be called upon for jury service in any State court or
court of the United States, shall not be diminished during the term of such jury
service by reason of such absence (except as hereinafter provided) nor shall such
period of service be deducted from the time allowed for any leave of absence
authorized by law. Such emplo> ees who may be called upon for jury service in
any court of the United States shall not receive anj compensation for such service.
The act further provides that there shall be credited against the amount of com-
pensation payable by the United States to an employee for such period as the
employee may be absent on account of jury service in 'the court of any State any
amount which such employee may receive from the State for jury service.
Absence for jury service shall be recorded as "court leave." "Applications for
such leave shall be granted when supported by a statement from the clerk of the
court showing that the employee served on the days specified, and showing the
amount of compensation paid for such service.
MILITARY LEAVE
(Does not apply to military furlough)
Members of the National Guard may be granted military leave on all days in
which they may be engaged in field or coast defense training,' ordered or authorized
under the act of June 3, 1916, 39 Stat. 203. Members of the Naval Reserve may
be granted military leave on all days during which they are employed on training
duty for periods not to exceed 15 days in any one calendar year (act of February
28, 1925, 43 Stat. 1089). Members of the Naval Militia may be granted mihtary
leave whenever thev attend drill, cruises, or other ordered duty of the Naval
Militia (act of August 29, 1916, 39 Stat. 594). Members of the Officers' Reserve
Corps may be granted military leave on all days during which they shall be ordered
to duty with troops or at field exercises, or for instruction, for periods not to exceed
15 days in any one calendar year (Army Appropriation Act of May 12, 1917, 40
Stat. 72). Members of the National Guard of the District of Columbia may be
granted military leave whenever they may be called upon to perform service by
the commanding general as authorized bv section 49 of the act of March 1, 1889
25 Stat. 779, as amended by the act of February 18, 1909, 35 Stat. 634. Applica-
tions for such leave, which shall be in addition to the annual leave, must be made
in advance and be subsequently supported by the certificate of a competent officer
of the organization of which the employee is a member. Temporary employees
will not be granted military leave of absence.
ABSENCE WITHOUT AUTHORIZED LEAVE
An employee detained by causes beyond control, and unable to report for duty
at the opening hour, must notify the office in which employed to that effect within
2 hours, if practicable, on the first day of absence. Absence from duty for any
cause, without prior permission, must be satisfactorily explained, and if not satis-
factorily explained, will be cause for deduction in salary or other disciplinary
measures.
TARDINESS LATE ARRIVAL ABSENCE WITHOUT AUTHORITY
Bureaus, offices, and divisions will maintain daily tardy records and will be
responsible for seeing that cases of tardhiess are kept to a minimum.
496 REPORT OF THE SECRETARY OF THE TREASURY
Employees who arrive after the opening hour shall be marked "Tardy" unless
their reasons are acceptable. If their reasons are acceptable they shall be marked
"Excused". Late arrival of 30 minutes or less shall be handled in conformity
with sec. 4.6 of Executive Order 9414. Late arrival in excess of 30 minutes shall
be charged as annual leave in multiples of one hour, the minimum charge being
one hour.
Employees whose reasons for tardiness or late arrival are not acceptable and
who are reported tardy 11 times in one calendar year shall be suspended from duty
and pay for one day and if tardy 14 times shall be suspended from duty and pay
for 3 days. Tardiness bej^ond 14 times in one calendar year shall be the basis for
further disciplinary action or dismissal.
Recommendations for disciplinary action will be made on Form 2249 (fanfold)
by the heads of bureaus, offices, and divisions and must be submitted through
the usual channels for approval.
ADMINISTRATION
Employees must be at their desks or post of duty at the opening hour, and
continue on duty until the closing hour. A recess of half an hour for luncheon
will be allowed.
GENERAL PROVISIONS
The local field officer directly responsible to the head of his service in Washington
is authorized to grant leave, in accordance with these regulations. The officer in
charge will detail an officer or employee to investigate and report the facts in any
case of absence without permission.
A record of all classes of leave will be kept by each local field officer on depart-
ment stock Form 2152. The total leave granted in each calendar year should be
noted on department stock Form 2240, which shall be the permanent record.
Thereafter the yearly record on department stock Form 2152 may be disposed of.
Only such forms as are now provided b,y department regulations, or that may
hereafter be authorized by the Secretary, will be used for time and leave records.
The present department stock forms which may be used are as follows: 2242,
Daily List of Absentees; 2217, Application for Leave; 2152, Record of Absence
During the Year; 2240, Leave Record During Service; 2243, Monthly Report of
Absence; 2243-A, 2243-B.
Willful neglect on the part of any official or employee in charge of a daily time
sheet or record to report the absence of any employee will be considered sufficient
grounds for discipline.
Heads of bureaus, offices, or divisions, and chiefs of divisions, Secretary's Office,
will be held to strict official I'esponsibility for the enforcement of these regulations.
D. W. Bell,
Acting Secretary of the Treasury.
MISCELLANEOUS
Exhibit 57
Address by Under Secretary Bell before the Worcester Economic Club, December 16,
1943, on financing the war and post-war readjustment
I welcome the opportunity to discuss with you this evening the problems of
financing the war and the post-war readjustment. It is because we feel that these
two problems are so closely tied together that I have chosen to discuss sojue
aspects of each in the same address.
WAR FINANCE
It has come to be generally recognized that the real cost of a war must be paid
for while it is being fought. This real cost consists in the labor put forth and the
sacrifices endured in order to produce and to use the goods of war. Guns cannot
be fired until they and their shells have been made, nor can they be fired with time
borrowed from tomorrow. The labor and sacrifice involved in these things must
be made today and cannot be postponed.
There are, of course, some exceptions to this rule. A war may be fought, in
small part, by the use of stocks of goods accumulated before it begins; and, to a
REPORT OF THE SECRETARY OF THE TREASURY 497
much larger extent, by postponing the replacement of capital goods wearing out
during its course. With these exceptions, the whole physical cost of a war must be
paid for while it is being fought.
What then, it may be asked, is the role of war borrowing. The answer must be
that war borrowing is a method of postponing, not the cost itself, but the final
allocation of the total burden of the war to some future date, when the costs now
paid for through the sale of bonds are finally assessed in the form of taxes — at
which time it is inevitable that a much larger portion of them will be paid by the
persons now in the armed forces than if they were assessed today.
When this fact is seen in its stark reality, it is clear that the money cost of the
war should be met as far as possible by taxes, and so be paid for once and for all
by today's civilians at the same time that the men in the services are paying their
much higher price in human cost oia the fighting fronts. Exceptions from this
rule should be permitted only when clearly justified by special circumstances.
There are a number of these special circumstances, and it is because of them that
the Treasury Department has never recommended to Congress that the whole
cost of the war should be paid for out of current taxation. But it is these excep-
tions, and not the general rule, which need special justifications; and I should like
to explain to you tonight, not why the Treasury has recommended to Congress
additional taxes, which if enacted would only provide sufficient revenue to cover
about one-half of total Federal expenditures, but rather why it has not asked for
taxes to cover the full cost.
The use of borrowing, to the extent that it is justified by special circumstances,
makes for a smoother working of our war economy than would the exclusive use of
taxation. What are these circumstances under which borrowing is thus the su-
perior instrument of war finance?
In the first place, the burden of a tax — or of any other compulsory levy, even if
it is subsequently reimbursable — must be levied according to fixed rules. These
rules can take but little account of individual circumstances. It requires con-
siderable time for many individuals to adjust their living standards and com-
mitments to the new and lower levels which would be dictated by all-out wartime
taxation.
While some individuals are revising their living standards downward, other
individuals, whose incomes have been increased by the war to levels considerably
above those required to meet their former standards of living, are ready and willing
to lend a substantial proportion of their increased incomes to the Government in
order to insure their future security.
Ultimately, if the war should last long enough, these adjustments might be
continued under a steadily increasing burden of taxation until each person's
standard of living and financial commitments had become adjusted to his place
in the war economy. This is unlikely to occur, except in a very long war; and, in
the meantime, a considerable proportion of the total war cost must be borrowed
in order to avoid unnecessary disruption in the economy.
In the next place, the magnitude of our war effort is fixed by our full gross
product, rather than by our net national income. This means that during war-
time replacements and repairs on plant and equipment must be postponed, as far
as possible, so that the manpower and materials which they would otherwise have
absorbed can be thrown into the war effort. Producers, as well as consumers, are
asked by their Government to " Use it up, Wear it out, Make it do, or Do without."
This means that during the war period, the capital assets of most business firms
are wearing out'more rapidly than they are being replaced, and the depreciation
reserves set aside to offset this wear and tear are piling up in cash. At the same
time, the accounts receivable of these firms are running down, which results also
in piling up cash. These funds are all available to be lent to the Government;
but they are not available to be taxed since they represent capital, rather than
income, of the firms possessing them, and represent very different proportions of the
total capital of different firms, depending upon the type of business. A policy of
borrowing these funds, rather than taxing them away, is, therefore, clearly
indicated.
In the third place, the great wartime expansion in the economy requires — even
at a constant price level — a great increase in the available supply of currency and
bank deposits; and this increase, under our existing institutions and under war-
time conditions, can be supplied only by an increase in Government borrowing.
Finally, it is necessary that some financial incentive be supplied to individuals
to work long hours, and to corporations to operate with the utmost efficiency.
If the whole of the extra incomes resulting from the overtime pay of individuals
613185—45 33
498 REPORT OF THE SECRETARY OF THE TREASURY
and the efficient management of business enterprises were taxed away, there would
be no economic incentive to call forth these exertions.
The borrowing which is justified entirely by the special considerations which
I have just enumerated would have to take place for our wartime economy to
operate smoothly, no matter how willing Congress might be to levy additional
taxes or the people to bear them. This borrowing alone would amount to a great
deal of money by peacetime standards; but it would certainly be much less than
the nearly fifty billion dollars a year which we should have to borrow even if the
Treasury tax proposals were granted in full.
An additional amount of borrowing — over and above the minimum required
on economic grounds — can also be accomplished without danger of inflation to
the extent that individuals can be induced, for patriotic reasons, to increase their
savings. This the Treasury is endeavoring to do by means of the payroll savings
plan and the war loan campaigns.
The volume of total savings required is dictated by the size of the deficit and
may differ materially from the sum tptal of savings which would occur from
economic and patriotic motives. At the present time the Federal Government
is purchasing about one-half of the total volume of goods and services being
produced, while the remaining 50 percent is being purchased for private use.
Federal taxes, however, are bringing in only about 20 percent of the gross income
generated by production, leaving about 80 percent in private hands. There is,
thus, a discrepancy equivalent to about 30 percent of the value of total output
which makes up the Federal deficit on the one hand and the corresponding
necessary private savings on the other hand.
To the extent tnat total borrowing exceeds the aggregate amount of savings
consciously and intentionally undertaken, we are placing liquid assets in the
hands of persons who may use them to put added pressure on price ceilings. It
. is to aid in immobilizing such unstable accumulations, as well as for fiscal and
equitable reasons, that the Treasury considers the need for additional taxes
so urgent.
I do not desire to go into the matter of particular types of wartime taxes at
any length this evening, but I should like to make some general observations.
First, there can "be no douljt of the ability of the people of the United States to
pay taxes much higher than those now levied. Of course, it would be hard
because war itself is hard. But the very fact that we are threatened with infla-
tion is evidence of our ability to pay higher taxes, for it means that we have more
dollars to spend than things to buy with them.
Second, tlie view is sometimes voiced that, while we have exhausted our ability
to pay some kinds of taxes, such as income taxes, we have not exhausted our
ability to pay other kinds of taxes, such as sales taxes. I can see no merit in
this view. Ability to pay resides in persons, rather than in kinds of taxes — both
income and sales taxes must be met from the same pay envelopes; and if we have
the ability to pay one, we have the ability to pay the other.
The income tax can be adjusted, and is adjusted to the personal circumstances
of those upon whom it is levied. Exemptions are granted commensurate with
family status, so that the tax does not fall with merciless brutality upon those
with small incomes and large families. No such adjustment mechanism is cus-
tomary or practicable for the sales tax. The view that we have exhausted our
ability to pay additional income taxes, but still have the ability to pay a sales
tax, logically reduces itself to the view that the principal additional ability to pay
in the economy resides in that portion of incomes falling withiijt,the exernptions
from the individual income tax — that is, five hundred dollars for' a single person,
twelve hundred dollars for a married couple, and three hundred fifty dollars for
each dependent. I cannot accept this view; and I do not believe that the advo-
cates of the sales tax would, if they realized the full implications of their proposal.
Third, it is often proposed that we should place a special tax on increases in
individual incomes; that is, tax a man with an income of, say, three thousand
dollars more heavily if he has recently come up from one thousand dollars than if
he had been receiving three thousand dollars for some time. This proposal
seems to me to be wrong on a number of coiuits.
It is unfair. It seems to me that, consciously or unconsciously, it is based in
part on the feudal concept that every man should stay in his place, and it strikes
at the root of the principle that every man may rise according to his worth — a
principle which has given so much life and hope to the American scene for gener-
ations past.
It is uneconomic. It would undermine the incentive of workers to transfer to
war industries located in inconvenient places and to work long hours at hard
jobs. Particularly, it would strike at the incentive for wives to enter war plants
REPORT OF THE SECRETARY OF THE TREASURY 499
in order to earn incomes supplementary to those of their husbands. It would,
therefore, aggravate the labor shortage.
It would be very difficult to administer. This would be true, not only for the
Treasury, but also for the taxpayers, as it would require the use of forms and
questionnaires far more complex than any involved in the administration of the
individual income tax.
It seems to me that the basic problem of the taxation of individuals in wartime
is reall.y not very complex. Aggregate individual income is higher, and the Govern-
ment must tax a portion of it away. There may be a great deal of dispute as to
which income brackets should be drawn upon the most heavily, but any reasonable
pattern of withdrawal can be effected by means of the individual income tax.
I think it is a good rule when any other tax is proposed, that you first express
the distribution of its burden in terms of the individual income tax, and then
ask yourself whether you would consider it reasonable that the burden of the
individual income tax itself should be so altered. If the answer is "No," then
the other tax should be placed on the defensive and its proponents made to justify
it by reasons of strong public policy. Sometimes this can be done — ^for example,
I believe that the luxury excises proposed by the Treasury this year and the
spendings tax proposed fast year are cases in point. The test should be rigid,
however, and the considerations of public policy should be important before a
tax is placed on the statute books, the burden of which is distributed in a manner
other than that in which we would be willing to distribute the burden of an in-
crease in the individual income tax.
I turn now to our policies with respect to wartime borrowing. These have
been dominated by the following considerations.
First, we have tried to borrow as much as possible from investors other than
commercial banks. This principle must be stated subject to some qualification.
It would neither be possible nor desirable to do all of our borrowing outside of
the banking system. I have already explained that one of the reasons for bor-
rowing at ail, rather than relying exclusively upon taxation, is that an expanding
wartime economy needs — even at a constant price level — a greatly increased
amount of currency and bank deposits. These can be obtained, under existing
institutions and in wartime, only by a corresponding increase in the Government
security holdings of commercial and Federal Reserve Banks; and a sufficient
amount of securities have to be sold to the banks to provide this necessary circu-
lating medium, even if adequate markets exist for them elsewhere.
The amount of Government securities which would thus have to be sold to
the banks in any event is substantial; but, in practice, I must admit that this has
proved little of a problem, since it has taken care of itself by the rapid expansion
of the borrowing needs of the Federal Government and the slower development
of nonbanking sources for Federal borrowing.
For this reason, we have directed our main effort to the sale of securities to
nonbanking investors. During the past year, we have sold to such investors,
net after all switches and redemptions, about forty billion dollars of Government
securities, as compared with about thirty billions absorbed by the banks.
Second, we have tried to make the securities sold to the small investor as risk-
less as possible. The Treasury has considered itself the trustee of the inexperi-
enced investor. It is with this in view that the Department's appeal to small
investors has been confined to Series E bonds which are nonnegotiable, paj'able
on demand and hence are guaranteed against fluctuations in market values^
The Treasury is less concerned with the large volume of demand obligations
which is being built up by the sale of savings bonds to sniall investors than it
would be with the only practicable alternative to this course. This alternative
would be the sale to small investors of marketable securities payable by the
Treasury only after the expiration of a fixed term of j-ears.
The fixing of a definite term on securities sold to small investors by no m.eans
insures that they will be held by these investors for the full term. By and large,
the holders of marketable securities would sell them on the same occasions when
holders of redeemable securities would redeem theirs. Indeed, there is one
important occasion upon which marketable securities wou.ld be sold, but redeem-
able securities would not be redeemed — that is, the fear of a decline in price,
from which the nonnegotiable securities are immune.
Now it may appear, at first glance, that while the Treasury should be properly
concerned with redemptions, it should not be concerned with market sales, since
it must meet the redemptions out of its own pocket; while the market sales will
be taken up by somebody else. This type of reasoning would suffice for a private
borrower, but it is entirely inadequate for the Treasury since it overlooks the real
500 REPORT OF THE SECRETARY OF THE TREASURY
problem which the holdings of Government securities — whether redeemable or
marketable — by small investors will present in the post-war period.
This problem is that the holders of these securities may dispose of them and
spend the proceeds on consumers' goods at a time when the supply of such goods
will be scarce; and the spending can result only in price rises. This problem would
exist, however, whether the securities were payable on demand or were negotiable
and payable at the close of a fixed term, and will be somewhat less troublesome for
demand securities, because, as I have already pointed out, the liquidation of this
type of security will never be precipitated by the fear of a fall in the price of the
security itself.
The other problems which will be caused by holdings of Government debt
by small investors in the post-war period are minor, relative to the major prob-
lem which I have just mentioned; and will be less serious with demand obligations
than with negotiable obligations of fixed term.
When savings bonds are presented for redemption to the Treasury and it is
necessary to refund them, the Treasury offers the type and maturity of new
securities best suited to the market at the time, and offers these securities for
distribution through the regular channels of the Government security market.
Marketable securities, by contrast, would be offered in small blocks, often-
times through irregular channels where the original holders may not receive full
value, and might dribble into the market in such a way as to keep it continually
disturbed. They might not be fitted by coupon rate, maturity, or other char-
acteristics for the predominant demand then existing in the market, but they would
have been cast in whatever mold they were, once and for all, and the market
would have to make the best of it.
To the extent that the refunding of demand obligations would have been ac-
complished by the sale of securities to banks, so also would the marketable
securities find their ultimate lodgment in banks, but only after a roundabout
journey, probably involving both loss to their original purchasers and a higher
interest cost to the Treasury.
It seems clear, therefore, that the Treasury is in a much better position to
refund the nonnegotiable securities than the individual would be to refund
negotiable securities through the market.
The third of the principles governing our borrowing policy has been the main-
tenance of the liquidity of the banking system. We have laid down the policy
that no securities will be offered to commercial banks for the investment of their
demand deposits with a maturity at time of issuance of over ten years. The
great majority of the securities sold to commercial banks have had maturities
far shorter than this. Indeed, more than half of the total increase in the port-
folios of commercial banks since Pearl Harbor has been in the form of three-
month Treasury bills and one-year certificates of indebtedness. This concen-
tration of sales to commercial banks in short securities insures that our banking
S5'stem will be in a strong and liquid jjosition to meet the problems of the post-
war period.
Finally, we have financed this war at an average rate of slightly less than 1^^
percent. This compares with an average rate of about 4J^ percent on the securi-
ties issued to finance the last World War.
Interest rates have remained stable during the wartime period and confidence
in the continuation of this stability has been and is widespread and well justified,
and has caused investors to subscribe to new issues of Government securities in
successive war loans without any sign of holding back in anticipation of higher
rates.
I think it can be fairly said of the United States, as the late Chancellor of the
Exchequer, Sir Kingsley Wood, recently said of Great Britain, that ". . . we have
revolutionized public opinion as to what are fair rates for Government war bor-
rowing." I believe that this revolution in opinion has a sound basis in underlying
economic realities, and is applicable to the coming times of peace also. I hope that
the policies of the Government will be directed to this end.
FINANCING THE POST-WAR READJUSTMENT
I come now to the second major division of my topic, that is, the problems of
the post-war readjustment period.
I approach this subject with some trepidation. No post-war plan will be of
any value unless we win the war and are in a position to put it into effect. The
war is not yet in the bag. Hitler's post-war plan is slavery, and there will not be
room for both his plan and our own.
REPORT OF THE SECRETARY OF THE TREASURY 501
You all remember the recipe for rabbit stew which begins "First catch the
rabbit." So it is with post-war planning. We must first win the war; and we must
not let anything, even post-war planning, distract our minds from this for an
instant.
Immediately followiiig the close of the war, we will be confronted with the
problem of reconversion. The period of reconversion will be a time fraught with
exceptional hazard to our economic structure.
During normal times, most of our people are engaged in producing goods which
they and their fellow workers can buy with their wages. During wartime, they are
largely engaged in producing war goods which they cannot purchase with their
incomes, but the excess purchasing power which is thereby created is held in
check by direct controls, by personal taxation and by Government borrowing
from individuals. The people are willing to accept and cooperate with these
measures because of patriotism and the all-pervading spirit of sacrifice which
exists during wartimes. During the reconversion period, however, while the tools
of production for peace goods are being made ready, purchasing power may out-
run the goods available for purchase, while wartime measures of control may be
relaxed if the people do not recognize the need for continued restraint.
A price inflation is, consequently, one of the hazards of the reconversion period.
Stalking hand-in-hand with it goes the hazard of unemployment. Normally,
these two are never seen together, since unemployment usually rises from a lack
of demand for goods and inflation from a shortage of goods. The unemployment
of the reconversion period will be caused, however, not by a lack of demand for the
finished products, but because the plants are not yet ready for mass reemployment,
and so may go hand-in-hand with inflation.
Once the period of reconversion is over and the tremendous potentialities of the
American economy which have been demonstrated during the war period are
directed to the production of the goods of peace, the main hazard of inflation will
be over.
The task of statesmanship in the period immediately following the war will be
to hasten the reconversion process while mitigating its hardships and reducing its
human costs. This task will, of course, be easier if a termination of the war on
one front before the other should make it possible to complete part of the re-
conversion process under a -wartime environment. But we must pi'ess for victory
against Japan as well as Germany without regard for the economics of reconver-
sion.
This evening I shall discuss only three aspects of fiscal planning for the re-
conversion period, and these briefly. They are, first, the cancelation of war
contracts; second, the adequacy of corporate financial resources to carry on the
work of reconversion; and, third, the control of individual spending during the
reconversion period.
If the war should end today on all fronts, there would be outstanding more
than 75 billion dollars of war contracts on which deliveries had not yet been made.
Much of the material covered by these contracts would be of no use to the
Government if it were delivered after the immediate emergency of this war had
passed. This is because there are no goods with respect to which obsolescence
runs faster than it does for the goods of war; so the best preparation for future
wars consists in maintaining the skills and plant capacity necessary for the
development, production, and use of new war goods rather than in hoarding vast
quantities of old ones.
Part of the undelivered contracts would still exist merely in blue-prints in the
hands of the contractors, while part would be represented by goods in process,
some of which in turn could be converted into peacetime goods.
In my opinion, all war contracts should be canceled immediately upon the
passing of the military need for the goods contracted for. This is desirable for
two important reasons. First, it avoids the tremendous waste of human and
material resources involved in making goods which we will never use; and, second,
it gives the maximum stimulation to the men and management released from
making such goods to seek employment in the production of goods for which
there is a human need, and so hastens the process of reconversion.
The abrupt cancelation of war contracts will give rise to two problems. These
are: First, provision for the labor thrown out of employment; and second, com-
pensation for the contractors.
The first of these problems should be settled with liberality; the second, with
the utmost of speed.
502 REPORT OF THE SECRETARY OF THE TREASURY
A generous treatment of the labor displaced by contract cancelation is required,
not mereh' by considerations of common humanity and fair dealing, but also by
considerations of economy; for -nithout it, we are unlikely to secure abrupt can-
celation at all, and there is no form of relief more expensive than the production
of unneeded tools of war. We should be sure, however, that the treatment ac-
corded labor displaced from war production is of such a character that it en-
courages, rather than slows down, its quest for peacetime employment.
Payments to contractors should be just in accordance with a fixed standard of
equity; that is, they should be enough to make the contractors and their subcon-
tractors whole for the losses they have sustained as the result of the contract
cancelations.
It is important also, that payments to contractors should be prompt. This is
not primarily for the l^enefit of the contractors themselves — although I have no
doubt that they will appreciate it — but for the benefit ot the country as a whole.
A dollar paid out in the settlement of war contracts during the early reconversion
period may — in terms ot national well being — be worth several dollars paid out a
year or so later. It is far more important, therefore, that the settlements be
prompt than that they be accurate to the last dollar according to some accounting
concept, which may itself be open to question.
The settlement of war contracts along the lines which I have just outlined will
involve a heavy outflow ot funds from the Treasury in the few months immedi-
ately following the ena ot the war. We are prepared for this outflow, and we'feel
that there will be few occasions when a disbursement of funds may be made with
so little real cost to the Government and so much benefit to the economy.
My second point with respect to the reconversion period relates to the ade-
quacy of corporate financial resources to carry on the work of reconversion. The
adequacy of these resources is important, not merely or even i^rincipally from the
point of view of the corporations involved, but from the point of view of the
whole economic system.
We in the Treasury have given careful consideration to this matter, and believe
that funds for the reconversion of war industry will be ample, provided that a
prompt settlement is made of canceled war contracts. Our reasons for believing
this are as follows:
First, the wartime period has been a profitable one for American corporations
as a whole. Net corporate profits, after taxes, have averaged about twice as much
per year during the wartime period as they did in the j'ears 1935 through 1939 (the
base period for the FRB index of industrial production) ; and, by and large, the
greatest increases have gone to those firms whose problems of reconversion will
be greatest. Corporate dividend policy, furthermore, has been so conservative
that most of the increase in corporate earnings has been added to surplus.
Second, in addition to their savings from undistributed earnings, American
corporations have piled up a large volume of liquid assets as a result of repayment
of receivables, and in some cases reduction in inventories, and the general inability
to expend dej^reciation and depletion reserves which has been brought about by
wartime conditions. According to the estimates of the Federal Reserve Board,
the demand deposits of nonfinancial businesses, including unincorporated enter-
prises, amounted to over 30 billion dollars at the end of last July; and, according
to Treasury estimates, the holdings of Government securities — payable for the
most part on demand or at very short term — by nonfinancial corporations alone,
amount at the present time to about 20 billion dollars. Each of these figures is
far above any peacetime precedent; but, to make the picture brighter, American
business, during the same time it has been acquiring them, has reduced the ainount
of both its bank loans and its bonded debt.
Third, generous carry-back and carry-forward provisions included in the
corporation tax laws insure that corporations suffering losses during the reconver-
sion period, or even earning incomes of less than their excess profits credit, will
receive substantial refunds of the taxes paid in their prosperous years. These
refunds — for the expediting of which the Treasury has made recommendations to
the congressional committees — will be available to carry on the work of recon-
version. In addition, there is provided in the present law a post-war refund,
irrespective of future tax status, of ten percent of the excess profits tax paid in
the war period.
For the reasons given, I do not believe that the adequacy of business funds for
reconversion purposes will present a major problem. But I cannot speak with
equal assurance with respect to the prospects for the control of individual spending
during the reconversion period — the third post-war problem to be discussed.
REPORT OF THE SECRETARY OF THE TREASURY 503
Immediately following the end of the actual fighting, we can probably expect a
let-down in the willingness of people to submit from patriotic motives to a con-
tinued reduction in their consumption. There is likely to be a demand for an
immediate end of the direct controls; and this demand may, to some extent,
succeed. For some time, however, while industry is being reconverted and the
war effort demobilized, there will be only a very gradual increase in the supply of
consumers' goods. When it is considered that there will be available to be spent
currently, in addition to the incomes being received for the production of con-
sumers' goods, not merely the incomes from work in demobilizing the war effort
and reconverting private industry, but also the large liquid resources piled up
during wartime, it is easy to conjure up the specter of a post-war inflation.
Against this must be set the powerful force of human foresight and sobriety.
The reconversion period is bound to be attended by considerable unemployment,
and each individual will naturally ask himself how he is going to come out in the
swirl of readjustments he sees around him. His natural tendency will be to
"play it close to the chest" and handle his reserve funds as carefully as possible.
This human tendency alone may maintain a high rate of saving during the recon-
version period, and so forestall the possibility of a post-war inflation.
We hope that this will be so; but counting on it would be as improvident as
counting on an internal smash up in Germany to win the war. We must conse-
quently lay our plans to prevent a post-war inflation from occurring, but stand
ready to adjust any such plans on short notice to conditions as they actually
develop during the reconversion period.
What should these plans be? It seems to me that the direct controls, such as
price ceilings, priorities, and rationing, should be kept in eff"ect as long as necessary;
and high income taxes, as long as possible.
Let me explain the diff"erence between "necessary" and "possible" in the state-
ment which I have just made.
While I believe that we should keep the direct controls as long after the war as
necessary. I do not believe that this will be very long. I feel certain that the last
of them can be done away with as soon as the reconverted plants commence to
pour their flood of consumers' goods on the market.
I have said, however, that the high rates of taxation should be kept as long as
possible. I think that the case here is very dift'erent. High personal taxes serve
the anti-inflationary purpose of absorbing surplus purchasing power; and this
may be very useful and necessary in the reconversion period. But they also serve
the purpose of helping to pay off the national debt; and this purpose is also useful
and necessary.
It seems to me, therefore, that, while the criterion with respect to the removal
of the controls should be "How soon can we remove them without risking infla-
tion?", the criterion with respect to wartime rates of taxation should be "How
long can we keep them without risking unemployment?" Perhaps for a long
time to come, if the post-war period lives up to our hopes and expectations.
But this would take me into new vistas beyond the scope of tonight's address
for I have no intention of discussing the broader phases of fiscal policy beyond
the reconversion period.
I would like to make, however, a few general observations. The war has
opened the eyes of the American people to the tremendous productivity of indus-
trial and agricultural America. The shortages of peacetime goods and services
that exist now have not blinded us to the enormous potentialities for abundance
inherent in our productive mechanism. It is precisely this unexampled capacity
to produce uj)on which the future prosperity and welfare of our people ultimately
depend.
To help society achieve more fully the promise of abundance implicit in our
capacity to produce; to help maintain output and employment at a level more
nearly corresponding to our true productive potential; and to secure this at a price
that a peaceful democracy can pay; — that will constitute the greatest task of
economic statesmanship in the post-war world.
I do not believe that the glory of America belongs only to the past. I believe
that the real promise of America belongs to the future. Between the goal of
securing maximum utilization of our resources and the goal of achieving a more
equitable distribution of wealth, there need be no conflict. Our history has been
testimony to that fact, and our future will be the record of its fulfillment.
504 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 58
Letters from the Secretary of the Treasury to commercial banks, insurance co7npanies,
and corporations in connection with the Fourth and Fifth War Loans
Letter to Commercial Banks, Fourth War Loan
January 5, 1944-
Gentlemen: On January 18, 1944, the Treasury will open the Fourth War
Loan, the goal of which is $14 billions. It is our aim in the coming campaign
to increase the sale of Government securities to individuals, who are expected to
account for $5.5 billions of the total goal. In my statements concerning the
Fourth War Loan, I have emphasized that the drive is to be limited to obtaining
subscriptions from nonbank investors. The following statement was included in
the first formal announcement of the loan:
"In order to help in achieving its objective of selling as many securities as
possible outside of the banking system, the Treasury requests the cooperation of
all banking institutions in declining to make speculative loans for the purchase
of Government securities. The Treasury is in favor of the banks making loans
to facilitate permanent investment in Government securities provided such loans
are made in accord with the joint statement issued by the National and State
Bank Supervisory Authorities on November 23, 1942."
During the three preceding war loan drives, an increasing volume of subscrip-
tions appears to have been entered by subscribers who paid for the securities
they purchased largely by borrowing funds from commercial banks. Many of
these subscriptions were placed with the intention of repaying the borrowed funds
out of future income, and of holding the securities purchased as investments.
A substantial volume of such subscriptions, however, appears to have been pre-
dominantly speculative in character, or else to have been entered merely for
the purpose of helping to achieve campaign quotas. The subscribers evidently
intended to hold the securities only for short periods and expected to sell them in
the market within a few weeks or months after the drive.
Accordingly, most of these securities have found their way into the banking
system, thus involving an expansion of bank credit. Such subscriptions do not
contribute to the objective of financing the war as largely as possible outside of
the banking system.
In view of these considerations, I want to ask all banks to scrutinize carefully
all requests that come to them for loans to finance subscriptions to securities
offered in the Fourth War Loan; and in so doing, to consider that loans to facilitate
the investment in Government securities are a proper part of the financing mechan-
ism only when they are in accordance with the joint statement issued by the
National and State Bank Supervisory Authorities in November 1942. This
statement, you will recall, was in part as follows:
" * * * subscribers relying upon anticipated income may wish to augment
their subscriptions by temporary borrowings from banks. Such loans will not
be subject to criticism but should be on a short-term or amortization basis fully
repayable within periods not exceeding six months."
Loans to finance speculative subscriptions and any other loans on Government
securities in connection with Government financing which do not meet the require-
ments of the statement referred to above are not consistent with the Treasury's
policy and program.
Another matter with respect to which I should also appreciate your further
cooperation is that of the transfer of funds for the purchase of Government
securities. We have written a letter to the larger corporations of the country
about this matter and a copy is enclosed for your information.
May I take this opportunity to express my deep appreciation of the great help
you and other bankers have given the Treasury in connection with its war financing
operations, in promoting the sale of securities, in acting as sales agencies during
drives, in the continuous sale of savings bonds, and in your subscriptions to those
securities which banks have been eligible to purchase.
Sincerely,
H. Morcenthau, Jr.,
Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 505
Letter to Large Corporations, Fourth War Loan
January 5, 1944-
Gentlemen: On January 18, 1944, the Treasury will open the Fourth War
Loan, the goal of which is $14 billions. This war loan will afford many of the
country's large corporations an opportunity to invest some of the cash funds they
have accumulated since the Third War Loan closed.
A number of corporation executives have told me that it would be helpful to
all large corporations and avoid confusion if the Treasury made a definite state-
ment of policy with respect to (a) the method it desired large corporations to
follow in placing their subscriptions to the various issues, and (6) the procedure
it desired them to follow with respect to allocations of credit to their various
locations throughout the country.
With respect to the first point, it seems to me that no corporation should transfer
funds from one bank to another exclusively for the purpose of entering subscrip-
tions to Government securities because of the disturbing effect of such transfers
upon the reserve positions of the Nation's banking institutions. It is the Treasury's
wish, therefore, that such transfers of funds during the Fourth War Loan be
avoided as far as possible. In entering a subscription during the Fourth War
Loan, it would be helpful if you would make a point of entering it at the bank or
banks in which you keep the funds to be used to pay for the securities subscribed
for.
With respect to the matter of allocations of credit to local communities, I
recognize the force of the many problems of business and customer relations in
the various communities that make allocations desirable and necessary. In view
of the amount of detailed work involved in making allocations, however, it is desirable
to reduce the number to the fewest possible.
We are, however, desirous of meeting your wishes as to the distribution of
credits for your subscription or portions thereof. We have arranged, therefore,
with the Federal Reserve Banks for the establishment of a procedure which will
permit allocations to be made effectively and systematically. A circular letter
from the Federal Reserve Banks describing the procedure and providing forms
for its operation should be in the hands of your bank shortly if it has not already
arrived.
May I take this opportunity to express my deep appreciation for the great help
your company and other corporations of America have given the Treasury in
connection with its war financing activities. Through the cooperation of your
executives and employees you have helped us develop and extend our prograni
of selling large volumes of securities to individual purchasers under the payroll
savings plan and during the war loan drives.
Sincerely,
H. Morgenthatt, Jr.,
Secretary of the Treasury.
Letter to Insurance Companies, Fourth War Loan
January 5, 1944-
Gentlemen: On January 18, 1944, the Treasury will open the Fourth War
Loan, the goal of which is $14 billions. This war loan will afford many of the
country's insurance companies an opportunity to invest some of the cash funds
they have accumulated since the Third War Loan closed.
A number of insurance executives have told me that it would be helpful to
their companies and avoid confusion if the Treasury made a definite statement
of policy with respect to (a) the method it desired insurance companies to follow
in placing their subscriptions to the various issues, and (6) the matter of alloca-
tions of credit for insurance company subscriptions.
With respect to the first point, it seems to me that no corporation should
transfer funds from one bank to another exclusively for the purpose of entering
subscriptions to Government securities because of the disturbing effect of such
transfers upon the reserve positions of the Nation's banking institutions. It is
the Treasury's wish, therefore, that such transfers of funds during the Fourth
War Loan be avoided as far as possible. In entering a subscription during the
Fourth War Loan, it would be helpful if you would make a point of entering it
at the bank or banks in which you keep the funds to be used to pay for the securi-
ties subscribed for.
506 REPORT OF THE SECRETARY OF THE TREASURY
With respect to the matter of allocations of credit for subscriptions to local
communities, please be advised that during the Fourth War Loan^ — as during
the previous war loan drives — no allocation of insurance company subscriptions
to an address other than that of the home office can be permitted. I recognize
that there are some problems of business and customer relations in the various
communities in which you do business which might make some allocations appear
desirable. Our discussions with insurance executives in various parts of the
country, however, have led us to the conclusion that allowing allocations of
insurance company subscriptions would create a host of new and difficult prob-
lems. We have decided, therefore, to leave the previous ruling unchanged and
have included in the quotas assigned to the various States and counties an estimate
of the amounts likely to be obtained from insurance companies whose home
offices are located therein. *
May I take this opportunity to express my deep appreciation of the great help
your company and the other insurance companies of America have given the
Treasury in connection with its war financing activities. Through the coopera-
tion of vour executives and employees you have helped us develop and extend
our program of selling large volumes of securities to individual purchasers under
the payroll savings plan and during the war loan drives.
Sincerely,
H. MoRGENTHAr, Jr.,
Secretary of the Treasury.
Letter to Commercial Banks, Fifth War Loan
May 2 4, 19 U.
Gentlemen: On June 12, 1944, the Treasury will open the Fifth War Loan.
The goal for this drive will be $16 billions, of which $6 billions is to come from the
sale of bonds to individuals. The critical phases of the war are still ahead of us.
No decline in expenditures is in prospect, and the $16 billions is urgently needed.
It is for this reason that we have set our goals higher than heretofore.
As in the last two war loans, sales will be confined to investors other than
commercial banks. It is our wish, in this connection, to eliminate from the drive
as far as possible those subscriptions which are predominantly speculative in
character. You will remember that I included the following statement in the
first formal announcement of the drive:
"In order to help in achieving its objective of selling as many securities as
possible outside of the banking system, the Treasury requests the cooperation of
all banking institutions in declining to make speculative loans for the purchase
of Government securities. The Treasury is in favor of the banks making loans
to facilitate permanent investment in Government securities provided such loans
are made in accord with the joint statement issued by the National and State
Bank Supervisory Authorities on November 23, 1942."
Loans to facilitate investment in Government securities are a proper part of the
financing mechanism when they are in accordance with the joint statement
referred to above. This statement, you will recall, was in part as follows:
"* * * subscribers relying upon anticipated income may wish to augment
their subscriptions by temporary borrowings from banks. Such loans will not be
subject to criticism but should be on a short-term or amortization basis fully
repayable within periods not exceeding six months."
Another matter with respect to which I should also appreciate your further
cooperation is that of the transfer of funds for the purchase of Government
securities. There was a great improvement on this account between the Third
and Fourth War Loans. Over 10,000 banks have qualified to pay for customers'
bond purchases by credit to a war loan deposit account, and if all the banks will
urge clients to place orders for Government securities where funds are on deposit —
making allocation of statistical credit when desired — transfers of funds can be
continued at a satisfactory low level during the Fifth War Loan.
May I take this opportunity to express my deep appreciation of the great help
you and other bankers have given the Treasury in connection with its war financing
operations, in promoting the sale of securities, in acting as sales agencies in the
continuous sale of savings bonds, and in your subscriptions to those securities
which banks have been eligible to purchase.
Sincerely,
H. Moroenthau, Jr.,
Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY 507
Exhibit 59
Regulations governing the issuance of duplicate ' checks
[Department Circular No. 327 (Revised). Accounts]
Treasury Department,
Washington, April 29, 1944.
Treasury Department Circular No. 327 (Revised), dated October 27, 1939, is
hereby revised to read as follows:
"The Regulations governing the issuance of duplicates of checks drawn by
a duly authorized officer or agent of the United States, the District of Columbia,
or the District Unemployment Compensation Board, on their behalf against
an account or funds of the United States, the District of Columbia, or the District
Unemployment Compensation Board, including instruments issued by an,v cor-
poration or other entity owned or controlled by the United States, the funds of
which are deposited and covered into the Treasury of the United States or de-
posited with the Treasurer of the United States, are hereby established pursuant
to the provisions of section 3646 of the Revised Statutes of 1873, as amended
(U. S. C. Title 31, sec. 528), and sec. 3647 of the Revised Statutes of 1873, as
amended (U. S. C. Title 31, sec. 119). The requirements contained herein
must be strictly observed except as the Secretary of the Treasury, being satisfied
that observance thereof is not necessary to carry out the purposes of the law and
these regulations may waive or modify any such requirement.
"general regulations
"1. Advice of nonreceipt or loss. — In the event of the nonreceipt or loss of such
a check, the owner, better to protect his interest, should immediately notify the
Treasurer of the United States or the Federal Reserve Bank through which pay-
able or other drawee, describing the check, stating the name of the officer or
agent of the United States, the District of Columbia, tlie District Unemployment
Compensation Board, or the corporation or entity by which the check was drawn,
giving, if possible, its date, number, and amount, and requesting that payment
be stopped.
"Upon receipt of such request by the Treasurer of the United States and upon
a determination that the check is outstanding or upon receipt of advice from a
drawee other than the Treasurer that such request has been received and that
the check has been found to be outstanding, a bond of indemnity (Form 2244) or,
in an appropriate case, an application (Form 2244a) will be prepared in the
Treasurer's office and transmitted for execution by the claimant who will transmit
the duly executed form to the drawer of the original check, except as otherwise
provided in section 4.
"2. Request for duplicate check. — A bond of indemnity (Form 2244) in a penal
sum equal to the amount of the check or, in an appropriate case (see sections
3a-3e), an application (Form 2244a), in substantially the form prescribed, must
be executed by the claimant and submitted to the drawer of the original check
except as otherwise provided in section 4, giving the claimant's name and resi-
dence in full, describing the check and all endorsements therein and showing
the claimant's interest therein. In the event the claimant is someone other than
the payee of the original check he should present clear and satisfactory evidence
of his ownership.
"If executed in a foreign country, by one other than an officer or an employee
of the United States, or a member of the armed forces of the United States, the
application shall be sworn to before (a) a diplomatic or consular officer of the
United States, or (b) an officer of the United States Army, Navy, Marine Corps,
or Coast Guard, or (c) an official of such foreign country authorized by law to
administer oaths generally, and such foreign official shall affix his official seal, if
any, and a diplomatic or consular officer of the United States shall certify that
the foreign official who administered the oath was duly authorized under the
laws of such foreign country so to act.
"3. Issuance of duplicate check.- — Before the close of the fiscal year following
the fiscal year in which the original check was issued, the drawer will prepare a
duplicate (marked "Duplicate") which must be an exact transcript of the original,
' The word "duplicate" as used herein means a "substitute, marked duplicate" as provided in sec.
3646 of the Revised Statutes of 1873, as amended (U. S. C. Title 31, sec. 528).
508 REPORT OF THE SECRETARY OF THE TREASURY
special care being taken that the number, date, amount, and name of the payee
correspond to those of the original. In the case of checks issued on account of
public debt obligations and transactions regarding the administration of banking
and currency laws, duplicates may be issued without limitation of time. The
drawer will then forward, without delay, the bond of indemnity (Form 2244) or,
in an appropriate case, the application (Form 2244a), and the duplicate check
to the Division of Disbursement, Treasury Department. The bond of indemnity
or the application and the information obtained shall be examined by the Divi-
sion of Disbursement and if satisfactory shall be scheduled and submitted to the
Secretary of the Treasury for approval.
"Certification of approval shall be made in writing by the Chief Disbursing
Officer or the Assistant Chief Disbursing Officer on the duplicate check. Any
duplicate issued pursuant to these regulations, and certified as provided above,
may, if properly endorsed, be paid subject to the same rules and regulations as
apply to payment of original checks.
"Unless the Secretary of the Treasury deems a bond of indemnity is essential
to the public interest, or unless the drawer of the check is no longer in the service
of the United States, no bond of indemnity shall be required in any of the follow-
ing classes of cases:
"(a) If the Secretary of the Treasury is satisfied that the loss, theft, destruc-
tion, mutilation, or defacement, as the case may be, occurred without fault of
the owner or holder and while the check was in the custody or control of the
United States, including the Postal Service when carrying mail for an officer,
employee, agent, or agency of the United States when performing services in
connection with an official function of the United States, but not includine the
Postal Service when otherwise acting solely in its capacity as a public carrier of
the mail, or of a person thereunto duly authorized as lawful agent of the United
States; or while it was in the cour.'^e of shipment effected pursuant to and in accord-
ance with regulations issued under the provisions of the Government Losses in
Shipment Act, as amended;
"(b) If substantially the entire check is presented and surrendered by the
owntV or holder and the Secretary of the Treasury is satisfied as to the identity
of the check presented and that any missing portions are not suflRcient to form the
basis of a valid claim against the United States: and in cases where the circum-
stances justifv such action, a letter of application may be accepted in lieu of
Form 2244a; "
"(c) If the Secretary of the Treasury is satisfied that the original check is
not negotiable and cannot be made the basis of a valid claim against the United
States;
"(d) If the amount of the check is less than $50 and the check has not been
endorsed by the payee;
"(e) If the owner or holder is the United States or an officer or employee thereof
in his official capacity, a State, the District of Columbia, a Territory or possession
of the United States, including the Commonwealth of the Philippine Islands, a
municipal corporation or political subdivision of any of the foregoing, a corpora-
tion the whole of whose capital is owned by the United States, a foreign govern-
ment, or a Federal Reserve Bank.
"4. Procedure where disbursing officer who issiied original check is dead or no
longer in the service of the United States. — In case of the loss of a check issued by
an officer or agent (other than the Secretary of the Treasury, or the Treasurer
of the United States) who is dead or no longer in the service oJF the United States,
the bond required to be furnished by the owner of said check to an officer or agent
in the service of the United States, prior to the issuance of a duplicate check,
should be forwarded to the Division of Disbursement, Treasury Department,
which will refer it to the General Accounting Office for examination and the
statement of an account in favor of the owner of said check, as provided in section
3647 of the Revised Statutes of 1873, as amended (U. S. C. Title 31, sec. 119)
and section 307 of the act approved June 10, 1921, 42 Stat. 25 (U. S. C. Title 31,
sec. 47). Payment will then be made by a check issued pursuant to such state-
ment of account.
REPORT OF THE SECRETARY OF THE TREASURY 509
"5. Receipt or recovery of original check. — If the original check is received or
recovered after stoppage of payment has been requested, but before a duplicate
check has been received, the Treasurer of the United States, or the Federal
Reserve Bank through which payable, or other drawee, shall be immediately
advised that the stoppage request may be disregarded. This notice should be
signed by the owner of the check who requested the stoppage and should be
mailed by the owner or drawer in time to reach the Treasurer or the Federal
Reserve Bank through which payable, or other drawee, before the check is pre-
sented for payment.
"If the original check is received or recovered after a duplicate has been re-
ceived, the duplicate must not be cashed, but must be immediately forwarded
to Division of Disbursement, Treasury Department, Washington 25, D. C, for
cancelation.
"If the original check is received or recovered after the duplicate has been
cashed, the original must not be cashed, but must be immediately forwarded to
Division of Disbursement, Treasury Department, Washington 25, D. C, for
cancelation.
"6. Amendment of Regulations. — The Secretary of the Treasury may with-
draw or amend at any time or from time to time any or all of the foregoing rules
and regulations.
"7. Previous Regulations superseded. — This circular supersedes Treasury
Department Circular No. 327, dated October 27, 1939, and all previous regula-
tions governing the issuance of duplicate checks."
D. W. Bell,
Acting Secretary of the Treasury.
Exhibit 60
Amendments to Department Circular No. 714, prescribing regulations governing the
payment through depositary banks of funds withheld as taxes in accordance with
the provisions of the Current Tax Payment Act of 1943
Second Amendment, November 30, 1943
Treasury Department,
Washingto7i, November 30, 1943.
Treasury Department Circular No. 714 dated June 25, 1943, as amended, is
hereby further amended as follows:
Delete the sixth paragraph of section 7 and insert in lieu thereof the following
paragraph :
"The original and Federal Reserve Bank copy of each depositary receipt must
be signed by an officer or employee duly authorized by the depositary. This
signature may be in any one of the following forms: (1) a manual signature of a
duly authorized officer or employee followed by the title of such officer or em-
ployee; (2) a rubber stamp impression containing the name of the depositary
supported by the manual initial of the receipting officer or employee and followed
by his official title; (3) a facsimile or rubber stamp impression signature of a duly
authorized officer over his official title, supported by the manual initial of such
officer or the employee receiving the deposit; or (4) a facsimile or rubber stamp
impression signature of a duly authorized employee over his official title, sup-
ported by the manual initial of such employee. It is preferable that initials or
manual signatures be in ink; however, if made by pencil they will be acceptable."
Delete the fifth paragraph of section 8 and insert in lieu thereof the following
paragraph :
510 REPORT OF THE SECRETARY OF THE TREASURY
"The initial allotment to a depositary for withheld taxes under either of the
two alternative methods will be calculated on the basis of the business transacted
under this circular b}' the depositary during the calendar month immediately
succeeding that in which the depositary was qualified. However, if specifically
requested by a depositary, the initial allotment may be made on the basis of the
business transacted during the calendar month in which the depositary was
qualified. If more than one full calendar month elapses after a bank qualifies
as a depositary for withheld taxes before it enters a subscription for the initial
allotment, such initial allotment should be calculated on the basis of the average
business transacted monthly by the depositary during the preceding full calendar
months; however, if the elapsed period is more than six months, the initial allot-
ment will be calculated on the basis of the average business transacted monthly
during the six full calendar months preceding the request for the initial allotment.
The initial allotment will be made as of the first day of the second calendar month
following the close of the period which is used as a basis for determining the
amount of such initial allotment. For example, if the business transacted during
the period ending November 30, 1943, is to be used as a basis for calculating the
initial allotment, such initial allotment will be. made as of January 1, 1944."
Delete the sixth paragraph of section 8 and insert in lieu thereof the following
paragraph :
"Appropriate adjustments in allotments will be considered periodically on the
basis of fluctuations in the business transacted after the initial allotments are
established. The first of such adjustments will be made as of January 1, 1944,
on the basis of the average monthly business transacted during the calendar
months from the close of the period used for the establishment of the initial
allotment to November 30, 1943. Thereafter, appropriate adjustments will be
made as of July 1 and January 1 on the basis of the averagfi monthly business
transacted during the periods from December 1 to May 31 and June 1 to Novem-
ber 30, respectively; provided, however, that in the case of a depositary which
received its initial allotment during such preceding six-month period, the adjust-
ment will be based on the business transacted from the close of the period used
in establishing the initial allotment to May 31 or November 30, as the case
may be."
D. W. Bell,
Acting Secretary of the Treasury.
Third Amendment, April 4, 1944
Treasury Department,
Washington, April 4, 1944-
Treasury Department Circular No. 714 dated June 25, 1943, as amended, is
hereby further amended as follows:
Delete the first two sentences of the fourth paragraph of section 7 and insert in
lieu thereof the following sentences:
"The depositary shall issue to each employer for each payment of withheld
taxes received by the depositary from such employer a depositary receipt for
withheld taxes (Form No. 410, Revised), hereinafter referred to as the depositary
receipt. The prescribed form of depositary receipt is shown as Exhibit B, Re-
vised, of this circular."
A copy of "Exhibit B, Revised" is attached hereto.
D. W. Bell,
Acting Secretary of the Treasury.
REPORT OF THE SECRETARY OF THE TREASURY
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514
REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 61
An act to amend the act approved March 2, 1895, as amended, relating to surety bonds
[Public Law 275, 78th Cong., S. 1647]
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That section 5 of the Act of Congress approved
March 2, 1895 (28 Stat. 807), as amended by an Act approved March 8, 1928 (45
Stat. 247), is further amended by inserting in the third line of the proviso as it
appears on page 247 of volume 45 of the United States Statutes at Large, after
the word "emplo.vees" the following: "officers and employees of other civilian
agencies of the United States and bonded officers and enlisted men of the Army,
Navy, Marine Corps, and Coast Guard."
Approved March 31, 1944.
Exhibit 62
Agreement for payment by Finland of postponed 'payments of amounts payable during
the period from January 1, 1941, through December 31, 19^2
Agreement, Made the 14th Day of October, 1943, at the City of Wash-
ington, District of Columbia, Between the Government of the Republic
OF Finland, Hereinafter Called Finland, Party of the First Part, and
THE Government of the United States of America, Hereinafter Called
the United States, Party of the Second Part
Whereas under the terms of the debt funding agreement between Finland and
the United States, dated May 1, 1923, the agreement between Finland and the
United States, dated May 23, 1932, and the agreement between Finland and the
United States, dated May 1, 1941, there was payable by Finland to the United
States during the period from January 1, 1941 to December 31, 1942, inclusive,
in respect of the indebtedness of Finland to the United States, the following
amounts:
Date payable
Funding agreement of
May 1, 1923
Principal
Interest
Agreement of
May 23, 1932
Agreement of
May 1, 1941
Total
June 15, 1941,
Dec. 15, 1941.
June 15, 1942.
Dec. 15, 1942_
Total..
$79, 000
82, 000
$139, 037. 50
139, 037. 50
137, 655. 00
137, 655. 00
$19, 030. 50
19, 030. 50
19, 030. 50
19, 030. 50
$13, 695. 06
13, 695. 06
13, 695. 06
13, 695. 06
$171,763.06
250, 763. 06
170, 380. 56
252, 380. 56
161, 000
553, 385. 00
76, 122. 00
54, 780. 24
845, 287. 24
composing an aggregate amount of indebtedness of $845,287.24 postponed by
Finland under the aforementioned agreements; and
Whereas section 1 of the joint resolution of the Congress of the United States,
approved June 12, 1941 (Public Law 110, 77th Congress), provides:
"That the Republic of Finland, at its option, may postpone the payment of
amounts payable to the United States of America during the period from January 1,
1941, to December 31, 1942, inclusive, under the agreements between that Repub-
lic and the United States of America dated May 1, 1923, May 23, 1932, and May 1,
1941. In the event of the exercise of the option granted in this section the Secre-
tary of the Treasury is authorized to make, on behalf of the United States of
America, an agreement with the Republic of Finland for the payment of the post-
poned amounts in forty semiannual installments, the first two such installments
to be paid during the calendar year beginning January 1, 1945, and two to be paid
during each of the nineteen calendar years following: Provided, That the amounts
postponed shall not bear any interest beyond the dates when such amounts first
become payable under the above-mentioned agreements."
REPORT OF THE SECRETARY OF THE TREASURY 515
Whereas Finland has exercised its option under such joint resolution to post-
pone the payment of the above-mentioned aggregate amount of $845,287.24,
payable by Finland to the United States during the period from January 1, 1941
to December 31, 1942, inclusive;
Now, therefore, in consideration of the premises and of the mutual coveiiants
herein contained, it is agreed as follows:
1. Payment of the aggregate amount of $845,287.24, payable by Finland to the
United States during the period from January 1, 1941, to December 31, 1942,
inclusive, in respect to the indebtedness of Finland to the United States, according
to the terms of the aforementioned agreements, is hereby postponed so that the
amount of $845,287.24 shall be paid by Finland to the United States in twenty
equal annuities of $42,264.36 each, payable in United States dollars in equal semi-
annual installments on June 15 and December 15 of each calendar year beginning
January 1, 1945, and concluding with the calendar year beginning January 1, 1964.
The "respective amounts postponed, which compose the aggregate amount of
$845,287.24 postponed under this agreement, shall not bear any interest beyond
the date when such amounts first become payable under the agreements between
Finland and the United States dated May 1, 1923, May 23, 1932, and May 1,
1941. The bonds dated December 15, 1922, numbered 9, matured December 15,
1931, in the principal amount of $55,000; 18, matured December 15, 1940, in the
principal amount of $76,000; 19, matured December 15, 1941, in the principal
amount of $79,000; and 20, matured December 15, 1942, in the principal amount
of $82,000, and delivered by Finland to the United States under the agreement of
May 1, 1923, shall be retained by the United States until the annuities due under
this agreement shall have been paid.
2. Except so far as otherwise expressly provided in this agreement, payments
of annuities under this agreement shall be subject to the same terms and condi-
tions as payments under the agreement of May 1, 1923, above mentioned. The
proviso in paragraph 2 of such agreement, authorizing the postponement of pay-
ments on account of principal, and the option of Finland provided for in para-
graph 4, to pay in obligations of the United States, shall not apply to annuities
payable under this agreement.
3. The agreements of May 1, 1923, May 23, 1932, and May 1, 1941, between
Finland and the United States, above mentioned, shall remain in all respects in
full force and effect except so far as expressly modified by this agreement.
4. Finland and the United States, each for itself, represents and agrees that
the execution and delivery of this agreement have in all respects been duly author-
ized and that all acts, conditions, and legal formalities which should have been
completed prior to the making of this agreement have been completed as required
by the laws of Finland and the United States, respectively, and in conformity
therewith.
5. This agreement shall be executed in two counterimrts, each of which shall
have the force and effect of an original.
In witness whereof, Finland has caused this agreement to be executed on its
behalf by its Envoy Extraordinary and Minister Plenipotentiary at Washington,
thereunto duly authorized, and the United States has likewise caused this agree-
ment to be executed on its behalf by the Secretary of the Treasury, pursuant to
a joint resolution of Congress approved June 12, 1941, all on the day and year
first above written.
THE REPUBLIC OF FINLAND
By Hj. J. Procope
Envoy Extraordinary and Minister Plenipotentiary
THE UNITED STATES OF AMERICA
By D. W. Bell
Acting Secretary oj the Treasury
516 REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 63
Letter of the Postmaster General to the Secretary of the Treasury, dated December 5,
1944, certifying extraordinary expenditures contributing to the deficiencies of postal
revenues for the fiscal year 1944, in pursuance of Public No. 316, approved June 9,
1930 (46 Stat. 623)
Washington, D. C, December 5, 1944-
The Honokable the Secretary of the Treasury.
My Dear Mr. Secretary: Pursuant to the provisions of the act of June 9,
1930 (39 U. S. C. 793), 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, 1944, as determined under our present system of estimating, are
certified to you in order that they may be separately classified on the books of the
Treasury Department:
(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. $124,649,269.00
Postage - $102,945,096
Registry fees, including surcharges. 21,604, 173
(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 - $1 , 047, 560
2. By others under the franking privilege. 21,935 1,069,495.00
(c) The estimated amount which would have been collected during the jear at regular
rates of postage on publications going free in the county 587,482.00
(d) The estimated amount which would have been collected at regular rates of postage on
matter mailed free to the blind during the year 78,854.00
(e) The estimated difference between the postage revenue collected during the year on
mailings of newspapers and periodicals published by and in tlie interests of religious,
educational, scientific, philanthropic, agricultural, labor, and fraternal organizations, and
that which would have been collected at zone rates of postage - 354, 550.00
(f) The estimated excess during the year of the cost of aircraft service over the postage
revenues derived from air mail
Total - _. 126,639,650.00
Very truly j^ours,
Frank C. Walker,
Postmaster General
TABLES
517
EXPLANATION OF BASES USED IN TABLES
Figures in the following tables are shown on various bases, namely: (1) daily
Treasury statements, (2) Public Debt accounts, (3) warrants issued, (4) checks
issued, and (5) collections reported by collecting officers.
Daily Treasury statements. — The figures shown in the Daily Statement of the
United States Treasury are compiled from the latest daily reports received by the
Treasurer of the United States from Government depositaries and Treasury
offices holding Government funds. The daily Treasury statement, therefore, is
a current report compiled from latest available information, and, by reason of the
promptness with which the information is obtained and made public, it has come
into general use as reflecting the financial operations of the Government covering
a given period and the condition of the Treasury as it is ascertainable from day to
day. This is known as "current cash basis" according to daily Treasury state
ments. The current assets and liabilities of the Treasurer's accounts are also
available on this basis. The figures as shown in current daily Treasury statements
are the basis for the Budget estimates of receipts and expenditures, public debt,
and condition of the Treasury submitted to Congress by the President.
Public Debt accounts. — On account of the distance of some of the Treasury
offices and depositaries from the Treasury, it is obvious that the reports from all
offices 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 not practicable to delay the pul lication of the
daily Treasury statement in order to include the latest reports. It is necessary,
therefore, in order to exhibit the actual public debt receipts and expenditures for
any given fiscal year, to take into consideration those reports covering the trans-
actions toward the end of the fiscal year concerned which have not been received
in the Treasury until the succeeding fiscal j^ear, and to eliminate receipts and
expenditures relating to the preceding fiscal year. After taking into consideration
these reports the revised figures indicate the status of the public debt on the basis
of actual transactions during the period under review as reflected by the Public
Debt accounts. This is known as "the basis of Public Debt accounts."
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 by law, represents the formal covering of receipts into
the Treasury.
Certificates of deposit covering actual deposits in Treasury offices and deposi-
taries, upon which covering warrants are based, cannot reach the Treasury
simultaneously, and for that reason all receipts for a fiscal year cannot be covered
into the Treasury by warrants of the Secretary immediately upon the close
of that fiscal year. It is necessary to have all certificates of deposit before a
statement can be issued showing the total receipts for a particular fiscal year on a
warrant basis. The figures thus comjjiled and contained in this report are on a
warrants issued basis. Table 2 (p. 526), for years prior to 1916, shows receipts
on this basis.
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 tlie 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
519
520 REPORT OF THE SECRETARY OF THE TREASURY
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
include unexpended balances to the credit of the disbursing officers.
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 balances 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
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 17 (p. 591) shows expenditures on this basis.
Collections reported by collecting officers (receipts). — Statements showing
receipts on a collection basis are compiled from reports received by the various
administrative offices from collecting officers in the field, such as collectors of
internal 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 Treas-
urer of the United States, which depositary renders a report to the Treasurer.
The reports of the collecting officers and the depositaries do not, of course, coin-
cide, 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. Table
8 (p. 565) shows 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 and special accounts, as contrasted with
those effected through trust accounts. This classification was first shown for
the warrants and checks-issued bases and op the daily Treasury statements
beginning with the July 1, 1933, 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 combined for purposes of historical comparison.
A brief general explanation of the three classes of accounts is presented below.
General accounts. — The principal sources of general account receipts are
income taxes, miscellaneous internal revenue, social security taxes, taxes upon
carriers and their employees, 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 applicable to public debt
retirement), sale of surplus and condemned property, Panama Canal tolls, fees
(including consular and passport fees), fines, penalties, forfeitures, rentals, royal-
ties, reimbursements, immigration head tax, sale of public land, seigniorage on
coinage of subsidiary silver and minor coins, etc. Moneys represented in the
general accounts may be withdrawn from the Treasury only in pursuance of
appropriations made by Congress. There are five classes of appropriations
payable through the general accounts of the Treasury, namely: (a) Annual,
being those which are available for incurring obligations only during a specified
fiscal year; (b) multiple-year, being those which are available for incurring obliga-
tions for a definite period in excess of one fiscal year; (c) continuing (no year),
being available for incurring obligations until exhausted or until the object for
which afpropriated has been accomplished; (d) permanent-specific, being fixed
amounts provided for each of a .series of years by permanent legislation, without
annual action of Congress; and (e) permanent-indefinite, being indefinite amounts
(so much as may be necessary) provided by permanent legislation Mithout annual
action of Congress, such as the indefinite appropriation to cover interest on the
public debt.
REPORT OF THE SECRETARY OF THE TREASURY 521
A statement of general account 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 more important
items of receipts included under this heading, from the standpoint of amounts
other than those applicable to the retirement of the public debt are the reclamation
fund and receipts under the Mineral Leasing Act under the Department of the
Interior, the national forest funds under the Department of Agriculture, war
contributions, and deposits for defense aid under lend-lease legislation. There
are many other special account receipts of lesser importance.
Trust accounts. — Trust account receipts represent moneys received by the
Goverrmient for the benefit of individuals or classes of individuals and are used
for purposes specified in the trust. 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 accounts
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; (c) proceeds of grants from the general 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; (d) de-
posits, donations, or contributions for specified purposes, such as funds received
for the purchase of lands in the national parks; and (e) deposits to be held until
appropriate disposition thereof can be made, such as proceeds from the redemp-
tion of bonds found and whose owners are unknown.
Checking accounts of Government corporations. — The manner in which certain
checking accounts of Government corporations are handled in the daily state-
ment of the Treasury was explained in the announcement appearing on page 347
of the annual report for 1938.
522
REPORT OF THE SECRETARY OF THE TREASURY
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523
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REPORT OF THE SECRETARY OF THE TREASURY
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525
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526
REPORT OF THE SECRETARY OF THE TREASURY
[On basis of warrants issued from 17
Table 2. — Receipts and expenditures
to 1915, and on basis of daily Treasury statements for 1916 and sub
1930. Trust accounts excluded for 1931 and subse
«
Receipts
Ex
Year
Customs
(including
tonnage tax)
Internal revenue
Other
receipts ■
Total
receipts 3
War Depart-
ment (includ-
ing rivers and
harbors, and
Panama Canal) <
Income and
profits taxes
Other
1789 91
$4, 399, 473
3, 443, 071
4, 255, 307
4,801,065
5, 588, 461
6, 567, 988
7, 549, 650
7, 106, 062
6, 610, 449
9, 080, 933
10, 750, 779
12, 438, 236
10, 479, 418
11,098,565
12, 936, 487
14, 667, 698
15, 845, 522
16,363,551
7, 296, 021
8, 583, 309
13, 313, 223
8, 958, 778
13, 224, 623
5, 998, 772
7, 282, 942
36, 306, 875
26, 283, 348
17, 176, 385
20, 283, 609
1,5,005,612
13,004,447
17,589,762
19, 088, 433
17, 878, 326
20,098,713
23, 341, 332
19, 712, 283
23, 205, 524
22, 681, 966
21,922,391
24, 224, 442
28, 465, 237
29, 032, 509
16, 214, 957
19,391,311
23, 409, 941
11,169,290
16, 158, 800
23, 137, 925
13, 499, 502
14, 487, 217
18, 187, 909
7, 046, 844
26,183,571
27,528,113
26, 712, 668
23. 747. 865
31,757,071
28, 346, 739
39, 668, 686
49, 017, 568
47, 339, 327
58. 931. 866
64, 224, 190
53, 025, 794
64,022,863
$19, 440
17, 946
59, 910
356, 750
188,318
1, 334, 252
563, 640
150, 076
157, 228
958, 420
1, 136, 519
1, 935. 659
369, 500
676, 801
602, 459
872. 132
539, 446
688, 900
473, 408
793, 475
1, 108, 010
837, 452
1,111,032
3, 519, 868
3, 768, 023
6, 246, 088
4, 137, 601
3, 4.53, 516
4, 090, 172
2, 768, 797
1, 499, 905
2, 575, 000
1, 417, 991
1, 468, 224
1, 716, 374
1,897,512
3, 234, 195
1, 540, 654
2, 131, 158
2, 909, 564
4, 295, 445
3, 388, 693
4, 913, 1.59
5, 572, 783
16,028,317
27,416,485
13. 779, 369
10, 141, 295
8, 342, 271
5, 978, 931
2, 369, 682
1, 787, 794
1, 255, 755
3, 136, 026
2, 438, 476
2, 984, 402
2, 747, 529
3, 978, 333
2, 861, 404
3, 934, 753
3, 541, 736
2, 507, 489
2, 655, 188
• 9, 676, 151
12, 324, 781
10, 033, 836
$4, 418, 913
3, 669, 960
4, 652, 923 j
5, 431, 905
6,114,534
8,377,530
8,688,781
7,900,4961
7,546,813
10,848,749
12,935,3311
14,995,794!
U, 064, 098
11, 826, 307
13, 560, 693
15, 559, 931
16,398,019
17, 060, 662
7,773,473!
9,384,215;
14,423,529:
9,801,133;
14,340,410
11,181,625;
15, 729, 024
47, 677, 671
33. 099, 050
21, 585, 171
24, 603, 375
17, 880, 670
14, 573, 380
20, 232, 428
20, 540, 666
19, 381, 213
21, 840, 858
25, 260, 434
22, 966, 364
24, 763, 630
24, 827, 627
24, 844, 116
28, 526, 821
31, 865, 561
33, 948, 427
21, 791, 936
35, 430, 087
50, 826, 796
24, 954, 153
26, 302, 562
31, 482, 749
19, 480, 115
16, 860, 160
19, 976, 198
8, 302, 702
29, 321, 374
29, 970, 106
29, 699, 967
26, 495, 769
35, 735, 779
31, 208, 143
43, 603, 439
52, 559, 304
49, 846, 816
61, 587, 054
73, 800, 341
65, 350, 575
74, 056, 699
$632, 804
1, 100, 702
1, 130. 249
2, 639, 098
2, 480, 910
1, 260, 264
1, 039, 403
2, 009, 522
2, 406, 947
2, 560, 879
1, 672, 944
1, 179, 148
822, 056
875. 424
712,781
1, 224, 3.55
1, 288, 686
2, 900, 834
3, 345, 772
2, 294, 324
2, 032, 828
11,817,798
19,652,013
20, 350, 807
14, 794, 294
16, 012, 097
8. 004, 237
5,622,715
6, 506, 300
2, 630- 392
4, 46i; 292
3,111,981
3, 096, 924
3, 340, 940
3, 659, 914
3, 943, 194
3,938,978
4, 145, 545
4, 724, 291
4, 767, 129
4, 841, 836
.5, 446, 035
6, 704, 019
5, 696, 189
5, 759, 157
12, 169, 227
13,682,734
12, 897, 224
8, 916, 996
7,097,070
8, 805, 565
6,611,887
2, 957. 300
5, 179, 220
.5, 752. 644
10, 792, 867
38, 305, 520
25,501,903
14, 852, 966
9, 400, 239
11,811,793
8, 225, 247
9, 947, 291
11,733,629
14, 773, 826
16, 948, 197
1792
$208, 943
337, 706
274, 090
3.37, 755
475, 290
575, 491
644, 358
779, 136
809, 306
1, 048, 033
621, 899
215, 180
50, 941
21, 747
20, 101
13, 051
8,211
4,044
7,431
2,296
4,903
4,755
1,662,985
4, 678, 059
5,124,708
2, 678, 101
955, 270
229, 594
106, 261
69, 028
67, 666
34, 242
34, 663
25, 771
21, 590
19, 886
17, 452
14, 503
12, 161
6, 934
11,631
2,759
4,196
10, 459
370
5,494
2,467
2, 553
1,682
3, 261
49f
103
1,777
3,517
2,897
37.'-
375
1793
1704
1795
1796
1797
17og
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843 1
1844
1845
1846
1847
1848
1849
1850
1851
1859
1853
1854
1855
1856.
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
527
for the fiscal years 1789 through 1944 '
sequent years, see p. 519. General, special, emergency, and trust accounts combined from 1789 through
quent years. For explanation of accounts, see p. 520]
penditures, excluding debt retirements
Navy Depart-
ment *
$570
53
61,409
410,562
274, 784
382, 632
1,381,348
2, 858, 082
3,448,716
2,111,424
915,562
1,215,231
1,189,833
1, 597, 500
1,649,641
1,722,064
1,884,068
2, 427. 759
1, 654, 244
1,965,566
3, 959, 365
6, 446, 600
7,311.291
8, 660, 000
3, 908. 278
3, 314, 598
2, 953, 695
3, 847, 640
4, 387, 990
3, 319, 243
2, 224, 459
2, 503, 766
2, 904, 582
3, 049, 084
4,218,902
4, 263, 877
3,918,786
3, 308, 745
3, 239, 429
3, 856, 183
3, 956, 370
3,901,357
3, 956, 260
3, 864, 939
5, 807, 718
6,646,915
6,131,596
6, 182, 294
6, 113, 897
6,001,077
8, 397, 243
3,727,711
6, 498, 199
6, 297, 245
6, 454, 947
7, 900, 636
9, 408, 476
9, 786, 706
7, 904, 709
9, 005, 931
8, 952, 801
10,918,781
10, 798, 586
13,312,024
14, 091, 781
Interest on
the public
debt
$2, 349, 437
3,201,628
2, 772. 242
3, 490. 293
3,189,15]
3,195,0.55
3, 300. 043
3, 0.53. 281
3, 186, 288
3, 374, 705
4,412,913
4.125,039
3, 848, 828
4, 266, 583
4, 148,
3, 723, 408
3, 369, 578
3,428,153
2, 866, 075
2, 845, 428
2, 465, 733
2,451,273
3, 599, 455
4, 593, 239
5, 7.54, 569
7,213,259
6,389,210
6,016,447
5, 163, 538
5,126,097
5, 087, 274
5,172,578
4, 922, 685
4, 996, 562
4, 366, 769
3, 973, 481
3, 486, 072
3, 098, 801
2, 542, 843
1, 913, 533
1,383,583
772, 562
303, 797
202, 153
57, 863
14,997
399, 834
174, .598
284, 978
773, 550
523, 595
1, 833, 867
1,040,032
842. 723
1,119,215
2, 390, 825
3, 565, 578
3, 782. 331
3, 696, 721
4, 000, 298
3, 665, 833
3,071,017
2,314,375
1, 953, 822
All other 6
$1,286,216
777,149
579, 822
800. 039
1,459,186
996, 883
1,411,556
1,232.353
1,155,138
1,401,775
1,197,301
1,642,369
1,965,538
2, 387. 602
4. 046, 954
3, 206, 213
1, 973, 823
1,719,437
1,641,142
1,362, ,514
1,594,210
2, 052, 335
1, 983, 784
2, 465, 589
3, 499, 276
3, 453, 057
4, 135, 775
5, 232, 264
5, 946, 332
6,116,148
2, 942, 944
4, 491, 202
4, 183, 465
9, 084, 624
4, 781. 462
4, 900, 220
4, 450, 241
5,231,711
4, 627, 454
5, 222. 975
5, 166, 049
7,113,983
12, 108, 379
8, 772, 967
7, 890, 854
12,891,219
16,913,847
14, 821, 242
11,400,004
10,932,014
11,474,253
9, 423, 081
4, 649, 469
8, 826, 285
9, 847, 487
9, 676, 388
9, 956, 041
8, 075, 962
16, 846, 407
18, 456, 213
2.3, 194, 572
23,016,573
23, 652, 206
32.441,630
29, 342, 443
36, 577, 226
Total expend-
itures, exclud-
ing debt re-
tirements
.$4, 269, 027
5,079,532
4,482.313
6, 990, 839
7, 539, 809
5, 726, 986
6, 133, 634
7, 676. 504
9, 666, 455
8,156,510
8. 058, 337
20, 280, 771
31,681,852
34, 720, 926
32, 708, 139
30, 586, 691
21, 843, 820
19. 825, 121
21, 463, 810
18, 260, 627
15,810,753
15,000,220
14, 706. 840
20, 326, 708
15, 857, 229
17,035,797
16, 139, 168
16,394,843
15, 203, 333
15, 143, 066
15,247,651
17, 288, 950
23, 017, 552
18, 627, 569
17, 572, 813
30,868,164
37, 243, 496
33, 865, 059
26, 899, 128
39, 543, 492
47,709,017
44, 194, 919
48,184,111
58, 044, 862
59, 742, 668
69,571,026
Statutory
debt retire-
ments (sink-
ing fund, etc.)
Surplus or deficit ( — )
Gross (includ-
ing debt retire-
ments)
-1, 409, 572
170,610
-1,558,934
-1,425,275
2, 650, 544
2, 555, 147
223, 992
-2,119,642
62, 674
3, 540, 749
7, 133, 676
3, 212, 445
3, 106, 865
3, 054, 459
5, 756, 314
8, 043, 868
7,128,170
-2,507,275
1,227,705
6, 365. 192
-10,479,638
-17,341.442
-23, 539, 301
-16,979,115
17, 090, 980
11,2,5.5,230
1, 760, 050
3, 139, 565
-379, 957
-1,237,373
5, 232, 208
5, 833, 826
-945, 495
5, 983, 629
8, 224, 637
6, 827, 196
8, 368, 78'
9, 624, 294
9,701,050
13, 279, 170
14,576,611
10, 930, 875
3, 164, 367
17, 857, 274
19, 958, 632
-12,289,343
-7,562,497
4, 583, 621
-4, &37, 464
-9,705,713
-5,229,563
-3, 555, 373
6, 983, 803
7, 032, 698
1,933,042
-30, 785, 643
-9, 641, 447
-13,843,514
4, 059, 947
4, 850. 287
5, 651, 897
13, 402, 943
15, 755, 479
5,607,907
4,485,673
Net (exclud-
ing debt re-
tirements)
$149,886
-1, 409, 572
170.610
-1,5.58,934
-1.425,275
2, 650, 544
2, 555, 147
223, 992
-2,119,642
62, 674
3, 540, 749
7,133,676
3,212,445
3, 106, 865
3, 054, 459
5, 756, 314
8, 043, 868
7,128,170
-2, 507, 276
1,227,705
6, 365, 192
-10,479,638
-17,341,442
-23,539,301
-16,979,115
17, 090, 980
11,255,230
1,760,050
3, 139, 565
-379,957
-1,237,373
5, 232, 208
5, 833, 826
-945, 495
5, 983, 629
8, 224, 637
6,827,196
8, 368, 787
9, 624, 294
9,701,050
13,279,170
14,576,611
10, 930, 875
3,164,367
17, 857, 274
19, 9.58, 632
-12,289.343
-7,562,497
4, 583, 62
-4, 837, 464
-9, 705, 713
-5,229,563
-3.5.55,373
6, 983, 803
7, 032, 698
1.933,042
-30,785,643
-9. 641, 447
-13,843,514
4. 059. 947
4, 850, 287
5. 651. 897
13,402,943
1.5.755,479
5, 607, 907
4, 485, 673
528 REPORT OF THE SECRETARY OF THE TREASURY
Table 2. — Receipts and expenditures
Receipts
Ex
Year
Customs
(including
tonnage tax)
Internal
revenue
Other
receipts '
Total
receipts »
War Depart-
ment (includ-
ing rivers and
harbors, and
Panama Canal) *
Income and
profits taxes
Other
1857
$63, 875, 905
41, 789, 621
49, 665, 824
53, 187, 612
39, 582, 126
49, 056, 398
69, 059, 642
102, 316, 153
84, 928, 261
179, 046, 652
176,417,811
164, 464, 600
180, 048, 427
194, 538, 374
206, 270, 408
216, 370, 287
188, 089, 523
163, 103, 834
157, 167, 722
148, 071, 985
130. 956, 493
130, 170, 680
137,250,048
186, 522, 064
198, 159, 676
220, 410, 730
214, 706, 497
195, 067, 490
181,471,939
192, 905, 023
217, 286, 893
219,091,174
223, 832, 742
229, 668, 585
219, 522, 205
177,452,964
203,3.55,017
131,818,531
152, 158, 617
160, 021, 752
176, 554, 127
149, 575, 062
206, 128, 482
233, 164, 871
238, 585, 456
254. 444, 708
284, 479, 582
261, 274, 565
261, 798, 857
300, 251, 878
332, 233, 363
286, 113, 130
300.711,934
333, 683, 445
314. 497, 071
311,321,672
318, 891, 396
292, 320, 014
209, 786, 672
213, 185, 846
225, 962, 393
179. 998, 385
184, 457, 867
322. 902, 650
308, 564. 391
356. 443, 387
561. 928, 867
i 545. 637, 504
$5, 089, 408
4, 865, 745
3,920,641
2, 877, 096
1, 927, 805
2, 931, 058
5, 996, 861
52, 569, 484
39, 322, 129
69, 759, 155
48, 188, 662
50, 085, 894
32, 538, 859
31,817,347
33, 955, 383
27, 094, 403
31, 919, 368
39, 465, 137
20, 824, 835
29, 323, 148
31.819,518
17,011,574
23. 015, 526
22, 995, 173
27, 358. 231
36. 616. 924
38, 860, 716
31, 866, 307
29.720,041
26, 728; 767
35, 292, 993
35, 878, 029
32, 335, 803
30, 805, 693
27, 403, 992
23, 513, 748
21, 436, 988
27, 425, 552
29, 149, 130
31, 357, 830
24, 479, 004
84, 845, 631
36, 394, 977
38, 748, 054
41,919,218
36. 153, 403
46,591.016
46. 908, 401
48. 380. 087
45. 582, 355
63, 960, 250
64, 037, 650
57, 395, 920
51, 894, 751
64. 806. 639
59, 675. 332
60. 802, 868
62, 312, 145
72. 454. 509
56, 646, 673
88. 996, 194
298, 550. 168
652. 514, 290
966, 631. 164
719, 942, 589
539. 407. 507
820, 733, 853
671, 250, 162
$68, 965, 313
46, 655, 366
53, 486, 465
56, 064, 608
41,509,931
51, 987, 456
112,697,291
264. 626, 771
333, 714, 605
558. 032. 620
490, 634, 010
405, 638, 083
370, 943, 747
411,255,477
383, 323. 945
374, 106, 868
333, 738, 205
304, 978, 756
288,000,051
294, 095, 865
281,406,419
257, 763, 879
273,827,185
333,526.611
360, 782, 293
403, 525, 250
398, 287. 582
348, 519, 870
323. 690, 706
336, 439. 726
371,403,277
379, 266, 075
387, 050, 059
403, 080. 984
392. 612. 447
354. 937, 784
385, 819, 629
306, 355, 316
324, 729, 419
338, 142, 447
347, 721. 705
405, 321, 335
515. 960. 621
567, 240, 852
587, 685, 338
562, 478, 233
561, 880. 722
541,087,085
544, 274, 685
594. 984, 446
665. 860. 386
601,861,907
604, 320, 498
675,511.715
701,832,911
692. 609. 204
724.111.230
734, 673. 167
697, 910. 827
782, 534. 548
1. 124. 324. 795
3, 664, 582. 865
5, 152, 257, 136
6, 694, 565, 389
5. 624. 932. 961
4. 109. 104. 151
4. 007, 135, 481
4,012,044,702
$19,261,774
'25,485.383
23, 243, 823
16, 409, 767
22, 981, 150
394, 368. 407
599, 298, 601
690,791,843
1, 031, 323, 361
284, 449, 702
95, 224, 415
123, 246. 648
78, 501, 991
57,655,676
35, 799, 992
35, 372, 157
46, 323, 138
42, 313, 927
41, 120, 646
38, 070. 889
37. 082. 736
32, 154, 148
40, 425, 661
38.116,916
40, 466, 461
43, 570, 494
48,911,383
39, 429. 603
42, 670, 578
34, 324, 153
38, 561, 026
38, 522, 436
44, 435, 271
44, 582, 838
48, 720, 065
46, 895, 456
49, 641. 773
54, 567, 930
51, 804, 759
50. 830. 921
48, 950. 268
91.992.000
229, 841, 254
134, 774, 768
144,61.5,697
112,272.216
118. 629. 505
165,199.911
126. 093. 894
137, 326, 066
149. 775, 084
175. 840, 4.53
192, 486, 904
189, 823. 379
197, 199, 491
184, 122, 793
202,128,711
208, 349, 746
202. 160, 134
183, 176, 439
377, 940, 870
4. 869, 955, 286
9, 009, 075, 789
1, 621. 953, 095
1,118,076,423
457, 756, 139
397. 050, 596
357, 016, 878
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
$2, 741, 858
.20,294,732
60, 979, 329
72, 982, 159
66, 014, 429
41,455,598
34, 791, 856
37. 775, 874
19, 162. 651
14, 436, 862
5, 062, 312
139, 472
233
588
98
$34, 898, 930
89, 446, 402
148, 484, 886
236. 244, 654
200, 013, 108
149, 631, 991
123, 564, 605
147, 123. 882
123, 935, 503
116,205,316
108, 667, 002
102, 270, 313
110,007,261
116,700,144
118,6.30,310
110,581,625
113,561,611
124, 009, 374
135, 261, 364
146, 497. 596
144, 720, 369
121, 530, 445
112,498,726
116,805,936
118,82.3,391
124, 296, 872
130, 881, 514
142, 606, 706
145, 686, 250
153,971,072
161. 027, 624
147,111,233
143, 344, 541
146, 762, 865
146, 688, 574
170, 900, 642
273. 437, 162
295, 327, 927
307, 180, 664
271, 880, 122
230, 810. 124
232.904.119
234. 095, 741
249, 150, 213
269, 666, 773
251,711.127
246, 212, 644
268, 981, 738
289,012.224
293. 028, 896
309, 410, 666
308, 659, 733
335, 467, 887
387, 764, 776
449, 684, 980
872, 028, 020
1, 296, 501, 292
1, 460. 082, 287
1. 390. 379. 823
1,145,12.5,064
945. 865, 333
953, 012, 618
1879
1880
1881...
1882
3,022
1883
1884
1885
55, 628
1885
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
77, 131
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915.
1916.
1917.
1918
1919
1920...
1921
1922
1923
1924
20, 951, 781
33, 516, 977
28, 583, 304
35, 006. 300
71.381,275
80. 201, 759
124, 937, 253
359. 681. 228
2, 314, 006. 292
3, 018, 783, 687
3, 944. 949, 288
3, 206. 046, 158
2, 068. 128, 193
1, 678, 607. 428
1, 842, 144, 418
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY 529
j'or the fiscal years 1789 through 1944 ' — Continued
penditures, excluding debt retirements
Navy Depart-
ment *
Interest on
the public
debt
$12,747,977
13,984.551
14,642,
11.514,965
12, 420, 888
42, 668, 277
63,221.964
85, 725, 995
122,612.945
43,324,118
31,034,011
25, 775, 503
20, 000, 758
21, 780, 230
19,431,027
21,249,810
23, 526, 257
30, 932, 587
21,497,626
18,963,310
14. 959, 935
17, 365, 301
15, 125, 127
13, 536, 985
15, 686, 672
15,032,046
15, 283, 437
17, 292, 601
16,021.080
13, 907, 888
15. 141. 127
16, 926. 438
21, 378, 809
22, 006, 206
26,113,
29, 174, 139
30,136,084
31,701,294
28,797,^'"
27, 147, 732
34,561.546
58, 823, 985
63, 942, 104
55, 953, 078
60, 506, 978
67. 803. 128
82, 618, 034
102. 956. 102
117. 650, 308
110,474,264
97, 128, 469
118,037,097
115,546,011
123,
119,
135,
133.
139,
141,
153,
239.
1. 278.
2, 002.
173, 717
937, 644
591,956
262, 862
682, 186
835. 654
853, 567
632. 757
840, 487
310, 785
736,021.456
650, 373, 836
476,775,194
333, 201, 362
332, 249, 137
$1,678,265
1.567.056
2, 638, 464
3. 177, 315
4,000, 174
13, 190, 325
24, 72fl, 847
53, 685, 422
77,397,712
133,067,742
143,781,692
140,424,046
130, 694, 243
129, 235, 498
125, 576, 566
117,357,840
104, 750, 688
107, 119.815
103, 093, 545
100, 243, 271
97, 124, 512
102, 500. 875
105, 327, 949
95, 757, 575
82, 508, 741
71, 077, 207
59, 160, 131
54, 578, 379
51, 386, 256
50, 580, 146
47,741,577
44,715,007
41, 001, 484
36, 099, 284
37,547,135
23,378,116
27, 264, 392
27,841.406
30, 978, 030
35, 385, 029
37,791,110
37, 585, 056
39, 896, 925
40, 160, 333
32, 342, 979
29, 108, 045
28, 556, 349
24, 646, 490
24. 590, 944
24, 308, 576
24,481,158
21,426.138
21,803,836
21,342,979
21.311.334
22, 616, 300
22. 899. 108
22. 863, 957
22, 902, 897
22, 900, 869
24, 742, 702
189, 743, 277
619. 215, 569
1,020,251,622
999, 144, 731
991,000,759
1,055,923,690
940,602,913
All other «
$34,107,692
33,148,280
28, 545, 700
32, 028, 551
27,144,433
24.534,810
27,490.313
35,119,382
66,221,206
59, 967, 855
87, 502, 657
87, 894, 088
93. 668. 286
100,982,157
111,369,603
103, 538, 156
115,745,162
122, 267, 544
108,911,576
107,82.3.615
92.167.292
84. 944. 003
106, 069, 147
120, 231, 482
122,051,014
128,301,693
142, 053. 187
132, 825, 661
150, 149, 021
143, 670, 952
166, 488, 451
167, 760, 920
192, 473, 414
215, 352, 383
253, 392, 808
245, 575, 620
276, 435, 704
253,414,651
244,614,713
238,815,764
244,471,235
254, 967, 542
271,391,896
289, 972, 608
287,151,271
276, 050, 860
287, 202, 239
290, 857, 397
299, 043, 768
298, 093, 372
307, 744, 131
343, 892, 632
363, 907, 134
Total expend-
itures, exclud-
ing debt re-
tirements
359,
352.
347,
366,
364,
393.
374.
1, 335.
6, 358,
6, 884,
$67, 795, 70S
74, 185,270
69, 070, 977
63, 130, 598
66. 546, 645
474,761,819
714,740,725
865, 322, 642
1, 297, 555, 224
620,809.417
357, 642, 675
377. 340, 285
322, 865, 278
309, 653, 561
292,177,188
277, 517, 963
250, 345, 245
302, 633, 873
274, 623, 393
265,101,085
241,334,475
236, 964. 327
266, 947. 884
257, 642. 958
260, 712. 888
257,981,440
265, 408, 138
244,126,244
260, 226, 935
242, 483, 139
267, 932, 181
267. 924. 801
299, 288. 978
318,040,711
365, 773, 904
345. 023. 331
383. 477. 953
367, 525, 281
356, 195, 298
352. 179, 446
365, 774, 159
443, 368, 583
605, 072. 179
620, 860, 847
524, 616. 925
485, 234. 249
617, 006. 127
583. 659, 900
567, 278, 914
570, 202, 278
579, 128, 842
659, 196, 320
693. 743, 885
Statutory
debt retire-
ments (sink
ing fund, etc.)
693,
691,
689,
724,
735,
760,
734,
1, 977,
421 12. 696,
812 18.514,
617,065
201,512
881,334
511,963
081, 431
586, 802
056. 202
681. 751
702. 471
879. 955
3,025,117.668' 6,403,343,841
2, 348, 332, 700 5, 1 15. 927. 690
1,447,075.808 3.372,607,900
1. .508, 451, 881 ' 3, 294, 627, 529
1,418,809,0371 3,048,677,965
Surplus or deficit (— )
Gross (includ
ing debt retire-
ments)
$1, 134, 234
8,014,750
78, 746. 350
» 422, 281,500
422, 694, 600!
402,850,491
457, 999, 750]
$1,169,605
-27,529,904
-15,584,612
- 7,065,990
-25,036,714
-422, 774, 363
-602. 043. 434
-600. 695, 871
-963, 840, 619
37, 223. 203
133,091,335
28, 297, 798
48, 078. 469
101,601.916
91,146.757
96, 588, 905
43, 392. 960
2. 344. 883
13, 376, 658
28, 994, 780
40. 071, 944
20, 799, 652
6. 879. 301
65. 883, 653
100, 069, 405
145, 643. 810
132. 879, 444
104, 393, 626
63, 463, 771
93, 956, 587
103, 471, 096
111,341.274
87, 761, 081
85, 040. 273
26, 838, 643
9, 914. 453
2, 341, 676
-61, 169, 965
-33,465,879
-14,036,999
-18,052,454
-38,047,248
-89,111,558
46, 380, 005
63, 068, 413
77, 243. 984
44. 874, 595
-42,672.815
-23,004,229
24, 782, 168
86, 731, 544
-67,334,413
-89, 423, 387
-18,105,350
10,631,399
2. 727, 870
-400. 733
-408, 264
-62, 675, 976
48. 478, 346
-853,356,956
-9, 033, 253, 840
-13,370,637,569
212, 475, 198
86, 723, 771
313,801,661
309. 657. 461
605, 366, 987
Net (exclud-
ing debt re-
tirements)
$1,169,605
-27.629,904
-16,584,512
- 7,065,990
-25,036,714
-422,774,363
-602. 043, 434
-600,695,871
-963,840.619
37, 223, 203
133. 091. 335
28. 297, 798
48, 078, 469
101,601,916
91,146.757
96, 588, 905
43, 392, 960
2,344.883
13, 376. 658
28, 994, 780
40,071,944
20, 799, 552
6, 879, 301
65, 883, 653
100, 069, 405
145, 543, 810
132,879,444
104, 393, 626
63, 463, 771
93, 956, 587
103,471,096
111,341,274
87, 761, 081
85, 040, 273
26, 838, 543
9,914,453
2,341,676
-61, 169, 965
-31,465,879
-14,036,999
-18,052,454
-38, 047, 248
-89,111.558
46, 380. 005
63, 068, 413
77, 243, 984
44, 874, 595
-42,572,815
-23, 004, 229
24, 782, 168
86, 731, 544
-57,334,413
-89,423,387
-18,105,350
10,631.399
2. 727. 870
-400, 733
-408, 264
-62, 675, 975
48, 478, 346
-853,356,956
-9,032.119,606
- 13.362.622.819
291,221,548
509, 005, 271
736, 496, 251
712. 507, 952
963, 366, 737
613185—45-
530
REPORT OF THE SECRETARY OF THE TREASURY
Table 2. — Receipts and expenditures
Receipts
Ex
Year
Customs
(including ^
tonnage tax)
Internal revenue
Other
receipts ^
Total
receipts '
War Depart-
ment (includ-
ing rivers and
harbors, and
Panama Canal)*
Income and
profits taxes
Other
1925
1926..
1927
1928
1929
1930
1931 ...
1932
1933...
1934
1935 -.
1936
1937
1938
1939 .-
1940
1941
1942
1943..
1944
$547, 561, 226
579, 430, 093
605, 499, 983
568, 986, 188
002, 262, 786
587, 000, 903
378, 354, 005
327, 754, 969
250, 750, 251
313,434,302
343, 353, 034
386,811,594
486, 356, 599
359, 187, 249
318,837,311
348, 590, 636
•391,870,013
388, 948, 427
324, 290, 778
431,252,168
$1, 760, 537, 824
1, 982, 040, 088
2, 224, 992, 800
2,173,952,557
2,330,711,823
2, 410, 986. 978
1, 860, 394, 295
1,057,335,853
746, 206, 445
817, 961, 481
1,099,118,638
1, 426, 57.5, 434
2,163,413,817
2,640.284,711
2, 188, 757, 289
2, 125, 324, 635
3, 469, 637, 849
7, 960, 464, 973
16, 093, 668, 781
34,654,851,852
$828, 638, 068
855, 599, 289
644, 421, 542
621, 018, 666
607, 307, 549
628. 308, 036
569, 386, 721
503, 670, 481
858, 217, 512
1,822,642,347
2, 178, 571, 390
2.086.276,174
2, IGS, 726, 286
2, 647, 033, 726
2, 469, 463. 558
2, 640, 097, 620
3, 230, 736, 400
4,163,799.712
4, 947. 297. 425
5, 770, 620, 418
$643,411,567
545, 686, 220
654,480,116
678, 390. 745
492, 968, 067
551, 645, 785
381,503,611
116,964,134
224, 522, 534
161,515,919
179, 424, 141
216,293,413
210, 343, 535
208, 155, 541
187, 765, 468
273,111,779
514, 967, 590
285, 848, 509
8 916, 385, 725
' 3,292, 202, 529
$3, 780. 148, 685
3, 962, 755, 690
4, 129, 394, 441
4, 042, 348, 156
4, 033, 250, 225
4,177,941,702
3, 189, 638. 632
2, 005, 725, 437
2, 079, 696, 742
3,115,554.050
3, 800, 467, 202
4,11,5,956,615
5, 028, 840, 237
5,854,661,227
5, 164, 823, 626
5. 387, 124, 670
7,607,211,852
12, 799, 061, 621
22, 281, 642, 709
44, 148, 920, 968
$370. 980, 708
364. 089, 945
369,114.122
400, 989, 683
425, 947, 194
464, 853, 51f
478,418,974
476, 305, 311
434, 620, 860
408, 586, 783
487, 995, 220
618, 587, 184
628, 104, 285
644, 263, 842
695, 256, 481
907, 160, 151
3, 938, 943, 048
14, 325, 508. 098
42, 525, 562, 523
49, 438, 330, 158
Figures are rounded to nearest dollar and will
Note. — For postal receipts and expenditures, see table 1;".
not necessarily add to totals.
1 From 1789 to 1842 the fiscal year ended Dec. 31 ; from 1844 to date, on June 30. Figures for 1843 are for a
half year, Jan. 1 to June 30.
2 Comprises railroad unemployment insurance contributions, proceeds of Government-owned securities,
Panama Canal tolls, etc., seigniorage, and other miscellaneous. For details of Panama Canal receipts,
see table 14.
' Total receipts are exclusive of net receipts under Title VIII of the Social Security Act. Amounts repre-
senting appropriations equal to "Social security taxes-Federal Insurance Contributions Act" collected and
deposited under sec. 201 fa) of the Social Security Act Amendments of 1939, less reimbursements to the
General Fund for administrative expenses, are deducted on the daily Treasury statement from total receipts.
Such amounts are reflected under trust account receipts as net appropriations to the Federal old-age and
survivors insurance trust fund.
REPORT OF THE SECRETARY OF THE TREASURY
for the fiscal years 1789 through 1944 ' — Continued
531
penditures, excluding debt retirements
Statutory
debt retire-
ments (sink-
ing fund, etc.)
Surplus or deficit (— )
Navy Depart-
ment *
Interest on
the public
debt
All other *
Total expend-
itures, exclud-
ing debt re-
tirements
Gross (includ-
ing debt retire-
ments)
Net (exclud-
ing debt re-
tirements)
$346, 142, 001
312,743,410
318,909,096
331, 335, 492
364, 561, 544
374, 165, 639
354,071,004
357, 517, 834
349, 372, 794
296, 927. 490
436. 265, 532
528, 882, 143
556. 674, 066
596,129,739
672, 722, 327
891,484,523
2,313.057,956
8, 579, 588, 976
20, 888, 349, 026
26, 537, 633, 877
$881, 806, 662
831, 937, 700
787,019,578
731. 764, 476
678, 330, 400
659, 347, 613
611,559,704
599, 276, 631
689, 365, 106
756, 617, 127
820, 926, 353
749. 396, 802
866, 384, 331
926, 280, 714
940, 539, 764
1. 040, 93.5, 697
1,110,692,812
1. 260, 085, 336
1,808,160,396
2, 608, 979, 806
$1, 464, 175, 961
1, 588, 840. 768
1, 498. 986, 878
1, 639, 175, 204
1, 830, 020, 348
1,941,902,117
2, 207, 466, 030
3. 102. 047, 362
2, 390, 186, 162
4, 548, 951, 854
5, 264, 688, 207
6, 768, 779, 293
6. 126. 246, 074
5, 072, 147. 863
6, 398, 573, 009
6, 158, 609, 335
5, 3 17, 936, 008
8, 231.402, 6S8
12.9,56.813.297
15, 158, 569, 373
$3,063,105,332
3,097,611,823
2, 974. 029, 674
3, 103, 264, 855
3, 298, 859, 486
3, 440. 268, 884
3, 651, 515. 712
4, 535, 147, 138
3, 863, 544, 922
6,011,083.2.54
7, 009, 875, 312
8, 665, 645, 422
8. 177, 408, 756
7, 238, 822, 158
8, 707, 091, 581
8. 998, 189. 706
12,710.629,824
32, 396, 585, 098
78, 178, 885, 241
93, 743, 513, 214
$466, 538, 114
487,376,051
519, 554, 845
540, 255. 020
549. 603, 704
553, 883, 603
440, 082, 000
412,629.750
461, 604, 800
3.59. 864, 093
573, 558, 250
403,240,150
103,971,200
65, 464. 9.50
58, 246, 450
129, 184, 100
64. 260, 500
94, 722, 300
3, 463, 400
1,650
$250, 505, 239
377, 767, 816
635. 809, 921
398, 828, 281
184, 787, 035
183,789,215
-901,959,080
-2, 942, 051, 451
-2,245,452,981
-3, 255, 393. 297
-3, 782, 966, 360
-4. 952, 9^:8, 957
-3, 252, 539, 719
-1,449.625,881
-3. 600, 514, 405
-3, 740. 249, 137
-5. 167. 678, 472
-19,692,245,777
-55. 900,705,932
-49,594,587,896
$717,043,353
865, 143, 867
1,155,364,766
939.083,301
734, 390, 739
737,672,818
-461, 877, 080
-2, 529, 421, 701
-1,783,848,181
- 2. 895, 529, 205
-3,209,408.110
-4, 549. 688. 807
-3. 148, 568, 519
- 1. 384, 160. 931
-3, 542. 267, 955
-3.611,065,037
-5.103,417,972
-19,597,523,477
-55. 897,242,532
-49,594,586,246
* Excludes civil expenditures under War and Navy Departments in Washington, to and including fiscal
year 1915. For details of Panama Canal expenditures, see table 14. Additional expenditures for "War
activities" are reflected in the column " All other." Complete expenditures for "War activities" are shown
in tablt) 4.
• Includes civil expenditures under War and Navy Departments in Washington, to and including fiscal
year 1915, and unavailable funds charged off under act of June 3, 1922 (42 Stat. 1592).
8 Receipts and public debt retirements for 1921 exclude $4,842,066.45 written oS the public debt Dec. 31,
1920. See note 4, p. 664.
' Beginning with the fiscal year 1932, tonnage tax has been covered into the Treasury as miscellaneous
receipts reflected in column "Other receipts."
8 Includes deposits resulting from the renegotiation of war contracts. Information regarding the amount
of such deposits is not available on the basis of daily Treasury statements. On the basis of covering war-
rants such deposits totaled $558,223,780.23 (revised) during the fiscal year 1943 and $2,235,383,011.57 during
the fiscal year 1944. Of the latter amount, $112,784,469.99 represents voluntary return of excessive profits
on renegotiated contracts.
532
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
561
Other receipts and expenditures tables
Table 6. — Receipts by major sources, fiscal years 1943 and 1944 ^
[Dollars in millions]
1943
1944
Increase or decrease
(-), 1944 over 1943
Percent of
total in-
crease in
Source
Amount
Percent
receipts
from gen-
eral and
special
accounts,
1944 over
1943
1. Internal revenue:
(1) Income and excess profits taxes:
Corporation:
Current taxes:
$4, 137. 0
4, 844. 0
61.1
-80.2
$4, 762. 7
8, 479. 4
109.9
+108. 9
$625. 7
3, 635. 4
48.8
+ 189. 1
15.1
75.0
79.9
2.8
Excess profits..
16.5
Declared value excess profits
Adjustment to daily Treasury
.2
+.9
Total current corporation
8,961.8
13,460.9
4, 499. 1
50.2
20.4
Back taxes:
Income
383.9
219.9
21.3
1.8
521.4
865. 8
27.1
.4
137.5
645.9
5.8
-1.4
35.8
293.7
27.2
-77.8
.6
Excess profits..
2.9
Declared value excess profits
Unjust enriciiment
(3)
Total back corporation
626.9
1,414.8
787.9
125.7
3.6
9, 588. 7
14, 875. 7
5, 287. 0
55.1
24.0
Individual:
Current taxes:
Income tax withheld :
Collections by Bureau of In-
ternal Revenue
Adjustment to daily Treas-
ury statement basis '.
686.0
7, 823. 4
+ 1,354.3
7,137.4
+1,354.3
1, 040. 4
32.4
+6.1
Total income tax withheld.
6S6. 0
9, 177. 8
8, 491. 8
1, 237. 9
38.6
Income tax not withheld:
Collections by Bureau of In-
ternal Revenue
5, 771. 0
-125.0
10, 253. 8
+163. 8
4, 482. 8
+288. 8
77.7
20.4
Adjustment to daily Treas-
+1 3
Total income tax not with-
held--
5, 646. 0
10,417.6
4,771.6
84.5
21.7
Total current individual .
B ack taxes
6, 332. 0
172.9
19, 595. 4
183.7
13, 263. 4
10.8
209.5
6.2
60.2
Total individual
6, 504. 9
19, 779. 2
13, 274. 3
204.1
60.3
Total income and excess profi ts taxes.
16, 093. 7
34, 654. 9
18, 561. 2
11.5.3
84.3
(2) Miscellaneous internal revenue:
Capital stock tax
328.8
414.5
33.0
1, 423. 5
915.3
45.2
380.7
473.5
37.7
1, 618. 0
988.4
50.8
51.9
59.0
4.7
194.5
73.1
.5.6
15.8
14.2
14.2
13.7
8.0
12.4
.2
Estatetax
.3
Gift tax.. .
(5)
Liquor taxes 5.. ...
.9
Tobacco and products taxes
Stamp taxes
.3
(3)
Manufacturers' excise taxes:
Gasoline... .
288.8
43.3
44.4
48.7
63.1
271.2
52.5
76.3
51.2
51.4
-17.6
9.2
31.9
2.5
-11.7
-6.1
21.2
71.8
5.1
-18.5
-. 1
Lubricating oils ... .
(^)
Automobiles, trucks, tires, tubes and
parts or accessories.
.1
E lectrical energy
w
Allother .
.1
Total manufacturers' excise taxes...
488.4
502.7
14.3
2.9
.1
Retailers' excise taxes .. . ..
165.3
225.2
59.9
36.2
.3
Footnotes at end of table.
613185—45 37
562
REPORT OF THE SECRETARY OF THE TREASURY
Table 6. — Receipts hy major sources, fiscal years 194S and 1944 ' — Continued
[Dollars in millions]
1943
1944
Increase or decrease
(-), 1944 over 1943
Percent of
total in-
crease in
Source
Amount
Percent
receipts
from gen-
eral and
special
accounts,
1944 over
1943
1. Internal revenue— Continued.
(2) Miscellaneous internal revenue — Con.
Miscellaneous taxes:
Telephone, telegraph, radio and
cable facilities, etc.-
$91. 2
67.0
87.1
82.6
154. 5
146.7
53.6
74.8
$141.3
90.2
153. 7
215.5
205.3
134.7
68.8
66.8
$50. 1
23. 2
66.6
132. 9
.50.8
- 12. 0
15.2
-8.0
54.9
34.6
76.5
160.9
32.9
-8.2
28.4
-10.7
0 2
Local telephone service -
1
Transportation of persons
3
Transportation of property
(i
Admissions.. ._ .
2
Use of motor vehicles and boats
Sugartax .__
-.1
. ]
All other, including repealed taxes * s.
(")
Total miscellaneous taxes
757.3
1, 076. 2
318.9
42.1
1.4
Total miscellaneous internal
revenue (collection basis)
Adjustment to daily Treasury
statement basis ..
4, 571. 1
-18.5
5, 353. 3
-62.3
782.2
-43. 8
17.1
3.6
-.2
Total miscellaneous internal
revenue (daily Treasury state-
ment basis)..
4, 552 6
5, 291. 0
738.4
16.2
3.4
(3) Employment taxes:
Employment by other than carriers:
Federal Insurance Contributions Act.
Federal Unemployment Tax Act
1, 130. 5
158. 4
1,292.1
179.9
161.6
21.5
14.3
13.6
.7
.1
Total.— .-
1, 288. 9
208.8
1, 472. 0
267.1
183.1
58.3
14.2
27.9
.8
Carriers and their employees. _ .
.3
Total employment taxes
1,497.7
1, 739. 1
241.4
16.1
1.1
Total internal revenue
22, 144. 0
10.3
324.3
41, 68.5. 0
12.1
431.3
19, 541. 0
1.8
107.0
88.2
17.5
33.0
88.7
2. Railroad unemployment insurance contributions. _
3. Customs..
(3)
.5
Total internal revenue taxes, railroad unemploy-
ment insurance, and customs ..
22, 478. 5
906. 1
42, 128. 4
3, 280. 1
19, 649. 9
2, 374. 0
87.4
262.0
89.2
4. Miscellaneous receipts ...
10.8
Total receipts, general and special accounts
Deduct: Net appropriation for Federal old-age and
survivors insurance trust fund .
23, 384. 6
1, 103. 0
45, 408. 4
1, 259. 5
22, 023. 8
156.5
94.2
14.2
100.0
Net receipts, general and special accounts
22, 281. 6
44, 148. 9
21 . 867. 3
98.1
Note.— Dollar figures are rounded to nearest tenth of a million and percentage figures to nearest tenth of
a percent and will not necessarily add to totals.
' The detail of income taxes and miscellaneous internal revenue taxes is on the basis of internal revenue col-
lections with totals adjusted to the basis of the daily Treasury statement. Employment taxes, railroad
employment insurance contributions, customs, and miscellaneous receipts are shown on the daily Treasury
statement basis. General and special accounts are combined.
2 Because of the time required for payments reported as tax collections toward the end of each month to
clear through the hanks and become available for expenditures on the daily Treasury statement basis, an
adjustment from the collection basis to the daily Treasury statement basis is necessary. A positive adjust-
ment indicates that during the fiscal year more tax receipts on a daily Treasury statement basis have been
received than are reported as collections, and a negative adjustment indicates the reverse situation.
3 Less than .05 percent.
< Amounts actually withheld are reported on a collection basis by the Bureau of Internal Revenue in the
first and second months following the quarter in which the actual withholding took place. On the daily
Treasury statement basis a large portion of the amounts withheld are reported in the first month following
the month in which the actual withholding took place. The adjustment is the difference between the figure
shown on a collection basis and the figure shown on the daily Treasury statement basis for the given period.
5 Credits to trust fmids are not included.
' Includes collections from taxes on narcotics, taxes imposed under the National Firearms Act, and the tax
on hydraulic mming, all of which are effective currently. In addition, includes collections from excise taxes
repealed prior to and including the Revenue Act of 1942 (consisting primarily of rubber articles, electric
signs, optical eqilipment, and washing machines); collections from the tobacco, matches, tires and tubes
floor stocks taxes imposed by the Revenue Acts of 1941 and 1942; and collections under the Bituminous Coa J
Act of 1937 which expired August 24, 1943.
REPORT OF THE SECRETARY OF THE TREASURY
563
Table 7. — Comparison of detailed internal revenue collections, fiscal years
1943 and 1944
[On basis of reports of collections, see p. 520]
Income, excess profits, and unjust enrichment taxes:
Corporation income taxes
Individual income taxes
Income tax — withholding at source on salaries
and wages
Total income taxes.
Excess profits taxes — declared value
Excess profits taxes — Vinson Act
Excess profits taxes— Revenue Acts of 1940,
1941, and 1942, as amended
Unjust enrichment taxes (Title III, Revenue
Act of 1936)
Total income, excess profits, and unjust
enrichment taxes
Capital stock tax ---
Estate tax
Gift tax. _
Liquor taxes:
Distilled spirits (imported) excise tax
Distilled spirits (domestic) excise tax '
Distilled spirits, rectification tax
Still or sparkling wines, cordials, etc. (im-
ported), excise tax
Still or sparkling wines, cordials, etc. (domes-
tic), excise tax
Brandy used for fortifying sweet wines (re-
pealed June 24, 1940)-.
Rectifiers, retail and wholesale liquor dealers,
manufacturers of stills (special taxes) . .
Stamps for distilled spirits intended for export.
Stamps for distilled spirits bottled in bond
Container stamps (Liquor Taxing Act of 1934).
Floor taxes (levies on tax-paid stocks, inven-
tories of Jan. 12, 1934, July 1, 1938. July 1,
1940, Oct. 1, 1941, Nov. 1, 1942, and April 1,
1944)
Fermented malt liquors
Brewers, retail and wholesale dealers in fer-
mented malt liquors (special taxes)
Total liquor taxes
Stamp taxes (Title VIII, Revenue Act of 1926, as
amended):
Bonds, issues of capital stock, deeds of con-
veyance, etc
Capital stock and similar interests, sales or
transfers
Playing cards
Silver bullion sales or transfers
Total stamp taxes .•
Tobacco taxes:
Cigars (large):
Class A
Class B
Class C -
Class D
Class E
Class F
Class G
Total cigars Qarge)
Cigars (small) __ __.
Cigarettes (large)
Cigarettes (small)
Snuff
Tobacco, chewing and smoking
Cigarette papers and tubes
Leaf dealer penalties.
Cigarette and cigar floor taxes
Total tobacco ta.xes--- -
1943
$4,520,851,709.88
5, 943, 916, 978. 59
686, 015, 010. 47
11,1.50,783.698.94
82,011,996.02
420, 488. 82
5, 063, 863, 613. 73
1, 808, 294. 05
16, 298, 888, 091. 56
328, 794,
414. 530,
32, 965,
970. 85
598. 81
078. 68
83, 406,
698, 300,
18, 836,
478. 87
277. 93
378. 30
743, 363. 80
32, 919, 973. 19
6, 142. 67
7, 007, 870. 57
817. 50
1. 298, 548. 12
10, 549, 098. 15
111,538,926.27
455,634,420.81
3, 238, 095. 26
1, 423, 480, 391. 44
21, 765, 731. 77
15, 584, 590. 89
7, 693, 909. 12
111,053.89
45. 155, 285. 67
4, 286, 995. 54
2, 299, 016. 86
9, 484, 622. 84
752, 756. 12
5, 112, 823. 14
1,011,040.87
127, 821. 86
23, 075, 077. 23
97,317.38
29, 600. 19
835, 230, 743. 35
7, 543, 283. 33
47,849,119.88
1, 472, 325. 92
3, 566. 21
8, .556, 250. 14
1944
$5,284,145,852.31
10, 437, 570, 433. 53
, 823, 434, 977. 46
23, 545, 151, 263 30
136, 979, 571. 41
39, 036. 47
9, 345, 198, 293. 03
433, 723. 98
33,027,801,888.19
380, 702. 005. 85
473, 465, 605. 12
37, 744, 731. 75
286, 871, 176. 22
611,835,145.13
18, 874, 168. 27
4, 027, 490. 19
30, 067, 85 L 04
11,519.16
8, 109, 220. 46
2, 101. 60
1, 369, 157. 83
8,515,9;n.44
85, 834, 272. 82
559, 151, 627. 85
3, 375, 009. 16
1,618,044,671.17
26, 243, 240. 34
17, 096, 097. 89
7, 413, 576. 66
46, 772. 38
50, 799, 687. 27
633, 222. 63
1,084,121.27
9, 658, 669. 01
1, 555, 0.34. 24
14, .340, 640. 14
2, 291, 548. 17
588, 841. 45
30, 152, 076. 91
107, 283. 84
88, 462. 35
903, 957, 882. 53
7,692,236.61
45, 269, 250. 33
1, 164, 377. 58
1, 706. 51
49, 960. 23
923, 857, 283. 63
988, 483, 236. 89
Increase or
decrease (— )
$763, 294, 142. 43
4, 493, 653, 454. 94
7, 137, 419, 966. !
12, 394, 367, 564. .36
54, 967, 575. 39
-381, 452. 35
4, 281, 334, 679. 30
-1,374,570.07
16, 728, 913, 796. 63
51, 907, 035. 00
58, 935, 006. 31
4, 779, 653. 07
203, 464, 697. 35
-86, 465, 132. 80
37, 789. 97
3, 284, 126. 39
-2, 852, 122. 15
.5, 376. 49
1,101,349.89
1, 284. 10
70, 609. 71
-2, 033, 166. 71
-25, 704, 653. 45
103, 517, 207. 04
136, 913. 90
194, 564, 279. 73
4, 477, 508. 57
1,511,507.00
-280,332.46
-64, 281. 51
5,644,401.60
-3, 653, 772. 91
-1,214,895.59
174, 046. 17
802, 278. 12
9,227,817.00
1, 280, 507. 30
461,019.59
7, 076, 999. 68
9, 966. 46
58, 862. 16
68, 727, 139. 18
148, 953. 28
-2,579,869.55
-307,948.34
-1,859.70
-8, 506, 289. 91
64, 625, 953. 26
564
REPORT OF THE SECRETARY OF THE TREASURY
Table 7. — Comparison of detailed internal revenue collections, fiscal years 1943 and
1944 — Continued
Source
Manufacturers' excise taxes:
Lubricating oils
Matclies
Gasoline
Electrical energy
Tires and inner tubes
Rubber articles (repealed)
Phonograph records.
Musical instruments
Luggage
Electric, gas, and oil appliances
Electric signs (repealed)
Business and store machines
Washing machines (repealed)... _-
Optical equipment (repealed)
Photographic apparatus (repealed)
Electric light bulbs and tubes
Automobile trucks
Other automobiles and motorcycles
Parts and accessories for automobiles
Radio sets, phonographs, components, etc
Refrigerators, air-conditioners, etc
Sporting goods
Firearms, shells and cartridges
Pistols and revolvers
Toilet preparations (perfumes, cosmetics, etc.)
(repealed Oct. 1,1941)
Toilet preparations (dentifrices, toilet soaps,
etc.) (repealed July 1,1938)
Repealed manufacturers' excise taxes
Total manufacturers' excise taxes.
1943
Miscellaneous taxes:
Bituminous Coal Act of 1937 j>--.
Sugar Act of 1937
Telegraph, telephone, cable, and radio facilities.
Local telephone service
Use of motor vehicles
Use of boats
Bowling alleys, pool tables, etc
Coin-operated devices
Transportation of persons
Transportation of property (effective Dec. 1,
1942) ---
Transportation of oil by pipe line
Leases of safe deposit boxes
Admissions to theaters, concerts, cabarets, etc..
Club dues and initiation fees
Adulterated butter, including special taxes
Renovated butter, including special taxes
Filled cheese
Mixed flour (repealed)
Oleomargarine:
Colored
Uncolored
Special taxes
Marihuana Tax Act of 1937
Narcotics (opium, coco leaves, and special
taxes)
Coconut, etc., oils processed
Crude petroleum processed (repealed July 1,
1938)
National Firearms Act
Receipts from miscellaneous sources, etc.
Total miscellaneous ta-xes.
Retailers' excise taxes:
Jewelry -_-
Furs
Toilet preparations.
Luggage
Total retailers' excise taxes.
$43,318,
9, 372,
288, 785,
48, 705,
18. 345,
14, 885,
1,816,
1, 280,
5,681,
6,912,
613,
6,461,
37,
292,
11, 164,
3, 657,
4, 229,
1, 424,
20, 478,
5, 560,
5, 965,
4, 067,
1, 149,
61,
312.71
261. 29
826. 00
138. 94
386. 92
162. 88
525. 67
124. 32
525. 65
969. 83
973. 01
448. 00
223. 54
887. 55
427. 06
242. 89
689. 98
230. 26
407. 66
589. 48
909. 34
598. 02
332. 58
513. 26
425, 050. 86
12,619.51
43, 726. 09
504, 749, 103. 30
5, 626, 478. 51
53, 551, 776. 72
91,174,496.27
66,986,794.12
146, 289, 284. 48
377, 917. 04
1, 852, 664. 62
10, 487, 104. 00
87, 131, 734. 00
82, 556, 148. 08
13, 672, 086. 80
6, 070, 096. 08
154, 450, 722. 80
6,519,891.02
40, 535. 50
8, 725. 75
5, 267. 58
4, 278. 00
237, 569. 47
1, 088, 155. 57
1, 294, 918. 76
69, 502. 63
718, 591. 51
1, 939, 099. 03
42.65
20, 190. 79
158. 287. 68
732, 332, 359. 46
88, 365, 799. 04
44, 222, 755. 27
32, 677, 315. 04
165, 265, 869. 35
$52, 473,
8, 726,
271, 216,
51, 238,
40, 333,
294,
1,889,
633,
4, 777,
5, 026,
255,
3, 759,
31,
8,
11,906,
5, 367,
3, 246,
1,221,
31,551,
3, 402,
2, 406,
2, 498,
1,061.
37,
093. 61
093. 12
501. 79
653. 30
746. 92
920. 19
456. 28
040. 46
176. 00
905. 40
320. 50
980. 70
908. 17
071. 55
882. 71
788. 18
727. 35
736. 93
319. 19
467. 98
231.93
209. 92
044. 95
218. 92
37, 159. 45
42, 572. 24
17, 942. 62
503, 462, 170. 36
1, 402, 697. 10
68, 788, 910. 31
141, 275, 266. 52
90, 198, 986. 83
134, 325, 537. 83
351, 662. 94
2. 208, 422. 24
18,475,491.99
153, 682, 607. 58
215, 487, 851. 87
15, 850, 856. 83
6, 593, 674. 78
205, 289, 025. 61
9,181,516.71
10,410.94
7, 478. 50
30.20
1.080,562.64
1,190,481.13
1,812,619.36
23, 921. 82
755, 493. 49
7, 190, 234. 32
16,133.87
201, 2.58. 43
1, 075, 401, 142. 84
113,372,750.85
58, 725, 694. 05
44, 790, 353. 37
8, 343, 466. 19
225, 232. 264. 46
Increase or
decrease (— )
$9, 154,
-646,
-17,569,
2, 5.33,
21, 988,
-14, 590,
72,
-647,
-904,
-1,886,
-358,
-2, 701,
-6,
-284,
742,
1,710,
-982,
-202,
11,072,
-2, 158,
-3, 559,
-1,.')69,
-88,
-24,
780. 90
168. 17
324. 21
514.36
360.00
242. 69
9.30. 61
083. 86
349. 65
064.43
652. 51
467. 30
315,37
816.00
455. 65
545. 29
962. 63
493. 33
911. 53
121.50
677. 41
388. 10
287. 63
294. 34
-387,891.41
29, 952. 73
-25,783.47
-1,286,932.94
-4,223,781.41
15, 237, 133. 59
50, 100, 770. 25
23, 212, 192. 71
-11,963,746.65
-26, 254. 10
355, 757. 62
7, 988, 387. 99
66, 550, 873. 58
132, 931, 703. 79
2, 178, 770. 03
523, 578. 70
50. 838, 302. 81
2, 661, 625. 69
-30, 124. 56
-1,247.25
-5, 228. 38
-4, 278. 00
842, 993. 17
102, 325. 56
517, 700. 60
-45, 580. 81
36, 901. 98
5, 251, 135. 29
-42. 65
-4,056.92
42, 970. 75
343, 068, 783. 38
25, 006, 951. 81
14, 502, 938. 78
12,113,038.33
8, 343, 466. 19
59,966,395.11
REPORT OF THE SECRETARY OF THE TREASURY
565
Table 7. — Comparison of detailed internal revenue collections, fiscal years 1943 and
1944 — Continued
Source
1943
1944
Increase or
decrease (— )
Employment taxes:
Federal Insurance Contributions Act
Federal Unemployment Tax Act (employ-
ment of 8 or more).
$1, 131, 546, 128. 69
156, 007, 662. 17
211,151,242.73
$1, 290, 024, 857. 45
183, 336, 565. 38
265,011,013.06
$158, 478, 728. 76
27,328 903 21
Carriers taxes (old-age benefits)
53, 859, 770. 33
Total employment taxes.
1, 498, 705, 033. 59
1, 738, 372, 435. 89
239, 667, 402. 30
Grand total, all collections..
22, 368, 724, 066. 34
-224,755,067.06
40,119,509,839.79
' 1, 565, 477, 490. 48
17,750,785,773 45
Adjustment for items in transit
1, 790, 232, 557. 54
Receipts per daily Treasury statement
22, 143, 968, 999. 28
41, 684, 987, 330. 27
19, 541, 018, 330. 99
Collections fob Credit to Trust Accounts (excluded in the table above)
1943
1944
Increase or
decrease (— )
Distilled spirits (domestic)... .. _.. .__
$166, 064. 82
.18
$730, 463. 80
.96
20.00
1, 519, 908. 22
$564, 398. 98
Distilled spirits rectification tax
.78
Wines (domestic) ...
20.00
Coconut oil ...
2, 496, 365. 21
-976, 456. 99
Total trust fund collections .... . .
2, 662, 430. 21
2, 250, 392. 98
— 412,037.23
1 This adjustment is due principally to withheld taxes deposited in the Treasury but not yet included
in reports of collections of the Bureau of Internal Revenue.
Table 8. — Internal revenue collections, by tax sources, fiscal years 1916 through 1944 '
[On basis of reports of collections, see p. 520]
Income, excess profits,' and unjust enrichment taxes
Year
Corporation income taxes
Normal and
surtaxes 3
Excess profits
tax
Unjust enrich-
ment tax
Total 3
1916 . . .
$56. 993, 658
< 207, 236, 828
$56, 993, 658
1917
$37, 176
207, 274, 004
1918 . .
1919
1920 - . ...
1921
1922
1923
1924
1925
916, 232, 697
1,094,979,734
1,308,012,533
1,291,845,989
1, 235, 733, 256
1,263,414,466
1,026,392,699
629,566,115
394,217,784
397,515,852
572,115,002
738, 520, 530
1,056,909,063
1,299,932,072
1, 122, 540, 801
1.120,581,551
1,851,987,990
3, 069, 273, 346
4, 520, 851, 710
5, 284, 145, 852
916, 232, 697
1926
1, 094, 979, 734
1927
1,308,012,533
1928
1,291,845,989
1929 . . . . .
1, 235, 733, 256
1930
1,263,414,466
1931
•
1, 026, 392, 699
1932 .
629, 566, 115
1933
394, 217, 784
1934
2, 630, 615
6, 560, 483
14, 509, 290
25, 104, 608
36,569,042
27, 056, 373
18, 474, 202
192, 385, 252
1, 670, 408, 040
5, 146, 296, 099
9, 482, 216, 901
400, 146, 467
1935
578, 675, 485
1936
753,029,820
1937 .
$6,073,351
6,216.736
6, 683, 335
8, 536, 178
9, 095, 562
4, 401, 768
1,808,294
433, 724
1,088,087,022
1938
1,342,717,850
1939....
1, 156, 280, 509
1940 .
1,147,591,931
1941
2, 053, 468, 804
1942
4,744,083,154
1943
9,668,956,103
1944 -
14, 766, 796, 477
Footnotes at end of table.
566
Table
REPORT OF THE SECRETARY OF THE TREASURY
-Internal ^revenue collections, by ' lax] sources,] fiscal years 1916 through
1944^ — Continued
Income, excess profits,' and unjust enrichment taxes— Continued
Year
Individual income taxes
Total income,
excess profits,
and unjust
enrichment
taxes'
Withholdings
on salaries
and wages
Other
Total
1916 - -
$67, 943, 595
180, 108, 340
$67, 943, 595
180, 108, 340
$124, 937, 2.53
1917
387, 382, 344
1918
2, 852, 324, 866
1919
2, 600, 783, 903
1920
3, 956. 936. 004
1921 -.
3,228,137,674
1922
2, 086, 918, 465
1923
1, 691, 089, 535
1924 — - -
1,841,759,317
1925
845, 426, 352
879, 124. 407
911,939,911
882,727,114
1,095,541,172
1, 146, 844, 764
833, 647, 798
427, 190, 582
352, 573, 620
419, 509, 488
527, 112, 506
674, 416, 074
1, 091, 740, 746
1.286,311,882
1, 028, 833, 796
982, 017, 376
1, 417, 655, 127
3, 262, 800, 390
5, 943, 916, 979
10, 437, 570, 434
845, 426, 352
879, 124, 407
911,939.911
882, 727, 114
1, 095, 541, 172
1, 146, 844, 764
833, 647, 798
427, 190, 582
352, 573, 620
419, 509, 488
527,112,506
674,416,074
1, 091, 740, 746
1,286,311,882
1, 028, 833, 796
982, 017, 376
1, 417, 6,55, 127
3, 262, 800, 390
6,629,931,989
18, 261, 00.'-), 413
1, 761. 659, 049
1926 -
1,974, 104,141
1927
2. 219, 952, 444
1928 -
2, 174, 573, 103
1929 ---
2, 331, 274, 428
1930 -
2, 410, 259, 230
1931 --
1, 860, 040, 497
1932 - -
1,056,756,697
1933
746. 791. 404
1934
819, 655, 955
1935 -.
1, 105, 787, 991
1936
1, 427, 445, 894
1937 - . - -
2, 179, 827. 768
1938
2, 629. 029, 732
1939
2,18.5,114,305
2, 129, 609, 307
1941
3.471,123,930
8, 006, 883, 544
1943 -.. --
$686, 015, 010
7, 823, 434, 977
16, 298. 888, 092
1944
33, 027, 801, 888
Capital
stock
Estate
Gift
Liquor taxes
Year
Distilled
spirits and
wines, in-
cluding
special taxes
Fermented
malt liquors,
including
special taxes
Total liquor
taxes
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
195, 363, 693
256,117,118
312, 247, 468
294. 477, 894
324, 271, 723
356, 292, 909
499, 177, 429
678, 507. 502
964. 607. 875
1, 055, 518, 034
$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
$247, 453, 544
1917
$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
$6, 076, 575
47, 452, 880
82, 029, 983
103, 635, 563
154, 043, 260
139, 418, 846
126, 705, 207
102, 966, 762
101,421,767
116,041,036
100, 339. 852
60, 087, 234
61, 89^, 141
64, 769, 625
48, 078, 327
47,422,313
29, 693, 062
103, 985, 288
140, 440, 682
218. 780, 754
281, 635, 983
382, 175, 326
332, 279, 613
330, 886, 049
355, 194. 033
340, 322, 905
414, 530, 599
473, 465, 605
284, 008, 513
1918
443, 839, 545
1919
483, 050, 854
1920
139, 871, 150
1921
82, 623, 429
1922
45, 609, 436
1923
30, 358, 086
1924 _.-.
27, 585. 709
1925
$7, 518, 129
3, 175, 339
25, 904, 774
1926
26, 452, 028
1927
21, 19.5,552
1928
15, 307, 796
1929... _
12, 776, 728
1930
11,695,267
1931
10, 432, 064
1932 . .
8, 703, 963
1933
4, 616, 662
9, 153, 076
71,671,277
160, 058, 761
23,911,783
34, 698, 739
28, 435. 597
29. 185. 118
51. 863. 714
92. 217. 383
32. 965. 079
37, 744, 732
35, 158, 272
168, 959, 585
215, 561, 848
249, 125, 679
281, 583, 886
273, 191, 515
263, 333, 223
267, 771, 426
320. 691. 547
369,657.400
458, 872. 516
562, 526. 637?
43, 174. 317
1934.
80, 168, 344
91,508,121
94, 942, 752
137, 499. 246
139, 348, 567
127, 203, 009
132, 738, 537
166, 652. 640
281, 900, 135
328. 794, 971
380, 702, 006
258, 911. ,'^33
1935
410, 925, ,541
1936.
505, 242, 797
1937
593,831,354
1938
1939
567, 669, 400
587, 604, 946
1940.
624, 064, 335
1941 . . .
819,868,976
1942
1,048,164,902
1943 .. .
1, 423, 480, 391
1944 .
1, 618. 044, 671
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
567
-Internal revenue collections, by tax sources, fiscal years 1916 through
19U '—Continued
Stamp taxes
Year
Bonds,
issues of
capital stock,
deeds of con-
veyance, etc'
Capital stock
and similar
interests,
sales or
transfers
Sales of prod-
uce for fu-
ture delivery
Playing
cards
Silver bullion,
sales or
transfers
Total stamp
taxes
1916
$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. 305
17. 934, 777
28, 162. 658
28.651,710
20, 083, 581
19, 366, 430
18, 145, 228
22, 072. 503
22,875.490
21, 765, 732
26, 243, 240
(»)
(«)
$2, 236, 040
7,540,881
13. 372, 164
8, 7^. 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
15, 747. 363
33.054.798
31,350.597
18, 355, 346
17, 064. 488
15.527,950
12, 176, 497
13.028.317
15. 584. 591
17. 096, 098
(•)
(«)
$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
3. 950. 544
2, 943, 542
5,096.814
3, 599, 389
248,982
$819. 654
820,897
1, 276, 505
2,091,791
3,088,462
2.603,941
2,787.921
3. 385, 227
3,731,537
3, 183. 385
4,213.414
4, 742, 469
5,010.712
5. 375, 804
4.819,293
4.993.559
4,386.831
3, 908. 354
4. 406, 385
4, 351, 299
4,143,698
4, 186, 502
4, 052, 567
4.141.167
4.814,328
4.756.572
5, 757, 956
7, 693. 909
7. 413, 577
$38,929,936
9,075,239
23,151,239
45,843,131
84, 347, 828
72,468,014
58,706,965
64,875,379
62, 257, 554
1917
1918 --
1919
1920
1921
1922
X923
1924
1925-.
49, 251, 784
1926
54,014,240
37, 345, 552
1927
1928
48.829,208
64, 173, 531
1929
1930
77, 728, 670
46 953 596
1931
1932
32, 240, 820
57. 338, 202
66, 580. 038
43, 133. 373
1933
1934 ...
$606
1, 149, 390
685, 188
633, 712
142. 107
261, 772
193. 737
51.286
40. 402
111,054
46. 772
1935
1936 . .
68,989 884
1937
69,919 .335
1938
46, 232, 990
1939
41,082,839
38, 681, 243
39,056.951
1940
1941
93
1942 .-
41,702,165
45, 155. 286
1943
1944 -
50. 799, 687
Year
Tobacco manu-
factures, in-
cluding special
taxes in effect
to June 30,1926
Manufactur-
ers', etc.,
excise '
Soft drinks
Telegraph,
telephone,
cable, and,
radio facili-
ties, etc.
Transporta-
tion, includ-
ing oil by
pipe line '
Insurance
1916
$88,063,948
103, 201, 592
156, 188, 660
206, 003, 092
295, 809, 355
255, 219, 385
270, 759, 384
309, 015. 493
325, 638. 931
345,247,211
370,666,439
376, 170, 205
396,450.041
434. 444. 543
450, 339, 061
444. 276, 503
398, 578. 619
402. 739, 059
425, 168. 897
458, 775, 934
500, 785. 385
551. 922, 580
567. 777. 410
579, 784, 074
608, 072. 770
697. 712, 322
780. 792, 270
923, 857, 284
988, 483, 237
$4, 218, 979
775, 078
36, 636. 607
79, 400. 206
267. 968, 579
229,397.837
174,361,288
185.117.058
200, 921, 721
140, 877. 326
15a 220, 488
66. 850. 109
51,951.694
5. 723, 791
2. 676, 261
149, 744
96, 195
243. 600. 368
385, 291. 214
342. 144, 686
382,716.142
449. 853, 630
416.753.516
396.891.003
447, 087, 632
617, 373, 372
771, 902. 259
504. 746. 434
503, 461, 802
(»)
(«)
$6, 299, 017
17, 902, 389
27. 677, 041
28.442,413
29. 271. 522
30. 380. 784
34, 662, 429
$64, 437. 533
219. 937, 183
261. 671. 046
273. 070. 001
169, 518, 727
(•)
(•)
$6. 492, 025
14.508,881
18.421,754
1917
1918.
1919.
1920
$2, 215. 151
7, 182, 219
57, 460, 956
58, 675, 973
33, 504, 284
10,131,897
10,418,866
1921
1922
1923
18. 992. 094
10.855,404
1924
1925
1926
1927
1928
1929...
1930
1931
1932
1933
4, 186, 447
4, 746. 733
129,991
60. 029
38. 553
35, 052
5. 362
2.062
771
3, 937
2,670
368
14, 564. 756
19, 250. 800
19,741,434
21, 098, 348
24, 569, 627
23, 977, 064
■ 24,093.719
26. 367. 945
27,331,114
75. 022. 772
158, 161, 290
231, 474, 253
7. 467. 298
10. 379, 370
9, 479, 722
9, 793. 995
11. 244, 096
12. 517, 030
10.954,733
11,510,647
12, 480, 586
34,853,718
183. 359, 969
385, 021, 316
1934
1935 _
1936 . . .
1937
1938....
1939....
1940 ._
1941
1942.
1943.
1944.-
Footnotes at end of table.
568 REPORT OF THE SECRETARY OF THE TREASURY
Table 8. — Internal revenue collections, by tax sources, fiscal years 1916 through
1944 '—Continued
Year
Leases of
safe deposit
boxes
Checks,
drafts, or
orders for the
payment of
money
Admissions
Club dues
Oleomarea-
rine, includ-
ing special
taxes
Narcotics,
including
special
taxes
1916-
$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
2. 048, 977
2, 203, 804
2,348,415
2, 465, 926
2, 210, 386
2, 013, 600
2,121,713
2. 244, 252
2, 620. 644
4, 083, 663
$245, 072
277 165
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
15, 379, 397
17,112,176
19, 740, 192
20, 800, 779
19, 470, 802
21, 887, 916
70, 963, 094
115,032.269
154, 450, 723
205, 289, 026
$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
5, 784, 495
6, 090, 923
6, 287, 768
6, 550, 931
6, 216, 900
6, 334, 909
6, 582, 649
6, 791, 900
6,519,891
9, 181, 517
185, 359
726 137
1919
1920
1, 514, 230
1921
1, 170, 316
1922
1 269 090
1923
1,013,736
1924
1, 057, 341
1925 .
1 090,933
1926....
981, 739
1927
797, 825
1928
690, 432
1929
605, 336
1930
588, 682
1931
607, 340
1932
521, 163
1933.. _
1934
$2, 365, 041
2, 715, 851
2, 317, 619
1,997,410
2, 039. 714
2,013,159
1, 980, 525
1, 988, 934
2,215,898
3, 662, 536
6,070,096
6, 593, 675
$38, 456, 493
41, 383, 199
25, 645, 139
25, 556
8,221
14, 770
4.288
2,304
1,733
1,629
1,714
292
457, 068
495, 270
1935 _
1936
580. 613
554, 028
1937
573, 493
1938..
1939...
1940
1941 ..
574, 164
572,088
610, 098
690, 288
1942
1943.
745,043
788, 094
1944 -
779, 415
Crude pe-
Employment
Year
etc., oils
processed
troleum
processed,
etc.
Firearms
Act
Bituminous
coal
Social
security
Carriers
and their
employees
1935
$7, 314, 619
11,730,752
11,560,430
13, 266, 652
9,024,699
5, 697, 834
5, 163, 184
7, 160, 701
1, 939. 099
7, 190, 234
$1, 759, 790
1,163,755
894, 183
991, 248
106, 055
555
359
473
43
$8,015
5,342
4,451
10, 747
9, 079
12,389
15, 898
19, 502
20, 191
16, 134
1936
$729, 218
$48, 279
1937
$265, 458, 404
593, 184, 560
631,002,237
711,473,332
787, 985, 273
1,014,952,829
1,287.553,791
1, 473, 361, 423
286, 904
1938
3,211,601
3, 317, 259
4, 161, 664
4, 385, 799
5, 478, 909
5, 626, 479
1, 402, 697
149, 475, 666
1939
1940 .
109, 426, 628
122.047.644
1941.
1942
137, 871, 188
170,409.015
1943 .
211,151,243
1944
265,011,013
Year
Retailers'
excise
Use of motor
vehicles
Use of boats
Bowling alleys,
pool tables, etc.
Coin-oper-
ated devices
1942...
$80, 167, 124
165, 265, 869
225. 232. 264
$72, 625, 488
146, 289, 284
134. 325. 538
$228,387
377, 917
351. 663
$1, 698, 394
1. 852. 664
2. 208. 422
$6, 485. 000
1943
10. 487, 104
1944
18, 475, 492
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
569
Table 8. — Internal revenue collections, hy tax sources, fiscal years 1916 through
19U 1 — Continued
Year
Receipts in
connection
with prohii-
bition en-
forcement
Miscella-
neous '
Special taxes
not elsewhere
included '»
Agricultural
adjustment
Sugar Act
of 1937
Grand total'
1916
$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
72, 435
50. 295, 759
989, 792
429, 891
851, 822
503, 950
159, 632
189,049
43, 515
216, 035
215,380
218, 896
$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
$512, 723, 288
1917
809, 393, 640
1918
3, 698, 955 821
1919
3. 850, 150, 079
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
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
239, 859
180, 673
1.737
1,687
189
68
1, 619, 839. 224
$371, 422, 886
526. 222, 358
62, 323, 329
2, 672, 239, 195
1935
3, 281, 791, 303
1936
3. 494, 330, 891
1937
4, 634, 308, 141
1938
$30, 509, 130
65, 414. 0.'iS
68. 145, 358
74, 834, 722
68, 229, 803
53, 551, 777
5. 643. 848, 186
1939
5.162,363,836
1940
5, 322, 771, 229
1941
7, 351, 533, 723
1942
13, 029, 915, 278
1943
22, 368, 724, 066
1944 . -
68, 788, 910
40, 119, 509, 840
Note.— Figures for 1935 and subsequent years exclude trust fund receipts. Figures are rounded to nearest
dollar and will not necessarily add to totals.
1 For figures for 1863 to 1915, see annual report for 1929, p. 419.
> Separate figures on corporation and individual income and excess profits tax collections not available
for the years 1918 to 1924.
' Includes income tax on Alaska Railways except in fiscal years 1935, 1936, and 1937, during which time
these receipts were considered trust fund receipts.
• Includes mimitions manufacturers' tax, 1917, $27,663,940; and 1918, $13,296,927.
» Originally schedule A, act of Oct. 22, 1914; now covers issues and transfers of bonds, issues of capital
stock, passage tickets, foreign insurance policies, and deeds of conveyance.
• Included under "Stamp taxes— Bonds, etc."
' Includes taxes on sales under act of Oct. 22, 1914, manufacturers', consumers', and dealers' excise taxes
under the war revenue and subsequent acts, except soft drink taxes; all taxes paid by manufacturers of and
dealers in adulterated and process or renovated butter, mixed flour, and filled cheese; and for 1932-44, man-
ufacturers' excise taxes (act of 1932, as amended) except soft drinks.
s Includes tax on transportation of persons beginning in 1942, and tax on transportation of property begin-
ning in 1943 (levied Dec. 1, 1942). ^ .
• Includes receipts, in addition to those classed as miscellaneous, as follows: (a) for 1916-33, delinquent
taxes collected under repealed laws, except delinquent collections on automobiles for 1929 and 1930, included
under "Manufacturers' excise taxes," and on "Capital stock," under which the collections for l'J27-30
represent delinquencies; (b) for 1919, 1920, and 1921 receipts which remained unclassified at the time the
statistical tables were compiled; (c) internal revenue collected through customs oflSces for 1921-33; subse-
quently such receipts are included with "Distilled spirits"; (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; (e)
for 1933 and subsequent years taxes on jewelry and candy formerly classified as manufacturers' excise taxes,
and tax on dividends.
1" 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.
570
REPORT OF THE SECRETARY OF THE TREASURY
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571
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584
REPORT OF THE SECRETARY OF THE TREASURY
Table 13. — Ainounts appropriated and expended under authorizations contained in
the Social Security Act, as amended
Appropriations i
Expenditures 2
Classification
From July 12,
1943, through
June 30, 1944
From Aug. 14,
1935, through
June 30, 1944
During fiscal
year 1944
From Aug. 14,
1935, through
June 30, 1944
For administrative expenses:
Social Securitv Board ^
$26, 126, 400. 00
165, 000. 00
491, 600. 00
$219, 892, 560. 00
1,544,860.00
3, 368, 227. 00
$24, 121, 872. 55
232, 671. 35
414,227.04
7, 291, 769. 74
$178, 737, 839. 55
Department of Commerce ^
1, 223, 631. 83
2, 860, 757. 27
Treasury Department *
28,483,879.01
Total, administrative expenses. __
26, 783, 000. 00
224, 805, 647. 00
32, 060, 540. 08
211,306,107.66
For grants to States;
Federal Security Agency:
Social Security Board:
For old-age assistance ^
For unemployment com-
pensation administration.
For aid to dependent chil-
dren 5. -_ -
350, 350, 000. 00
29, 000, 000. 00
55, 000, 000. 00
9, 600, 000. 00
2, 248, 010, 000. 00
8 430, 882, 526. 00
531, 600, 000. 00
82, 310, 000. 00
360, 628, 077. 67
36, 313, 494. 00
57, 035, 692. 96
10, 344, 422. 18
1, 999, 847, 794. 32
393, 853, 019. 91
375, 139, 803. 12
For aid to the blind «
56, 182, 092. 64
Total, Social Security
Board
- 443, 950, 000. 00
3, 292, 802, 526. 00
464,321,686.81
2,825,022,709.99
Public Health Service:
For public health work
Office of Education:
For vocational rehabilita-
tion of persons disabled
11,000,000.00
91,83.3,000.00
10, 857, 282. 83
80, 218, 619. 49
Total, Federal Security
454, 950. 000. 00
3, 384, 635, 526. 00
475, 178, 969. 64
2,905,241,329.48
Executive Office:
Office for Emergency Man-
agement:
War Manpower Commis-
sion (U. S. Employment
Service) '
Department of Labor:
For maternal and child health
« 24, 643, 974. 00
1,338,946.16
22, 026, 593. 00
5, 820, 000. 00
3, 870, 000. 00
1, 510. 000. 00
47, 904, 000. 00
32, 436, 000. 00
14,056,000.00
6, 216, 617. 62
3,811,902.98
1, 442, 795. 38
40, 617, 724. 56
For services for crippled
children ._
27, 320, 272. 71
For child welfare services
11,671,464.00
Total, Department of Labor.
11,200,000.00
94, 396, 000. 00
11,471,315.98
79, 609, 461. 27
Total, grants to States
466, 150, 000. 00
3, 503, 675, 500. 00
487, 989, 231. 78
3, 006, 877, 383. 75
For other purposes:
Federal Security Agency:
Public Health Service:
For disease and sanitation
investigation ' ..
Treasury Department:
For Federal old-age and sur-
vivors insurance trust fund i".
1, 259, 515, 059. 93
5, 585, 383, 522. 47
1, 259, 515, 059. 93
5, 585, 383, 522. 47
Grand total
1, 752, 448, 059. 93
9, 313, 864. 669. 47
1.779,564,832.39
8,803,567,013.88
Note.— For statements of receipts, expenditures, and assets in the railroad retirement account, Federal
old-age and survivors insurance trust fund, and unemployment trust fund see tables 77, 78, and 79 on
pp. 743 to 747.
1 Includes appropriations for the fiscal year 1945 except in the case of the Federal old-age and survivors
insurance trust fund. See footnote 10.
2 On basis of daily Treasury statements, see p. 519.
3 Includes only expenditures from appropriations made specifically for administrative expenses relating to
the Social Security Act.
* Beginning Jan. 1, 1940, expenditures include estimated amounts for expenses of the Treasury Department
(for which reimbursement was made to the General Fund) in connection with the Federal old-age and sur-
vivors insurance trust fund and collection of employment taxes under the provisions of sec. 201 (f) of the
Social Security Act as amended. Provision for such expeaditures is made in the regular annual appropri-
ations of the Treasury Department.
« The Labor-Federal Security Agency Appropriation Act for 1945, approved June 28, 1944, provided funds
for these activities under one appropriation, "Grants to States for old-age assistance, aid to dependent
children and aid to the blind."
6 $23,845,474 transferred from Social Security Board, "Grants to States" for unemployment compensa-
tion administration, to War Manpower Commission (U. S. Employment Service) under Executive Order
No. 9247.
' Funds authorized to be appropriated under the Social Security Act augment existing appropriations,
and expenditures are not separately available.
8 Formerly included in "Unemployment Compensation Administration (title 3)", transferred under
Executive Order No. 9247.
« Includes $1,200,000 appropriated and expended under First Deficiency Appropriation Act, 1943, approved
March 18, 1943.
'f Sec. 201 (a) of the Social Security Act Amendments of 1939 provides that after June 30, 1940, amounts
equivalent to 100 per centum of the taxes (including interest, penalties, and additions to the taxes), received
under the Federal Insurance Contributions Act and covered into the Treasury, shall be appropriated to the
Federal old-age and survivors insurance trust fund for the fiscal year 1941 and for ekch fiscal year thereafter.
The amounts shown in this table, which are through June 30, 1944, are net of the reimbursement for adminis-
trative expenses under sec. 201 (f) of the Social Security Act Amendments of 1939, from March 1940 to June
30, 1944, in the aggregate amount of $32,607,373.94 and $125,993,679.00, respectively.
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY 587
Table 15. — Postal receipts and expenditures, fiscal years 1789 through 1944 '
As reported by the Post Office Department
Treasury accounts
Postal
revenues
Postal expenditures ^
Surplus or
deficit (-)
Surplus
revenue
paid
into
Treasury <
Year
Extraordi-
nary
expenditures
as reported
under act of
June 9, 1930 3
Other
O rants from
Treasury to
cover postal
deficiencies s
1789-91..
$91, 739
67, 443
104, 746
128, 947
160, 620
195,066
213, 998
232, 977
264, 846
280, 804
320, 442
327, 044
351, 822
389, 449
421, 373
446, 105
478, 762
460, 664
506, 633
551, 684
587, 246
649, 208
703, 154
730, 370
1,043,065
961,782
1,002,973
1, 130, 235
1, 204, 737
1,111,927
1, 059, 087
1,117,490
1,130,115
1, 197, 758
1, 306, 525
1, 447, 703
1, 524, 633
1,659,915
1, 707, 418
1, 850, 583
1,997,811
2, 258, 570
2,617,011
2, 823, 749
2, 993, 556
3, 408, 323
4, 101, 7C3
4, 23S, 733
4, 484, 657
4, 543, 522
4, 407, 726
4, 546, 850
•4, 296, 225
4, 237, 288
4, 289, 842
$76, 397
54, 530
72,039
89, 972
117,893
131,571
150,114
179,084
188, 037
213, 994
255, 151
281,916
322, 364
337, 502
377, 367
417,233
453, 885
462, 828
498, 012
495, 969
409, 098
540, 165
681,011
727, 126
748, 121
804, 022
916,515
1,035,832
1,117,861
1, 160, 926
■ 1, 165, 481
1, 167, 572
1,156,995
1,188,019
1, 229, 043
1,366,712
1, 469, 959
1, 689, 945
1, 782, 132
1, 932, 708
1,936,122
2, 266, 171
2, 930, 414
2, 910, 605
2, 757, 350
2, 841, 766
3, 288, 319
4, 430, 662
4, 636, 536
4, 718, 236
4, 499, 687
5,671,063
4, 374, 844
4, 298, 628
$15,342
12.913
32. 707
38. 975
42, 727
63, 495
63, 884
53, 893
76. 809
66. 810
65, 291
45, 128
29, 458
51,947
44,006
28, 872
24, 877
-2, 264
8,621
55, 715
88, 148
109, 043
22, 143
3,244
294, 944
157, 760
86, 458
94, 403
86. 876
-48, 999
-106,394
-50, 082
-26, 880
9,739
77, 482
80, 991
54, 674
-30, 030
-74,714
-82, 125
61,689
-7, 601
-313, 403
-86, 856
236, 206
566, 557
813,385
-191,929
-151,880
-174,714
-91,960
-1,124,213
-78, 619
-61.340
-36, 850
-633, 318
-200, 819
1792...
1793...
$11,021
29, 478
22, 400
72, 910
64, 500
39, 500
41, 000
78, 000
79, 500
35, 000
16, 427
26, 500
21, 343
41,118
3,615
1794_..
1795...
1796...
1797...
1798.
1799
18C0...
1801...
1802...
1803
1804...
1805...
1806...
1807
1808...
1809
1810
1811
38
85, 040
35, 000
45, 000
135, 000
149, 788
29, 372
20, 070
71
6,466
517
602
111
1812...
1813...
1814...
1815...
1816...
1817...
1818...
1819,.
1820...
1821.
1822...
1823
1824
1825...
470
300
101
20
87
65
561
245
1826..
1827
1828. .
1829...
1830
1831.
1832 .
1833
1834
100
893
11
1835..
1836.
1837
1838
1839
1840
1841
$407,657
1842
53. 697
1843'
21,303
1844
4, 326, 692
4, 120, 518
4, 081. 128
1846 ... .
3,487,199
3, 880, 309
table.
810. 232
1847
536, 299
Footnotes at end of
588 REPORT OF THE SECRETARY OF THE TREASURY
Table 15. — Postal receipts and expenditures, fiscal years 1789 through 1944 ' — Con.
As reported by the Post Office Department
Treasury accounts
Postal
revenues
Postal expenditures ^
Surolus or
deficit (-)
Surplus
revenue
paid
into
Treasury *
Year
Extraordi-
nary
expenditures
as reported
under act of
June 9, 1930 3
Otlier
Grants from
Treasury to
cover postal
deficiencies »
1848
$4,555,211
4,705,176
5, 499, 985
6, 4in, 604
5, 184, 527
5, 240, 725
6, 255, 586
6, 642, 136
6, 920, 822
7, 353, 952
7, 486, 793
7. 968, 484
8, 518, 067
8, 349, 296
8, 299, 821
11, 163. 790
12, 43S, 254
14, 556, 159
14, 386, 986
15, 237. 027
16, 292, 601
17, 314, 176
18, 879, 537
20, 037, 045
21.91.5,426
22, 906, 742
26, 471, 072
23, 791, 314
28, 644, 198
27, 531, .585
29, 277, 517
30,041,983
33, 315, 479
36, 785, 398
41, 876, 410
45, 508, 693
43, 325, 959
42, 560, 844
43, 948. 423
48, 837, 609
52, 695, 177
56, 175, 611
60, 882, 098
6.5, 931, 786
70, 930, 476
75, 896, 933
75, 080, 479
76, 983, 128
82, 499, 208
82, 665, 463
89, 012, 619
95, 021, 384
102, 354, 579
HI, 631, 193
121,848,047
134. 224, 443
143, 582, 624
152, 826, 585
$4, 380, 460
4, 477, 664
5, 213, 245
6, 278, 710
7, 107, 550
7, 983, 089
8, 608. 286
9, 968, 992
10, 407, 868
11, 507, 670
12, 721, 637
11, 457, 512
19, 170, 600
13, 601, 263
11,125,965
11,300,415
12, 843, 069
13, 638, 909
1.5,320,837
19, 209, 379
22, 837, 949
23, 677, 913
23, 977, 391
24, 395, 798
26, 664, 520
29. 125, 634
32, 228, 980
33, 611, 634
33, 291, 451
33, 658, 941
34. 182, 546
33, 457, 916
36, 537, 433
39, 607, 357
40, 022, 487
43, 327, 340
47, 233, 016
50, 042, 254
51,016,918
52. 982, 628
56, 467, 643
62, 344, 716
66, 282, 862
73, 082, 396
77, 041, 452
81, 613, 722
85, 057. 994
87, 213, 570
90, 943, 410
94, 097, 042
98, 067, 170
101, 651, 520
107, 764. 937
115,612,714
124, 809, 217
138,811,420
152, 395, 394
167, 420, 972
$174,751
227. 513
286, 740
131, 895
-1,923,023
-2, 742, 365
-2, 352, 700
-3,326,856
-3,487,047
-4, 153, 718
-5,234,844
-3, 489, 028
-10,652,539
-5,251,967
-2, 826, 144
-142,625
-404,815
917, 250
-933, 851
-3, 972, 3.52
-6. 545. 348
-6.363,737
-5,097,854
-4,358,752
-4, 749. 094
-6,128,893
-5,757,908
-6, 820, 321
-4, 647. 2.53
-6.127,356
-4,905,029
-3,415,933
-3,221,953
-2,821,959
1, 253, 924
2. 181, 354
-3, 907, 057
-7,481,410
-7,068,495
-4, 145, 018
-3,772,466
-6, 169, 104
-5, 400, 764
-7,150,610
-6,110,976
-5, 716, 789
-9, 977, 515
-10,230,442
-8.444,201
-11,431,579
-9, 054, 552
-6, 630, 136
-5,410,358
-3,981,521
-2,961,170
-4, 586, 977
-8, 812, 769
-14, 594, 387
$22, 222
1849
1850
1851
1852
1, 041, 444
1853
2, 153, 750
1854
3, 207. 346
1855
3, 078, 814
1856
3, 199, 118
1857
3, 616, 883
1858
4, 748, 923
1859
4, 808, 558
1860
9, 889, 546
1861
5, 170, 895
1862
3, 561, 729
1863
749, 314
1864
999, 980
1865
250, 000
1866
1867
3, 516, 667
1868
4, 053, 192
1869
5. 39.5. 51Q
1870
4, 844, 579
1871
5, 131, 250
1872
5. 17.5, 000
1873
5, 490, 475
1874 .
4. 714, 045
1875
7, 211, 646
1876
5, 092, 540
1877
6, 170, 339
1878
5, 753, 394
1879
4, 773, 524
1880
3. 071, 000
1881
3, 895, 639
1882
1883
74.503
1884
1885
4, 541, 611
1886
a, 193. 652
1887 .
6, 501, 247
1888
3, 056, 037
1889
3, 868. 920
1890
6, 875, 037
1891
4, 741. 772
1892
4. 051. 490
1893
5. 946, 795
1894
8. 250, 000
1895
11,016,542
1896
9, 300. 000
1897
11, 149, 206
1898
10, 504, 040
1899
8,211,570
1900
•
7, 230, 779
1901
4, 954, 762
1902
2, 402, 153
1903
2, 768, 919
1904
6, 502, 531
1905
15. 065, 257
Footnotes at end of table.
REPORT OF THE SECRETARY OF TPIE TREASURY 589
Table 16. — Postal receipts and expenditures, fiscal years 1789 through 1944 ' — Con.
Year
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913-
1914.
1915.
1916.
1917-
1918.
1919.
1920.
1921.
1922.
1923.
1924.
J 925.
1926.
1927-
1928.
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936-
1937.
1938.
1939.
1940-
1941-
1942-
1943.
1944-
As reported by the Post Office Department
Postal
revenues
$167, 932,
183, 585,
191, 478,
203, 562,
224, 128,
237, 879,
246, 744
266, 619,
287, 934
287, 248,
312, 057,
329, 726,
388, 975,
436, 239,
437, 150,
463, 491
484, 853,
532, 827,
572, 948,
599, 591
659, 819,
683, 121
693, 633,
696, 947,
705, 484,
656, 463,
588, 171
587, 631
586, 733,
630, 795,
665, 343,
726, 201
728, 634,
745, 955,
766, 948,
812, 827,
859,817,
966, 227,
1,112,877,
Postal expenditures 2
Extraordi-
nary
expenditures
as reported
under act of
June 9, 1930 3
$39, 669, 718
48, 047, 308
53, 304, 423
61, 691, 287
66, 623, 130
69, 537, 252
68, 585, 283
51, 587, 336
42, 799, 687
48, 540, 273
53,331,172
58, 837, 470
73,916,128
122, 343, 916
126, 639, 650
Other
$178, 475, 725
190, 277, 037
208, 388, 942
221,042,154
230, 010, 140
237, 660, 705
248, 529, 539
262, 108, 875
283, 558, 103
298, 581, 474
306, 228, 453
319, 889, 904
324, 849, 188
362, 504, 274
' 418, 722, 295
' 619, 634, 948
' 545, 662, 241
556, 893, 129
587, 412, 755
639, 336, 505
679, 792, 180
714, 628, 189
725, 755, 017
782, 408, 754
764, 030, 368
754, 482, 265
740,418,111
638, 314, 969
564, 143, 871
627, 066, 001
685, 074, 398
721, 228, 506
729, 645, 920
736, 106, 665
754, 401, 694
778, 108, 078
800, 040, 400
830,191,463
942, 345, 968
Surplus or
deficit (-)
-$10, 542, 942
-6,692,031
-16,910,279
-17,479,770
-5,881,482
219, 118
-1,785,523
4, 510, 651
4, 376, 463
-11,333,309
5, 829, 236
9, 836, 212
64, 126, 774
73, 734, 852
18, 427, 917
-156, 143, 673
-60, 808, 700
-24, 065, 204
-14,463,976
-39,745,027
-19,972,379
-31, 506, 201
-32, 121, 096
-85,461,176
-98, 215, 987
-146,066,190
-205,550,611
-112,374,892
-44, 033, 835
-65,807,951
-88, 316, 324
-46, 614, 732
-43, 811, 556
-38, 691, 863
-40, 784, 239
-24,117,812
-14,139,037
13, 691, 909
43, 891, 556
Treasury accounts
Surplus
revenue
paid
into
Treasury
$3, 800, 000
3, 500, 000
5, 200, 000
48, 630, 701
89, 906, 000
5, 213, 000
81,494
1,000,000
Grants from
Treasury to
cover postal
deficiencies '
$12, 673, 294
7, 629, 383
12, 888, 041
19, 501, 062
8,495,612
133, 784
1, 568, 195
1, 027, 369
6, 636, 593
5, 500, 000
« 2, 221, 095
343,511
' 114, 854
' 130, 128, 458
' 64, 346, 235
32, 526, 915
12, 638, 850
23, 216, 784
39, 506, 490
27, 263, 191
32, 080, 202
94, 699, 744
91, 714, 451
145, 643, 613
202,876,341
117,380,192
52, 003, 296
63, 970, 405
86, 038, 862
41,896,945
44, 258, 861
41, 237, 263
40, 870, 336
30, 064, 048
18, 308, 869
14, 620, 875
» -28,999,995
Note.— Figures are rounded to nearest dollar and will not necessarily add to totals.
1 From 1789 to 1842 the fiscal year ended Dec. 31; from 1844 to date, June 30. Figures for 1843 are for a half
year, Jan. 1 to June 30.
2 Postal expenditures include adjusted losses, etc.— postal funds and expenditures from postal balances,
but are exclusive of departmental expenditures in Washington, D. C, to the close of fiscal year 1922, and
amounts transferred to the civil service retirement and disability fund, fiscal years 1921 to 1926, inclusive.
For 1927 and subsequent years salary deductions are included in "Postal expenditures," the deductions
having been paid to and deposited by disbursing clerks for credit of the retirement fund.
3 See explanation in exhibit 63, p. 516.
* On basis of warrants issued from 1793 to 1915, and on basis of daily Treasury statements from 1916 to date.
' On basis of warrants issued prior to 1922 and on basis of daily Treasury statements (see p. 519) for 1922
and thereafter. Represents advances from the General Fund of the Treasury to the Postmaster General
to meet deficiencies in the postal revenues. These figures do not include any allowances for offsets on
account of extraordinary expenditures or the cost of free mailings contributing to the deficiency of postal
revenues certified to the Secretary of the Treasury by the Postmaster General pursuant to the act of Congress
approved June 9, 1930. Excludes amounts transferred to the civil service retirement and disability fund
under act of May 22, 1920 (41 Stat. 614), and amendments thereto on account of salary deductions of 2H
percent, as : follows: 1921, .$6,519,683.59; 1922, $7,899,006.28; 1923, $8,284,081.00; 1924, $8,679,658.60; 1925,
$10,266,977.00; and 1926, $10,472,289.59. See note 2.
« Actual advances from General Fund were reduced by repayment of $5,800,000 from prior year advances
which was carried to surplus.
' Exclusive of General Fund payments from the appropriation "Additional compensation Postal Service"
under authority of the act approved Nov. 8, 1919, in the amounts of $35,698,400, $1,374,015, and $6,700 for
the fiscal years 1920, 1921, and 1922, respectively.
* Repayment of unexpended portion of prior years' advances.
590
REPORT OF THE SECRETARY OF THE TREASURY
Table 16. — Selected receipts and expenditures of the Government, fiscal years 1789
through 1944-
[On basis of warrants issued from 17S& to 1930. and on basis of checks issued for 1931 and subsequent years,
see p. 519]
Fiscal year
1789-91.
1792.. _.
1793... .
1794....
1795....
1796....
1797....
1798....
1799....
1800.
1801.
1802.
1803.
1804.
1805.
1806
1807.
1808-
1809.
1810.
1811.
1812.
1813.
1814.
1815
1816-
1817-
1818.
1819.
1820.
1821.
1822-
1823
1824.
1825.
1826-
1827-
1828.
1829.
1830...
1831....
1832-.. .
1833....
1834....
1835....
1836....
1837-.-.
1838....
1839....
Receipts
from sales
of public
lands
$4, 836
83,541
11,903
444
167,726
188,628
105,676
487, 527
540, 194
765, 246
466, 163
647, 939
442, 252
696, 549
1.040.238
710, 428
835, 655
1,135,971
1,287,9.59
1,717,985
1, 991, 226
2. 606, 565
3, 274, 423
1,635.872
1,212,966
1, 803, .582
916, .523
984,418
1,216,091
1, 393. 785
1,49.5.845
1.018,309
1,517.175
2, 329, 356
3,210.815
2. 623. 381
3. 967, 683
4. 857. 601
14. 757. 601
24, 877. 180
6, 776. 237
3.081,940
7, 076, 447
E.xpenditures
Indians
$27, 000
13.649
27, 283
13,042
23. 476
113.564
62, 396
16,470
20. 302
31
9. 000
94. (100
60. 000
1 16, 500
196, .500
234, 200
205, 425
21 3, .575
337, 504
177, 625
151,875
277, 845
167,3,58
167,395
530, 750
274,512
319,404
505, 704
463, 181
31.5,750
477.005
575. 007
380. 782
429, 988
724.- 106
743, 448
760. 625
705, 084
576, 345
622, 262
930. 738
1,352.420
1. 802, 981
1.003,9,53
1,706,444
4.615,141
4, 348, 076
5, 504, 191
2, ,528. 917
Veterans'
pensions
.$17.5,814
109. 243
80, 088
81,399
68, 673
100,844
92, 257
104.845
95, 444
64,131
73. 533
85, 440
62, 902
80, 093
81,8.55
81,876
70, 500
82, 576
87.834
83, 744
75. 044
91, 402
86. 990
90. 164
69. 656
188. 804
297, 374
890, 720
2. 415. 940
3, 208, 376
242,817
1, 948, 199
1,780, .589
1 , 499, 327
1.308.811
1. 556, 594
976,139
850, 574
049, 594
1,363.
1, 170,
1. 184,
4, 589,
3, 364,
1.954,
2, 882,
2, 672,
2, 1.56.
3, 142.
Fiscal year
1840----
1841 --.
1842 .--
1843 1. .
1844..-.
1845-..-
1846-.-
1847....
1848-...
1849---
1850---
1851-.-.
1852....
1853.....
1854....
1855..-.
1856-..
18.57 ...
1858.--.
1859--.-
1860 ...
1.S61 .-
1862 ...
1863 --.
1864...-
1865-...
1866---.
1867-.-.
1S68..__
18G9--..
1870... .
1871..-.
1872. ..
1873 ...
1874....
1875....
1876.--.
1877-.-.
1878... .
1879-...
1880.-.
1881...-
1882 ...
1883...
1884 ...
1885....
1886--..
1887 -.
1888 ...
1889 -..
Receipts
from sales
of public
lands
$3, 292, 683
1,365,627
1,335,798
897, 818
2, 0,59, 940
2, 077, 022
2, 694, 4,'-)2
2, 498, 355
3, 328, 643
1.08.8,900
1, 859, 894
2, 352, 305
2, 043, 240
1, 667, 085
8, 470, 798
11,497.019
8,917,645
3, 829, 487
3,513,716
1, 756, 687
1, 778, 558
.870, 659
1,52,204
167.617
588, 333
996, 553
665,031
1, 163, 576
1,348,715
4, 020, 344
3, 350, 482
2, 388, 647
2, 575, 714
2,882.312
1, 852. 429
1,413,640
1,129,467
976, 254
1, 079, 743
924, 781
1,016,507
2, 201, 863
4,753,140
7, 955, 864
9,810,705
5, 705, 986
5, 630. 999
9. 254, 2,86
11,202,017
8, 038, 652
Expenditures
Indians
$2,331,795
2, .594, 063
1,201,062
581, 6S0
1,179,279
1,540,817
1,021,461
1, 470, 306
1, 221, 792
1,373,119
1,66,5,802
2, 895, 700
2, 980, 403
3, 905, 745
1,55,3,031
2, 792, 552
2. 769, 430
4, 267, 543
4, 926, 739
3, 625, 027
2, 949, 191
2,841,358
2, 273, 224
3,1,54,3.57
2, 629, 859
5,116,837
3, 247, 065
4, 642, 532
4, 100, 682
7, 042, 923
3, 407, 938
7, 426, 997
7,061,729
7,951,705
6, 692, 462
8, 3.S4, 657
5, 966, 558
5, 277. 007
4, 629, 280
5, 206, 109
5, 945, 457
6,514,161
9, 736, 748
7,362,591
6. 475, 999
6, 552, 495
6,099,158
6, 194, 523
6, 249, 308
6. 892, 208
Veterans'
pensions
$2, 603, 950
2, 388, 496
1, 379, 469
843, 323
2, 030, 598
2, 396, 642
1,810,371
1,747,917
1,211,270
1. 330, 010
1, 870, 292
2, 290, 278
2, 403, 953
1,777,871
1, 237, 879
1,450,153
1,298,209
1,312,043
1,217,488
1,220,378
1, 102, 926
1,036,064
853, 095
1,078,991
4, 983, 924
16,33,8,81)
15, 605, 3,52
20, 936, 552
23, 782, 387
28, 476, 622
28, 340, 202
34, 443, 895
28, 533, 403
29, 359, 427
29.038,416
29, 456. 216
28, 257, 396
27. 963. 752
27,137,019
35,121,482
56, 777, 175
50, 059, 280
61,. 345, 194
60,012,574
55, 429, 228
56, 102, 268
63, 404, 864
75, 029, 102
.80, 288, 509
87, 624, 779
Footnotes 'it end of table.
REPORT OF THE SECRETARY OF THE TREASURY
591
Table 16. — Selected receipts and expenditures of the Government, fiscal years 17S9
through 1944 — Continued
Receipts
from sales
of public
lands
Expenditures
Fiscal year
Receipts
from sales
of public
lands
Expenditures
Fiscal year
Indians
Veterans'
pensions
Indians
Veterans'
pensions
1890
$6,358,273
4, 029, 535
3,261,876
3, 182, 090
1, 673, 637
1, 103, 347
1,005,523
864, 581
1,243,129
1,678,247
2, 836, 883
2, 965, 120
4, 144, 123
8.926,311
7.453,480
4. 859, 250
4, 879, 834
7, 878, 811
9, 731. 560
7, 700, 568
6. 355, 797
5, 731, 637
5, 392, 797
2,910,205
2, 571, 775
2, 167, 136
1, 887, 662
1, 892, 893
1,969,455
$6,708,047
8, 527, 469
11,150,578
13, 345, 347
10.293,482
9, 939, 754
12, 165, 528
13,016,802
10, 994, 608
12,805,711
10,175,107
10, 896, 073
10, 049, 585
12, 935, 168
10. 438. 350
14.236,074
12, 740, 859
15, 163, 608
14, 579, 756
15,694,618
18, 504, 132
20, 933, 869
20, 134, 840
20, 306, 159
20,215,076
22. 130. 351
17, 570, 284
30,598,093
30, 8S8, 400
$106, 936, 855
124,415,951
134, 583, 053
159, 357, 558
141,177,285
141, 395, 229
139,434.001
141, 053, 165
147. 452, 369
139, 394, 929
140,877.316
139, 323, 622
138,488,500
138, 425, 646
142, 559, 266
141,773,965
141,034,562
139,309,514
153, 892, 467
161,710,367
160, 696, 416
157,980,575
153,590,456
175, 085, 450
173, 440, 231
164, 387, 942
159, 302, 351
160,318,406
181, 137, 754
221.614,781
1920...
1921
$1,910,140
1,530,439
895,391
656, 508
522, 223
623, 534
754, 253
621, 187
384, 651
314, 568
395, 744
230, 302
170, 339
102, 561
99, 336
86, 757
74, 355
71,218
95, 649
248, 461
117,020
178, 246
89, 605
129. 206
99. 320
$40. 516, 832
41,470,808
38,500,413
45,142,763
46,754.026
38, 755, 457
48, 442, 120
36, 791, 649
36, 990, 808
34. 086, 586
32,066,628
26, 778, 585
26, 125, 092
22, 722, 347
23, 372, 905
27.918.899
28. 875. 773
36. 933, 148
33, 378, 389
46,964,171
2 37,821,090
2 33,587,984
231,838,510
224. 665, 410
2 31,266,494
1891
$213, 344, 204
260,611,416
252, 576, 848
264, 147, 869
1892
1922
1893..
1923
1894
1924
1925
19''6
1895
228, 261, 555
1896
218, 321. 424
207, 189, 622
230, 556, 065
229, 401, 462
229, 781, 079
1897,...
1927
1898...
1928
1899
1929
1900 .
1930
1931....
1901
1902
220, 608, 931
234, 402, 722
1903
1932
1933
232. 521, 292
1904
234, 990, 427
1905
1934...
319,322,034
1906
1935.-..
373, 804, 501
1907
1936
399, 065, 694
1908
1937
396, 047, 400
1909
1938
402, 779, 083
1939
416,720,951
1910.
1940
1941
1911
429, 178, 230
433, 147. 890
-•431.294.492
'442,39.3,770
494, 959, 142
1912
1913
1942
1914
1943
1915.
1944
1916
1917
1918....
1919....
1, 404, 705
34, 593, 257
>■ Revised.
' From 1789 to 1842 the fiscal year ended Dec. 31; from 1844 to date, on June 30. Figures for 1843 are for a
half year, Jan. 1 to June 30.
2 Excludes interest accounts which are included in trust fund expenditures.
Table 17. — Expenses of the Internal Revemie Service, fiscal year 194^.
[On basis of checks issued, see p. 520]
Part A. Recapitulation
Appropriation
Salaries
Travel
expenses
Rent
Miscellane-
ous
Total
Collecting the internal revenue,
1944:
C ollectors
Agents. -
Supervisors _
Technical Staff field forces
Chief Counsel field forces
Departmental service and field
forces operating from Wash-
ington
$60, 615, 429. 58
20, 274, 594. 35
13,011,080.80
1. 965, 975. 91
940, 941. 61
16, 883, 429. 38
$1, 862, 455. 55
708, 433. 38
880, 551. 66
20. 679. 42
22, 217. 33
484, 804. 12
$1, 432, 968. 10
764, 742. 50
232, 113. 12
342, 960. 43
$1,906,543.60
219, 500. 65
596, 801. 34
72, 728. 63
877, 396. 83
967, 330. 88
720. 546. 92
402, 344. 39
963, 158. 94
140, 449. 16
2, 765, 517. 87
20, 274, 200. 53
Subtotal
Emergency fund for the President,
national defense, allotment to
Treasury, Internal Revenue, 1943
and 1944
Appropriations prior to 1944
113,691,451.63
299, 579. 64
3, 979, 141. 46
-2.10
436, 459. 64
2, 913, 233. 31
5,621,152.09
382, 507. 77
2, 745, 643. 42
126, 204. 978. 49
-2.10
3, 864, 190. 47
Total.
113,991,031.27
4, 415, 599. 00
3, 295, 741.
8, 366, 795. 51
130, 069, 166. 86
592
REPORT OF THE SECRETARY OF THE TREASURY
Table 17. — Expenses of the Internal Revenue Service, fiscal year 1944 — Continued
Part B. Disbursments for Collectors of Internal Reveniie from the Approfriation "Collecting
THE Internal Revenue, 1944"
District
Salaries of
collectors,
deputies,
clerks, etc.
Travel
expenses
Rent
Miscellane-
ous
Total
Alabama
$583, 232. 58
241,212.93
408, 918. 87
1, 979, 993. 60
2, 525, 861. 61
542,021.19
1, 144, 783. 74
179,675.68
79i, 532. 04
692, 379. 73
293, 438. 04
262, 198. 99
3, 232, 600. 63
1,244,886.88
1, 448, 630. 47
1, 176, 482. 37
859, 420. 01
727, 192. 23
624, 136. 74
439, 833. 54
1,599,021.38
2,099,203.44
2, 385, 298. 93
1, 298, 342. 45
365, 018. 00
983,068.06
690, 584. 69
302, 146. 15
613,994.12
133, 552. 17
292, 840. 20
583, 119. 74
1,877,171.87
193,836.50
2, 232, 398. 92
1,417,437.55
1,566,205.87
1,483,651.37
708, 376. 65
1,153,904.91
751,814.38'
257, 031. 47
807,612.22
514, 578. 40
555, 539. 61
1, 576, 742. 05
679,711.18
662, 974. 32
2, 367, 377. 62
019, 853. 50
1,304,552.58
486, 270. 94
328, 156. 39
282, 143. 58
726, 630. 67
1, 245, 654. 69
1, 200, 522. 98
255, 892. 01
191, 588. 52
871, 722. 75
1,227,573.12
625, 671. 74
1, 505, 887. 39
192, 416. 63
$33, 036. 09
22, 146. 62
39, 570. 58
73, 505. 25
75, 827. 10
24, 793. 02
18, 225. 10
4.459.41
45, 008. 04
50, 798. 60
18,016.20
12, 824. 70
31,826.74
52, 728. 02
34, 808. 38
28, 674. 18
63,192.75
35, 353. 51
21,353.17
36, 472. 33
16, 048. 66
13, 243. 08
63, 408. 10
55, 709. 78
34,028.54
30, 559. 13
40, 482. 74
25, 060. 56
40, 502. 51
6, 853. 59
10, 750. 05
7, 459. 79
13, 340. 83
17,013.01
4, 997. 54
586. 44
205. 78
20, 494. 40
16,830.51
23, 409. 61
48, 459. 99
17, 736. 71
12, 082. 89
14, 242. 44
14,101.51
32, 313. 46
45, 398. 93
24, 766. 96
45, 775. 66
13, 960. 34
22, 525. 96
3,321.02
25, 444. 95
27, 060. 30
27, 379. 51
49,821.30
53,175.37
9, 005. 83
10, 946. 43
56, 888. 75
34, 270. 95
33, 193. 02
63, 735. 63
12, 577. 14
$3, 336. 25
1,515.82
1, 157. 50
25, 371. 64
49, 527. 53
1, 749. 64
71,645.07
1, 348. 44
5, 386. 54
13, 810. 75
5, 885. 00
2,277.00
55, 948. 33
33, 195. 50
28, 234. 54
13,341.59
21,200.89
1, 998. 75
10, 340. 06
2, 613. 00
4, 484. 28
91,756.42
47, 788. 17
$18, 133. 03
8, 005. 30
13,318.98
65, 990. 44
94, 556. 93
26, 387. 82
35, 509. 98
7, 030. 06
27,911.69
24, 240. 12
13, 729. 13
7, 562. 67
115, 244. 33
29,823.74
45,917.17
29, 512. 38
25, 333. 14
26, 493. 76
21,357.59
15,033.13
55, 302. 32
63,641.13
94, 047. 50
40, 730. 16
12, 360. 26
19, 579. 85
20, 269. 44
11,084.73
20, 076. 48
5, 167. 53
10, 265. 28
20, 236. 14
49, 420. 39
6, 250. 81
64, 778. 95
39, 095. 98
44,515.94
39, 444. 89
21, 652. 44
24, 488. 54
40, 479. 76
4, 639. 59
22, 546. 07
20, 943. 20
20, 181. 19
57, 875. 24
19, 104. 57
25, 405. 46
66, 057. 73
17, 284. 46
25, 770. 94
23, 500. 75
13, 544. 37
10, 762. 73
26, 942. 38
39, 644. 22
39, 438. 81
11,398.33
6, 787. 90
34, 517. 66
43, 069. 98
22, 610. 14
55, il3. 38
5, 424. 59
$637, 737. 95
Arizona. _
Arkansas
California:
First district
Sixtti district
Colorado, . -
Connecticut
272, 880. 67
462, 965. 93
2, 144, 860. 93
2,745,773.17
594, 951. 67
1,270,163.89
192, 513. 59
Florida ...
869, 838. 31
Georgia :
Hawaii
781, 229. 20
331, 068. 37
284, 863. 36
Illinois:
First district
Eighth district
3, 435, 620. 03
1,-360,634.14
1,557,596.56
1,248,010.52
Kansas -. - .
969, 146. 79
791, 038. 25
Louisiana
677, 187. 56
493, 952. 00
1,674,856.64
Massachusetts
Michigan
2,267,844.07
2, 590, 602. 76
1,394,782.39
Mississippi
Missouri:
First district
Sixth district _
4, 536. 00
3, 802. 50
3, 680. 00
2, 841. 63
1,928.12
3, 630. 00
6, 197. 50
889. 75
34,521.60
3, 570. 60
176, 228. 93
29, 610. 78
31,612.13
104, 053. 05
2, 598. 63
4, 289. 99
25, 002. 83
2, 670. 25
3, 396. 00
9, 139. 00
8, 854. 89
132, 586. 66
6,118.94
9, 757. 95
54, 554. 41
7, 179. 90
25, 214. 26
65,026.17
3, 520. 00
3, 049. 27
3, 028. 86
20,331.19
20, 184. 90
415, 942. 80
1, 037, 009. 54
755, 016. 87
Montana
341,133.07
Nebraska
Nevada -. - -
676, 501. 23
149, 203. 29
New Hampshire
320, 059. 03
New Jersey:
611,705.42
Fifth district
1, 974, 454. 69
New Mexico -.
221, 270. 92
New York:
First district
Second district ..
2, 478, 404. 34
1, 486, 730. 75
Third district
1, 642, 539. 72
Fourteenth district
1,647,643.71
749, 458. 23
Twenty-eighth d istrict
North Carolina.-
1, 200, 093. 05
865, 756. 96
282, 078. 02
Ohio:
First district ..
845, 637. 18
Tenth district.. ._
558, 903. 04
Eleventii district
598, 677. 20
Eighteenth district
1, 799, 517. 41
Oklahoma
750, 333. 62
722, 904. 69
Pennsylvania:
2, 533, 765. 42
Twelfth district
658, 278. 20
Twenty-third district
Rhode Island
1, 378, 063. 74
578, 118. 88
South Carolina.. .-. .-
370, 665. 71
South Dakota . ..
323, 015. 88
783, 981. 42
Texas:
1,355,451.40
Second district
1, 313, 322. 06
Utah
276, 296. 17
3,110.00
37, 783. 00
67, 838. 58
984. 52
15, 072. 60
660. 00
212, 432. 85
1,000,912.16
1, 372, 752. 63
682, 359. 42
Wisconsin
Wyoming _. . ..
1, 639, 809. 00
211, 078. 36
Total
60, 615, 429. 58
1, 862, 455. 55
1, 432, 968. 10
1, 966, 543. 60
65, 877, 396. 83
REPORT OF THE SECRETARY OF THE TREASURY 593
Table 17. — Expenses of the Internal Revenue Service, fiscal year 1944 — Continued
Part C. Disbursements foe Internal Revenue Agents From the Appropriation "Collecting
THE Internal Revenue, 1944"
Division
Salaries of
agents,
clerks, etc.
Travel
expenses
Rent
Miscellan-
eous
Total
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 City
Omaha
Philadelphia
Pittsburgh
Richmond
Salt Lake City
San Francisco
Seattle
Springfield
St. Louis
St. Paul
Wichita
$233,
813,
903,
595,
450,
1, 420,
377,
688,
128.
859,
258,
777,
286,
85,
138,
321,
345.
821,
229,
325,
296,
824,
475,
328,
1, 663,
1, 552,
345,
343,
933,
626,
256,
187,
672,
371,
189,
568,
350,
229,
095. 35
698. 69
274. 01
252. 17
342. 70
325. 59
468. 85
713. 97
221. 66
308. 73
879. 81
549. 43
602. 79
005. 95
150. 43
830. 64
154. 76
003. 17
525. 00
391.02
916. 82
290. 98
872. 78
910. 89
208. 72
578. 73
738. 07
550. 42
237. 04
873. 12
254. 93
315. 70
721. 79
048. 19
172. 86
015.31
876. 19
217.09
$11,925.79
11, 637. 22
24, 806. 94
24, 146. 94
13, 356. 89
23,211.74
19, 170. 65
24, 551. 41
7, 960. 28
43, 789. 24
8, 973. 78
32, 545. 62
27, 571. 04
3, 052. 71
8, 787. 87
17, 039. 09
20, 847. 09
23, 664. 36
13, 020. 08
8, 165. 02
12, 489. 46
10, 804. 22
10, 729. 72
24, 962. 39
14, 734. 13
21, 631. 47
33, 340. 34
17,019.83
23, 199. 87
14,091.01
18, 470. 66
12, 829. 66
22, 982. 16
18, 573. 04
22, 666. 39
13, 752. 83
26, 823. 79
21, 108. 65
$32, 213. 50
28, 602. 82
15,414.19
22, 530. 89
69, 569. 50
19, 549. 33
32, 716. 50
5, 278. 69
39, 704. 14
9, 712. 00
42, 158. 56
4, 387. 73
2, 362. 00
1, 928. 66
20, 150. 04
13, 667. 50
55, 166. 93
8, 729. 60
11,760.17
13, 737. 01
32, 968. 14
21, 314. 99
16, 824. 27
72, 580. 42
1,155.00
16, 328. 66
12, 822. 26
25, 289. 00
27, 644. 80
2, 462. 35
5, 013. 58
26, 502. 12
1, 591. 20
7, 837. 50
18, 934. 70
18, 158. 75
7, 975. 00
$2, 141. 28
5, 515. 94
9, 441. 57
4,841.86
4, 342. 38
18. 149. 81
4, 759. 41
8, 799. 06
1, 988. 61
7, 107. 64
2, 719. 16
9,413.00
4, 053. 91
1, 111.46
2, 083. 36
4, 507. 89
6, 021. 73
9, 271. 71
2, 526. 95
4, 409. 65
3, 094. 08
11,068.21
7, 160. 54
5, 032. 54
13, 634. 15
12, 281. 94
4, 201. 42
3,414.95
8, 855. 98
4, 809. 54
3, 076. 89
2, 801. 69
7, 470. 84
5, 306. 04
2, 346. 26
5, 145. 40
4, 305. 06
2, 348. 74
$247, 162. 42
863, 065. 35
966, 125. 34
639, 655. 16
490, 572 86
1, 531, 256. 64
420, 948. 24
754, 780. 94
143, 449. 24
949, 909. 75
280, 284. 75
861. 666. 61
322, 615. 47
91, 532. 12
150, 950. 32
363, 527. 66
385, 691. 08
909, 106. 17
253, 801. 63
349, 725. 86
326. 237. 37
879, 131. 55
515, 078. 03
375, 730. 09
1, 704, 157. 42
1, 587, 647. 14
399, 608. 49
376, 807. 46
990, 581. 89
673, 418. 47
280, 264. 83
207, 960. 63
729, 676. 91
396, 518. 47
222, 023. 01
605, 848. 24
400, 163. 79
260, 649. 48
Total 20,274,594.35
708, 433. 38
764, 742. 50
219, 560. 65
21, 967, 330. 88
613185—45-
-39
594
REPORT OF THE SECRETARY OF THE TREASURY
Table 17. — Expenses of the Internal Revenue Service, fiscal year 1944 — Continued
Part D. Disbursements fob District Supervisors' Offices From the Appropriation "Collecting
THE Internal Revenue, 1944"
District
Salaries of
supervisors,
clerks, etc.
Travel
expenses
Rent
Miscellan-
eous
Total
$827, 143. 94
1. 069. 450. 61
1. 138. 022. 62
563, 384. 81
1, 248, 347. 95
681, 125. 76
1, 553, 656. 15
749, 781. 75
1, 626, 436. 68
700, 938. 97
641, 807. 01
474. 335. 06
204, 415. 19
1, 210, 257. 31
30, 495. 23
291, 481. 76
$31, 198. 25
42, 172. 72
55, 712. 54
17, 646. 58
86, 754. 09
79, 739. 69
73, 066. 86
58, 673. 64
94, 945. 83
73, 565. 49
65, 384. 66
58, 804. 65
18, 441. 78
87, 549. 08
1, 007. 44
35, 888. 36
$28,287.02
58, 744. 60
6, 603. 25
31, 437. 84
10, 162. 11
15, 449. 67
6, 489. 47
10. 318. 79
15, 879. 43
18, 588. 85
4,219.77
11, 759. 73
6, 475. 15
7, 059. 44
$31, 243. 73
60, 898. 76
32, 771. 46
16, 181. 20
57,798.03
■ 86,341.74
41,217.89
41, 335. 40
51, 452. 33
42, 778. 90
41, 774. 01
33, 145. 40
9, 893. 21
31, 303. 62
1, 106. 56
17, 559. 10
$917, 872. 94
1,231,266.69
1, 233, 109. 87
628, 650. 43
1, 403, 062. 18
862, 656. 86
1, 674, 430. 37
860, 109. 58
1, 788, 714. 27
835, 872. 21
753, 185. 45
St Paul -
578, 044. 84
239, 225. 33
1,336,169.45
32, 609. 23
Seattle - -^ - -
638. 00
345, 567. 22
Total -
13,011,080.80
880, 551. 66
232, 113. 12
596, 801. 34
14, 720, 546. 92
Part E. Disbursements for Technical Staff Field Divisions From the Appropriation "Collect-
ing THE Internal Revenue, 1944"
Division
Salaries of
Technical
Stafif field
employees
Travel
expenses
Rent
Miscel-
laneous
Total
Atlantic -
$130, 910. 23
210, 284. 78
237, 562. 32
304,373.23
96,843.69
390, 809. 92
173, 449. 14
111,178.85
180, 780. 58
129, 783. 17
$1,502,84
2,888.31
1,371.83
1,873.11
616. 30
3,893.27
2, 164. 59
2, 015. 75
2, 223. 67
2, 129. 75
$4, 808. 10
34, 924. 45
40, 524. 97
56,332.74
20, 242. 75
98, 556. 78
16,658.68
17.277.15
34, 579. 05
19, 055. 76
$3, 297. 77
10,3.59.46
9,691.07
8, 234. 08
4, 426. 29
13, 463. 20
7,365.11
5, 038. 07
6, 62S. 35
4, 225. 23
$140,518.94
Central - - . - - -
258, 457. 00
289. 150. 19
Eastern
New England . _ ..
370, 813. 16
122,129.03
New York ... . .
506, 723. 17
Pacific - --
199, 637. 52
135, 509. 82
Southwestern
Western
224,211.65
155, 193. 91
Total.---
1,965,975.91
20,679.42
342, 960. 43
72, 728. 03
2, 402, 344. 39
REPORT OF THE SECRETARY OF THE TREASURY
595
Table 17. — Expenses of the Internal Revenue Service, fiscal year 1944 — Continued
Part F. Disbursements For Chief Counsel Field Divisions From toe Appropriation "Collect-
ing THE Internal Revenue, 1944"
Division
Salaries of Chief
Counsel Field
employees
Travel ex-
penses
Total
Atlantic
Central
ChicaRO ._ _-_ ___ _. . __ . . .
$58, 087. 86
89, 250. 78
1.34, 190. 83
124, 593. 42
37, 563. 16
207, 978. 92
108, 714. 39
57,737.42
80, 736. 58
42, 082. 25
$1,690.22
2, 997. 16
1,844.13
1, 807. 42
345. 81
1, ,564. 57
4, 549. 81
2, 863. 08
2, 675. 88
1,879.25
$59, 778. 08
92, 247. 94
136 040 96
Eastern.-- __ .
126,400.84
37 908 97
New Encland . ..
New York. . .
Pacific-
Southern.. . .
209, 543. 49
113, 264. 20
60, 600. 50
83,412.46
43,961.50
Southwestern..
Western
Total
940, 941. 61
22, 217 33 963 158 94
Part G. Disbursements For Departmental Service and Field Forces Operating From Washing-
ton
Appropriation
Salaries
Travel
expenses
Rent
Miscellaneous
Total
Collecting the internal reve-
nue, 1944
$16, 883, 429. 38
$484, 804. 12
$140,440.16
$2, 765, 517. 87
$20, 274, 200, 53
Part H. Disbursements In The Fiscal Year 1944 From Appropriations For Years Prior To 1944
Appropriation
Salaries
Travel
expenses
Rent
Miscellane-
ous
Total
Collecting the internal revenue, 1943...
Collecting the internal revenue, 1942...
Salaries and administrative expenses
for refunding processing and related
taxes and administering Title III,
Revenue Acts of 1936. 1943
$297,515,89
—589. 68
2, 735. 91
—82.48
$433,403.16
2, 031. 89
995. 83
28.76
$382, 509. 08
—1.31
$2, 741, 316. 70
3, 209. 23
1,117.49
$3, 854, 744, 83
4, 650. 13
4, 849. 23
Salaries and administrative expenses
for refunding processing and related
taxes and administering Title III,
Revenue Acts of 1936, 1942
—53. 72
Total.-..
299, 579. 64
436, 459. 64
382, 507. 77
2, 745, 643, 42
3, 864, 190 47
CLAIMS APPROVED FOR PAYMENT FROM THE REFUNDING APPROPRIATIONS
Appropriation
Total
Refunding internal revenue collections, 1944 and prior years ,.- $147,539,220. 76
Refunds and payments of processing and related taxes. Bureau of Internal Revenue, 1944 J 428, 220. 92
Total 147,967,441.68
596
REPORT OF THE SECRETARY OF THE TREASURY
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626
REPORT OF THE SECRETARY OF THE TREASURY
Table 23. — Principal of the public debt outstanding at the end of each fiscal year
from 1853 through 19 U »
[On basis of Public Debt accounts from 1853 throueh 1919, and on basis of daily Treasury statements from
1920 to date, see p. 519 '1
June 30—
Interest-
bearing »
Matured
Noninterest-
bearing '
Total eross
debt
Gross debt
per capita
1853
$59, 642, 412
42,044,517
35,418,001
31,805,180
28, 503, 377
44, 743, 256
58,333,156
64, 683, 256
90, 423, 292
365, 356, 045
707, 834, 255
1,360,026,914
2,217.709.407
2,322,116.330
2, 238, 954, 794
2,191.326,130
2.151,495,065
2,035,881,095
1, 920. 696, 750
1,800,794.100
1,696,483,9.50
1,724,930.750
1.708.676.300
1.696.685.450
1, 697, 888, 500
1, 780, 735, 650
1,887,716,110
1,709,993,100
1,625,567,7.50
1. 449. 810. 400
1,324.229.1.50
1,212, ,563, 8.50
1,182,150,9.50
1,132,014.100
1,007,692.350
936, 522, .500
81.5,8,53,990
711,313,110
610.529,120
585,029,330
.585.037.100
63.5,041,890
716,202,060
847,363.890
847,365.130
847.367.470
1,046,048.7.50
1,023.478,860
987,141.040
931,070,340
914,541,410
895, 157, 440
895.158,340
895, 1.59, 140
894. 834. 280
897, 503. 990
913.317.490
913.317,490
915. 3.53. 190
963. 776. 770
965.706.610
967,953,310
$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.ti29.460
3,216.340
11.425,570
3,902,170
16,648.610
5. 594. 070
37,015.380
7,621.205
6,723,615
16,260,5.55
7,831,165
19. 6.55, 955
4, 100, 745
9. 704. 195
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. 6.59. 5.50
1,552,560
$59,804,661
42, 243, 765
35, 588, 499
31,974,081
28, 701. 375
44,913,424
58,498,381
64,843,831
90, 582, 417
524, 177, 955
1,119,773,681
1,815,830,814
2,677,929,012
2,755,763,929
2,6.50,168,223
2,583,446,456
2,54.5,110.590
2, 436. 4,53. 269
2.322.052.141
2. 209, 990. 838
2.151.210.345
2,1.59,932.730
2. 1.56, 276, 649
2, 130. 845. 778
2.107,759.903
2,159.418,315
2.298,912.643
2.090.908.872
2.019,285.728
1,856.915,644
1.721.958.918
1,625.307,444
1,. 578, 551, 169
1,5.55,6.59,550
1,465,485,294
1,384.631.6.56
1,249,470,511
1,122,396,584
1,005,806,561
968,218,841
961,431,706
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
1,221,572.245
1,178,031.3,57
1,1.59,40,5.913
1, 136. 259. 016
1.132.3.57.095
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
$2.36
1854
1.62
1855
1.32
1856
1.15
1857
1.01
1858
1.53
1859
1.93
1860 -- --
2 06
1861
2.83
1862
$158,591,390
411,767,456
455. 437, 271
4.58, 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
373,08,8,595
374,181,153
373, 294, 567
386,994,363
390, 844, 689
389, 898, 603
393,087,639
392, 299, 474
413.941,255
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, 1.57
243,659.413
239. 130. 656
235. 828. 510
246, 235, 695
251,257,098
276,0.56,398
232,114.027
231. 497. .584
236.751,917
228.301,285
225.681.585
218,729,530
16.03
1863
33. .56
1864 .
53.33
1865
77.07
1866
77.69
1867
73.19
1868
69.87
1869
67. 41
1870 -
63.19
58 70
1872
54.44
1873
51.62
1874
50. 17
49.06
1876
47.21
45.47
1878
45.37
1879 --
47. 05
1880
41.69
1881
39. 35
1882 ---
35.37
1883
32.07
1884
29.60
1885 .
28.11
1886
27.10
1887
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
1012 .-
12.48
1913 - -
12. 2(
1914
12.00
' Revised. , ,, . , „
I Figures for 1853 throueh 1885, are taken from "Statement of receipts and expenditures of the Government
from 1855 to 1885 and principal of public debt from 1791 to 1885," compiled from the ofiQcial records of the
Register's office. From 1886 through 1919 figures are taken from the monthly debt statements and revised
figures published in the annual reports of the Secretary of the Treasury. (See table 24, p. 507, in 1942 report) .
From 1920 to date, figures are taken from the Preliminary Statement of the Public Debt published in the
dailv Treasury statements. .„ ., , . . , . ^ ^ ^ , .
s 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). , , , .
> Includes old demand notes; United States notes (eold 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, inliquidation, 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
627
Table 23. — -Principal of the public debt outstanding at the end of each fiscal year
from 1863 through 1944 ' — Continued
June 30—
Interest-
bearing «
Matured
Noninterest-
bearing '
Total gross
debt
Gross debt
per capita
1915
$969,759,090
971, 562, 590
2, 712. 549, 477
11,985,892,436
25, 234, 496, 274
24,062,500,285
23,738,900,085
22,710.338,105
22,007,043,612
20,981,242,042
20,210,906,915
19,383.770,860
18, 252, 664, 666
17.317,694,182
16,638,941,379
16,921,892,360
16. 519, 588, 640
19,161,273,540
22.157,643,120
26. 480. 487, 870
27,645,241,089
32, 988, 790, 135
35, 800, 109, 418
36, 575. 925. 880
39.885.969,732
42, 376, 495, 928
48, 387, 399. 539
71, 968. 418, 098
135, 380, 305, 795
199, 543, 355, 301
$1, 507, 260
1,473,100
14, 232, 230
20, 242. 550
11,109,370
6, 745, 237
10, 688, 160
25,250,880
98,738,910
30, 278, 200
30, 258, 980
13, 359, 900
14, 718, 585
45, 335, 060
60, 749, 199
31.716,870
61.819,095
60, 079, 3S5
65,911,170
54, 266, 830
230, 662, 155
169. 363, 395
118,529.815
141, 362, 460
142, 283, 140
204, 591, 190
204, 999, 860
98, 299, 730
140,500,090
200, 851, 160
$219,997,718
252,109,878
248,836,878
237, 503, 733
236, 428, 775
230,075,945
227,862,308
227. 792, 723
243,924,844
239, 292, 747
275, 027, 993
246, 085, 655
244, 523, 681
241. 263, 959
241,397,905
231,700,611
229, 873, 756
265, 649, 519
315, 118, 270
518,386,714
824, 989, 381
620, 389, 964
505.974,499
447, 451, 975
411,279,639
386, 443, 919
369, 044, 137
355.727,288
1. 175, 284, 445
1, 259, 180, 760
$1,191,264,068
1, 225, 145, 568
2.975,618,585
12,243,628,719
25,482,034,419
24,299,321,467
23, 977, 450, 553
22,963,381,708
22, 349, 707, 365
21,250,812,989
20,516,193,888
19,643,216,316
18,611,906,932
17,604,293,201
16, 931, 088, 484
16. 185. 309, 831
16,801,281,492
19, 487, 002, 444
22, 638, 672, 560
27,053,141.414
28, 700, 892, 625
33, 778, 543, 494
36, 424, 613, 732
37,164,740,315
40. 439, 532, 411
42,967,531,038
48.961,443.536
72, 422, 445, 116
136, 696, 090, 330
201, 003, 387, 221
$11.83
1916
11.96
1917 -
28.67
1918 .
115.65
1919
240. 09
1920
228.33
1921 -
221. 10
1922
208.97
1923 -
200.10
1924
186. 86
1925
177. 82
1926
167. 70
1927
156.06
1928
146.69
1929
139. 40
1930
131. 49
1931
135.37
155. 93
1933
179. 21
1934
213. 65
1935
225.07
1936
263.01
1937
281.80
285.41
1939 -
308. 29
1940
325.63
1941 ..
367.54
1942
637. 36
1943. ...
' 1,001.55
1944.
1, 466. 64
Footnotes on p. 626.
628
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630
REPORT OF THE SECRETARY OF THE TREASURY
Table 25. — Composition of the public debt at the end of the fiscal years 1916 through
1944 and by months from July 1943 through June 1944 '
[In millions of dollars.
On basis of Public Debt accounts from 1916 through 1919, and on basis of daily
Treasury statements from 1920 to date, see pi 519]
Bonds
Notes 2
Certifi-
cates of
indebted-
Special
issues to
Govern-
ment
Total
interest-
Matured
debt on
which
Debt
bear-
End of fiscal year or
United
Total
gross
debt
month
States
ness and
bearing
interest
ing no
sav-
ings
bonds
Other
Treasury
bills
and trust
funds
debt
has
ceased
interest
June 30—
1916
$967
2,412
9,911
17,188
16,218
$4
27
369
4,422
5,075
$972
2,713
11,986
25, 234
24, 063
$1
14
20
11
7
$252
249
238
236
230
$1, 225
1917
$273
1,706
3,625
2,769
2,976
1918
12, 244
1919
25, 482
1920 - -
24,299
1921
16, 119
15,965
16, 535
16,025
16, 842
16, 928
15, 222
13,021
12, 125
12,111
13, 531
14,250
14,223
16, 610
14,874
18,312
20, 522
22, 361
25, 698
27,012
30, 652
38, 588
58, 164
80, 132
4,920
4,916
4,441
4,148
2,740
1,799
1,986
2,582
2,267
1,626
452
1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243
6,383
5,698
9,703
16,663
26, 962
2,700
1,829
1,031
808
533
453
686
1,252
1,640
1,420
2,246
3,341
3,063
2,921
2,053
2,354
2,303
1,154
1,308
1,302
1,603
5.604
28,425
43, 557
23, 739
22, 710
22, 007
20, 981
20,211
19, 384
18, 253
17,318
16, 639
15, 922
16,520
19,161
22, 158
26, 480
27, 645
32,989
35, 800
36, 576
39, 886
42, 376
48, 387
71,968
135, 380
199, 643
11
25
99
30
30
13
15
45
51
32
52
60
66
54
231
169
119
141
142
205
205
98
141
201
228
228
244
239
275
246
245
241
241
232
230
266
315
518
825
620
506
447
411
386
369
356
1,175
1. 2.59
23, 977
1922
22, 963
1923
22,350
1924
21, 251
1925
$95
204
359
462
607
764
291
309
323
396
633
626
1,558
2,676
3,770
4,775
6,120
7,885
10,871
14, 287
20, 516
1926
19, 643
1927 -..
18,512
1928 . .
17,604
1929
16, 931
1930 - ---
16, 185
1931
16, 801
1932 -.
19, 487
1933
22,539
1934
27, 053
1935.-
$62
316
800
1,238
1,868
2,905
4,314
10, 188
21, 256
34, 600
28, 701
1936
33, 779
1937
36, 425
1938...
37, 165
1939
40,440
1940
42, 968
1941
48, 961
1942
72, 422
1943...
136, 696
1944
201, 003
End of month—
1943— July
22, 030
58, 177
19, 553
29,021
11,456
140, 238
113
1.173
141, 524
Aupust
22, 694
68. 199
19, 578
30. 343
11,907
142, 721
164
1,174
144, 059
September. -
24, 478
66, 221
20, 446
34, 190
11,717
157,053
124
1.172
158, 349
October
26. 056
68. 696
20, 705
36, 264
11,868
163, 589
291
1.167
165, 047
November..
26, 697
68, 756
20. 874
36, 177
12, 278
164, 781
209
1,168
166, 158
December. .
27, 363
68,766
19. 761
.35.915
12, 703
164, 508
202
1.168
165,877
1944— January
28, 901
68, 766
20. 559
35. 944
12, 873
167, 043
258
■' 3, 357
170,659
February.. -
31, 515
74, 712
23, 522
38, 792
13, 168
181, 709
241
1,157
183, 107
March
31,974
73. 681
25, 360
38. 827
1.3, 507
183, 348
182
1,185
184,715
April
32, 497
73, 408
25, 355
38. 456
13, 697
183,413
352
1,202
184, 967
May
32, 987
73, 420
25, 314
39, 031
14, 122
184. 874
260
1,232
186, 366
June
34,606
80, 132
26, 962
43, 557
14, 287
199, 543
201
1,259
201, 003
Note.— Figures are rounded and will not necessarily add to totals. For monthly figures, on a revised
basis, back to June 1916, see annual report for 1936, p. 413, and corresponding tables in subsequent reports.
' For an analvsis of the items included in each category in this table, see the monthly Statements of the
Public Debt of "the United States for 1916 through 1919, and the daily Treasury statements for the end of the
fiscal year or month from 1920 through December 1942 and thereafter the daily Treasury statement for the
first day of each month. Details for June 30, 1944, are shown in table 22, on p. 605 of this report.
2 Includes old Treasurv (war) savings securities from 1918 through 1929.
3 Includes $2,193 millions of deposits with Treasurer of the United States representing prepayments on
account o (principal of securities dated Feb. 1, 1944, sold in the Fourth War Loan drive beginning Jan. 18,
1944.
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REPORT OF THE SECRETARY OF THE TREASURY
655
Table 28. — Issues, maturities, and redeynptions of interest-hearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944 '
Issue
Postal savings bonds, series 25
Treasury bills, issued Apr. 7, 1943.
Treasury bills, maturing Oct. 7, 1943
Treasury notes. Series A-1947 - _ -
Treasury bills, issued Apr. 14, 1943
Treasury bills, maturing Oct. 14, 1943_
Treasury bills, issued Apr. 21, 1943
Treasury bills, maturing Oct. 21, 1943
Treasury bills, issued Apr. 28, 1943
Treasury bills, maturing Oct. 28, 1943
United States savings bonds. Scries A-1935
United States savings bonds. Series B-1936
United States savings bonds. Series C-1937._.
United States savings bonds, Series C-1938
United States savings bonds. Series D-1939-..
United States savings bonds, Series D-1940...
United States savings bonds. Series D-1941...
United States savings bonds. Series E-1941
United States savings bonds. Series F-1941
United States savings bonds. Series G-1941 .
United States savings bonds. Series E-1942...
United States savings bonds. Series F-1942
United States savings bonds. Series 0-1942 ..
United States savings bonds, Series E-1943
United States savings bonds. Series F-1943
United States savings bonds. Series 0-1943 .
United States savings bonds, unclassified sales
Depositary bonds. First Series _.
Adjusted service bonds... _.
Treasury notes, Tax Series A-1943
Treasury notes. Tax Series B-1943
Treasury notes, Tax Series A-1944
Treasury notes. Tax Series B-1944
Treasury notes, Tax Series A- 1945
Treasury savings notes. Series C-1945
Treasury savings notes. Series C-1946.
Total, July.
Treasury notes. Tax Series A-1943
Treasury notes, Tax Series B-1943...
Certificates of indebtedness, Series B-1943,
redeemed in exchange for certificates of in-
debtedness. Series D-1944
Certificates of indebtedness. Series B-1943
Certificates of indebtedness. Series D-1944
Treasury bills, issued May 5, 1943
Treasury bills, maturing Nov. 4, 1943
Treasury bills, issued May 12, 1943
Treasury bills, maturing Nov. 12, 1943
Treasury bills, issued May 19, 1943
Treasury bills, maturing Nov. 8, 1943
Treasury bills, issued May 20, 1943
Treasury bills, maturing Nov. 26, 1943
United States savings bonds. Series A-1935
United States savings bonds. Series B-1936
United States savings bonds. Series C-1937 ...
United States savings bonds. Series C-1938
United States savings bonds. Series D-1939
United States savings bonds. Series D-1940
United States savings bonds, Series D-1941
United States savings bonds, Series E-1941
United States savings bonds. Series F-1941
United States savings bonds. Series 0-1941
United States savings bonds. Series E-1942
United States savings bonds, Series F-1942
United States savings bonds. Series 0-1942
United States savings bonds. Series E-1943
United States savings bonds. Series F-1943
United States savings bonds. Series G-1943
United States savings bonds, unclassified sales
Depositary bonds. First Series
Adjusted service bonds —
Treasury notes. Tax Series A-1944
Treasury notes, Tax Series B-1944-
Treasury notes. Tax Series A-1945
Rate of
interest -
Percent
.374
.375
.373
.374
.371
.374
.372
.374
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2. .'53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
3
1.92
.48
1.92
.48
1.92
1.07
1.07
1.92
.48
.373
.374
.372
.374
.373
.375
.373
.374
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2. .53
2.50
2.90
2.53
2.50
2.90
2
3
1.92
.48
1.92
Amount issued 3
•$1, 003, 063, 000. 00
2, 707, 289, 000. 00
1, 001, 159. 000. 00
1, 003, 709, 000. 00
1,002,817,
401,
1, 246,
1,418,
1, 539,
2, 618,
4, 149,
2, 195,
951,
189,
21,
8, 152,
599.
20,
684, 473,
37, 480,
169, 199,
« 2. 333,
13, 585,
57,
000.00
081.50
697. 50
087.00
985. 25
027. 25
580. 75
476. 25
773.04
836. 49
100. 00
527. 36
058. 27
300. 00
522. 25
622. 50
000. 00
002.03
000.00
200.00
12, 950. 00
""'4i4,"oi9,"6o6.'66"
8, 058, 036, 023. 38
2, 545, 392, 000. 00
1,005,832,000.00
' '994,058,066.66
1, 005, 344, 000. 00
1, 0C2, 335,
221,
675,
753,
845,
1, 375,
1,700,
2, 046,
693,
128,
8,
17, 770,
326,
24,
646, 067,
28,013,
112,401,
2,293,
22, 235,
53,
000. 00
630. 00
279. 25
868. 25
393. 50
733. 50
504. 25
125. 50
969. 22
896. 30
300.00
249. 69
297.00
200.00
464. 50
142. 00
200.00
885.54
000.00
700.00
Amount ma-
tured, or called
or redeemed
prior to
maturity <
$17, 700. 00
804, 718, 000. 00
803, 964, 000. 00
"964,"656,'666.'66
96i,'758,'666. 66
223,
433,
606,
783,
1,516,
2, 220,
1,034,
3,712,
589,
1, 962,
44,771,
1, 993,
5, 482,
71,651,
253,
1,007,
254.00
202. 00
641. 00
815. 50
239.50
663. 25
748. 75
097. 34
026. 10
700.00
878. 62
523.06
.500.00
756. 13
875. 50
000.00
5, 000. 00
694, 400. 00
1,367,125.00
9, 252, 700. 00
2, 006, 925. 00
44, 455, 800. 00
12,141,475.00
86, 063, 000. 00
76, 250, 000. 00
3, 785, 587, 045. 75
6, 414, 575. 00
64, 688, 850. 00
1, 556, 293, 000. 00
53, 039, 000. 00
901, 820, 000. 00
906, 997, 000. 00
907, 785, 000. 00
905, 415, 000. 00
267,
501,
634,
837,
1, 564,
2, 168,
1. 104,
3, 920,
708,
2. 105,
43,610,
2, 560,
4, 567,
86, 487,
257,
747,
193.50
174.25
509.25
947.00
668. 25
605. 25
339. 75
920. 80
716. 24
200.00
690.28
413. 82
300.00
110.01
705.00
900. 00
581, 000. 00
234. 525. 00
14, 554, 000. 00
2, 610, 550. 00
Footnotes at end of table.
656
REPORT OF THE SECRETARY OF THE TREASURY
Table 28. — Issues, v}aturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944 ' —
Continued
Date
Issue
Rate of
interest »
Amount issued '
Amount ma-
tured, or called
or redeemed
prior to
maturity *
1943
Aug. 31
31
Sept. 2
15
Treasury savings notes, Series C-1945.
Treasury savings notes, Series 0-1946.
Total, August -
Percent
1.07
1.07
Trea.surv bills, issued June 2, 1943_
Treasury bills, maturing Dec. 2, 1943
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Treasury bills, issued June 9, 1943
Treasury bills, maturing Dec. 9, 1943
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Treasury bonds of 1951-53
Treasury bonds of 1964-69 (dated Sept. 15,
1943),.
Certificates of indebtedness. Series E-1944
Treasury notes. Series C-1943
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Treasury bills, issued June 16, 1943^
Treasury bills, maturing Dec. 16, 1943.
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Certificates of indebtedness, special series
Treasury bills, issued June 23, 1943
Treasury bills, maturing Dec. 23, 1943
Treasury bills, issued June 30, 1943
Treasury bills, maturing Dec. 30, 1943
United States savings bonds, Series A-1935 —
United States savings bonds. Series B-1936
United States savings bonds. Series C-1937
United States savings bonds, Series C-1938 —
United States savings bonds. Series D-1939
United States savings bonds. Series D-1940 —
United States savings bonds. Series D-1941 —
United States savings bonds. Series E-1941 —
United States savings bonds. Series F-1941
United States savings bonds, Series G-1941
United States savings bonds. Series E-1942
United States savings bonds, Series F-1942
United States savings bonds, Series G-1942
United States savings bonds. Series E-1943
United States savings bonds, Series F-1943
United States savings bonds, Series G-1943
United States savings bonds, unclassified sales.
Depositary bonds, First Series
Depositary bonds. Second Series.
Adjusted service bonds
Treasury notes, Tax Series A-1944
Treasury notes. Tax Series B-1944
Treasury notes. Tax Series A-1945
Treasury savings notes. Series C-1945
Treasury savings notes, Series C-1946
Total, September.
Treasury bills, issued July 7, 1943
Treasury bills, maturing Jan. 6, 1944..
Treasury hills, issued July 14, 1943
Treasury bills, maturing Jan. 13, 1944
Certificates of indebtedness. Series D-1943,
redeemed in exchange for certificates of in-
debtedness. Series F-1944
Certificates of indebtedness, Series F-1944
Treasury bonds of 1943-45, redeemed In ex-
change for Treasury bonds of 1951-53 (addi-
tional issue)
Treasury bonds of 1943-45, redeemed in ex-
change for Treasury bonds of 1964-69 (addi-
tional issue) -
Footnotes at end of table.
.374
.375
.374
.375
H
H
a
H
H
2H
%
1
y*
Va.
.374
.374
M
.374
.374
.374
-375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
2
3
1.92
.48
1.92
1.07
1.07
.375
.375
.374
.375
3J4
3H
$213, 470, 400. 00
$44, 463, 000. 00
55, 786, 000. 00
7, 604, 666, 238. 50
5, 572, 725, 793. 40
1, 001, 840, 000. 00
11,000,000.00
115,000,000.00
906, 009, 000. 00
1,004,917,000.00
117,000,000.00
3, 000, 000. 00
908, 689, 000. 00
245, 000, 000. 00
5, 257, 252, 500. 00
3, 778, 754, 000. 00
4, 121, 783, 000. 00
11, 000, 000. 00
21,000,000.00
35, 000, 000. 00
1,008,639,000.00
279, 473, 800. 00
59, 000, 000. 00
107, 000, 000. 00
1, 000, 489, 000. 00
1, 017, 717, 000. 00
10, 000, 000. 00
3, 000, 000. 00
245, 000, 000. 00
1, 006, 051, 000. 00
1, 002, 978,
911,
745,
666,
803,
1, 163,
2. 096,
661,
675,
110,
11,
11,311,
397,
28
1, 352, 465!
138, 907,
387, 372,
41, 806,
23, 765,
75, 600,
42,
000. 00
817. 25
168. 50
149.00
538. 00
907. 50
791. 75
441. 50
370. 01
981. 50
400. 00
357. 06
751.75
300. 00
395. 75
217. 00
200. 00
628. 90
000. 00
500. 00
350. 00
1, 005, 820, 000. 00
232,
376,
652,
785,
1, 387,
2, 247,
1, 097,
3, 996,
608,
1, 925,
39, 668,
1, 734,
5, 509,
93, 103,
358,
1, 592,
938. 00
754. 50
746.00
933. 75
353. 75
591. 00
520. 75
305. 39
863. 66
400. 00
629. 85
383. 26
300. 00
613. 00
843. 50
300. 00
2, 259, 996, 000. 00
586, 400. 00
3, 713, 075. 00
305, 882, 900. 00
34, 078, 925. 00
348, 127, 475. 00
420, 317, 000. 00
22, 984, 419, 765. 47
6, 865, 516, 051. 41
1, 006, 933, 000. 00
'i,"oo4,"766,"o6o.'o6
1,003,063,000.00
1,661,159,060.60
3, 519, 047, 000. 00
1, 938, 980, 000. 00
1, 101, 903, 500. 00
59, 444, 000. 00
REPORT OF THE SECRETARY OF THE TREASURY
657
Table 28. — Issues, maturities, and redeinplions of interest-hearing securities, exclu-
sive of trust account and other special isst(es, July 194S throitgh June 1944 ' —
Continued
Issue
Treasury bonds of 1943-45 (called for redemp-
tion)
Treasury bonds of 1951-53 (additional issue)..
Treasury bonds of 1964-09 (additional issue). .
Treasury hills, issued July 21, 1943
Treasury hills, maturing Jan. 20, 1944
Treasuiy bills, issued July 28, 1943
Treasury hills, maturing Jan. 27, 1944
United States savings bonds. Series A-1935
United States savings bonds. Series B-1936
United States savings bonds. Series C-1937-..
United States savings bonds, Series C-1938 . .
United States savings bonds, Series D-1939
United States savings bonds. Series D-1940...
United States savings bonds. Series D-1941
United States savings bonds. Series E-1941...
United States savings bonds, Series F-1941
United States savings bonds, Series Q-1941
United States savings bonds. Series E-1942
United States savings bonds. Series F-1942
United States savings bonds, Series G-1942
United States savings bonds, Series E-1943..-
United States savings bonds, Series F-1943...
United States savings bonds, Series G-1943. .
United States savings bonds, unclassified sales.
Depositary bonds, First Series
Depositary bonds. Second Series
Adjusted service bonds..
Treasury notes, Tax Series A-1944
Treasury notes. Tax Series B-1944
Treasury notes, Tax Series A-1945
Treasury savings notes, Series C-1945
Treasury savings notes, Series C-1946
Total, October.. ._ _
Certificates of indebtedness. Series D-1943
Treasury bills, issued Aug. 4, 1943
Treasury bills, maturing Feb. 3, 1944
Treasury bills, issued Aug. 12, 1943
Treasury bills, maturing Feb. 10, 1944
Treasury bills, issued Aug. 19, 1943
Treasury hills, maturing Feb. 17, 1944
Treasury bills, issued Aug. 26, 1943
Treasury bills, maturing Feb. 24, 1944
United States savings bonds. Series A-1935
United States savings bonds, Series B-1936
United States savings bonds. Series C-1937
United States savings bonds, Series C-1938
United States savings bonds. Series D-1939 ..
United States savings bonds, Series D-1940
United States savings bonds, Series D-1941
United States savings bonds. Series E-\,941
United States savings bonds, Series F-1941
United States savings bonds, Series Q-1941
United States savings bonds. Series E-1942
United States savings bonds. Series F-1942
United States savings bonds. Series Q-1942
United States savings bonds. Series E-1943
United States savings bonds, Series F-1943,..
United States savings bonds. Series G-1943 .
United States savings bonds, unclassified sales.
Depositary bonds. Pirst Series...
Depositary bonds. Second Series
Adjusted service bonds
Treasury notes. Tax Series A-1944
Treasury notes. Tax Series B-1944
Trea.sury notes. Tax Series A-1945
Treasury savings notes. Series C-1945
Treasury savings notes, Series C-1946
Miscellaneous
Total, November.
Footnotes at end of table.
613185 — 45 43
Rate of
interest 2
Percent
iVi
2
2V2
.374
.375
.374
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
2
3
1.92
.48
1.92
1.07
1.07
.374
.375
.374
.376
.375
.375
.374
.376
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2. 53
2.50
2.90
2
2
3
1.92
.48
1.92
1.07
1.07
Amount issued ^
$2, 729, 010, 000. 00
59, 444, 000. 00
1, 000, 766, 000. 00
1, 008, 065,
813,
744,
581,
819,
1, 133,
1, 406,
787,
756,
123,
4,
14, 992,
409,
43,
1, 356, 146,
92, 985,
274, 830,
» 25, 303,
22, 385,
7, 823,
67,
000. 00
669. 00
611.00
700. 00
770. 75
294. 25
759. 50
192. 75
643. 65
775. 60
000. 00
674. 27
243. 47
300. 00
026. 25
336. 00
000. 00
135. 45
000. 00
500. 00
800. 00
460, 090, 000. 00
12,540,212, 161.04
1, 002, 630, 000. 00
1, 004, 665, OCO. 00
1, 001, 299, 000. 00
1, 008, 667,
676,
661,
522,
724,
1,341,
1,218,
1,
1, 474,
456,
2.
7, 497,
391,
51,
660, 751,
23, 328,
109, 350,
3, 072,
6, 435,
1, 854,
56,
000. 00
510. 75
529. 00
332. 00
799. 50
882. 75
145. 25
875. 00
767. 61
836. 84
800. 00
856. 82
260. 05
200. 00
288. 50
738. 50
100. 00
600. 72
000. 00
500. 00
300. 00
330, 199, 000. 00
S, 167, 330, 323. 29
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$239, 180, 750. 00
1, 003, 709, 000. 00
i,662,'8i7,"6o6."66
231,
415,
584,
704,
1, 427,
1, 890,
960,
3,371,
475,
1, 567,
31, 900,
2, 060,
4, 983,
89, 803,
770,
2, 564,
458. 50
873. 25
977. 25
293. 00
812. 75
608. 50
727. 25
623. 04
652. 30
200. 00
565. 15
119.15
000. 00
107. 80
486. 00
600. 00
407,
639,
25, 656,
6, 101,
01, 241,
108, 044,
800. 00
300. 00
400. 00
500. 00
525. 00
000. 00
7, 090, 718, 938. 94
96, 274,
1, 005, 832,
000. 00
000. 00
994, 658,
i,605,"344^
i, 002," 335,
000. 00
6o6."66
ooo.'oo
276,
415,
541,
707,
1, 425,
1, 900,
802,
3, 350,
908,
2, 100,
33, 015,
2, 515,
4, 804,
112,724,
1, 635,
2, 750,
003. 50
406. 00
521. 50
761.75
102. 50
864. 00
335. 25
790. 85
344. 49
100. 00
175. 17
701. 43
200. 00
580. 92
994. 00
700. 00
5, 000. 00
14, 500. 00
335, 000. 00
139. 775. 00
14, 598. 100. 00
1, 682. 775. 00
37, 243, 000. 00
107, 200, 000. CO
1. 150. 00
4, 436, 142, 881. 36
658
REPORT OF THE SECRETARY OF THE TREASURY
Table 28. — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944 ^ —
Continued
Date
1943
Dec. 1
1944
Jan. 1
1
1
6
6
13
13
20
20
27
27
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
Issue
Certificates of indebtedness, Series E-1943,
redeemed in exchange for certificates of in-
debtedness, Series Q-1944
Certificates of indebtedness, Series E-1943
Certificates of indebtedness, Series Q-1944
Treasury bills, issued Sept. 2, 1943
Treasury bills, maturing Jan. 6, 1944
Treasury bills, issued Sept. 9, 1943
Treasury bills, maturing Mar. 9, 1944
Treasury notes. Series B-1943
Treasury bills, issued Sept. 16, 1943 . -
Treasury bills, maturing Mar. 16, 1944
Treasury bills, issued Sept. 23, 1943
Treasury bills, maturing Mar. 23, 1944
Treasury bills, issued Sept. 30, 1943_-
Treasury bills, maturing Mar. 30, 1944
United States savings bonds, Series A-1935._ _ ,
United States savings bonds. Series B-1936-- .
United States savings bonds. Series C-1937
United States savings bonds. Series C-1938--..
United States savings bonds. Series D-l939-.._
United States savings bonds. Series D-1940,..
United States savings bonds. Series D-1941-.--
United States savings bonds. Series E-1941 —
United States savings bonds, Series F-1941--.,
United States savings bonds. Series Q-1941. _ .
United States savings bonds. Series E-1942._..
United States savings bonds. Series F-1942- . _
United States savings bonds, Series G-1942---.
United States savings bonds. Series E-1943---.
United States savings bonds, Series F-1943--..
United States savings bonds. Series Q-1943-.-.
United States savings bonds, unclassified sales
Depositary bonds. First Series
Depositary bonds. Second Series
Adjusted service bonds
Treasury notes. Tax Series A-1944
Treasury notes. Tax Series B-1944
Treasury notes. Tax Series A-1945
Treasury savings notes, Series C-1945
Treasury savings notes. Series C-1946
Total, December.
Postal savings bonds. Series 26
Treasury notes. Tax Series A-1944
Treasury notes. Tax Series Series B-1944
Treasury bills, issued Oct. 7, 1943
Treasury bills, maturing Apr. 6, 1944
Treasury bills, issued Oct. 14, 1943
Treasury bills, maturing April 13, 1944
Treasury bills, issued Oct. 21, 1943 ^-.
Treasury bills, maturing April 20, 1944
Treasury bills, issued Oct. 28, 1943 -.
Treasury bills, maturing April 27, 1944
United States savings bonds. Series A-1935.-..
United States savings bonds. Series B-1936.-..
United States savings bonds. Series C-1937.- _
United States savings bonds, Series C-1938---.
United States savings bonds. Series D-1939..-
United States savings bonds, Series D-1940.--
United States savings bonds. Series D-1941.-
United States savings bonds. Series E-1941.. .
United States savings bonds. Series F-1941.-.
United States savings bonds. Series Q-1941..-.
United States savings bonds. Series E-1942---.
United States savings bonds. Series F-1942- -.
United States savings bonds. Series Q-1942-..
United States savings bonds. Series E-1943-.. .
United States savings bonds, Series F-1943--.
United States savings bonds. Series G-1943.-.
United States savings bonds. Series E-1944..-.
United States savings bonds. Series F-1944-..
United States savings bonds. Series Q-1944...
United States savings bonds, unclassified sales
Rate of
interest ■
I'i
■'A
.375
.375
.375
.375
m
.374
.375
.375
.375
.375
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
2
3
1.92
.48
1.92
1.07
1.07
2K'
1.92
.48
.375
.373
.375
.374
.375
.374
.375
.374
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
Amount issued 3
$3, 539, 755, 000. 00
"i," 006," 365," 000^00'
i,6ii,'374,'66o.66
1, 000, 180, 000. 00
1, 005, 549, 000. 00
1, 010, 983, 000. 00
794, 409. 00
1, 106, 140. 75
760, 921. 75
1, 063, 404. 00
2, 126, 057. 00
1, 799, 981. 50
4, 893. 75
3, 704, 840. 87
421, 072. 67
10, 903, 518. 44
445, 199. 65
29, 700. 00
724, 209, 195. 00
23, 976, 002. 00
101, 347, 900. 00
•53,613.21
6, 537, 500. 00
631, 500. 00
56, 050. 00
436, 812, 300. 00
9, 890, 882, 973. 17
1,014,806,000.00
i,' 666," 234," 666.' 66
1, 017, 182, 000. 00
1, 016, 925,
397,
1,574,
1, 406,
1, 528,
2, 594,
4, 109,
2, 171,
935,
181,
2,
10, 231,
785,
27,
401, 773,
6, 032,
26, 129,
652, 863,
120,951,
460, 783,
31, 579,
000. 00
032. 00
741.00
161. 25
895. 50
604.25
503. 75
546. 2f>
687. 75
934. 79
200. 00
132. 08
748. 86
700. 00
736. 37
012. 30
300. 00
417.25
649. 50
200. 00
610. 50
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$3, 539, 755, 000. 00
259, 981, 000. 00
1, 001, 840, 000. 00
1,004,917,000.00
420, 971, 000. 00
1, 008, 639, 000. 00
1, 017, 717, 000. 00
'i,'662,'978,"666."66
230,
411,
602,
752,
1, 497,
1,771,
765,
3, 675,
738,
1, 818,
36, 072,
2, 392,
4, 283,
146, 490,
1, 680,
3, 687,
640.50
120. 25
996. 25
417.25
666. 00
248. 50
970. 75
734. 60
031. 74
700. 00
307. 66
619. 72
500. 00
308. 89
956. SO
700. 00
700, 000. 00
136, 000. 00
423, 850. 00
3, 219, 600. 00
168, 328, 675. 00
25, 666, 500. 00
266, 092, 700. 00
665, 747, 000. 00
10, 593, 984, 243. 61
15, 860. 00
8, 795, 100. 00
117,340,625.00
1, 006, 933, 000. 00
1,004,706,000.00
'i,"666,"766,'666.'66
1, 008, 065, 000. 00
212,
483,
587,
803,
1,517,
2, 331,
910,
3, 972,
940,
2, 355,
31, 394,
2, 172,
5, 879,
128, 227,
1, 647,
4, 352,
20,
1,
1,
656. 00
526. 00
918. 25
560.75
593. 00
846. 00
460.25
802. 48
823. 16
000. 00
259. 25
321. 64
500. 00
700. 62
823. 55
500. 00
100. 00
484. 00
000. 00
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
659
Table 28. — Issues, maturities, and redemptions of interest-hearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944 * —
Continued
Issue
Depositary bonds, First Series _ . _
Depositary bonds, Second Series
Adjusted service bonds
Treasury notes. Tax Series A-1945
Treasury savings notes, Series C-1945.
Treasury savings notes. Series C-1946.
Treasury savings notes. Series C-1947-
M iscellancous
Total, January.
Certificates of indebtedness. Series A-1944,
redeemed in exchange for Treasury notes.
Series D-1945
Certificates of indebtedness. Series A-1944
Treasury notes. Series D-1945 ^.
Certificates of indebtedness, Series A-1945
Treasury bonds of 1956-59
Treasury bonds of 1965-70
Treasury bills, issued Nov. 4, 1943
Treasury bills, maturing May 4, 1944
Treasury bills, issued Nov. 12, 1943—
Treasury bills, maturing May 11, 1944
Treasury bills, issued Nov. 18, 1943
Treasury bills, maturing May 18, 1944
Treasury bills, issued Nov. 26, 1943
Treasury bills, maturing May 25, 1944
United States savings bonds. Series A-19.35
United States savings bonds. Series B-1936- --
United States savings bonds. Series C-1937-. .
United States savings bonds. Series C-1938-..
United States savings bonds. Series D-1939...
United States savings bonds. Series D-1940...
United States savings bonds, Series D-1941...
United States savings bonds. Series E-1941-..
United States savings bonds. Series F-194K-.
United States savings bonds. Series G-1941---
United States savings bonds. Series E-1942_..
United States savings bonds. Series F-1942...
United States savings bonds, Series Q-1942-._
United States savings bonds, Series E-1943-..
United States savings bonds. Series F-1943.._
United States .savings bonds, Series G-1943...
United States savings bonds. Series E-1944
United States savings bonds. Series F-1944
United States savings bonds, Series G-1944
United States savings bonds, unclassified sales
Depositary bonds. First Series
Depositary bonds. Second Series .,.
Adjusted service bonds.
Treasury notes. Tax Series A-1945.
Treasury savings notes. Series C-1945
Treasury savings notes. Series C-1946
Treasury savings notes, Series C-1947..
Miscellaneous
Rate of
interest -
Percent
2
2
3
1.92
1.07
].07
1.07
Amount issued '
.$8, 773, 000. 00
5,917,500.00
103, 550. 00
48, 676, 000. 00
1,167,473,300.00
7,006,150,163.40
Total, February.
Treasury bills, issued December 2, 1943
Treasury bills, maturing June 1, 1944
Trea,sury bills, issued December 9, 1943
Treasury bills, maturing June 8, 1944..
Treasury notes. Series B-1944, redeemed in ex-
change for 2i.i% Treasury bonds of 1965-70
(additional issue)
Treasury notes. Series B-1944, redeemed in ex-
change for 21/4% Treasury bonds of 1956-59
(additional issue)
Treasury notes, Series B-1944, redeemed in ex-
change for 1!-^% Treasury notes. Series
A-1948
Treasury notes. Series B-1944
Treasury bonds of 1944-46, redeemed in ex-
change for 2H% Treasury bonds of 1965-70
(additional issue)
Footnotes at end of table.
.90
J*
2H
2H
.375
.374
.376
.374
.375
.375
.376
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
2
3
1.92
1.07
1.07
1.07
.375
.375
.375
.374
3V4.
2, 126, 896, 000. 00
5, 048, 179, 000. 00
3, 727, 687, 000. 00
2, 212, 173, 000. 00
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$12, 790, 000. 00
804, 500. 00
456, 000. 00
6, 652, 850. 00
68, 198, 700. 00
216, 892, 400. 00
31, 900. 00
11,000.00
4, 640, 271, 809. 95
2, 126, 896, 000. 00
84, 265, 000. 00
1, 002, 280, 000. 00
1, 005, 662, 000. 00
1, 012, 743, 000. 00
1,007,677,000.00
219, 738. 50
905, 313. 75
747, 215. 50
836, 530. 75
1, 362, 612. 50
1, 676, 617. 75
2,016,683.75
681, 237. 48
124, 198. 50
7, 743,
453,
39,
163, 248,
267,
303,
1, 955, 651,
157, 193,
521, 359,
« 15, 866,
11, 530,
6, 819,
94,
552. 12
292. 00
600. 00
908. 62
440.40
000. 00
645. 00
993. 00
100. 00
837. 63
000. 00
500.00
700. 00
50, 000. 00
« 21, 700. 00
1, 017, 053, 400. 00
20, 977, 786, 741. <
1, 007, 386, 000. 00
i,"635,"494,'6o6.'66"
1, 002, 630, 000. 00
i, 664,'665,"666.'6o
1,001,299,000.00
1, 008, 667, 000. 00
247,
435,
654,
922,
1, 488,
1, 904,
1, 165,
3, 674,
621,
1, 968,
29, 487,
2, 578,
4, 603,
127.376.
2, 792,
4. 139,
155,
305,
276,
438. 50
219. 50
962. 75
987. 50
876. 50
543. 00
269. 25
829. 37
839. 30
900. 00
607.65
451. 39
100.00
304. 56
449. 45
700.00
118. 75
264. 50
600.00
9, 467, 000. 00
441,400.00
2, 732, 225. 00
26, 719, 900. 00
151, 026, 900. 00
978, 000. 00
500.00
6, 604, 587, 386. 97
1, 006, 365, 000. 00
i,'6ii,'374,"6o6.'66
2, 883, 300. 00
7, 010, 200. 00
473, 095. 400. 00
32,221,500.00
36, 696, 150. 00
660
REPORT OF THE SECRETARY OF THE TREASURY
Table 28. — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944 ' —
Continued
Date
1944
Mar. 15
Issue
Treasury bonds of 1944-46, redeemed in ex-
change for 2H% Treasury bonds of 1956-59
(additional issue)
Treasury bonds of 1944-46, redeemed in ex-
change for 11^% Treasury notes, Series
A-1948
Treasury notes, Series A-1944, redeemed in ex-
change for 2H% Treasury bonds of 1965-70
(additional issue)
Treasury notes, Series A-1944, redeemed in ex-
change for 21/4% Treasury bonds of 1956-59
(additional issue).
Treasury notes. Series A-1944, redeemed in ex-
change for 1H% Treasury notes, Series
A-1948
Treasury bonds of 1965-70 (additional issue)
Treasury bonds of 1956-59 (additional issue) —
Treasury notes, Series A-1948 -.
Treasury bills, issued December 16, 1943
Treasury bills, maturing June 15, 1944-,
Treasury bills, issued December 23, 1943
Treasury bills, maturing June 22, 1944
Treasury bills, issued December 30, 1943
Treasury bills, maturing Jime 29, 1944
United States savings bonds, Series A-1935
United States savings bonds. Series B-1936
United States savings bonds, Series C-1937 —
United States savings bonds, Series C-1938
United States savings bonds, Series D-1939 —
United States savings bonds. Series D-1940-.-
United States savings bonds, Series D-1941 —
United States savings bonds. Series E-1941 —
United States savings bonds. Scries F-1941
United States savings bonds. Series 0-1941 —
United States savings bonds, Series E-1942 —
United States savings bonds. Series F-1942
United States savings bonds. Series Q-1942 —
United States savuigs bonds. Series E-1943 —
United States savings bonds. Series F-1943 —
United States savings bonds. Series G-1943 —
United States savings bonds, Series £-1944... .
United States savings bonds. Series F-1944 —
United States savings bonds, Series 0-1944....
United States savings bonds, unclassified sales
Depositary bonds. First Series
Depositary bonds. Second Series
Adjusted service bonds
Treasury notes, Tax Series A-1945
Treasury savings notes, Series C-1945
Treasury savings notes. Series C-1946
Treasury savings notes. Series C-1947
Miscellaneous.
Rate of
interest '
Percent
3W
3M
Total, March.
Certificates of indebtedness. Series B-1944, re-
deemed in exchange for certificates of indebt-
edness. Series B-1945
Certificates of indebtedness. Series B-1944
Certificates of indebtedness. Series B-1945
Treasury bills, issued Jan. 6, 1944
Treasury bills, maturing July 6, 1944
Treasury bills, issued Jan. 13, 1944
Treasury bills, maturing July 13, 1944
Treasm-y bonds of 1944-46 (called for redemp-
tion)
Treasury bills, issued Jan. 20, 1944
Treasury bills, maturing July 20, 1944
Treasury bills, issued Jan. 27, 1944
Treasury bills, maturing July 27, 1944
United States savings bonds, Series A-1935...
United States savings bonds. Series B-1936...
United States savings bonds. Series C-1937...
United States savings bonds. Series C-1938--.
2W
2H
.375
.375
.375
.375
.375
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2
2
3
1.92
1.07
1.07
1.07
Amount issued •
$76, 533, 000. 00
94,871,500.00
3, 747, 702, 000. 00
1,016,136,000.00
"i,"6oi,'o87,'6oo.'6o
1,009,650,000.00
903, 695. 50
977, 245. 25
659, 968. 00
794, 940. 25
1, 147, 738. 50
2, 067, 310. 25
638, 426. 75
662, 145. 78
130, 739. 68
10, 646,
501,
29
13, 958!
486,
240,
581,812,
22, 498,
110, 077,
5 21, 580,
37, 227,
598,
191,
786. 23
294. 80
400.00
470. 50
979. 30
100. 00
849. 75
616. 50
400. 00
001. 32
000. 00
000. 00
350. 00
''A
.373
.375
.374
.375
3)4
.374
.375
.374
.375
2.90
2.90
2.90
2.90
238, 123, 600. 00
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$35, 169, 450. 00
1,151,041,350.00
2, 006, 200. 00
1, 986, 700. 00
265, 635, 300. 00
1, 000, 180, 000. 00
'i,"605,"549,'"660."0O
'i,'6i6,'983,"66o."oo
236,
437,
609,
761,
1, 416,
2, 134,
937,
4, 014,
790,
2, 018,
37, 797,
2, 899,
5, 367,
178, 173.
2, 905,
5, 588,
21, 420,
46,
526,
423. 00
759.50
362.00
470. 25
541.00
380. 75
700.25
256. 74
210. 89
300.00
023. 45
785. 44
600.00
142. 39
973. 10
800.00
340. 14
472. 00
800. 00
9, 991, 653, 555. 72
4, 876, 729, 000. 00
'i,'667,'677,'6o6.'66"
"i,'6i4,''523,"666.'66'
1, 013, 435, 000. 00
1,015,902,000.00
807, 715. 50
984, 634. 25
575, 891. 50
804, 458. 50
375, 000. 00
4, 000. 00
382, 400. 00
16, 835, 500. 00
230,391,300.00
772, 940, 525. 00
321, 694, 700. 00
25, 500. 00
, 652, 927, 815. 90
4, 876, 729, 000. 00
374, 002, 000. 00
1, 014, 806, 000. 00
"i,"666,'234,"666.'66
295, a30, 700. 00
1, 017, 182, 000. 00
1, 016, 925, 000. 00
243, 111. 50
377, 455. 50
595, 009. 75
834, 786. 50
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
(361
Table 28. — Issues, maturities, and redemptions oj interest-hearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944^ —
Continued
Issue
United States savings bonds, Series D-1939-—
United States savings bonds, Series D-1940 —
United States savings bonds. Series D-1941
United States savings bonds, Series E-1941
United States savings bonds, Series F-1941
United States savings bonds. Series G-1941
United States savings bonds. Series E-1942 —
United States savings bonds, Series F-1942
United States savings bonds. Series G-1942 —
United States savings bonds. Scries E-1943
United States savings bonds. Series F-1943
United States savings bonds, Series Q-1943
United States savings bonds, Series E-1944
United States savings bonds, Series F-1944
United States savings bonds. Series G-1944
United States savings bonds, unclassified sales.
Depositary bonds. First Series
Depositary bonds, Second Series
Adjusted service bonds
Treasury notes, Tax Series A-1945
Treasury savings notes, Series C-1945
Treasury savings notes. Series C-1946.
Treasury savings notes, Series C-1947
Total, April-
Certificates of indebtedness, Series C-1944,
redeemed in exchange for certificates of in-
debtedness. Scries D-1945
Certificates of indebtedness. Series C-1944
Certificates of indebtedness. Series D-1945-.-:;
Treasury bills, issued Feb. 3, 1944 _
Treasury bills, maturing Aug. 3, 1944
Treasury bills, issued Feb. 10, 1944
Treasury bills, maturing Aug. 10, 1944
Treasury bills, issued Feb. 17, 1944
Treasury bills, maturing Aug. 17, 1944
Treasury bills, issued Feb. 24, 1944
Treasury bills, maturing Aug. 24, 1944
United States savings bonds. Series A-1935 —
United States savings bonds. Series B-1936 —
United States savings bonds. Series C-1937....
United States savings bonds, Series C-1938 —
United States savings bonds. Series D-1939-.-
United States savings bonds. Series D-1940. _..
United States savings bonds. Series D-1941. ...
United States savings bonds. Series E-1941 —
United States savings bonds, Series F-1941 —
United States savings bonds. Series G-1941 —
United States savings bonds. Series E-1942....
United States savings bonds, Series F-1942 —
United States savings bonds. Series G-1942...
United States savings bonds, Series E-1943.. .
United States savings bonds. Series F-1943 —
United States savings bonds. Series G-1943...
United States savings bonds, Series E-1944...
United States savings bonds. Series F-1944 —
United States savings bonds. Series G-1944-..
United States savings bonds, unclassified sales
Depositary bonds. First Series.
Depositary bonds. Second Series
Adjusted service bonds
Treasury notes. Tax Series A-1945
Treasury savings notes, Series C-1945
Treasury savings notes, Series C-1946
Treasury savings notes, Series C-1947
M iscellaneous
Rate of
interests
Percent
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2. 50
2.90
2.53
2.50
2.90
2
2
3
1.92
1.07
1.07
1.07
Total, May.
%
.374
.374
.374
.375
.375
.375
.375
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.53
2.50
2.90
2.53
2.50
2.90
2.53
2. 50
2.90
2.53
2. .50
2.90
3
1.92
1.07
1.07
1.07
Amount issued ■
$1,118,219.25
1, .390, 375. 75
772,841.75
745, 706. 27
146, 122. 93
9, 929,
442,
14,
12,654,
516,
6 279,
597, 467^
19, 133,
113,792,
s 907,
14,707,
262.
149,
567. 12
.577. 36
400. 00
108. 75
131.05
100. 00
670. 39
438. 50
400. 00
118.14
000. 00
000. 00
150.00
299, 749, 300. 00
10, 003, 243, 490. 73
1,614,741,000.00
'i,'6i7,'i66,'666.'oo
1,206,949,000.00
i,' 206,' 312, 000. 00
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$1,458,
1, 986,
1, 009,
3, 803,
571,
1, 445,
32, 9S0,
2, 145,
5, 174,
124, 121,
2, 272,
5, 646,
61,986,
50,
415,
415. 75
739. 25
448.00
728. 27
663. 70
800. 00
164.15
572. 82
200. 00
130. 84
074. 25
500. 00
973. 81
875. 00
500. 00
660, 000. 00
264.000.00
287, 400. 00
10, 646, 425. 00
35, Oil, 975. 00
166, 773, 375. 00
111,147,300.00
10, 157, 618, 324. 09
1,614,741.000.00
40, 462, 000. 00
1, 002, 280, 000. OC
1,005,662,000.00
1,214,114.
671,
899,
517:
717,
1,326,
1, 203,
2,
2, 222,
522,
7, 930,
511,
126,
3, 983,
216,
86,
626, 885,
15, 06.5,
110, 873,
5 4, 670,
12, 993,
251,
258,
000. 00
572. 00
578. 25
757. 25
939. 25
426. 25
751.25
250. 00
219. 74
930. 51
900. 00
882. 01
781. 72
700. 00
114.62
689. 60
900. 00
504. 36
207. 00
900. 00
429. 56
000. 00
000. 00
, 350. 00
145, 128, 400. 00
7, 186, 948, 324. 25
1,012,743.000.00
1,007,677,000.00
337,
459
741,
903,
1, 545,
2, 201,
1, 075,
4,361.
570.
3, 002,
36, 392,
2, 374,
5, 203.
124, 240,
3, 274,
7, 086,
84, 667,
52,
369,
637. 50
049. 00
145. 75
273. 75
929. 50
537. 00
451. 00
917. 49
560. 00
000. 00
589. 73
771. 34
400. 00
344.11
459. 60
400. 00
964. 03
945. 75
600. 00
12, 030, 000. 00
e 94, 000. 00
333, 800. 00
2, 659, 800. 00
11,432,900.00
114,8.58,900.00
58, 747, 400. 00
1,000.00
6, 162, 395, 775. 55
Footnotes at end of table.
662
REPORT OF THE SECRETARY OF THE TREASURY
Table 28. — Issues, maturities, and redemptions of interest-bearing securities, exclu-
sive of trust account and other special issues, July 1943 through June 1944^ —
Continued
Date
1944
June 1
1
Treasury bills, issued Mar. 2, 1944
Treasury bills, maturing Auk. 31, 1944
Treasury bills, issued Mar. 9, 1944
Treasury bills, maturing Sept. 7, 1944
Treasury bills, issued Mar. 16, 1944
Treasury bills, maturing Sept. 14, 1944
Treasury notes. Series A-1944
Treasury bills, issued Mar. 2.3, 1944
Treasury bills, maturing Sept. 21, 1944.
Treasury bonds of 196.'>-70 (additional is-sue).-.
Treasury bonds of 1952-54..
Treasury notes, Series B-1947
Certificates of indebtedness. Series C-1945
Treasury bills, issued Mar. 30, 1944
Treasury bills, maturing Sept. 28. 1944
United States savings bonds. Series A-1935
United States savings bonds. Series B-1936
United States savings bonds, Series C-1937
United States savings bonds, Series C-1938
United States savings bonds. Series D-1939
United States savings bonds. Series D-1940
United States savings bonds. Series D-1941
United States savings bonds, Series E-1941
United States savings bonds. Series F-1941
United States savings bonds. Series 0-1941
United States savings bonds. Series E-1942
United States savings bonds, Series F-1942
United States savings bonds. Series G-1942
United States savings bonds. Series E-1943
United States savings bonds. Series F-1943
United States savings bonds, Series Q-1943
United States savings bonds. Series E-1944
United States savings bonds, Series F-1944
United States savings bonds. Series G-1944
United States savings bonds, unclassified sales.
Depositary bonds. First Series
Depositary bonds. Second Series
Adjusted service bonds
Treasury notes, Tax Series A-1945
Treasury savings notes. Series C-1945
Treasury savings notes. Series C-1946
Treasury savings notes, Series C-1947
Total, June
Total, fiscal year 1944.
Rate of
interest 2
Percent
.375
.375
.374
.375
.375
.375
.375
.375
2^2
2
IW
''A
.375
.375
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2. .53
2. ,50
2.90
2.53
2. 50
2.90
2.53
2. .50
2.90
2.53
2.50
2.90
2
2
3
1.92
1.07
1.07
1.07
Amount issued 3
$1,215,33.5,000.00
"i,'262,'620,'000.'00'
"'1,206,955, 000. 00
1,211,5^2.000.00
2, 908. 660, 000. 00
5, 824, 423, 500. 00
1, 948, 054, 000. 00
4, 770, 046, 000. 00
1,207,844,000.00
786, 743. .50
1,703,516.75
755. 462. 75
1,052,865.25
2, 102, 880. 00
1, 777. 001. 50
2, 250. 00
4, 239, 260. 49
502, 569. 31
8, 863, 345. 30
536, 988. 49
8, 100. 00
8,188,793.25
168,904.25
496, 200. 00
1, 300, 026, 682. 00
11.5,013,425.50
376, 779, 600. 00
43, 725, 094. 48
5,531,000.00
135, 000. 00
249, 300. 00
1,922,274,900.00
25, 284, 439, 382. 82
146, 695, 769, 143. 76
Amount ma-
tured, or called
or redeemed
prior to
maturity *
$1,007,386,000.00
'i,'035,'494,'66o.OO
1,016,136,000.00
145, 889, 300. 00
1, 001, 087, 000. 00
1,009,650,000.00
234,
454,
587,
745,
1,459,
1, 876,
941,
4, 162,
747,
2, 212,
30. 985,
2, 164,
5, 473,
94. 986,
3, 287,
7, 370,
89, 597,
197,
92,
232. 00
949. 50
497. 50
670. 50
087.00
577. 25
658. 00
974. 03
738. 85
300. 00
937. 36
892. 77
200. 00
558. 62
068. 25
200. 00
265. 77
988. 25
300. 00
243, 000. 00
36, 000. 00
1,009.500.00
9, 365. 650. 00
174, 071, 72,5. 00
741, 712, 300. 00
490, 127, 000. 00
6, 879, 785, 670. 65
82, 048, 261, 637. 58
' On basis of daily Treasury statements, supplemented by special statements on public debt issues,
redemptions, and exchanges by the Bureau of the Public Debt.
2 For Treasury bills, average rates on a bank discount basis are shown; for United States savings bonds,
the approximate yield to maturity is shown.
3 For United States savings bonds of Series A through F not currently on sale amounts represent accrued
discount plus issue price of bonds in adjustment cases; for Series E and F currently on sale amounts represent
issue price plus accrued discount; and for Series O amounts represent issue price at par.
* For United States savings bonds of Series A through F amounts represent current redemption value
(issue price plus accrued discount); and for Series Q amounts represent redemption value at par.
* Deduct. Represents excess of amounts transferred from unclassified sales to sales of a designated series
over amounts received as unclassified sales.
* Deduct.
REPORT OF THE SECRETARY OF THE TREASURY
663
Table 29. — Sources of Tpxihlic debt increase or decrease, fiscal years 1916 through 1944
[In thousands of dollars. On basis of daily Treasury statements, see p. 519]
Public debt retirements chargeabl
3 against general and special account receipts
Sinking
fund
Foreign payments
Bonds
and notes
received
for es-
tate
taxes
Bonds
received
for loans
from
Public
Worlds
Adminis-
tration
Fran-
chise tax
receipts.
Federal
Reserve
Banks
Payment
from
net earn-
ings,
Federal
interme-
diate
credit
banks '
Com-
modity
Credit
Corpora-
tion capi-
tal repay-
ments
Year
Cash
repay-
ments
of prin-
cipal
Bonds,
etc., re-
ceived as
repay-
ments
of prin-
cipal
Bonds,
etc., re-
ceived as
interest
pay-
ments
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
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
573,001
403, 238
103, 815
65, 116
48, 518
128, 349
37,011
75, 342
3,460
-1
1922
1923
"22,' 965"
22, 823
29,000
25,000
27, 429
37, 895
40, 335
68, 753
87, 914
135, 970
136, 260
134, 962
135, 307
137, 747
69, 456
1924
1925
680
509
414
369
266
172
74
21
1926..
1927.
1928
1929
2
20
73
1930
1931
1932
1
1933
30, 977
1,546
210
1,364
147
2,037
1934
1935
1
1936
1937
142
142
1938
68
1939
120
8,095
134
1,321
668
1,501
685
548
315
1940
1941
25, 364
1942
18, 393
1943
1944... ..
Total...
6, 214, 684
464, 169
' 207, 272
908, 164
66, 278
-■ 10, 219
149, 809
-■ 5, 555
43, 757
Footnotes at end of table.
664
REPORT OF THE SECRETARY OF THE TREASURY
Table 29. — Sources of public debt increase or decrease, fiscal years 1916 through
1944 — Continued
[In thousands of dollars]
Year
Public debt retire-
ments chargeable
against general
and special ac-
count receipts—
Contd.
Surplus or
deficit (-) of
receipts
(general,
special, and
trust ac-
counts, etc.
combined) '
Increase or
decrease (— )
in General
Fund bal-
ance
Increase or
decrease (— )
in gross
debt
Total gross
debt'
General
Fund
Miscel-
laneous
gifts,
forfei-
tures, etc.
Total
balance
1915
1,191,362
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
-3,153,097
-3, 068, 267
-3,154,616
-2,961,886
-4,640,726
-2,878,078
-1,143,147
-2,710,731
-3,604,665
-5,315,742
-23, 197, 751
-57,761,690
-53, 64.5, 313
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
-740,576
840, 164
-128,037
-337,555
622, 307
-947, 482
742, 431
357, 973
6,515,419
10,661,986
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
-907,614
-673, 205
-745,779
615,972
2, 685, 721
3,051,670
4, 514, 469
1,647,752
5, 077, 650
2, 646, 070
740, 127
3, 274, 792
2, 527, 999
5,993,913
23,461,002
64, 273, 645
64, 307, 297
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
28, 700, 893
33, 778, 543
36, 424, 613
37, 164, 740
40, 439, 532
42, 967, 531
48,961,444
72, 422, 445
136,696,090
201, 003, 387
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
573, 558
403, 240
103, 971
65, 465
58, 246
129, 184
64, 260
94, 722
3,463
2
1,585,007
1919 ■----
1,251,665
1920
13
♦5,010
393
555
93
208
63
5,578
3,090
160
61
85
53
21
15
556
1
14
139
12
16
16
5
4
3
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
1933
417, 197
862, 205
1934... _
1935
2,581,922
1,841,346
1936
2, 681, 510
1937
2, 553, 473
1938
2,215,918
1939
2, 838, 225
1940
1,890,743
1941....
2,633,174
1942
2,991,147
1943
9, 506, 566
1944 _..
20, 168, 552
Total
16, 164
8, 086, 067
-187,887,684
20, 010, 410
199,812,026
Note.— Figures are rounded and will not necessarily add to totals.
'Revised.
' Act of Mar. 4, 1923 (42 Stat. 1456, sec. 206 (b)), requiring division of net earnings, was amended by act
of May 19, 1932 (47 Stat. 159, sec. 3). Act of Aug. 19, 1937 (50 Stat. 715, sec. 30), provides for franchise tax.
2 For explanation of accounts, see p. 520.
' Does not include obligations issued by Government corporations and credit agencies and guaranteed by
the United States.
* 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.
RECONCILIATION OF INCREASE IN PUBLIC DEBT
[In thousands of dollars]
Increase in debt on account of—
Deficit in receipts (all accounts). 191,395,674
Increase in General Fund balance 20,010, 410
Total.. 211,406,084
Retirements from—
Charges against general and special accounts.. _._ _ 8,086,067
Surplus of receipts. 3,507,990
Total _. 11,594,057
Net increase. 199,812,026
Gross debt:
June 30, 1915... 1,191,362
June 30, 1944 201,003,387
Net increase 199,812,026
REPORT OF THE SECRETARY OF THE TREASURY
665
Table 30. — Transactions on account of the cumulative sinking fund, fiscal year 1944
[On basis of Public Debt accounts, see p. 519]
Unexpended balance July 1, 1943 $3, 762, 164, 591. 22
Appropriation for 1944:
Initial credit:
(a) Under the Victory Liberty Loan Act (2^^% 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
obligation of foreign governments held by the United
States on July 1 , 1920) .$253, 404, 864. 87
(6) Under the Emergency Relief and Construction Act of 1932
{2\i% of the aggregate amount of expenditures from
appropriations made or authorized under this act) 7, 860, 606. 83
(i) Under the National Industrial Recovery Act (2^1% of the
aggregate amount of expenditures from appropriations
made or authorized under this act) 80, 144,869. 14
Secondary credit (the interest which would have been payable during 341, 410, 340. 84
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) 246, 161, 682. 49
587, 572, 023. 33
Total available, 1944 4,349,736,614.55
Securities retired in 1944 _._ _
Unexpended balance June 30, 1944 4,349,736,614.55
Table 31. — Transactions on account of the cumulative sinking fund, fiscal years
1921 through 1944
[On basis of Public Debt accounts, see p. 519]
Year
Appropriation
available '
Debt retired
(par amount)
Expended
(principal 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, 540, 888. 81
573, 183, 651. 62
553, 224, 372. 89
722, 650, 458. 86
1, 196, 526, 189. 72
1,712,184,276.95
2, 245, 640, 231. 87
2,703,177,570.83
3, 253, 124, 673. 51
3,765,607,191.22
4, 349, 736, 614. 55
$261, 250, 250. 00
275,896,000.00
284,018,800.00
295, 987, 350. 00
306, 308, 400. 00
317,091,750.00
333, 528, 400. 00
354, 741, 300. 00
370, 277, 100. 00
388, 368, 950. 00
391, 660. 000. 00
412,554,750.00
425,660,300.00
359,491,900.00
573, 000, 000. 00
403, 340, 750. 00
103, 733, 650. 00
65,232,400.00
48, 514, 500. 00
128,291,450.00
30, 959, 600. 00
75, 332, 550. 00
3, 442, 600. 00
$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
1927
336, 890, 832. 47
1928
355, 080. 563. 11
1929
370,241,297.84
1930 -.-
382, 925, 400. 49
1931 .
392, 152, 187. 50
1932
410, 850, 073. 60
1933 .--
425, 569, 628. 44
1934
359, 186, 053. 82
1935
573, 000, 000. 00
1936
403, 340, 750. 00
1937
103, 733, 650. 00
1938 - ...
65, 232, 400. 00
1939 ---
48, 514, 500. 00
1940 .--
128, 291, 450. 00
1941 - -
36, 959, 600. 00
1942 ...
75, 332, 550. 00
1943
3,442,600.00
1944
Total . . .
10, 556, 734, 608. 42
6,214,682,750.00
6,206,997,993.87
' Unexpended balance each year included in appropriation available for next year, but excluded from
total. Unexpended balance $4,349,736,614.55 at end of 1944.
666
REPORT OF THE SECRETARY OF THE TREASURY
Table 32. — Securities retired through the cumulative sinking fund, par amount and
principal cost, through June SO, 1944
[On basis of Public Debt accounts, see p. 519)
Issue
Par amount
Principal cost
$142. 090, 650
$142, 090, 650. 00
1, 831, 600
1,824
, 103. 09
123, 491, 600
123,495
, 498. 13
428,800
428
800. GO
670, 900
671
, 196. 27
374, 735, 400
374, 98!>
667.88
1, 261, 876, 000
1, 268, 64C
, 946. 97
1, 043, 670, 550
1, 043, 484
, 085. 28
106, 186, 900
104. 542
, 256. 28
610, 584, 150
604, 769
. 347. 07
10,000
10
, 000. 00
69, 100
6i
100.00
7,000
7
000.00
38, 901, 550
38, 165
957. 24
72, 972, 250
72,862
346.05
64, 291, 800
63, 426
727. 18
2,321,500
2,310
379.60
8, 678, 300
8.517
873. 61
30, 346, 050
30, 337
528.40
609, 750
602
614.64
121, 150
121
150.00
10. 000
10
000.00
2,000
2
000.00
55, 050
55
050.00
24, 950
24
950. 00
103, 000, 000
103, 028
635.62
101, 000, 000
101,004
123. 53
11,315,900
11,279
715.38
113,199,900
11.3, 196
011.61
1, 018, 300
1,018
300.00
9, 564, 200
9,485
492. 59
26, 798, 000
26, 880
711. 16
60, 217, 900
60, 217
900.00
691, 284, 850
687, 390
338.29
41,989,300
41,682
698. 99
359, 5.56, 100
358,811
853. 00
418, 764, 000
418, 764
000.00
7, 513, 700
7,513
700. 00
6, 940, 000
6,940
000.00
18, 573, 600
18, 581
100.00
10, 555, 100
10,542
080. 01
25, 951, 900
25, 913
939. 07
1,875,900
1, 875
900.00
7, 862, 800
7,862
800.00
57,215,300
57, 209
592. 52
22, 473, 500
22, 438
520. 95
21,562,900
21. 562
900.00
15, 560, 000
15.541
747. 20
12, 500, 000
12. 393
106. 26
3,484,100
3,484
100.00
17,001,750
17,001
750.00
8,919,000
8,919
000.00
11,240,000
11,240
000.00
10, 366, 200
10, 366
200.00
11,353,750
11,353
750.00
10,744,400
10, 744,
400.00
61,543,600
61,543,
600.00
15, 669, 600
15, 669,
600.00
1, 466, 500
1, 466,
500.00
14,307.000
14, 307,
000. 00
18,306,700
18, 306,
700.00
6, 214, 682, 750
6, 206, 997,
993.87
Liberty bonds:
First 3H's
First 4's ---
First 4ii's
First-second 4J4's
Second 4's
Second 4l4's
Third 4M's
Fourth 4}4's
Victory notes:
2H'S-
4Ji's -
Treasury bonds:
4}^% of 1947-52.
4% of 1944-54
3Ji% of 1946-56
3^% of 1943-47
3S/^% of 1940-43
3J^% of 1941-43
3?/^% of 1946-49 -
3% of 1951-55
3Ji%0f 1941
3}^% of 1943-45 .-
3J4% of 1944^6
3% of 1946-48
3}^% of 1949-52
2 J^% of 1955-60
2?^% of 1945-47
Treasury notes:
5J^% Series B-1924...
4M% Series A-1925...
4?i% Series B-1925...
4J^% Series 0-1925...-
4?<% Series A-1926._..
4i<% Series B -1926...
4M% Series A-1927...
4%% Series B-1927-..
3"/^% Series A-1930-32
31/2% Series B -1930-32
3H% Series C-1930-32
3^% Series 1932.
3% Series A-1934
2^% Series D-1935...
3J^% Series A-1936...
25^% Series B-1936..-.
21^^% Series 0-1936...
1^% Series D-1936...
11^% Series E-1936....
3}<% Series A-1937...
3% Series B-1937
3% Series 0-1937
25i% Series A-1938....
2T^8% Series B-1938....
3% Series 0-1938
2^% Series D-1938...
lJi% Series E-1938....
2^% Series A-1 939...-
m% Series B-1939-_-
i;^% Series 0-1939—.
m% Series D-1939.--
iH% Series A-1940— -
iH% Scries B-1940..-.
m% Series B-1941..-
\H% Series 0-1941-_.
1M% Series A-1942.—
Total
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
695
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REPORT OF THE SECRETARY OF THE TREASURY
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697
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REPORT OF THE SECRETARY OF THE TREASURY
Table 46. — Extent of participation in payroll savings plan for purchase of United
States savings bonds, by fiscal years 1942 through 1944 O'l^d by months for the
fiscal year 1944
[Estimated onlbasis of reports from companies'and governmental units]
End of fiscal year or month
Number of
persons par-
Aggregate
amount
Percent of
partici-
ticipating
deducted
deducted
In millions
In millions
Percent
16.0
$544
5.2
26.8
4,067
8.3
27.6
5,546
9.6
26.6
420
9.1
26.4
413
9.0
26.4
435
9.4
26.4
455
9.3
26.6
440
9.2
26.8
470
9.5
27.1
475
9.8
27.3
465
9.6
27.5
498
9.8
27.3
475
9.7
27.2
460
9.5
27.6
540
10.6
By fiscal years:
1942
1943
1944
By months (1944):
July
August
September
October
November
December
January
February
March
April
May
June
REPORT OF THE SECRETARY OF THE TREASURY
699
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709
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710
REPORT OF THE SECRETARY OF THE TREASURY
Interest on the public debt
Table 54. — Interest on the 'public debt, payable, paid, and outstanding unpaid, fiscal
year 1944
[On basis of Public Debt accounts, see p. 519]
Issue
Conversion bonds, etc__
Postal savings bonds
Liberty bonds and Victory notes
Treasury bonds
Treasury notes
Certificates of indebtedness
Treasury (war) savings securities '
Treasury bills '
United States savings bonds, Series A
through F '
United States savings bonds, Series Q...
Adjusted service bonds
Depositary bonds
Outstanding
unpaid June
30, 1943
$438, 419. 99
173, 973. 20
5, 602, 266. 84
38,117,574.82
28, 868, 652. 01
1,561,187.41
3,218,715.00
624, 514. 48
46, 864, 762. 56
16, 544. 22
Total 125.486,610.53 2,653,793,648.02 2,610,117,272.01 169,162,986.54
Due and pay-
able during 1944
$2, 360, 882. 11
2,931,426.75
6.63
1,546,979,086.12
390,071,525.33
261, 022, 705. 04
51,201,300.61
223, 189, 953. 71
140, 072, 333. 80
29, 406, 078. 50
6, 558, 349. 42
Payments dur-
ing 1944
$2, 483, 287. 49
2, 913, 729. 75
162,360.12
1, 542, 122, 772. 53
357, 143, 487. 94
260, 942, 336. 03
33, 200. 00
51,201,300.61
223, 189, 953. 71
139, 472, 860. 56
23, 888, 737. 58
6, 563, 245. 69
Outstanding
unpaid June
30, 1944
$316, 014. 61
191,670.20
5, 439, 913. 35
42, 973, 888. 41
61,796,689.40
1,641,556.42
3, 185, 515. 00
1,223,987.72
52, 382, 103. 48
11,647.95
' Amounts represent discount treated as interest.
Table 55. — Interest paid on the public debt, by issues, fiscal years 194^ through 1944
[On basis of Public Debt accounts, see p. 519]
Issues
Debt unmatured as of June 30 in the respec
tive years:
Panama Canal loan of 1961
Conversion bonds of 1946-47
Postal savings bonds
Treasury bonds:
1947-52
1944-54
1946-56
194.3-47
1946-49
1951-55
1943-45-. __
1944-46 ._-
1946-48
1949-.52
1955-00
1945-47
1948-51
1951-54
1956-59
1949-53
1945
1948
1958-63
1950-52
1960-65-__
1947
1948-50 (dated Dec. 8, 1939)
1948-50 (dated Mar. 15, 1941) _
1949-51 (dated Jan. 15, 1942) _
1949-51 (dated May 15, 1942)
1949-51 (dated July 15, 1942)
1952-54 (dated June 26, 1944)
1951-55. _._
1951-53
1954-56
1951-53. __..
1953-55
1952-54
1956-58
1956-59
1967-72
1963-68
1964-69 (dated Apr. 15, 1943)
1964-69 (dated Sept. 15, 1943)
Footnotes at end of table.
Rate of
interest
Percent
3
3
2>/i
4M
4
3
3H
ZVi
3
ZH
2J^
254
234
2?4
234
2'/^
2-M
21/i
234
2
2
2
2
2
2
2
2
IM
2H
2
2
21^
2Vi
2H
2\'i
2\b.
2H
23-2
$1, 495, 254. 00
861,066.00
2, 928, 153. 00
32, 190,
41,497,
18,314,
s 15, 397,
25, 594,
22, 607,
45, 423,
49, 299,
31, H9,
15, 287,
74, 866,
33, 395,
33, 614,
44, 712,
26, 987,
44, 730,
13, 448,
11,269,
25, 279,
29, 607,
40, 838,
13, 960,
11,227,
22, 360,
8, 146,
636. 42
110.00
225. 90
562. 49
252. 37
507. 25
665. 05
304. 73
288.00
097. 54
073. 18
413.94
295. 62
551.67
076. 80
558.91
836.42
538. 87
281.62
299.73
891. 32
226. 00
843. 24
097. 00
957. 40
211. 46
5, 030, 032. 23
25, 074, 333. 60
15, 324, 458. 99
14, 502, 413. 15
24, 419. 594. 96
28, 337, 742. 04
22, 456, 590. 68
1943
$1, 365, 660. 75
868, 122. 75
2, 905, 178. 50
32, 032, 105. 43
41, 263, 838. 00
18, 275, 905. 90
25, 389,
22, 489,
45, 417,
49, 224,
30, 979,
15, 320,
74, 810,
33, 337,
33, 657,
44, 695,
26, 982,
44, 439,
13, 507,
11,276,
25, 139,
29, 655,
40, 589,
14, 038,
11,443,
22, 203,
20, 358,
21, 486,
37, 462,
150. 85
338. 25
769. 17
953. 94
703. 25
985. 94
663. 31
457. 37
250. 53
016. 17
391. 12
985. 32
598.23
909. 17
905. 09
551. 37
081. 33
842. 50
115.31
987. 00
443.26
544. 75
418. 14
10, 074, 687. 50
25, 233, 527. 91
15, 256, 947. 41
14, 500, 482. 89
25, 566, 781. 02
36, 193, 888. 72
67, 750, 165. 26
34, 558, 527. 70
13, 575, 666. 13
1944
$1, 620, 018. 75
863, 068. 50
2, 913, 729. 75
32, 232, 485. 84
41,934,156.00
18, 291, 452. 53
25,765,890.41
22, 655, 906. 50
31, 195,
15, 423,
74, 967,
33, 349,
33, 644,
44,851,
26, 993,
44, 762,
13, 591,
11,264,
25, 322,
29,628,
40, 885,
14, 101,
11,631,
22, 303,
20,411,
25, 742,
42, 302,
3 19,
10, 270,
25, 212,
15, 400,
72, 352,
14, 561,
25, 602,
36, 234,
3 1, 084,
67, 859,
71, 037,
91, 027,
66, 223,
254. 75
178. 95
307. 46
720. 46
566. 43
420. 07
894. 74
778. 44
422. 02
718. 25
994. 39
175. 70
292. 35
862. 50
017. 32
883. 00
659. 75
336. 13
115.51
320, 21
224. 50
762. 58
376. 31
359. 51
825.27
645.06
457. 97
406. 97
513.62
279. 60
876.84
673. 46
REPORT OF THE SECRETARY OF THE TREASURY
711
Table 55.^Interest paid on the piiblic debt, by issues, fiscal years 1942 through
1944 ' — Continued
Issues
Debt unmatured as of June 30 in the respec-
tive years— Continued.
Treasury bonds— Continued.
1952-55
1962-67
1950-52 (dated Oct. 19, 1942)
1965-70
1950-62 (dated Apr. 15, 1943)
1948 ----
United States savings bonds:
Series A-1935
Series B-1936
Series C-1937 -
Series C-1938
Series D-1939
Series D-1940
Series D-1941
Series E-1941-.-
Series F-1941
Series E-1942
Series F-1942
Series G-1941, 1942 and 1943
Series E-1943
Series F-1943
Depositary bonds
Adjusted service bonds of 1945
Adjusted service bonds. Government
life insurance fund. Series 1946 —
Treasury notes, public issues. _ _.
Treasury notes, special issues:
Old-age reserve account
Federal old-age and survivors in-
surance trust fund
Federal old-age and survivors in-
surance trust fund
Federal old-age and survivors in-
surance trust fund
Federal old-age and survivors in-
surance trust fund
Federal old-age and survivors in-
surance trust fund
Federal old-age and survivors in-
surance trust fund
Railroad retirement account
Civil service retirement fund
Civil service retirement fund
Foreign service retirement fund
Canal Zone retirement fund
Canal Zone retirement fund
Alaska Railroad retirement fund._.
Postal Savings System s
Government life insurance fund
Federal Savings and Loan Insur-
ance Corporation
National service life insurance fund_
Federal Deposit Insurance Corpo-
ration
Certificates of indebtedness, public is-
sues
Certificates of indebtedness, special is-
sue, adjusted service certificate fund
Treasury bills '
Debt matured as of June 30 in the respective
years:
Old debt matured, issued prior to April
1, 1917
Consols of 1930
First Liberty loan bonds
First Liberty loan bonds (converted)..
First Liberty loan bonds (converted) ._
First Liberty loan bonds (converted) . .
First Liberty loan bonds (second con-
verted)
Second Liberty loan bonds
Second Liberty loan bonds (converted)
Third Liberty loan bonds
Fourth Liberty loan bonds
Victory notes
Rate of
interest
Percent
IVi
2
2'/i
2
13/4
<2. 9
4 2. 9
«2!9
< 2. 9-
<2!9
4 2.9
<2. 9
''2.9
«2. 53
<2.9
4 2.53
4 2.5
4 2.9
4 2.53
41/2
Various
3
2^2
238
1%
2
V-A
2H
3
4
3
4
4
3
4
2
2
2
3
Various
3H
V/i
4
4H
4H
4
4M
4H
4H
4%
3, 954, 902. 59
3, 961,
7, 384,
9,816,
12, 114,
20, 518,
26, 139,
5, 923,
1, 476,
200,
960. 50
758. 00
276. 50
660. 50
132. 25
939. 75
045. 75
091. 50
535. 40
21, 282, 661. 35
1, 112, 237. 86
2,212,397.68
22, 507, 108. 04
53, 136, 126. 21
18, 136, 857. 56
33, 202, 500. 00
7, 895, 345. 88
210, 821. 92
2, 198, 067. 14
24, 990, 093. 14
29, 537. 83
185, 431. 68
238,811.28
37, 693. 15
1, 445, 620. 94
148, 821. 91
137, 422. 64
433, 551. 37
1, 879, 44.5. 15
3 50. 75
4, 256. 98
2, 233, 478. 95
4, 260. 85
496. 25
40, 115. 17
1944
$33, 553, 907. 55
50, 679, 559. 98
15,865,275.32
3 3, 525, 786. 07
25, 887, 891. 80
6, 724,
7, 205,
9, 563,
11,777,
19, 876,
25, 265,
11,585,
16, 976,
1, 722,
16, 148,
764,
76, 519,
664. 25
806. 75
232. 50
834. 00
713. 75
404. 00
758. 50
412. 43
214. 61
439. 61
948. 35
226. 87
2, 423, 104. 96
1, 408, 210. 70
22, 507, 108. 04
103, 246, 068. 70
33, 202,
14,321,
211,
3, 578,
4, 024,
15, 264,
4,714,
32, 109,
42,
220,
290,
500. 00
250. 00
900. 68
794. 55
109. 58
000. 00
350. 19
906. 87
956. 49
321. 32
184. 54
3, 323. 84
25, 743. 71
22.32
5, 467. 00
6, 007. 10
20, 604. 22
162, 456. 38
2, 677. 76
50,
338,
297,
87,
4, 967,
1, 405,
28, 960,
920. 22
254. 26
265. 76
983. 78
969. 16
054. 95
720. 85
2, 618. 25
11,206,993.76
241. 44
10, 756. 75
17, 855. 82
13.29
1, 505. 25
11,827.30
12.74
3, 726. 00
5, 672. 29
12, 221. 84
94, 004. 77
1, 286. 07
$33, 884, 159. 90
63, 169, 169. 42
39, 236, 661. 26
3 661, 620. 98
89, 327, 322. 88
64, 006, 007. 88
7, 605,
12, 223,
9, 364,
11,524.
19, 401,
24, 591,
11, 272,
17,716,
2, 848,
72, 645,
4, 970,
139, 472,
28, 004,
1, 022,
6, 563,
1,381,
614. 50
630. 25
014. 25
270. 50
295. 50
542. 00
334. 50
865. 66
327. 62
411.00
435. 42
860. 56
122. 61
089. 90
245. 69
629. 64
22, 507, 108. 04
146, 759, 426. 88
26, 127,
14, 321,
20, 391,
9, 180, 000. 00
5, 100, 000. 00
250. 00
188. 49 ,
15. 264,
9, 837,
47,701,
50,
250,
340,
61,
3, 507,
295,
625,
22, 190,
1, 889,
56, 008,
21,
13, 964,
000. 00
049. 21
409. 78
227. 86
785. 57
391. 37
402. 79
428. 62
146. 14
378. 23
655. 61
004. 10
508. 18
432. 64
042. 62
303. 53
198. 99
1.25
20, 673. 35
5.25
1, 824. 35
7, 808. 92
8.51
3, 017. 00
10, 998. 81
11,958.61
104, 166. 22
2, 000. 10
Footnotes at end of table.
712
REPORT OF THE SECRETARY OF THE TREASURY
Table 55. — Interest 'paid on the public debt, by issues, fiscal Tjears 1942 through
19U 1— Continued
Debt matured as of June 30 in the respec-
tive years — Continued.
War savings stamps
Treasury savings certificates-- --.
Panama Canal loan of 1916-36
Panama Canal loan of 1918-38
Treasury bonds of 1940-43 - .
Treasury bonds of 1941-43
Treasury bonds of 1943-45
Treasury bonds of 1943-47
Treasury bonds of 1941
Treasury bonds of 1944-46 -
Treasury notes, public issues
Treasury notes, special issues:
Old-age reserve account
Railroad retirement account
Jederal old-age and survivors in-
surance trust fund —
Civil service retirement fund
Foreign service retirement fund
Canal Zone retirement fund
Alaska Railroad retirement fund - .
Federal Deposit Insurance Corpo-
ration
Postal Savings System
Government life insurance fund-..
Federal Savings and Loan Insur-
ance Corporation
Treasury certificates
Certificates of indebtedness, public
issues, at various interest rates
Certificates of indebtedness, special
issues:
Adjusted service certificate fund- -
Unemployment trust fund
Unemployment trust fund
Unemployment trust fund
Unemployment trust fund -.
Unemployment trust fund
Unemployment trust fund
Treasury bills «
Rate of
interest
Total.
3?i
4W-3H
Z%
3H
3H
Various
3
3
2\i
4
4
4
4
2
2
2
2
2
4
21/4
2
2H
21.4
$64, 515. 00
425. 00
326. 10
50.00
81, 555. 09
! 193. 425. 45
899,301.49
'7,'635,"535.'35
11,400,000.00
944, 991. 77
4, 702, 761. 64
30, 040. 87
19, 345. 09
10, 600. 00
77, 049. 18
230, 530. 87
218, 055. 29
107.00
14,008.08
642,241.09
60, 353, 106. 99
6, 530, 862. 41
537, 016. 57
2, 434, 612. 61
1, 260, 105, 096. 85
$50, 475. 00
225. 00
9.70
4.40
31,016. .53
61, 580. 52
15, 204, 825. 29
32, 949. 35
14, 700, 294. 73
13,061,621.92
1,062,493.15
5, 636, 000. 00
22, 657. 43
20,311.66
8, 482. 84
783,791.21
145.027.62
228, 621. 91
36.00
16, 214, 485. 16
730, 256. 99
6, 530, 910. 31
2, 978, 871. 03
723, 843. 21
70, 357, 133. 15
19, 400, 944. 01
1, 813, 008, 496. 73
1944
$33, 175. 00
25.00
25, 732. 45
17, 685. 17
23, 962, 237. 36
1, 409, 218. 24
23, 630. 42
49, 7X9, 831. 49
19, 257, 252. 95
7, 075, 000. 00
5,016,000.00
27, 062. 39
21,170.06
6, 328. 85
115,846.99
1,571,474.02
159, 890. 71
709. 24
110,409,641.55
725, 454. 80
93, 777, 764. 42
37, 236, 997. 08
2,610,117,272.01
' For details for the fiscal years 1918 to 1929, see annual report for 1929, p. 503; and for later years, similar
tables in subsequent reports.
■ Includes adjustment of $156.99 that had been charged against the bond issue of 1941-43.
3 Deduct excess of credits, collection of interest accruals, and counter warrants adjustments.
< Approximate yield if held to maturity.
6 Includes interest on Canal Zone Postal Savings System, Treasury notes.
6 Sold on a discount basis.
REPORT OF THE SECRETARY OF THE TREASURY
713
Table 56. — Amount of interest-hearing debt outstanding, the computed annual
interest charge, and the computed rate of interest, at the end of the fiscal years
1916 through 19Jf4, and at the end of each month from July 1943 to June 1944 '
[On basis of Public Debt accounts through June 1942, and subsequently on basis of daily Treasury state-
ments, see p. 519]
End of fiscal year or month
Interest-bearing
debts
Computed an-
nual interest
charge
Computed
rate of in-
terest
June 30—
1916 .
$971, 562, 590
2, 712, 549, 476
IL 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
27, 645, 229, 826
32, 755, 631, 770
35, 802, 586, 915
36, 578, 684, 982
39, 891, 844, 494
42, 380, 009, 306
48, 404, 879, 488
72,041,190,333
135, 380, 305, 795
199, 543, 355, 301
140, 238, 167, 772
142,720,911,218
157,053,4.54,432
163, 588, 593, 754
164,781,145, ,596
164, 507, 589, 325
167, 042, 979, 679
181,708,804,534
183, 348, 1S5, 573
183, 412, 507, 440
184,874,110,089
199, 543, .355, 301
$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
742,17.5,955
842, 301, 133
750, 677, 802
838, 002, 053
924, 347, 089
947, 164, 071
1,037,107,765
1,094,721,802
1,218,693,931
1,645,975,092
2,678,779.036
3, 849, 254, 656
2,763,418,817
2, 802, 355, 891
3,070,31,5,960
3,173,286,711
3, 202, 657, 564
3,216,975,951
3, 272, 900, 647
3, .544, 447, 566
3,566,570,951
3, 573, 410, 136
3,598,142,173
3, 849, 254, 656
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
1935
2.716
2.559
1937 --.
2.582
2.689
1939
2.600
1940
2.583
1941. . - - ---
2.518
1942
2.285
1.979
1944
1.929
End of month-
1.971
August ___ _ _ .,
1.964
1.955
October.. _. . ..
1.940
1.944
December . - .
1. 9.56
1. 9.59
1.951
1.945
April _. ..
1.948
1.946
June
1.929
1 For monthly data back to June 30, 1916, see aimual reports for 1929, p. 509; for 1936, p. 442; and correspond-
ing tables in subsequent reports.
2 The interest-bearing debt includes discount on Treasury bills from June 30, 1930, the amount being de-
ducted from the interest-bearing debt prior to calculating the average interest rate.
714
REPORT OF THE SECRETARY OF THE TREASURY
Table 57.- — Interest paid on the securities issued or guaranteed by the United States
Government, classified by tax status, fiscal years 1913 through 1944
[On basis of Public Debt accounts, see p. 5191
Grand total
Fiscal
year
Total
Tax-exempt
Ta.xable
Special issues
to Govern-
Total
Wholly
Partially
ment agen-
cies and
trust funds
1913 .-
$22, 899, 108. 08
22, 863, 956. 70
22. 902, 897. 04
22, 900, 313. 03
24, 742, 129. 42
197, 526, 608. 36
615, 867, 337. 32
1,024,024,440.02
996, 676, 803. 75
989, 485, 409. 93
1,055,088,486.44
938, 740, 771. 79
882, 014, 950. 03
831,469,206.12
787, 793, 764. 08
731, 850, 073. 89
678, 980, 351. 20
658, 602. 154. 96
610, 758, 025. 42
599, 722, 595. 24
689.243,011.82
759, 559, 326. 33
913, 052, 028. 92
867, 367, 943. 91
985,411,586.18
1. 041, 109, 048. 36
1,055,806,779.72
1,151,376,049.80
1,221,067,348.64
1,385,670,031.26
1, 895, 023, 925. 26
2, 687, 999, 788. 14
$22, 899, 108. 08
22, 863, 956. 70
22, 902, 897. 04
22,900,313.03
24, 742, 129. 42
197, 526, 608. 36
615,867,337.32
1,024,024,440.02
996, 676, 803. 75
989, 485, 409. 93
1, 055, 088. 486. 44
938,740,771.79
881,957,306.19
827, 649, 874. 62
779, 456, 766. 83
717, 443. 778. 31
662, 906, 510. 45
629,632.481.69
570, 013, 183. 79
588, 948, 616. 31
674. 708, 349. 31
745, 203, 326. 28
895,834,604.93
842, 027, 963. 73
936, 900, 876. 16
967, 300, 236. 77
954, 398, 628. 19
1, 019, 528, 712. 69
1, 060, 941, 089. 18
1, 020, 162, 592. 31
1 962, 243, 370. 01
917,838,020.77
$22, 899, 108. 08
22, 863, 956. 70
22, 902, 897. 04
22, 900, 313. 03
24, 742, 129. 42
144, 428, 106. 25
72, 399, 3.58. 41
71, 378, 560. 78
84, 817, 537. 26
71, 961, 288. 44
70,517,091.98
70, 422, 193. 17
69, 056, 550. 99
65, 142, 335. 84
64, 824, 104. 36
66. 097, 950. 10
65, 129, 844. 68
67, 767, 721. 14
103,241,602.57
116,232,545.60
202, 013, 327. 75
248, 717, 774. 86
292, 745, 100. 46
262, 340, 559. 32
239, 014, 792. 17
216,374,331.75
147,000,279.74
104,224,687.26
79. 202, 618. 97
57, 082, 739. 04
38, 251, 077. 33
27, 163, 927. 79
1914
1915
1916 ..
1917
1918 -
.$.53. 098, .502. 11
543, 467, 978. 91
952, 645, 879. 24
911,859,266.49
917,524.121.49
984, 571, 394. 46
868, 318, 578. 62
812,900,755.20
762, 507, 538. 78
714, 632, 662. 47
651.345,828.21
597, 776, 665. 77
561,864,760.55
466, 771, 581. 22
472, 716, 070. 62
472, 695, 021. 56
496, 485, 551. 42
603, 089, 504. 47
579, 687. 404. 41
697,886,083.99
750, 925, 905. 02
807, 398, 348. 45
915,304,025.43
981,738,470.21
96,3,079,853.27
I 923, 992, 292. 68
890, 674, 092. 98
1919
1920
1921 ..
1922
1923
1924
1925
$57, 643. 84
3, 819, 331. 50
8, 336, 997. 25
1926
1927
1928
14, 406, 295. 58
1929 .
16, 073, 840. 75
1930
28, 969, 673. 27
1931
40, 744, 841. 63
1932
10, 773, 978. 93
1933...
1934
14, 534, 662. 51
14, 356, 000. 05
1935
17, 217, 423. 99
1936
25, 339, 980. 18
1937
48, 510, 710. 02
1938
73,808,811.59
1939
101, 408, 151. 53
1940
131,847,337.11
1941_...
1942._..
1943....
1944.-...
$486,589.99
166, 069, 450. 57
1 691, 496, 361. 47
1,462,003,589.38
159, 639, 669. 47
199, 437, 988. 38
241, 284, 193. 78
308, 158, 177. 99
' Corrected.
REPORT OF THE SECRETARY OF THE TREASURY
715
Table 57. — Interest 'paid on the securities issued or guaranteed by the United States
Government, classified by tax status, fiscal years 1913 through i5-^^^Continued
U. S. Government
Fiscal year
Total
Tax-exempt
Taxable
Special issues to
Government
Wholly
Partially
agencies and
trust funds
1913
$22, 899, 108. 08
22, 863, 956. 70
22, 902, 897. 04
22,900,313.03
24, 742, 129. 42
197, 526, 608. 36
615,867,337.32
1, 024, 024, 440. 02
996, 676, 803. 75
989, 485, 409. 93
1, 055, 088, 486. 44
938, 740, 771. 79
882, 014, 950. 03
831, 469, 206. 12
787, 793, 764. 08
731,850,073.89
678, 980, 351. 20
658, 602, 154. 96
610, 758, 025. 42
599, 722, 595. 24
689,243,011.82
757, 210, 099. 33
821, 486, 422. 26
747, 896, 613. 54
866, 798, 692. 94
926, 247, 272. 42
940, 958, 138. 78
1,041,448,261.64
1,110,205,219.13
1,260,105,096.85
1,813,008,496.73
2.610,117,272.01
$22, 899, 108. 08
22, 863, 956. 70
22, 902, 897. 04
22, 900, 313. 03
24, 742, 129. 42
144, 428, 106. 25
72, 399, 358. 41
71, 378, 560. 78
84, 817, 537. 26
71,961,288.44
70,517,091.98
70, 422, 193. 17
69, 056, 550. 99
65, 142, 335. 84
64, 824, 104. 36
66, 097, 950. 10
65, 129, 844. 68
67,767,721.14
103,241,602.57
116,232,545.69
202, 013, 327. 75
248, 717, 774. 86
292, 745, 100. 46
262, 340, 559. 32
239, 014, 792. 17
216, 374, 331. 75
147, 000, 279. 74
104, 224. 687. 26
79, 202, 618. 97
57,082,739.04
.38,251,077.33
27, 163, 927, 79
1914
1915
1916-
1917
1918
$53,098,502.11
543, 467, 978. 91
952, 645, 879. 24
911,859,266.49
917, 524, 121. 49
984, 571, 394. 46
868, 318, 578. 62
812, 900, 755. 20
762, 507, 538. 78
714, 632, 662. 47
651, 345, 828. 21
597, 776, 665. 77
561, 864, 760. 55
466, 771, 581. 22
472, 716, 070. 62
472,695,021.56
494, 136, 324. 42
511,523,897.81
460, 216, 074. 04
579, 273, 190. 75
636, 064, 129. 08
692, 549, 707. 51
805, 376, 237. 27
870, 876, 340. 70
850, 120, 494. 20
'857,377,525.32
825, 002, 749. 03
1919- .-.-
1920..
1921
1922
1923
1924
1925
$57, 643. 84
1926 ---
3,819,331.50
1927 -.-
8, 336, 997. 25
1928-
14, 406, 295. 58
16, 073, 840. 75
1929 -.-
1930
28, 969, 673. 27
1931
40,744,841.63
1932
10, 773, 978. 93
1933 .
14, 534, 662. 51
1934
14, 356, 000. 05
1935
17, 217, 423. 99
1936
25, 339, 980. 18
1937-
48, 510, 710. 02
1938
73, 808, 811. 59
1939
101,408,151.53
1940
131,847,337.11
1941 .
1942...
$486, 589. 99
153,463,875.23
1 676, 095, 700. 30
1,449,792,417.20
159, 639, 669. 47
199, 437, 988. 38
1943----
1944
241, 284, 193. 78
308, 158, 177. 99
Federal instrumentalities: Guaranteed issues
Fiscal year
Total
Partially tax-
exempt
Taxable
1913
1914
1915 .
1916 ..
1917 . .
1918
1919
1920 .
1921 .
1922-
1923
1924
1925
1926
1927
1928
1929
1930
1931. . . .
1932 ...
19.33 .
1934 - .
$2,349,227.00
91, 565, 606. 66
119,471.330.37
118,612.893.24
114,861,775,94
114,848,640.94
109, 927. 788. 16
110,862,129.51
125, 564, 934. 41
82,015,428.53
77, 882, 516. 13
$2, 349, 227. 66
91, 565, 606. 66
119,471,330.37
118.612.893.24
114.861 775.94
114,848,640.94
109.927,788.16
110,862,129,51
112,959,359,07
66, 614, 767. 36
65, 671, 343. 95
1935.
1936
1937.
1938 .
1939
1940
1941
1942
$12, 605, 575. 34
1943
15,400,661.17
1944
12,211,172.18
Note. — The amount of interest paid includes the increase in the redemption value of United States
savings bonds during the year and the discount on unmatured issues of Treasury bills. Interest paid on
guaranteed issues does not include about $207,600 paid on Tennessee Valley Authority bonds "issued on
the credit of the United States."
' Corrected.
716
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
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722
REPORT OF THE SECRETARY OF THE TREASURY
Table 60. — Amounts of guaranteed obligations matured or called, and amounts
redeemed, fiscal year 1944
Description
Amounts matured
or called
Amounts re-
deemed 1
Commodity Credit Corporation:
M% notes, Series F, 1943
Demand obligations.--
m
$130, 000. 00
3 61,557,891.48
Total
61,687,891.48
Federal Farm Mortgage Corporation:
3% bonds of 1942-47 .-. .
(2)
$94, 678, 600. 00
835, 085, 600. 00
814 700 00
23-1% bonds of 1942^7
194 500 00
3}4% bonds of 1944-64, called Mar. 15, 1944 .
87, 855, 400. 00
799,945,600.00
3% bonds of 1944-49, called May 15, 1944
Total ~
929, 764, 200. 00
888,810,200.00
Federal Housing Administration:
Mutual mortgage insurance fund:
2^% debentures, Series B , eighth called
538,400.00
332, 200. 00
114,400.00
1,618,850.00
16,250.00
2M% debentures. Series B, ninth called
538, 400. 00
315, 100. 00
2M% debentures, Series B, tenth called .-
114,400.00
1,618,850.00
Housing insurance fund:
2M% debentures, Series D , first called - . .
2, 603, 850. 00
2, 603, 000. 00
Federal Public Housing Authority:
1^8% notes, Series B, 1944, matured Feb. 1, 1944
114,157,000.00
114,091,000.00
Home Owners' Loan Corporation:
3% bonds. Series A, 1944-52, nailed May 1. 1944
778, 577, 775. 00
C-)
C-)
(■')
(2)
717,504,875.00
2%% bonds, Series B, 1939^9
1H% bonds. Series F, 1939
2M% bonds. Series G, 1942-44-. _
933, 775. 00
125.00
1,747,600.00
5i% bonds. Series L, 1941
1J^% bonds. Series M, 1945-47
3,000.00
25.00
Total '. . .
778,577,775.00
* 720, 189, 400. 00
Reconstruction Finance Corporation:
K%notes, SeriesN, 1941
l%notes, Series S, 1942..--
J/8% notes. Series U, 1942 _
324,397,000.00
571,363,000.00
1,000.00
13,000.00
267,000 00
l}.i% notes. Series V, 1943, matured July 15, 1943
1% notes. Series W, 1944, matured Apr. 15, 1944
324, 380, 000. 00
571,204,000.00
Total - .
895,760,000.00
895, 865, 000. 00
Grand total .. .
2,720,862,825.00
2, 683, 246, 491. 48
1 On the basis of daily Treasury statement.
2 Matured or called prior to fiscal year 1944.
s Does not include liquidations by commercial banks direct.
« Includes $700 noncash retirements by special authority not reflected in the daily Treasury statement
REPORT OF THE SECRETARY OF THE TREASURY
723
Table 61.- — Average yield on long-term Treasury bonds, by months, January 1930
through June 1944 '
[Averages of daily figures. Percent per annum]
Year
Jan.
Foh.
Mar.
.\pr.
May
Juno
July
Alls.
Sept.
Oct.
Nov.
Doc.
Aver-
ago
Partially Tax-Exempt Bonds ■
1930.--
3.43
3.41
3.29
3.37
3.31
3.25
3.25
3.26
3.24
3.21
3.19
3.22
3.29
1931-.-
3.20
3.30
3.27
3.26
3.16
3.13
3.15
3.18
3.25
3.63
3.63
3.93
3.34
1932-..
4.26
4.11
3.92
3.68
3.76
3.76
3.58
3.45
3.42
3.43
3.45
3.35
3.68
1933--.
3.22
3.31
3.42
3.42
3. .30
3.21
3.20
3.21
3.19
3.22
3.46
3.53
3.31
1934...
3.50
3.32
3.20
3.11
3.02
2.98
2.92
3.03
3.20
3.10
3.07
3.01
3.12
1935.--
2.88
2.79
2.77
2.74
2.72
2.72
2.69
2.76
2.85
2.85
2.83
2.84
2.79
1936..-
2.81
2.78
2.73
2.70
2.68
2.69
2.68
2.64
2.65
2.68
2.60
2.59
2.69
1937...
2.56
2.54
2.66
2.83
2.80
2.81
2.78
2.78
2.82
2.82
2.78
2.73
2.74
1938...
2.69
2.68
2.67
2.66
2. .56
2. .58
2. .58
2.57
2.63
2. 55
2. 56
2. 56
2.61
1939.--
2.54
2.51
2.43
2.38
2.27
2.22
2.23
2.27
2.67
2.60
2.46
2.35
2.41
1940--.
2.30
2.32
2.26
2.26
2.39
2.40
2.30
2.31
2. 25
2.21
2.09
2.01
2.26
1941-.-
2.12
2.22
2.12
2.07
2.04
2.01
1.98
2.01
2.02
1.98
1.95
2.06
2.05
1942...
2.10
2.17
2. 10
2.07
2.06
2.04
2.04
2.06
2.08
2.09
2.10
2.13
2.09
1943.--
2.11
2.11
2.12
2.05
1.96
1.91
1.91
1.92
1.90
1.90
1.94
1.95
1.98
1944...
1.95
1.93
1.91
1.94
1.94
1.91
Taxab
LE Bon
DS 3
1941
2.34
2.45
2.34
2.47
2.47
2.49
1942..-
2.48
2.48
2.46
2.44
2.45
2.43
2.46
2.47
2.46
2.46
1943..-
2.46
2.46
2. 48
2.48
2.46
2.45
2.45
2.46
2.48
2.48
2.48
2.49
2.47
1944...
2.49
2.49
2.48
2.48
2.49
2 49
1 For bonds selling above par and callable at par before maturity, the yields are computed on the basis of
redemption at first call date; while for bonds selling below par, yields are computed to maturity. Monthly
averages are averages of daily figures. Each daily figure is an unweighted average of the yields of the indi-
vidual issues. Prior to Sept. 1, 1941, yields were computed on the basis of the day's closing price on the
New York Stock Exchange except that on days when an issue did not sell the yield was computed on the
mean of closing bid and ask quotations on the Stock Exchange. Commencing Sept. 1, 1941, yields are com-
puted on the basis of the mean of closing bid and ask quotations in the over-the-counter market. For
average yields by months from January 1919 through December 1929, see p. 662 of the annual report for 1943.
The table below" shows the issues of Treasury bonds which are included in the averages above.
Issue
Partially Tax-Exempt Bonds
4Vi%, Oct. 15, 1947-52
4%, Dec. 15, 1944-54
3H%, Mar. 15, 1946-56
3?i%, Junel5, 1943-47
314%, June 15, 1946-49
3%, Sept. 15, 1951-55
ZH%, Dec. 15, 1949-52
2%%, Mar. 15, 19,55-60
2H%, Sept. 15, 1956-59
2H%, June 15, 1958-63
2%%, Dec. 15, 1960-65
Taxable Bonds
2H%, Sept. 15, 1967-72
2H%, JunelS, 1962-67
2^%, Dec. 15, 1963-68
2!^%, June 15, 1964-69 ..
3H%, Dec. 15, 1964-69
23^%, Mar. 15, 196.5-70
Date bond is
first included
in average
Nov.
Dec.
Mar.
July
June
Sept.
Dec.
Mar.
Sept.
June
Dec.
Oct.
July
Dee.
May
Oct.
Feb.
1,1922
1.5, 1924
15. 1926
12. 1927
1.5. 1931
15, 1931
15, 1934
1.5, 1935
1.5,1936
15,1938
1.5, 1938
20, 1941
6, 1942
3. 1942
3. 1943
11,1943
16, 1944
Date bond is
first excluded
from average
Oct.
Dec.
Mar.
June
June
Sept.
Nov.
Mar.
Sept.
June
1.5, 1935
1.5,19,32
15. 1934
15,1931
1,5,1934
15,1936
30. 1935
1.5, 1940
15, 1941
1.5,1943
2 From Julv 17, 1928, through Nov. 29, 1935, yields are based on all outstanding partially tax-exempt
Treasury bonds neither due nor callable for 12 years; from Nov. 30, 1935, yields are based on all outstanding
partially tax-exempt Treasury bonds neither duo nor callable for 15 years.
3 Average of all taxable Treasury bonds neither due nor callable for 15 years. Taxable bonds are those
on which the interest is subject to both the normal and surtax rates of the Federal income tax. This average
commenced Oct. 20, 1941.
724
REPORT OF THE SECRETARY OF THE TREASURY
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728
REPORT OF THE SECRETARY OF THE TREASURY
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC
DEBT LIABILITIES
Table 63. — Current assets and liabilities of the Treasury at the close of the fiscal
years 1943 and 1944
[On basis of daily Treasury statements, see p. 519]
1943
1944
Increase or de-
crease (— )
Gold
$22, 387, 455, 751. 05
$21, 173, 401, 741. 86
-.$1, 214, 054, 009. 19
Liabilities:
Gold certificates •
2, 872, 611, 179. 00
17, 35.5, 271, 025. 68
53,673,826.11
156, 039, 430. 93
1, 800, 000, 000. 00
149, 860, 289. 33
2, 869, 436. 209. 00
15, 783, 930, 886. 13
410, 180, 308. 74
156, 039, 430. 93
1, 800, 000, 000. 00
153,814,907.06
-3, 174, 970. 00
Gold certificate fund— Board of Governors,
-1, 571, 340, 139. 55
Redemption fund— Federal Reserve notes..
356, 506, 482. 63
Gold in General Fund
3,954,617.73
Total .
22, 387, 455, 751. 05
21,173,401,741.86
-1,214,054,009.19
Silver
Assets:
Silver bullion (monetary value) _ . .
1, 619, 745. 773. 72
453, 449, 464. 00
1, .520, 133. 652. 51
389, 449, 921. 00
387, 878. 79
-63,999,543.00
Total --
1, 973, 195, 237. 72
1, 909, 583, 573. 51
-63, 611, 664. 21
Liabilities:
Silver certificates outstanding • _ _
1, 916, 535, 702. 00
1, 154, 822. 00
55, 504, 713. 72
1, 812, 736, 275. 00
1, 153, 672. 00
95, 693, 626. 51
-103,799,427.00
Treasury notes of 1890 outstanding <
Silver in General Fund
-1,150.00
40, 188, 912. 79
Total
1, 973, 195, 237. 72
1, 909, 583, 573. 51
-63,611,664.21
General Fund
Assets:
In Treasury ofllces:
Gold (as above) .
149,860,289.33
5.5,504,713.72
37, 742, 577. 95
224, 614. 99
592, 134, 843. 38
4,632,113.62
2, 721, 870. 00
66, 526, 165. 00
1, 099, 163. 00
634, 020. 50
56, 016, 923. 06
153, 814, 907. 06
95, 693, 626. 51
20, 892, 456. 40
7, 766, 216. 15
450, 282, 374. 18
9,474,746.11
2, 171. 346. 00
78, 788, 147. 50
659, 509. 50
472, 298. 00
23, 891, 234. 70
3, 954, 617. 73
Silver:
At monetary value (as above)
Subsidiary coin
Bullion:
At recoinage value
40, 188, 912. 79
-16,850,121.55
7. 541, 601. 16
-141,852,469.20
4, 842, 632. 49
-550, 524. 00
Federal Reserve notes
12, 261. 982. 50
-439, 653. 50
-161, 722. 50
Unclassified— collections, etc
-32, 125, 688. 36
Subtotal
967, 097, 294. 55
843, 906, 862. 11
-123,190,432.44
Deposits in:
Federal Reserve Banks:
To credit of Treasurer of the United
States .
885,709,011.15
152, 346, 648. 84
1,363,851,372.71
78, 028, 769. 04
478, 142, 361. 56
In transit
-74, 317, 879. 80
Subtotal . - --
1, 038, 055, 659. 99
1. 441, 880, 141. 75
403, 824, 481. 76
Special depositaries account of sales of
7,667,272,000.00
18,006,530,000.00
10, 339, 258, 000. 00
National and other bank depositaries
(except foreign) :
To credit of Treasurer of the
United States
227, 764, 363. 56
167, 482, 374. 43
235, 433, 664. 11
163, 795, 640. 39
7, 669, 300. 55
To credit of other Government
-3, 686, 734. 04
Subtotal
395, 246, 737. 99
399. 229, 304. 50
3, 982, 566. 51
Foreign depositaries;
To credit of Treasurer of the
United States .
51, 209, 181. 37
29, 445, 926. 79
12, 221, 722. 04
52, 241, 951. 88
-38, 987, 459. 33
To credit of other Government
22, 796, 025. 09
Subtotal
80,655,108.16
64, 463, 673. 92
-16,191,434.24
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
729
Table 63. — Current assets and liabilities of the Treasury at the close of the fiscal
years 1943 and 1944 — Continued
1943
1944
Increase or de-
crease (— ■)
General Fund— Continued
Assets — Continued.
Deposits in— Continued.
Philippine trea.sury:
To credit of Treasurer of the
United States _ .
$832,201.3fi
340. 27
$19,080,243.21
39. 41
$18,248,041.85
300 86
In transit. _.
Subtotal
832, 541. 63
19, 080, 282. 62
18, 247, 740. 99
Total assets, General Fund
Liabilities:
Treasurer's checks outstanding
Deposits of Government officers:
Post office Department
10,149,159,342.32
20, 775, 090, 264. 90
10, 625, 930, 922. 58
35, 267, 032. 81
95, 383, 925. 96
77, 000, 000. 00
31, 767, 097. 90
321, 584, 881. 34
81, 590, 478. 25
72, 558, 862. 31
42,021,941.56
102, 000, 000, 00
12, 255, 296. 84
334, 865, 002. 77
42, 837, 539. 12
37, 291, 829. 50
—53 361 984 40
Board of Trustees, Postal Savings
System:
5 percent reserve, lawful money
Other deposits
Postmasters, clerks of courts, disbiu-s-
ing officers, etc .
25, 000, 000. 00
-19,511,801.06
13 280 121 43
Uncollected items, exchanges, etc
-38, 752, 939. 13
Total liabilities, General Fund
642, 593, 416. 26
606, 538, 642. 60
-36, 054, 773. 66
Balance in General Fund:
Increment resulting from reduction in
weight of gold dollar.
14.3, 710, 672. 78
618, 958, 767. 00
8, 743, 896, 486. 28
143, 882, 263. 88
618, 958, 767. 00
19,405,710,591.42
171 591 10
Seigniorage (silver)* ...
Working balance
10 661 814 105 14
Subtotal
9, 506. 565, 926. 06
20, 168, 551, 622. 30
10, 661, 985, 696. 24
Total General Fund liabilities and
balance _.. .. .,
10, 149, 159, 342. 32
20, 775, 090, 264. 90
10, 625, 930, 922. 58
Note.— The amount to the credit of disbursing officers and certain agencies was $18,967,486,717.19 on
June 30, 1943, and $19,432,921,597.35 on June 30, 1944.
' Docs not include amounts held in Treasury offices and by FederaljReserve Banks and agents in custody
for the Treasurer of the United States. See table on p. 197.
2 Reserve against United States notes ($346.681 ,016 in 1943 and 1944) and Treasury notes of 1890 outstanding
($1,154,822 in 1943 and $1,153,672 in 1944). Treasm-y notes of 1890 are also secured by silver dollars in the
Treasury. •
3 699,819,332.8 ounces and 891,792.971.3 ounces of these items of silver were held on June 30, 1943, and June
30, 1944, respectively, by the Defense Plant Corporation, etc.
* This seigniorage represents the difference between the cost value and the monetary value of silver bullion
revalued and held to secure the silver ceilifleates issued on account of silver bullion acquired under the Silver
Purchase Act of 1934 and under the President's proclamation dated August 9, 1934.
Table 64.- — Balance in the General Fimdfof the Treasury at Jhe end of each 7nonth,
fiscal year 1944 '
[On basis of daily Treasury statements, see p. 519]
End of month
1943— July
August
September
October--.
November
December.
1944— January...
February.
March
April
May
June
Balance of
increment
resulting from
reduction
in weight of
gold
dollar
$143, 720,
143, 727,
143, 739,
143, 752,
143, 770,
143, 787,
143, 806.
143,816,
143, 843,
143, 849,
143, 870,
143, 882,
965. 62
483. 13
560. 17
070. 89
804. 25
724. 62
305. 50
640. 38
270. 95
869. 92
691. 59
263. 88
SeigTiioragc -
$618,958,
618, 958,
618,958,
618, 958,
618, 958,
618, 958,
618, 958,
618, 958,
618, 958,
618, 958,
618, 958,
618, 958,
767. CO
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
767. 00
Working balance
$7, 832,
5, 601,
17, 394,
18, 533,
14, 193,
11,531,
11,476,
18, 392,
15, 843,
11,516,
7, 759,
19, 405,
312, 598. 96
319,091.81
807, 314. 75
954,017.43
676, 679. 77
516,661.28
006,117.94
294, 516. 94
616, 450. 43
557,885.11
324,716.44
710, 591. 42
Total balance
> For monthly balances back to October 1915, see aimual reports for 1930, p. 598; 1934, p. 337, and correspond-
ing tables in subsequent reports.
2 This item of seigniora.ae represents the difference between the cost value and the u;onetnry value of silver
bullion revalued and held to secure the silver certificates issued on account of silver acquired under the
Silver Purchase Act of 1934 and under the President's proclamation dated Aug. 9, 1934.
730
REPORT OF THE SECRETARY OF THE TREASURY
Table 65. — Assets and liabilities of the exchange stabilization futid as of June SO,
1943 and 19 U
Assets and liabilities
Assets
Cash:
Treasurer of the United
States, gold-.-
Treasurer of the United
States, checking account_
Federal Reserve Bank of
New York, special ac-
count
Disbursing officers' bal-
ances and advance ac-
counts-. - - -
Total cash _
Special accounts of Secretary of
the Treasury in Federal Re-
serve Bank of New York:
Special account No. 1, gold
(Schedule 1)
Due from foreign banks (foreign
exchange):
Swiss francs.-
French francs
Belgas
Sterling -.
All other --
Foreign depositories
Total due from foreign
banks.
Due from the Government of
the Republic of Cuba
Investments in United States
Government securities
(Schedule 2)
Accrued interest receivable
(Schedule 2)...
Other accounts (deferred
charges)
Commodity sales contracts (de-
ferred charges)
Total assets.
Liabilities and Capital
Accounts payable:
Vouchers payable
Taxes withheld from sal-
aries of employees
Employees' payroll allot-
ment account. United
States savings bonds ,
Miscellaneous
Total accounts payable. . .
Reserve for expenses and con-
tingencies (net)
Capital account
Earnings less administrative ex-
penses (Schedules 3 and 4)
Total liabOities and capital.
June 30, 1943
$1, 800, 000, 000. 00
1, 580, 734. 54
201, 670, 431. 08
4, 320. 56
$2, 003, 255, 486. 18
10, 500, 529. 80
991, 372. 25
17.88
505. 06
2, 980. 05
419, 699. 37
1, 414, 574. 61
5, 012, 670. 78
10, 448, 723. 13
9, 730. 73
23.07
2,636.00
2, 030, 644, 374. 30
2, 465. 73
2, 277. 50
532. 29
4, 507. 67
9, 783. 19
$1,800,000,000.00
1, 333, 369. 61
207, 139, 048. 14
10, 370. 12
2, 000, 000, 000. 00
30,634,591.11
2, 030, 644, 374. 30
June 30, 1944
$2, 008, 483, 387. 87
107, 594. 92
17.88
505. 06
2, 980. 05
2, 406, 548. 84
686, 390. 41
390. 79
768. 66
9, 041. 17
21,139,971.77
3, 204, 037. 16
5, 012, 700. 54
20, 448, 723. 13
12, 448. 12
35.51
2, 636. 00
2, 058, 303, 940. 10
10, 200. 62
10, 181, 027. 03
2, 000, 000, 000. 00
48, 112, 712. 45
2, 058, 303, 940. 10
Note.— Annual balance sheets for the year beginning 1934 may be found m the annual report for 1940,
p. 789, and in corresponding tables in subsequent reports. Quarterly balance sheets beginning December
31, 1938, may be found in the Bulletin of the Treasury Department beguming with the March 1939 issue.
REPORT OF THE SECRETARY OF THE TREASURY
731
Table 65. — Assets and liabilities of the exchange stabilization fund as of June 30,
1943 and 1944 — Continued
SCHEDULE 1
Location of Gold Held by and for Account of the Exchange STABn.izATioN Fund '
June 30, 1943
,Tune .30, 1944
Ounces
Dollars
Ounces
Dollars
Federal Reserve Bank of New York
U. S. Assay Office, New York
92,038.140
207, 976. 990
$3, 221, 334. 92
7, 279, 194. 88
209, 317. 543
394,681.648
$7,326,114.00
13,813 857 77
Total...
300, 015. 1.30
10, 500, 529. 80
603, 999. 191
21, 1.39, 971. 77
' Excludes gold held by Treasurer of the United States.
SCHEDULE 2
United States Government Securities Held by the Exchange Stabilization Fund
I.ssue
2H Treasury bonds, 1951-53
2H Treasury bonds, 1958-63.
2% Treasury bonds, 1960-65
2J.^ Treasury bonds, 1965-70
Total United States Government securities
.Tune 30, 1944 '
Face
value
$10. 000, 000
50, 000
402, 000
10, 000, 000
20, 452, 000
Cost
$10,000,000.00
49, 640. 63
399, 082. 50
10, 000, 000. 00
20, 448, 723. 13
A vcragc
price
100. 0000
99. 2813
99. 2743
100. 0000
Accrued
interest
.$9, 221. 31
56. 35
453. 07
2, 717. .39
12,448, 12
' Treasury bonds of 1965-70 were purchased during the fiscal year 1944. Other securities are the same
as those held on June 30, 1943.
SCHEDULE 3
Earnings of the Exchange Stabilization Fund
Source
Profits on British sterling transactions
Profits on French franc transactions _ . _
Profits on gold bullion (including profits from handling charges on gold) .
Profits on other gold and exchange transactions
Profits on silver transactions
Profits on sale of silver bullion to Treasury (nationalized)
Profits on investments
Interest on investments
Miscellaneous profits .
Interest earned on foreign balances
Interest earned on Chinese yuan
Total earnings.
January 31,
1934, through
June 30,
1943
$310, 638. 09
351, 537. 99
21, 357, 999. 25
105, 371. 27
3, 473, 362. 29
1, 019, 326. 18
3, 948, 439. 14
497. 51
123, 888. 59
1.975,317.07
32, 666, 377. 38
January 31,
1934, through
June 30,
1944
$310,
351,
24,413,
14, 000,
105,
3, 473,
1,019,
4, 188,
744,
123,
1, 975,
638. 09
537. 99
668. 10
000. 00
371. 27
362. 29
326. 18
586. 53
414.21
888. 59
317. 07
50, 706, 110. 32
SCHEDULE 4
Administrative Expenses of the Exchange Stabilization Fund
Classification
January 31,
1934, through
June 30, 1943
January 31,
1934, through
June 30, 1944
Salaries. . _ ..
Travel
Subsistence. -_
Telephone and telegraph ...
Stationery, etc. _
All other. . .
Total administrative expenses.
$1, 393, 816. 42
67, 018. 04
57, 431. 02
357, 835. 71
19, 026. 27
136, 658. 81
$1, 704, 201. 97
75, 715. 10
66, 984. 46
392, 240. 50
21, 140. 28
333,115.56
2, 031, 786. 27
2, 593, 397. 87
732
REPORT OF THE SECRETARY OF THE TREASURY
Table 66. — Securities other than obligations of foreign governments owned by the
United States Government, June 30, Idl^If.
[On the basis of the face value of the securities received by the United States, with due allowance for repay-
ments. To the extent that the securities are not held in the custody of the Treasury, the statement "is
made up from reports received from other Government departments and establishments]
Authorizing act
Amount
Capital stock of Government corporations:
Banks for cooperatives
Cargoes, Incorporated
Commodity Credit Corporation
Defense Homes Corporation
Defense Plant Corporation i
Defense Supplies Corporation '
Disaster Loan Corporation..
Export-Import Bank of Washington 2_.
Federal Crop Insurance Corporation..
Federal Deposit Insurance Corporation
Federal Farm Mortgage Corporation..
Federal home loan banks '
Federal intermediate credit banks
Federal land banks
Federal National Mortgage Associa-
tion.!
Federal Public Housing Authority
Federal Savings and Loan Insurance
Corporation.3
Home Owners' Loan Corporation
Inland Waterways Corporation
Institute of Inter-American Transpor-
tation.
Inter-American Navigation Corpo-
ration.
Metals Reserve Company i
Panama Railroad Company
Production credit corporations
Reconstruction Finance Corporation..
RFC Mortgage Company, The '
Regional Agricultural Credit Corpo-
ration of Washington, D. C.
Rubber Development Corporation *...
Rubber Reserve Company '
Smaller War Plants Corporation
Tennessee Valley Associated Cooper-
atives, Inc.
IT. S. Commercial Company i
U. S. HousinfT Corporation '
U. S. Spruce Production Corporation..
War Damage Corporation i
Warrior River Terminal Company,
Inc.*
Total capital stock
Paid-in surplus:
Federal land banks
Federal National Mortgage Associa-
tion.'
Total paid-in surplus '
Bonds and notes of Government corpora-
tions:
Commodity Credit Corporation.
Federal Farm Mortgage Corporation '
Federal Public Housing Authority
Home Owners' Loan Corporation
Reconstruction Finance Corporation..
Tennessee Valley Authority
June 16,
Jan. 22,
June 16,
Jan. 22,
do..
do.
Feb. 11,
June 16,
Feb. 16,
June 16,
.Tan. 31,
July 22,
Mar. 4,
July 17,
June 27
1933, as amended.
1932, as amended .
1933, as amended
1932, as amended
1937, as amended
, 1933, as amended
19.38
1933, as amended
1934, as amended
1932, as amended
1923, as amended.
1916, as amended
1934, as amended
$177, 000,
101,
100, 000,
10, 000,
5, 000,
5, 000,
24, 000,
Mh, 000,
40, 000,
150, 000,
100, 000,
124, 741,
60. 000,
120, 131,
10, 000,
000. 00
000. 00
000. 00
000. 00
000. 00
000.00
000.00
000. 00
000. 00
000.00
000. 00
000. 00
000. 00
050. 00
000.00
Sept. 1, 1937, as amended.
June 27, 1934
June 13, 1933, as amended
June 3, 1924, as amended.
July 25, 1942
Dec. 17, 1940.
Jan. 2, 1932, as amended.
Junes, 1902
June 16, 1933, as amended.
Jan. 22, 1932, as amended..
Jan. 31, 1935, as amended..
July 21, 1932, as amended^
Jan. 22, 1932, as amended..
do
June 11, 1942
May 21,1933
Jan. 22, 1932, as amended..
May 16, 1918, as amended,
July 9. 1918, as amended..
Jan. 22, 1932, as amended..
June 3, 1924, as amended..
1, 000, 000. 00
100, 000, 000. 00
200, 000, 000. 00
12, 000, 000. 00
100, 000. 00
500, 000. 00
. 5, 000, 000. 00
7, 000, 000. 00
115,000,000.00
325, 000, 000. 00
25. 000, 000. 00
44, 500, 000. 00
100, 000. 00
5. 000, 000. 00
150, 000, 000. 00
1, 000. 00
5, 000 000. 00
1,110,892.52
100, 000. 00
1, 000, 000. 00
1,250,000.00
$2, 099, 634, 942. 52
May 12, 1933, as amended.
June 27, 1934, as amended.
135,096,791.06
1,000,000.00
Mar. 8, 1938, as amended..
Jan. 31, 1934, as amended..
Sept. 1, 1937, as amended..
June 13, 1933, as amended
Jan. 22, 1932, as amended..
May 18, 1933, as amended.
Total bonds and notes
Other securities:
Farm Credit Administration:
Seed, feed, drought relief, and crop
production loans.
Loans from Agricultural Market-
ing Act revolving fund.
Farm Security Administration: Rural
rehabilitation loans to farmers, etc.'
Federal Security Agency: Student war
loans.
Federal Works Agency:
Loans to States, municipalities,
railroads, and others.
Community facilities
July 1, 1918, as supple-
mented.
June 15, 1929, as amended.
Apr. 8, 1935, as supple-
mented.
July 2, 1942
June 16, 1933, as amended.
Oct. 14, 1940, as amended..
136, 096, 791. 06
900, 000. 000. 00
366, 000, 000. 00
398, 000, 000. 00
580, 000, 000. 00
, 416, 487, 123. 79
56, 772, 500. 00
10, 717, 259, 623. 79
156, 484, 825. 59
76, 057, 032. 37
402, 835, 734. 07
3, 159, 505. 92
72, 423, 496. 39
4, 545, 024. 35
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
733
Table 66. — Securities other than obligations of foreign governments owned hy the
United States Government, June SO, 1944 — Continued
Authorizing act
Amount
Other securities— Continued .
Interior Department: Indian loans
Navy Department: Sale of surplus
property (World War I).
Puerto Rico Reconstruction Adminis-
tration: Loans.
Rural Electrification Administration:
June 18
July 9,
Apr. 8,
ment(
do.
July 1,
Dec. 26
ment
June 13
Feb. 28
July 1,
Sept. 7,
1934, as amended.
1918, as amended..
1935, as supple-
3d.
$3, 064, 177. 06
2, 818, 646. 64
6, 608, 416. 44
347, 994, 914. 02
Advances to cooperatives, States
and private utilities."
Treasury Department:
Counties and municipalities
District of Columbia
1932, as amended. _
, 1941, as supple-
3d.
1933, as amended -
1920, as amended -
1898, as amended- .
191G, as amended..
47, 000. 00
901, 731. 15
Federal savings and loan associa-
tions.
4, 726, 800. 00
12 24,212,377.23
Securities received by the Bureau
of Internal Revenue in settle-
ments of tax liabilities.
U. S. Maritime Commission: Ship
construction and reconditioning
loans, ship sales notes, etc.
37, 424. 26
131, 363, 771. 75
$1,237,280,877.24
14,190,272,234.61
Less:
Face amount of above securities ac-
quired by Government corporations
from corporate funds or by exchange
for corporate obligations:
100, 000, 000. 00
1, 250, 000. 00
Reconstruction Finance Corpora-
768, 288, 147. 16
tion."
Adjustment — Rubber Development
99, 999. 00
Corporation capital stock.*
Total face amount of securities
13,320,634,088.45
owned by the United States.
Amount due the United States from the Central Branch Union Pacific Railroad 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 1,579,195.72
Total 3,179,195.72
1 Reconstruction Finance Corporation funds.
2 Reconstruction Finance Corporation funds, $174,000,000; and appropriated funds, $1,000,000.
3 Home Owners' Loan Corporation obligations issued to the Federal Savings and Loan Insurance Cor-
poration for capital stocli subscription.
* Par value of stock issued and outstanding is $100,000, but is carried at $1 on the books of Reconstruction
Finance Corporation.
* The balance of the amount paid in by the United States on outstanding stock is $25,193,810.52, in addi
tion to $8,535,254.57 reflected as paid-in surplus. Above amount represents net amount of assets available
to liquidate such stock.
' Warrior River Terminal Company, Inc., is a wholly owned subsidiary of Inland Waterways Corpo-
ration.
' Exclusive of net payments from the Treasury, authorized by law, for which no formal receipts or other
evidences of payment are held by the Secretary of the Treasury in the following corporations:
Cargoes, Incorporated $2,191,521.98
Commodity Credit Corporation 143,950,523.60
Defense Supplies Corporation ^ 21,665,642. 50
Federal Public Housing Authority 140,750,650.00
Inland Waterways Corporation 10,460,756.46
Institute of Inter-American Transportation 5, 000, 000. 00
Regional Agricultural Credit Corporation of Washington, D. C 20,721,756.60
Tennessee Valley Associated Cooperatives, Inc 290,486.50
Total 345,031,337.64
8 Includes $1,000,000 in transit for redemption.
9 Includes Reconstruction Finance Corporation funds amounting to $175,013,876.01.
'1 Includes Reconstruction Finance Corporation funds amounting to $232,533,270.15.
11 For securities purchased with Reconstruction Finance Corporation funds, see footnotes 1, 2, 4, 8, and 9.
12 Excludes $4,485,600 face amount of certain loans of carriers whose assets have been completely liqui-
dated.
734
REPORT OF THE SECRETARY OF THE TREASURY
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736
REPORT OF THE SECRETARY OF THE TREASURY
TRUST AND SPECIAL FUNDS FOR WHICH INVESTMENTS ARE
MADE BY THE TREASURY DEPARTMENT
Table 69. — Adjusted service certificate fund, June 30, 1944
[On basis of daily Treasury statements, see p. 519 This trust fund was established in accordance with the
provisions of the act of May 19, 1924 (43 Stat. 128). For further details see annual report of the Secretary
for 1941, p. 135]
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
•
Cumulative to
June 30, 1943
Increase or
decrease (— ),
fiscal year
1944
Cumulative to
June 30, 1944
Receipts:
$3, 636, 157, 956. 40
133, 265, 264, 58
(')
$748, 591. 40
$3,636,157,956.40
134, 013, 855. 98
Total receipts ..
3, 769, 423, 220. 98
748, 591. 40
3, 770, 171, 812. 38
Expenditures:
Payments under Adjusted Compensation Pay-
ment Ajct, 1936, enacted Jan. 27, 1936:
Adjusted service bonds
Adjusted service bonds (Government life in-
1, 841. 294, 900. 00
500, 157, 956. 40
83,587,896.00
1,325,970,947.81
1, 379, 800. 00
1, 842, 674, 700. 00
500, 157, 956. 40
Checljs for amounts less than $50
41,268.04
181, 616. 53
83, 629, 164. 04
Checks paid by Treasurer of the United States
other than in final settlement of certificates
under the Adjusted Compensation Payment
Act, 1936, less credits on account of repayments
1, 326, 152, 564. 34
3, 751, Oil, 700. 21
1, 602, 684. 57
3, 752, 614, 384. 78
Balance
18,411,520.77.
-854, 093. 17
17, 557, 427. 60
II. Assets Held by the Treasury Department
June 30, 1943
Increase or de-
crease (— ), fis-
year 1944
June 30, 1944
Investments:
4% special Treasury certificates of indebtedness,
adjusted service certificate fund series:
Maturing Jan. 1,1944 . . .
$18,268,000.00
-$18, 268, 000. 00
16, 890, 000. 00
$16, 890, 000. 00
18, 268, 000. 00
131,120.44
2 12, 400. 33
-1,378,000.00
514, 614. 18
9, 292. 65
16, 890, 000. 00
Unexpended balances:
645, 734. 62
On books of the Division of Bookkeeping and
3 21,692.98
Total assets
18, 411, 520. 77
-854, 093. 17
17, 557, 427. 60
1 Appropriation of $9,000,000, immediately available, contained in Independent Offices Appropriation
Act for 1945, approved June 27, 1944, not credited until July 1944.
2 Excludes $307.55 representing deposit of repayments in transit.
3 Excludes $141.50 representing deposit of repayments in transit.
REPORT OF THE SECRETARY OF THE TREASURY
737
Table 70. — Ainsworth Library fund, Walter Reed General Hospital, June 30, 1944
[This trust fund was established in accordance with the provisions of the joint resolution of Congress ap-
proved May 23, 1935 (49 Stat. 287). For further details see annual report of the Secretary for 1941, p. 154]
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through June
30, 1943
Increase,
fiscal year
1944
Cumulative
through June
30, 1944
Receipts:
Bequest of Maj. Gen. Fred C. Ainsworth_
$10, 700. 00
1, 795. 65
$10, 700. 00
Earnings on investments.
.$278. 87
2, 074. 52
Total receipts. _-. - ..
12, 495. 65
2,379.70
278. 87
114.88
12, 774. 52
2, 494. 58
Balance -. -.. -.
10, 115. 95
163. 99
10, 279. 94
II. Assets Held by the Treasury Department
June 30, 1943
Increase, fiscal
year 1944
June 30, 1944
Investments;
2%% Treasury bonds of 195,')-60 (par value $9,700),..
Une.xpended balance on books of the Division of Book-
$9, 972. 81
143. 14
$9. 972. 81
$163. 99
307. 13
Total -
10,115.95
163. 99
10, 279. 94
Table 71. — Alaska Railroad retirement and disability f^md, June 30, 1944
[On basis of daily Treasury statements, see p. 519. This trust fimd was established in accordance with the
provisions of sec. 9 of the act of June 29, 1936 (49 Stat. 2022). For further details see annual report of the
Secretary for 1941, p. 139)
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through June
30, 1943
Increase, fiscal
year 1944
Cumulative
through June
30, 1944
Receipts:
On accoimt of deductions from basic compensation
of employees subject to retirement act
$916,976.05
$171,531.06
$1,088,507.11
Transferred from civil service retirement and disa-
bility fund:
On account of deductions
30, 980. 06
2, 170. 16
30, 980. 06
Accrued interest on deductions
2, 170. 16
Total
33, 150. 22
33, 150. 22
Appropriations. - ..-
1,050,000.00
207, 767. 17
175, 000. 00
67, 757. 37
1, 225, 000. 00
275, 524. 54
Total receipts
Expenditures:
Annuity payments and refunds...
2, 207, 893. 44
597, 010. 53
414,288.43
202, 562. 30
2, 622, 181. 87
799, 672. 83
Balance
1, 610, 882. 91
211, 726. 13
1, 822, 609. 04
613185—45-
-48
738
REPORT OF THE SECRETARY OF THE TREASURY
Table 71. — Alaska Railroad retirement and disability fund, June 30, 1944 — 'Con.
II. Assets Held by the Treasury Department
June 30, 1943
Increase or de-
crease (— ),
fiscal year 1944
June 30, 1944
Investments:
4% special Treasury notes, Alaska Railroad retire-
ment fund series, maturing:
June 30, 1944
June 30, 1945
$196, 000. 00
229, 000. 00
328, 000. 00
547, 000. 00
252, 000. 00
-$190,000.00
$229,000.00
June 30, 1946 ... ... .
328, 000. 00
June 30. 1947
547, 000. 00
June 30, 1948
200, 000. 00
199. 000. 00
452,000.00
June 30 1949
199,000.00
1,552,000.00
45, 254. 84
13,628.07
203, 000. 00
7, 320. 07
1, 406. 06
1, 755, 000. 00
Unexpended balances:
52, 574. 91
On books of the Division of Bookkeeping and War-
rants
15,034.13
Total assets . ..
1, 610, 882. 91
211,726.13
1,822,609.04
Table 72. — Canal Zone retirement and disability fund, June 30, 1944
lOn basis of daily Treasury statements, see p. 519. This trust fund was established in accordance with the
7). For further details see annual report of the
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
provisions of see. 10 of the act of Mar. 2, 1931 (46 Stat. 14
Secretary for 1941, p. 137]
Cumulative
through June
30, 1943
Increase, fiscal
year 1944
Cumulative
through June
30, 1944
Receipts:
On account of deductions from basic compensation
and service credit payments of employees subject
' $7,909,411.28
14,199.39
$1, 258, 789. 80
19,510.93
1 $9,168,201.08
On account of volimtary contributions
33, 710. 32
Total..
7,923,610.67
1,278,300.73
9,201,911.40
Transfers from civil service retirement and disa-
bility fund:
1,314,724.36
153, 076. 58
1,314,724.36
153, 076. 58
Total
1,467,800.94
1,467.800.94
Appropriations
Interest and profits on investments
6,031,000.00
1,828,672.82
1,177,000.00
361,964.22
7, 208, 000. 00
2,190,637.04
17,251,084.43
9,00,3,131.83
2,817,264.95
1,470,590.25
20,068,349 38
Expenditures:
Annuity payments and refunds
10, 473, 722. 08
Balance .__
8, 247, 952. 60
1, 346, 674. 70
9, 594, 627. 30
II. Assets Held by the Treasury Department
Investments:
4% special Treasury notes, Canal Zone retirement
fund series, maturing:
June 30, 1944
June 30, 1945
June 30, 1946. _
June 30, 1947 _
June 30. 1948
June 30, 1949
3% special Treasury notes, Canal Zone retirement
. fund series, maturing:
June 30, 1948
Total investments .;
Unexpended balances:
To credit of disbursing officer
On books of the Division of Bookkeeping and War-
rants-
Total assets _
June 30, 1943
$624, 000. 00
1,328,000.00
3,481,000.00
1,834,000.00
693, 000. 00
7, 960, 000. 00
263,117.32
24, 835. 28
8, 247, 952. 60
Increase or de-
crease (— ),
fiscal year 1944
-$624, 000. 00
1, 177,000.00
656, 000. 00
18,000.00
1,227,000.00
36, 650. 71
83, 023. 99
1, 346, 674. 70
June 30, 1944
$1,328,000.00
3,481,000.00
1,834,000.00
1.870,000.00
656, 000. 00
18, 000. 00
9, 187, 000. 00
299, 768. 03
2 107,859.27
9, 594, 627. 30
' Includes payment from Panama Railroad Co. of $355,984 for the fiscal year 1941.
2 Excludes $293.41 representing deposit in transit.
REPORT OF THE SECRETARY OF THE TREASURY
739
Table 73. — Civil service retirement and disability fund, June 30, 1944
[On basis of daily Treasury statements, see p. 519. This trust fund was established in accordance with
the provisions of the act of M^y 22, 1920 (41 Stat. 614). For further details see annual report of the Sec-
retary for 1941, p. 136]
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative to
June 30, 1943
Increase, fiscal
year 1944
Cumulative to
June 30, 1944
Receipts:
On account of deductions from basic compensa-
tion and service credit payments of employees
$902, 365, 928. 53
1, 830, 200. 00
766, 751, 167. 00
245, 393, 808. 71
$266,468,714.09
687, 075. 00
2 175, 993, 037. 00
52, 767, 637, 64
$1. 108, 834, 642 62
2,517,275.00
A ppropriations -
942, 744, 204. 00
298, 161, 446. 35
1, 916, 341, 104. 24
495, 916, 463. 73
2. 412, 257, 567. 97
Expenditures:
834, 444, 949. 30
100, 472, 326. 62
934, 917, 275. 92
Transfers to Canal Zone retirement and disabil-
ity fund:
1,314,724.30
153, 076. 58
^
1,314,724.36
153, 076. 58
Total
1, 467, 800. 94
1, 467, 800. 94
Transfers to Alaska Railroad retirement and dis-
ability fund:
30,980.06
2, 170. 16
30. 980. 06
2, 170. 16
Total
33, 150. 22
33,150.22
Transfers to policemen's and firemen's relief
fund, D. C:
On account of deductions . _
Accrued interest on deductions
26. 428. 21
11,671.46
3,118.95
1, 200. 97
29, 547. 16
12, 932. 43
Total
38, 099. 67
4, 379. 92
42, 479. 59
Total expenditures
835, 984, 000. 13
100, 476, 706. 54
936, 460, 706. 67
Balance
1,080,357,104.11
395, 439, 757. 19
1,475,796,861.30
II. Assets Held by the Treasury Department
Investments:
4% special Treasury notes, civil service retire-
ment fund series, maturing:
June .30, 1944
June 30, 1945
June 30, 1946
June 30, 1947
June 30, 1948
June 30, 1949
3% special Treasury notes, civil service retire-
ment fund series, maturing:
June 30, 1945
June 30, 1946
June 30, 1947
June 30, 1948
June 30, 1949
Total investments
Unexpended balances:
To credit of disbursing officers . .
On books of the Division of Bookkeeping and
Warrants
Total assets : 1,080,357,104.11
June 30, 1943
$125,400,000.00
151, 400, 000. 00
210,700,000.00
391. 400. 000, 00
180, 000, 000. 00
437, 000. 00
415, 000. 00
510, 000. 00
59, 000. 00
1, 060, 321, 000. 00
9, 313, 180. 62
3 10, 722, 923. 49
Increase or de-
crease (— ), fiscal
year 1944
-$125, 400, 000. 00
339, 500, 000. 00
176, 000, 000. 00
-109,000.00
554, 000. 00
47, 000. 00
390, 592, 000. 00
6, 747, 845. 68
-1,900,088.49
395, 439, 757. 19
June 30, 1944
$151, 400, 000. 00
210, 700. 000. 00
391, 400. 000. 00
519, 500, 000. 00
176, 000, 000. 00
328, 000. 00
415, 000. 00
510, 000. 00
613, 000. 00
47, 000. 00
1,450,913,000.00
16, 061, 026. 30
< 8, 822, 835. 00
1, 475, 796, 861. 30
' Under Public Law 411, approved Jan. 24, 1942, it was provided that after June 30, 1942, there would
be deducted and withheld from the basic salary, pay, or comj^ensation of any officer or employee to whom
the Civil Service Retirement Act applies a sum equal to 5 per centum of such officer's or employee's basic
salary, pay, or compensation in lieu of the Wi per centum deduction previously in effect.
2 Comprises $175,104,000 appropriated from the General Fund to cover the liability of the United States
and $889,037, appropriated from the revenues of the District of Columbia to cover its liability in connec-
tion with the financing of the fund.
2 Does not include $2,154,957.66 representing July prior deposits appropriated as of June 30, 1943.
< Does not include $4,390,330.49 representing July prior deposits appropriated as of June 30, 1944, and also
a deposit of repayment of $60 effected in the daily Treasury statement for July 1944.
740
REPORT OF THE SECRETARY OF THE TREASURY
Table 74. — District of Columbia teachers' retirement fund — Assets held by the
Treasury Department, June SO, 1944
[This trust fund was established in accordance with the provisions of the act of Jan. 15, 1920 (41 Stat. 387)
For further details see annual report of the Secretary for 1941, p. 140]
June 30, 1943
Increase or
decrease (— ),
fiscal year
1944
June 30, 1944
Deductions fund
Investments:
Government securities:
Treasury bonds:
4% of 1944-54
Principal cost
$123, 387. 50
87, 437. 81
956, 962. 07
40, 000. 00
79, 382. 19
276,000.00
502, 000. 00
1,927,412.21
107,920.63
49, 100. 31
300, 245, 94
483, 302. 82
-$123, 387. 50
Par value
Principal cost
3M% of 1946-56 - -
$87,000.00
860, 200. 00
40, 000. 00
77, 000. 00
276,000.00
502, 000. 00
1, 896, 850. 00
105, 000. 00
47, 000. 00
293, 000. 00
458, 000. 00
125,000.00
179,000.00
1, 434, 000. 00
350,000.00
$87, 437. 81
4Ji% of 1947-52
956, 962. 07
2% of 1948-50
40, 000. 00
2»<i% of 1951-54 ... .. - .. ..
79, 382. 19
2}^% of 1952-54 ...
276, 000. 00
2^4% of 1954-56
502, 000. 00
2%% of 1955-60
1,927,412.21
2 Ji% of 1956-59-. . -.
107,920.63
2}4% of 1956-58
49, 100. 31
2Ji%of 1958-63
300, 245. 94
2^% of 1960-65....
483, 302. 82
21^2% of 1965-70
125, 000. 00
125, 000. 00
2J/2%of 1967-72
179, 000. 00
475, 998. 75
250, 000. 00
179, 000. 00
23/2% of 1964-69 .
959, 000. 00
100, 000. 00
1, 434, 998. 75
United States savings bonds:
2}^%, Series G
350, 000. 00
Total, Government securities. . .
Government-guaranteed securities:
334% Federal Farm Mortgage Corpo-
ration bonds of 1944-64
5, 838, 150. 23
73, 785. 00
1, 060, 612. 50
-73, 785. 00
6, 730, 050. 00
6, 898, 762. 73
Other securities:
3% consolidated Federal farm loan
bonds of:
1945-55
173, 400. 00
534, 630. 00
197, 669. 56
15, 962. 57
-173,460.00
-534, 630. 00
1946-56 --
4'/^% Philippine Islands bonds.. .
182, 000. 00
16, 000. 00
197, 669. 56
43^% Puerto Rican bonds
15, 962. 57
Total other securities
921, 722. 13
-708,090.00
198. 000. 00
213, 632. 13
Total investments. _. ..
6, 833, 657. 36
19, 529. 29
92, 493. 05
278, 737. 50
-10,207.21
85, 213. 17
6, 928, 050. 00
7,112,394.86
Unexpended balances:
To credit of disbursing officers ...
9, 262. 08
On books of the Division of Bookkeeping
and Warrants.
177, 706. 22
Total assets . .
6,945,679.70
353, 683. 46
7, 299, 363. 16
REPORT OF THE SECRETARY OF THE TREASURY
741
Table 74. — District of Columbia teachers' retirement fund — Assets held by the
Treasury Department, June SO, 1944 — Continued
[This trust fund was established in accordance with the provisions of tlie act of Jan. 15, 1920 (41 Stat. 387).
For further details see annual report of the Secretary for 1941, p. 140] o
'
June 30, 1943
Increase or
decrease (— ),
fi.scal year
1944
June 30, 1944
Government reserve fund
Investments:
Government securities:
Treasury bonds:
4% of 1944-54 .
Principal cost
$12, 285. 00
31, 145. 31
313, 717. 51
25, 000. 00
17, 525. 94
237, 000. 00
154, 000. 00
1, 097, 915. 04
128, 283. 76
318,227.20
249, 540. 32
403, 722. 50
-$12, 285. 00
Par value
Principal cost
3M% of 1946-56. ..
$31, 000. 00
282, 000. 00
25, 000. 00
17, 000. 00
237, 000. 00
154, 000. 00
1, 085, 000. 00
126, 000. 00
313, 000. 00
235, 000. 00
747. 500. 00
132, 000. 00
162, 000. 00
203, 500. 00
$31,145.31
4J4% of 1947-52
313,717 51
2% of 1948-50 - -
25, 000. 00
2?^% of 1951-54.. . ...
17, 525. 94
21^2% of 1952-54
237, 000. 00
2M% of 1954-56
154, OCO. 00
2T^% of 195.'>-60
1, 097, 915. 04
2M% of 1956-59
128, 283. 76
2^% of 1958-63
318, 227. 20
2M% of 1960-65 .. . -.
249. 540. 32
2H% of 1964-69
344, 500. 00
132, 000. 00
748, 222. 50
2J^% of 1965-70
132, 000. 00
2'^% of 1967-72 .
162, 000. 00
162,500.00
162, 000. 00
United States savings bonds:
24%, Series O
41,000.00
203, 500. 00
Total Government securities
Government-guaranteed securities:
3)4^% Federal Farm Mortgage Corpo-
3, 312. 862. 58
23, 566. 25
505, 215. 00
-23, 566. 25
3, 750, 000. 00
3, 818, 077. 58
Other securities:
3% consohdated Federal farm loan
bonds of 1946-56
289, 474. 50
55, 109. 56
-289, 474. 50
4' i)% Puerto Kican bonds
5.5,000.00
55, 109. 56
Total other securities .. .. .
344, 584. 06
-289, 474. 50
55, 000. 00
55, 109. 56
Total investments
3, 681, 012. 89
94, 774. 83
95, 858. 29
192, 174. 25
5.3,101.80
40, 812. 42
3, 805, 000. 00
3, 873. 187. 14
Unexpended balances:
147, 876. 63
On boolcs of the Division of Boolflveeping
136, 670. 71
3, 871, 646. 01
286, 088. 47
4, 157, 734. 48
Summary
Investments:
Principal cost
$9,151,012.81
97.351.25
1, 266, 306. 19
$1,565,827.50
-97, .351. 25
-997, 564. 50
Par value
$10, 480, 050. 00
Principal cost
$10, 716, 840. 31
253, 000. 00
268, 741. 69
Total investments
10, 514, 670. 25
114,304.12
188, 351. 34
470,911.75
42, 834. 59
126, 025. 59
10, 733, 050. 00
10,985,582.00
Unexpended balances:
157, 138. 71
On books of the Division of Bookkeeping
314, 376. 93
10, 817. 325. 71
639, 771. 93
11,457,097.64
742
REPORT OF THE SECRETARY OF THE TREASURY
Table 75.
-District of Columbia water fund — Investments held by the Treasury
Department, June SO, 1944
[These investments were made in accordance with the provisions of the act of June 29, 1937 (50 Stat. .392),
and in ^bsequent appropriation acts for the District of Columbia. For further details see annual report
of the Secretary tor 1941, p. 142]
Investments:
Treasury bonds:
25-^% of 1952-54,...
2%% Of 1958-63....
254% of 1960-65...
Total investments
June 30, 1943
(principal
cost)
.$100, 000. 00
749,110.01
987,511.56
1, 836, 621. 57
Fiscal year
1944
June 30, 1944
Par value
$100, 000. 00
736, 000. 00
937, 000. 00
1, 773, 000. 00
Principal cost
$100, 000. 00
749, no. 01
987,511.56
1,836,621.57
Table 76. — District of Columbia workmen's compensation fund — Assets held by the
Treasury Department, June SO, 1944
[This trust fund was established in accordance with the provisions of the act of May 17, 1928 (45 Stat. 600
For further details see annual report of the Secretary for 1941, p. 141]
June 30,
1943
Increase or
decrease (— ),
fiscal year
1944
JxiUQ 30, 1944
Investments:
Government securities:
Treasury bonds:
2% of 1948-50
Frhicipnl cost
$12,000.00
5, 000. 00
10, 165. 63
5, 000. 00
Par value
$12, 000. 00
5, 000. 00
10, 000. m
5, 000. 00
11,600.00
Principal cost
$12, 000. 00
2!-^% of 1952-54
5, 000. 00
2Ji% of 1955-fiO
1 0, 165. 63
2],^% of 1962-67
5, 000. 00
United States savings bonds:
21.^%, Series G
$11,600.00-
1 1, 600. 00
Total Government securities
Other securities:
3% consolidated Federal farm loan
bonds of 1946-56
32, 165. 63
10, 972. 50
11,600.00
-10,972.50
43, 600. 00
43, 765. 63
Total investments
Unexpended balances:
43, 138. 13
3, 343. 87
10, 351. 32
627. 50
-2,150.33
1, 179. 59
43, 600. 00
43, 765. 63
1, 193 54
On books of the Division of Bookkeeping
and Warrants
11,530.91
Total assets. .. ...
56, 833. 32
-.343. 24
56, 490. 08
REPORT OF THE SECRETARY OF THE TREASURY
743
Table 77. — Federal old-age and survivors insurance trust fund, June SO, 1944
[On basis of daily Treasury statements, see p. 519. This trust fund, the successor to the old-age reserve
account, was established in accordance with the provisions of the Social Security Act Amendments of
1939, approved Aug. 10, 1939 (53 Stat. 1362). For further details see annual report of the Secretary for
1940 p. 212]
I. Reckipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through
June 30, 1943
Increase,
fiscal year
1944
Cumulative
through
June 30, 1944
Receipts:
$4,419,254,767.80
301, 481, 789. 35
$1, 292, 122, 433. 67
103, 177, 087. 09
$5, 711, 377, 201. 47
404, 658, 876. 44
4, 720, 736, 557. 15
1, 395, 299, 520. 76
6,116,036,077.91
Expenditures:
359, 054, 268. 57
93, 386, 305. 26
184, 597, 363. SO
32, 607, 373. 74
543, 651, 632. 37
Reimbursements for administrative expenses
under sec. 201 (f) of the Social Security Act
of 1939 _ _ . ,
125, 993, 679. 00
Total expenditures -
452, 440, 573. 83
217. 204, 737. 54
669,645,311.37
4, 268, 295, 983. 32
1, 178, 094, 783. 22
5, 446, 390, 766. 54
II. Assets Held in the Treasury Department
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
Special Treasury notes:
Federal old-age and survivors insurance
trust fund:
WiJo series maturing:
June 30, 1944
June 30 1945
$283, 000, 000. 00
725, 900, 000. 00
319,200,000.00
603, 000, 000. 00
228, 000, 000. 00
450, 400, 000. 00
240, 000, 000. 00
459, 000, 000. 00
275, 000, 000. 00
460, 000, 000. 00
-$283,000,000.00
"""$725,'966,'0OO."60
June 30 1946
319,200,000.00
2Ji% series maturing:
June 30 1946
603, 000, 000. 00
2\i% series maturing:
June 30 1946
228, 000, 000. 00
June 30 1947
450, 400, 000. 00
2i.i% series maturing:
240, 000, 000. 00
2% series maturirig:
June 30 1947
459, 000, 000. 00
1J6% series maturing:
June 30, 1947 ._-
-24,000,000.00
649, 000, 000. 00
251,000,000.00
June 30 1948
1,109,000,000.00
Total special Treasury notes
4, 043, 500, 000. 00
342, 000, 000. 00
4, 385, 500, 000. 00
Treasury bonds:
21,^% of 1967-72
44, 334, 250. 00
49, 000, 000. 00
100, 000, 000. 00
44, 334, 250. 00
2}^% of 1962-67 .. .
"50," 000," 000." 00
1 400, 035, 880. 00
49, 000, 000. 00
2!'4% of 1963-68
100, 000, 000. 00
2)4% of 1964-69
50, 000, 000. 00
2\^%oi 1965-70
1 400, 035, 880. 00
Total Treasury bonds
193, 334, 250. 00
450, 035, 880. 00
643, 370, 130. 00
Special Treasury certificates of indebtedness:
V/i.% maturing June 30, 1945
380,000,000.00
380, 000, 000. 00
Total investments
4, 236, 834, 250. 00
1, 172, 035, 880. 00
5,408,870,130.00
Unexpended balances:
To credit of disbursing officer
24, 495, 372. 74
2 6, 966, 360. 58
-3,111,018.47
9, 169, 921. 69
21, 384, 354. 27
On books of the Division of Bookkeeping and
Warrants
3 16, 136, 282. 27
Total assets
4, 268, 295, 983. 32
1, 178, 094, 783. 22
5, 446, 390, 766. 54
1 Includes $35,880 accrued interest paid.
2 Excludes $690.59 representing deposits in transit.
» Includes $5,793.79 adjustment to be made in fiscal year 1945.
744
REPORT OF THE SECRETARY OF THE TREASURY
Table 78. — Railroad retirement account, June SO, 1944
[On basis of daily Treasury statements, see p. 519. This trust accouBt was established in accordance with
the provisions of sec. 15 (a) of the act of June 24, 1937 (50 Stat. 31fi). For further details see annual report
of the Secretary for 1941, p. 148]
I. Receipts and Expendituees (Exclusive of Purchases and Sales of Investments)
Receipts:
Appropriations
Interest on investments
Total receipts
Expenditures:
Annuity payments and refunds
Balance
Cumulative
through
June 30, 1943
$854,151,000.00
17, 348, 980. 81
871, 499, 980. 81
676, 604, 432. 78
194, 895, 548. 03
Increase, fiscal
year 1944
$262, 720, 000. 00
9, 837, 049. 21
272, 557, 049. 21
134, 415, 832. 07
138, 141, 217. 14
Cumulative
through
June 30, 1944
$1, 116, 871, 000. 00
27, 186, 030. 02
1, 144, 057, 030. 02
811,020,264.85
333, 036, 765. 17
II. Assets Held by the Treasury Department
June 30, 1943
Increase or de-
crease (— ),
fiscal year 1944
June 30, 1944
Investments:
3% special Treasury notes, railroad retire-
ment series, maturing:
June 30, 1947
June 30, 1948
$178, 000, 000. 00
-$128,000,000.00
261, 500, 000. 00
7, 000, 000. 00
$50, 000, 000. 00
261, 500, 000 00
June 30, 1949.
7, 000 000 00
Total investments __- . _
178,000,000.00
12, 775, 780. 36
14,119,767.67
140, 500, 000. 00
614, 399. 79
-2,973,182.65
318, 500, 000 00
Une.xpended balances:
To credit of disbursing officers, _._
On books of the Division of Bookkeeping and
Warrants _.
13, 390, 180. 15
2 1, 146, 585. 02
Total assets
194, 895, 548. 03
138, 141, 217. 14
333, 036, 765. 17
1 Excludes $77.95 representing deposit in transit.
» Excludes $231.43 representing deposit in transit.
REPORT OF THE SECRETARY OF THE TREASURY
745
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746
REPORT OF THE SECRETARY OF THE TREASURY
Table 79. — Unem-ployment trust fund, June 30, 1944 — Continued
II. Assets Held by the Treasury Depart.ment
Investments:
Special Treasury certificates of indebtedness,
unemployment trust fund:
' 1^8% series maturing June 30, 1944
Treasury bonds:
2'/% of 1962-67
2i/>% of 1963-68
2],i% of 1964-69
2}^% of 1965-70 :
Total investments
Unexpended balances:
Cash with the Treasurer of the United States.
To credit of disbursing officers
Total assets 4,372,459,584.67 1,506,318,648.47
June 30, 1943
$4, 257, 000, 000. 00
50, 000, 000. 00
40, 000, 000. 00
20, 000, 000. 00
4, 367, 000, 000. 00
3, 951, 848. 35
1,. 507, 736. 32
Increase or
decrease (— ),
fiscal year 1944
.$1, 353, 000, 000. 00
150, 000, 000. 00
1, 503, 000, 000. 00
4, 559, 932. 26
-1,241,283.79
June 30, 1944
$5, 610, 000, 000. 00
50, 000, 000. 00
40. 000, 000. 00
20, 000, 000. 00
150, 000, 000. 00
5, 870, 000, 000. 00
8,511,780.61
266, 452. 53
5, 878, 778, 233. 14
III. Amounts of Unemployment Trust Fund, Cumulative to June 30, 1944, Credited to the
Account of Each State Agency and to the Railroad Unemployment Insurance Account
Alabama
Alaska
Arizona
Arkansas
California
Colorado--
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana -.-
Maine
Maryland
M assachusetts
Michigan
Minnesota
Mississippi .
Missouri
Montana
Nebraska .
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma -.
Oregon---
Peimsyl vania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah- - --..
Vermont -
Virginia
Washington
West Virginia
Total deposits
$76, 558,
6,741,
20, 309,
30, 446,
740, 770,
38, 109,
160,615,
15, 231,
47,313,
60, 120,
76, 232,
14,982,
17, 827,
544, 278,
192, 928,
62, 338,
49, 619,
84, 168,
83, 776,
40, 768,
126, 120,
284, 495,
387,651,
102, 052,
26, 191,
149, 279,
21, 727,
26, 274,
10, 846,
26, 002,
402, 632,
11,270,
, 108, 909,
102, 473,
6, 395,
434, 468,
50, 586,
69, 379,
717, 025,
85, 826,
38, 412,
6, 824,
86, 925,
159, 910,
27, 340,
12,691,
74,012,
125,815,
80, 031,
843. 42
055. 82
271.78
003. 65
938. 64
283. 22
000. 00
900. 20
451.48
820. 77
192. 82
162. 75
097. 27
513.81
491.48
000. 00
919. 67
000. 00
000. 00
700. 00
000. 00
000. 00
310. 80
776. 10
978. 76
668. 20
497. 20
135. 90
320. 17
068. 01
000. 00
000. 00
568. 01
000. 00
600.11
574. 72
000. 00
374. 86
000. 00
727. 95
000. 00
400. 00
000. 00
000. 00
367. 70
650. 88
000. 00
602. 61
467. 76
Net earnings
credited to
account
$3, 474
261
772
1, 393
31,877
2,055
8,440
1, 128
3,414
2, 370,
4, 198
1,114
644
32, 858
9,237
3, 175
2, 619,
.5, 438
3, 401
1,281,
5, 045
15, 0.52
15, 2.54,
4, 266,
977,
9, 766,
981
1, 546
361
1,269
23, 458
532
43, 534
4, 848,
357
28, 952
3,007
2, 586,
30, 192
3,094
2,224
507
3,168
9,406
963
641
3,747
5, 309
3,528
070. 72
612.55
013. 36
421.80
029. 88
549. 87
077. 10
068. 87
768. 66
509. 24
384. 63
063. 62
668. 98
411.97
547. 02
645. 99
878. 91
578. 85
654. 09
283. 42
406. .50
528. 75
542. 10
153. 26
602. 91
175. 13
216.02
893. 49
448. 22
094. 13
800. 95
331. 74
012.86
961.67
597. 13
207. 69
773. 57
645. 77
726. 82
442. 90
767. 29
397. 14
820. 15
137. 36
319. 45
613. 17
715.01
085. 02
421. 16
Total with-
drawals from
account
$25, 387
1, 380
6, 552
9, 637:
237, 540
12, 472
30, 346
3, 208,
10, 138
22, 703
19, 863
1,031
7,421
154,614
58, 509
19,239
11,851
18,892
31, 664
14,627
33, 920,
113,112
169, 331
42, 531
9, 453
34, 551
9,067
7,416
3, 451
9, 548,
75, 628
4,284
430, 245
26, 653,
2, 668
85, 619
15, 274
19, 424,
221, 498
33, 331
10, 200
1,786
31,671
44, 882
9,041
3, 557,
25, 248,
25, 982,
27, 901,
500. 00
378. 48
234. 97
846. 36
779. 44
040. 19
996.24
069. 51
229. 25
550. 60
698. 83
881. 25
013. 78
013.81
592, 27
841.32
508. 29
978. 21
639. 06
337. 04
347. 37
725. 57
485. 64
982. 32
412. 60
464. 25
604. 06
.585. 10
734. 46
106. 20
521. 02
544. 78
977. 24
334. 43
479. 75
005. 70
133. 15
892. 41
998. 97
992. 23
743. 96
304. 23
440. 15
030. 42
975. 53
074. 06
850. 22
678. 53
586. 39
Balance June
30, 1944
$54
645,
5
622,
14
529,
22
201,
535
107,
27
692,
1,38
708,
13
151,
40
589,
39
787,
60
566,
15
064,
11
050,
422
522,
143
6,56,
46
273,
40
388,
70
713,
55
513,
27
422,
97
245,
186
434,
233
574,
63
786,
17.
716,
124
494,
13,
641,
20
404,
7,
7,56,
17,
723,
350,
462,
7,
.517,
722,
197,
80
668,
4,
084,
377,
801,
38,
319,
52,
,541,
525,
718,
,55,
589,
30,
436,
5,
,545,
58,
422,
124,
434,
19,
261,
9,
776,
52,
510,
10.5,
142,
55,
658,
414. 14
289. 89
050. 17
579. 09
189. 08
792. 90
080. 86
899. 56
990. 89
779. 41
878. 62
345. 12
752. 47
911.97
446. 23
804. 67
290. 29
600. 64
015.03
646. 38
059. 13
803. 18
367. 26
947. 04
169. 07
379. 08
109. 16
444. 29
033. 93
055. 94
279. 93
786.96
603. 63
627. 24
717.49
776.71
640. 42
128. 22
727. 85
178. 62
023. 33
492. 91
380. 00
106. 94
711.62
189. 99
864. 79
009. 10
302. 53
REPORT OF THE SECRETARY OF TllE TREASURY
747
Table 79. — Unemployment trust fund, June 30, 1944 — Continued
III. Amounts of Unemployment Trust Fund, Cumulative to June 30, 1944. Credited to the
Account of Each State Agency and to the Railroad Unemployment Insurance Account—
Continued
Total deposits
Net earnings
credited to
account
Total with-
drawals from
account
Balance JuQe
30, 1944
$151,203,141.75
9,791,584.07
$10, 299, 969. 40
446, 700. 20
$30, 508, 429. 67
4,007,039.85
$130, 994, 681. 48
6, 231, 244. 42
Total
7, 285, 699, 462. 34
-1,357,565.43
354, 487, 746. 49
2, 258, 887, 609. 16
5, 381, 299, 599. 67
Adjustments to daily Treasury state-
ment basis:
Deposits not cleared by the
-1,357,565.43
-607,500.00
607,500.00
Accrued interest credited to State
-141,757.50
-141,757.50
Total, on basis of daily Treasury
7, 284, 341, 896. 91
354, 345, 988. 99
2, 258, 280, 109. 16
5, 380, 407, 776. 74
Railroad unemployment insurance
account:
Deposits of Railroad Retirement
383,680,211.69
105, 900, 768. 89
383,680,211.69
Transfers from State unemplov-
105, 900, 768. 89
23,554,122.54
23, 554, 122. 54
Transfers to chief disbursing
44,100,000.00
15, 000, 000. 00
-44,100,000.00
Appropriation advance and repay-
15,000,000.00
29, 082, 667. 00
Transfers from administration
fund
29, 082, 667. 00
Total
Adjustments to daily Treasury
statement basis:
Deposits not cleared by the
Treasurer of the United
States
533, 663, 647. 58
-2,057.96
23, 554, 122. 54
59, 100, 000. 00
498, 117, 770. 12
-2,057.96
Accrued interest credited to
-11,708.29
-11,708.29
Cash with disbursing officers
-266,452.53
266, 452. 53
Total on basis of daily
Treasury statements
533, 661, 589. 62
23,542,414.25
58, 833, 547. 47
498, 370, 456. 40
Total unemployment trust
fund, as shown in the
daily Treasury statement -
7, 818, 003, 486. 53
377,888,403.24
2, 317, 113, 656. 63
5, 878, 778, 233. 14
Table 80. — Foreign service retirement and disability fund, June SO, 1944
[On basis of daily Treasury statements, see p. 519. This trust fund was established in accordance with the
I)rovisions of sec. 18 of the act of May 24, 1924 (43 Stat. 144). For further details see annual report of the
Secretary for 1941, p. 138]
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through
June 30, 1943
Increase, fiscal
year 1944
Cumulative
through
June 30, 1944
Receipts:
On account of deductions from basic compensation
and service credit payments of employees subject
to retirement act .-- -
$3, 879, 006. 44
4, 512, 000. 00
1, 822, 897. 95
$272, 297. 37
865, 600. 00
277.847.96
$4,151,303.81
Appropriations
5, 377, 600. 00
Tnterpst anri profits on investments
2, 100, 745. 91
10, 213, 904. 39
4, 032, 467. 97
1,415,745.33
512, 641. 60
11,629,649.72
Expenditures:
4, 545, 109. 57
Balance -.
6, 181, 436. 42
903, 103. 73
7, 084, 540. 15
748
REPORT OF THE SECRETARY OF THE TREASURY
Table. 80. — Foreign service retirement and disability fund, June SO, 1944 — Con.
II. Assets Held by the Treasuey Department
June 30, 1943
Increase or de-
crease (— ), fiscal
year 1944
June 30, 1944
Investments:
4% special Treasury notes, foreign service retire-
ment fund series, maturing:
June 30, 1944
June 30, 1945
June 30, 1946 .._
June 30, 1947
June 30, 1948
June 30, 1949. _
$872, 000. 00
1, 602, 000. 00
1,437,000.00
1, 606, 000. 00
598, 000. 00
-$872,000.00
1, 040, 000. 00
729, 000. 00
$1, 602, 000. 00
1, 437, 000. 00
1, 606, 000. 00
1, 638, 000. 00
729, 000. 00
Total investments
Unexpended balances:
To credit of disbursing officers
On books of the Division of Bookkeeping and
Warrants
6,115,000.00
61, 348. 39
5, 088. 03
897, 000. 00
2, 348. 13
3, 755. 60
7,012,000.00
63, 696. 52
1 8, 843. 63
Total assets-
6,181,436.42
903, 103. 73
7, 084, 540. 15
1 Exclusive of $32.50 representing deposits in transit.
Table 81. — Library of Congress trust fund, June SO, 1944
[This trust fund was established in accordance with the provisions of the act of Mar. S, 1925 (43 Stat. 1107) .
For further details see annual report of the Secretary for 1941, p. 149]
I. Assets Held by the Treasury Department and Certain Federal Reserve Banks, Subject to
THE Order of the Secretary of the Treasury, for Account of the Library of Congress Trust
Fund Board '
Investments:
William E. Benjamin donation
1,352 shares, common stock, Standard Oil Co. of California
R. R. Bowker donation
7% German external loan bonds, German Government.. ,
6^6% sinking fund gold bonds, Japanese Government
48 shares, common stock, American Telephone & Tele-
graph Co
Carnegie donation
5% first and refunding mortgage bonds, Missouri Pacific
R. R. Co
Elizabeth Sprague Coolidge donation
5% first mortgage bonds, Chicago Railways Co
5% first and refunding mortgage bonds, Missouri Pacific
R. R. Co
100 shares, common stock, American Ship Building Co...
171 shares, common stock, American Telephone & Tele-
graph Co
7 shares, common stock. Board of Trade Building Trust of
Boston
496 shares, common stock, Commonwealth Edison Co
Friends of Music in the Library of Congress donation
4H% debenture bonds, Pennsylvania R. R. Co
10 shares, stock, Washington Gas Light Co
Archer M. Huntington donation
5% first and refunding mortgage bonds, Missouri Pacific
R. R. Co
Footnotes at end of table.
June 30, 1943
$33, 800. 00
2, 000. 00
2, 000. 00
4, 800. 00
5, 000. 00
3, 750. 00
2, 000. 00
6, 000. 00
17, 100. 00
700. 00
12, 400. 00
2, 000. 00
150. 00
49, 500. 00
Increase or
decrease (— ),
fiscal year
1944
June 30, 1944
$33, 800. 00
2,000.00
2, 000. 00
4, 800. 00
5, 000. 00
3, 750. 00
2, 000. 00
6, 000. 00
17, 100. 00
700. 00
12,400.00
2, 000. 00
150. 00
49, 500. 00
REPORT OF THE SECRETARY OF THE TREASURY
749
Table 81. — Library^of Congress trust fund, June SO, 1944 — Continued
I. Assets Held by the Treasury Department and Certain Federal Reserve Banks Subject to
THE Order of the Secretary of the Treasury, for Account of the Library of Congress Trust
Fund Board'— Continued
June 30, 1943
Increase or
decrease (—),
fiscal year
1944
June 30, 1944
Dayton C. Miller donation
$5, 000. 00
$5, 000. 00
Joseph Penncll donation
4% general consolidated mortgage gold bonds, Lehigh
Valley B R Co - -
$5,000.00
45.00
3, 000. 00
5, 000. 00
1,000.00
11,000.00
900. 00
900.00
1,200.00
1,000.00
429. 30
810. 00
300.00
6, 700. 00
2,100.00
1,050.00
5,000.00
45.00
6% secured gold note. National Railways of Mexico
4'/2% prior lien gold bonds, National Railways of Mexico-^
4H% general mortgage bonds, Pennsylvania R. R. Co
5% consolidated mortgage bonds, Pennsylvania and New
York Canal and R R Co
3, 000. 00
-5,000.00
1,000.00
11,000.00
450. 00
.41.^% general and refunding mortgage bonds, Reading Co. .
'9 shares preferred stock, Consolidation Coal Co
-450.00
450. 00
-1,200.00
-100.00
1,350.00
5% sinking fund gold bonds, Philadelphia and Reading
Coal and Iron Co - - -.
900. 00
Rights to interest in arrears, United States of Mexico
Rights to interest in arrears. United States of Mexico
6 shares, preferred stock, Lehigh Valley Coal Corp...
429. 30
810. 00
300.00
6, 700. 00
2, 100. 00
1,050 00
Total securities .
181, 634. 30
-1,300.00
180, 334. 30
Total investments '
181, 634. 30
-1,300.00
180, 334. 30
Mortgages, real estate, etc.:
Pennell donation
Mortgages (face value):
W. Norris St., Philadelphia, Pa
3, 300. 00
2, 962. 50
1,900.00
877. 59
1, 200. 00
4, 300. 00
3. 750. 00
4, 197. 35
13, 496. 65
7, 164. 16
5, 759. 19
2, 316. 45
2, 686. 79
1,500.00
(2)
-200.00
-1,000.00
-900.00
-20.42
-1,200.00
-200.00
-200.00
3, 100. 00
Spruce St., Stonehurst, Delaware County, Pa
Osage Ave., Philadelphia, Pa
1,962.50
1, 000. 00
Chestnut St., Philadelphia, Pa
857. 17
South St. and rear 2108 Rodman St., Philadelphia, Pa. .
N. 31st. St., Philadelphia, Pa
4,100.00
3, 550. 00
Real estate, etc. (book value):
Delancy St., Philadelphia, Pa
4, 197. 35
Pine St , Philadelphia, Pa
13, 496. 65
N. Frazier St., Philadelphia, Pa
7, 164. 16
Ritner St., Philadelphia, Pa
5, 759. 19
Reese St , Philadelphia, Pa
2, 316. 45
Boston Ave., Philadelphia, Pa
2, 686. 79
-1,500.00
Porter donation
Real estate located at 16th and Eye Sts. N W., Washington,
D. C
W
Total mortgages, real estate, etc
55, 410. 68
-5,220.42
50, 190. 26
Unexpended balances on booksof the Division of Bookkeeping
and Warrants:
Permanent loan fimd:
Babine
6, 684. 74
12,088.13
1,169.06
88, 365. 58
108, 294. 07
3, 192. 85
90, 654. 22
113,396.99
7, 691. 59
6, 684. 74
Beethoven..
12, 088. 13
Bowker ... ... ... . .. .. ... ..
1,169.06
Carnegie
88, 365. 58
108, 294. 07
Friends of Music in the Library of Congress
3, 192. 85
Guggenheim
90, 654. 22
Huntington. . .
113,396.99
Longworth
7, 691. 59
Miller
11.515.87
12, 607. 55
11,515.87
Pennell . . .
225, 812. 09
310,000.00
305, 813. 57
238, 419. 64
Whittall
310, 000. 00
Wilbur
305, 813. 57
Total permanent loan fund
1, 273, 162. 89
24,123.42
1, 297, 286. 31
Total assets
1,510,207.87
17, 603. 00
1,527,810.87
Footnotes at end of table.
750
REPORT OF THE SECRETARY OF THE TREASURY
Table 81. — Library of Congress trust fund, June SO, 1944 — Continued
II. Library of Congress Trust Fund Earnings to June 30, 1944
Donation
Cumulative
through
June 30, 1943
Fiscal year
1944
Cumulative
through
June 30, 1944
Babine _
Beethoven
Benjamin
Bowker
Carnegie
Coolidge. . _
Friends of Music in the Library of Congress.
Guggenheim
Huntington. . _
Longworth _
Miller
Pennell
Porter
Wilbur
Total-
Babine
Beethoven
Bowker
Carnegie
Coohdge
Friends of Music in the Library of Congress.
Guggenheim
Huntington
Longworth
Miller
Pennell
Whittall
Wilbur
Total.
Grand total.
Income account, securities, real estate, etc.
$1,785.58
4, 429. 73
37, 644. 10
2, 375. 36
37, 088. 36
104, 225. 38
104.47
32, 759. 36
119,097.83
757. 02
61,049.98
12, 580. 98
107, 345. 09
521,243.24
.$2, 906. 80
432. 00
250. 00
2, 824. 40
105. 00
3 10,037.89
112.50
6, 267. 94
5, 000. 04
27, 936. 57
.$1,785.58
4, 429. 73
40, 550. 90
2, 807. 36
37, 338. 36
107, 049. 78
209. 47
32, 759. 36
129, 135. 72
757. 02
112.50
67,317.92
17,581.02
107, 345. 09
549, 179. 81
Income account, permanent loan fund
$1, 598. 89
2, 367. 26
95. 13
20, 274. 49
22, 987. 24
101. 52
17, 772. 74
27, 215. 28
1, 837. 67
36, 317. 27
60, 620. 70
68, 644. 00
259, 832. 19
781, 075. 43
$267. 40
483. 52
46.76
3, 534. 62
4, 331. 76
127. 72
3, 626. 16
4, 535. 88
307. 66
292. 37
9, 400. 30
12,400.00
12, 232. 56
51, 586. 71
79, 523. 28
$1,866.29
2, 850. 78
141. 89
23,809.11
27, 319. 00
229. 24
21,398.90
31,751.16
2, 145. 33
292.37
45, 717. 57
73, 020. 70
80, 876. 56
311,418.90
860, .598. 71
1 Does not include 50 shares of Bowden Wire, Ltd., par value £1 per share, and 30 shares of Syndicat,
Francois des Brevets E. M. Bowden, Ltd., par value £1 per share, held for Pennell donation. Also does
not include securities held as investments for Huntington donation under deed of trust dated November 17,
1936, administered by designated trustees, including Bank of New York.
2 Upon sale of premises, one-half of proceeds to go to Library of Congress Trust Fund Board and one-half
to the Smithsonian Institution.
3 Includes income under deed of trust dated Nov. 17, 1936, administered by designated trustees, including
Bank of New York.
REPORT OF THE SECRETARY OF THE TREASURY
751
Table 82. — Longshoremen^ s and harhor workers^ compensation fund — Assets held
by the Treasury Department, June SO, 1944
[This trust fund was established in accordance with the provisions of the act of Mar. 4, 1927 (44 Stat.
1444). For further details see annual report of the Secretary for 1941, p. 141]
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
Government securities:
Treasury bonds:
3^% of 1944-46
Principal cost
$15, 600. 00
38, 646. 56
10, 000. 00
9, 959. 38
35, 000. 00
14, 920. 25
14, 976. 20
15, 936. 38
14, 985. 94
23. 000. 00
11, 500. 00
-$15, 600. 00
Par value
Principal cost
i}i% of 1947-52
$34, 500. 00
10, 000. 00
10, 000. 00
35, 000. 00
14,800.00
14, 850. 00
15, 600. 00
13, 900. 00
23, 000. 00
11,500.00
71, 000. 00
$38, ()46 56
2% of 1948-50
10,000 00
3% of 1951-55
9 959 38
2!/2% of 1952-54.
35, 0(X) 00
2T.i% of 1955-60
14 920 25
2^% of 1956-59
14,976 20
23^% of 1958-63
15,936 38
23^% of 1960-65
14, 985. 94
21/2% of 1962-67
23, 000 00
2^-2% of 1964-69
11,500 00
United States savings bonds:
214%, Series G . .
71. 000. 00
71,000 00
Total Government securities...
Government-guaranteed securities:
3H% Federal farm mortgage bonds of
1944-64
204, 524. 71
9, 953. 46
55, 400. 00
-9, 953. 46
254, 150. 00
259, 924. 71
Other securities:
214% consolidated Federal farm loan
bonds of 1945-55. . ...
9, 901. 74
21, 560. 00
10, 972. 50
-9,901.74
-21,560.00
-10,972.50
3% consolidated Federal farm loan
bonds of:
1945-55 _. . ...
1946-56
Total other securities .. .-.
42, 434. 24
-42. 434. 24
Total investments
Unexpended balance'^:
To credit of disbursing officers
256,912.41
4, 580. 34
66, 071. 26
3,012.30
-500. 99
100, 759. 92
254, 150. 00
259, 924. 71
4, 079. 35
On books of the Division of Bookkeeping
and Warrants .. . .. _
106, 831. 18
327, 564. 01
103,271.23
430, 835. 24
Table 83.- — National Archives gift fund, June 30, 1944
[This trust fund was established in accordance with the provisions of the National Archives Trust Fund
Board Act of July 9, 1941 (55 Stat. 581)]
I. Receipts and Expenditures
Cumulative
through
June 30, 1943
Increase or de-
crease (— ),
fiscal year 1944
Cumulative
through
June 30, 1944
Receipts:
Donations:
Mr. and Mrs. Hall Clovis
$30, 000. 00
1, 500. 00
$30, 000. 00
Miscellaneous
$2, 000. 00
3, 500. 00
Total receipts
Expenditures .
31, 500. 00
1, 888. 33
2, 000. 00
2, 624. 88
33, 500. 00
4, 513. 21
Balance
29,611.67
-624. 88
28, 986. 79
752
REPORT OF THE SECRETARY OF THE TREASURY
Table 83. — NationaV Archives gift fund, June 80 1944 — Continued
II. Assets Held by the Treasury Department
June 30, 1943
Increase or de-
crease (— ),
fiscal year 1944
June 30, 1944
Unexpended balances:
To credit of disbursing ofBcer
.$1,011.67
28, (iOO. 00
-$24.88
-600.00
$986 79
On books of the Division of Bookkeeping and War-
rants
28, 000. 00
Total assets
29. fill. 67
-624.88
28,986 79
Table 84. — National Cancer Institute gift fund, June 30, 1944
[This trust fund was established under sec. 6 of the National Cancer Institute Act of Aug. 5, 1937 (50 Stat.
561). For further details .see annual report of the Secretary for 1941, p. 152]
CONDITIONAL GIFT FUND
I. Receipts and Expenditures
Cumulative
through
June 30, 1943
Fiscal year 1944
Cumulative
through
June 30, 1944
Receipts:
Donations:
American Society for the Control of Cancer
$120. 00
$120. 00
$300. 00
300.00
120. 00
300. 00
300. 00
420. CO
300. 00
120. 00
120. 00
II. Assets Held by the Treasury Department
Unexpended balance on books of the Division of Book-
keeping and Warrants
June 30, 1943
$120. 00
Fiscal year 1944
June 30, 1944
$120. 00
UNCONDITIONAL GIFT FUND
I. Receipts and Expenditures
Cumulative
through
June 30, 1943
Increase,
fiscal year 1944
Cumulative
through
June 30, 1944
Receipts:
$100. 00
21.00
$100. 00
$150. 66
171.00
121.00
50.00
150. 00
' 42. 50
271. 00
7.50
Balance.--
71.00 192.50
263.50
1 Repayment of unexpended balance in disbursing account (deduct).
II. Assets Held by the Treasury Department
June 30, 1943
Increase, fiscal
year 1944
June 30, 1944
Unexpended balance on books of the Division of Book-
keeping and Warrants
$192. 50
REPORT OF THE SECRETARY OF THE TREASURY
753
Table 85.- — National Institute of Health gift fund, Jiine SO, 1944
This trast fund was established in accordance with the provisions of the act of May 26, 1930 (46 Stat. 379).
For further details see annual report of the Secretary for 1941, p. 152]
CONDITIONAL GIFT FUND
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
Cumulative
through
June 30, 1944
Receipts:
Donations:
American Dental Association
$10,000.00
100, 000. 00
20, 000. 00
5,600.00
22,000.00
21,000.00
$10, 000. 00
100 000 00
Chpniipa.! Fniinriatinn
Com Industries Research Foundation
20, 000. 00
5 600 00
Josiah Macy, Jr., Foundation
Rnnkefeller Fniindatinn
22,000.00
21, 000. 00
The National Foundation for Infantile Paraly-
sis, Inc
Total
178, 600. 00
45, 264. 33
178, 600. 00
48, 621. 83
Earnings on investments (Chemical Foundation)...
$3, 357. 50
Total receipts.-
223, 864. 33
3, 357. 50
227, 221. 83
Expenditures (warrants-issued basis):
Advances to disbursing officers to meet e.xpenditures
on account of the Institute:
American Dental Association .. . .
8,000.00
53, 502. 48
18,916.64
5. 600. 00
15, 000. 00
7, 000. 00
18, 733. 60
2,000.00
' -139.22
> -2,034.74
10,000.00
53, 363. 26
16, 881. 90
5,600.00
15,000.00
7,000.00
17, 733. 50
Chemical Foundation _
Corn Industries Research Foundation
Josiah Macy, Jr., Foundation
Rockefeller Foundation:
Dental survey .. .
County health work
The National Foundation for Infantile Paraly-
sis, Inc
1-1,000,00
Total expenditures
126, 752. 62
-1,173.96
125,578 66
Balance.-
97, 111. 71
4, 531. 46
101, 643. 17
II. Assets Held by the Treasury Department
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
4}4% Treasury bonds of 1947-52 (par value $79,000)..
$88, 138. 51
$88, 138. 51
Unexpended balance on books of the Division of Book-
keeping and Warrants:
American Dental Association ....
2, 000. 00
3, 623. 34
1, 083. 36
2,266.50
-$2,000.00
3, 496. 72
2, 034. 74
1,000.00
Chemical Foundation.
Corn Industries Research Foundation
7, 120. 06
3, 118. 10
The National Foundation for Infantile Paralysis,
Inc
3, 266. 60
Total unexpended balance
8, 973. 20
4,531.46
13, 604. 66
Total assets .
97, 111. 71
4, 531, 46
101,643 17
• Recayment of unexpendfid balance in di.sbur.sine account (deduct).
613185 — 45-
-49
754
REPORT OF THE SECRETARY OF THE TREASURY
Table 85. — National' Institute of Health gift fund, June 30, 1944 — Continued
UNCONDITIONAL GIFT FUND
I. Receipts and Expendituees
Cumulative
through
June 30, 1943
Fiscal year
1944
Cumulative
through
June 30, 1944
Receipts:
Donations:
E. D. Crossman
National Merchant Marine Association.
Miscellaneous ^
$900. 00
296. 78
62.00
$900. 00
296.78'
62.00
Total receipts.
Expenditures
1, 258. 78
Balance.
1, 258. 78
1, 258. 78
II. Assets Held by the Treasury Department
June 30, 1943
Fiscal year
1944
June 30, 1944
Unexpended balance on books of the Division of Book-
keeping and Warrants
$1, 258. 78
$1, 258. 78
Table 86.- — National park tnist fund, June SO, 1944
[This trust fund was established in accordance with the provisions of the act of July 10, 1935 (49 Stat. 477).
For further details see annual report of the Secretary for 1941, p. 153]
I. Receipts and Expenditures (Exclusive of Purchases and Sales of Investments)
Cumulative
through
June 30, 1943
Increase, fiscal
year 1944
Cumulative
through
June 30, 1944
Receipts:
Donations: .
$250. 00
202. 50
150. 00
1, 050. 00
50.00
3, 000. 00
5, 000. 00
30.00
304. 00
200.00
$250 00
202. 50
Frank Lloyd Productions, Inc
150. 00
1, 050. 00
Metro-Goldwyn-Mayer Distributing Corpo-
50.00
Metro-Goldwvn-Mayer Corporation.
3, 000. 00
Metro-Goldwyn-Mayer Pictures
Newton B. Drury
5, 000. 00
$8.00
38.00
304. 00
R K 0 Radio Pictures, Inc
200. 00
10.00
50.00
10.00
Twentieth Century Fox Film Corporation
1,225.00
3, 200. 00
900. 00
1, 050. 00
1,275.00
3, 200. 00
900.00
1, 050. 00
Total -
16,611.50
2, 430. 15
68.00
500. 76
16, 679. 50
2, 930. 91
19,041.65
568. 76
19, 610. 41
19,041.65
568. 76
19, 610. 41
REPORT OF THE SECRETARY OF THE TREASURY
755
Table 86. — National park trust fund, June 30, 1944 — Continued
II. Assets Held by the Treasury Department
Investments:
Treasury bonds:
2^% of 1952-54. _._
2Ji% of 1955-60..--
2 1,^% of 1967-72 ---.
t 2^^% of 1963-68 -
Total investments. -.
Unexpended balances:
To credit of disbursing officers
On books of the Division of Bookkeeping and War
rants
Total assets -.
June 30, 1943
$1, 700. 00
• 14, 548. 54
1, 000. 00
1, 000. 00
18, 248. 54
206. 40
586. 71
19,041.65
Increase or
decrease ( — ) ,
fiscal year 1944
-$206.40
775. 16
June 30, 1944
$1, 700. 00
' 14, 548. 54
1, 000. 00
1,000.00
18, 248. 54
1,361.87
19, 610. 41
> Par value $14,200.
Table 87. — National service life insurance fund, June SO, 1944
[On basis of daily Treasury statements, see p. 519. This trust fund was established pursuant to Title VI of
Public No. 801, approved Oct. 8, 1940 (54 Stat. 1012). For further details see annual report of the Secre-
tary for 1941, p. 143]
I. Receipts and Expenditures (E.xclusive of Purchases and Sales of Investments)
Cumulative
through June
30, 1943
Increase, fiscal
year 1944
Cumulative
through June
30, 194-4
Receipts:
Premiums and other receipts
Interest and profits on investments
Transfers from Qeneial Fund L
-■ .$329, 063, 079. 06
5,416,945.88
31, 541, 657. 82
.$781, 144, 957. 94
22, 190, 004. 10
2 101,208,711.15
$1, 110, 208, 037. 00
27, 606, 949. 98
132, 750, 368. 97
Total receipts .. _ .. ,.
■■ 366, 021, 682. 76
•■ 6, 902, 564. 05
904, 543, 673. 19
31, 365, 551. 92
1, 270, 565, 355. 95
E.xpenditures:
Benefit payments and refunds
38,268,115.97
Balance - --
.359,119,118.71
873,178,121.27
1,232,297,239.98
II. .\ssETs Held by the Treasury Department
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
3% special Treasury notes, national service
life insurance fund series, maturing:
June 30, 1945
$2, 800, 000. 00
35, 440, 000. 00
■ .313,485,000.00
$2, 800, 000. 00
June 30, 1946
35, 440, 000. 00
June 30, 1947 -- --.
"$82O,'76o,"6o6."O0"
41, 000, 000. 00
313, 485, 000. 00
JuneSO, 1948
820, 700, 000. 00
June 30, 1949
41, 000, 000. 00
Total investments '_
Unexpenacd balances:
To credit of disbursing officers. -.
On books of the Division of Bookkeeping and
351, 725, 000. 00
7,394,118.71
861, 700, 000. 00
11,478,121.27
1, 213, 425, 000. 00
18, 872, 239. 98
Total assets - --
359,119,118.71
873, 178, 121. 27
1, 232, 297, 239. 98
' Revised.
> There has been appropriated thiough June 30, 1944, the amount of $597,770.000 available to the Veterans'
Administration for transfer, in accordance with the provisions of the National Service Life Insurance Act
of 1940.
a Adjustment of .$251.34 to be made in daily Treasury statement in the fiscal year 1945.
756
REPORT OF THE SECRETARY OF THE TREASURY
Table 88. — Pershing Hall Memorial fund, June 30, 1944
[This special fund was established in accordance with the provisions of the act of June 2S, 1935 (49 Stat. 426).
For further details see annual report of the Secretary for 1941, p. 155]
I. Receipts and Expenditures (Exclusive of Pukchases and Sales of Investments)
Cumulative
through
June 30, 1943
Increase,
fiscal >ear
1944
Cumulative
through
June 30, 1944
Receipts:
$482, 032. 92
30, 964. 75
$482, 032. 92
Interest and profits on investments
$5, 042. 72
42, 007. 47
Total receipts -.
518, 997. 67
5, 042. 72
524, 040. 39
Expenditures:
288,629.70
23.784.75
288, 629. 70
On account of National Treasurer, American Legion
23, 784. 75
312,414.45
312,414.45
Balance . .-
206, 583. 22
6,042.72
211, 625. 94
II. Assets Held by the Trea.sukt Department
June 30, 1943
Increase or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
2H7c Treasury bonds of 1951-54 (par value $191,300) ...
Unexpended balances:
To credit of disbursing oflBcers
On books of the Division of Bookkeeping and Warrants.
Total assets... -
$193, 044. 38
1 -$218. 04
$192, 826. 34
2 13, 538. 84
5, 260. 76
18, 799. 60
206, 583. 22
5,042.72
211,625.94
' Represents amortization of premium on bonds, in order to adjust fund earnings payable to American
Legion, Inc.
' Includes $2,521.36 interest and profits on investments and $109.02 repayment representing amortization
of premium on bonds. Adjustment made by the Division of Bookkeeping and Warrants during the fiscal
year 1944.
REPORT OF THE SECRETARY OF THE TREASURY
757
Table 89. — United States Government life insurance fund— Investments, June SO,
19U
[This trust fund was established in accordance with the provisions of the act of June 7, 1924 (43 Stat. 607).
For further details see annual report of the Secretary for 1941, p. 142J
June 30, 1943
Increase, or
decrease (— ),
fiscal year 1944
June 30, 1944
Investments:
Government securities:
Treasury bonds:
4% of 1944-54
Principal cost
$15, 078, 333. 48
2, 384, 625. 00
42, 234, 926. 78
5, 315, 000. 01
24, 710, 950. 54
17,979,950.02
6, 051, 109. 38
3, 000, 000. 00
20,000,000.00
124, 639, 945. 36
37,173,874.80
9, 017, 525. 05
26,151,381.34
25, 000, 000. 00
3, 100, 000. 00
30, 800, 000. 00
-$16,078,333.48
Par value
Principal cost
3^% of 1946-56 . -
$2. 200, 000. 00
40, 772, 000. 00
5, 300, 000. 00
24, COO, 000. 00
17,745,000.00
5, 900, 000. 00
3, 000, 000. 00
20,000,000 00
122, 559, 250. 00
36, 824, 300. 00
8,840,000.00
25, 078, 000. 00
25, 000, 000. 00
3,100,000.00
82, 800. 000. 00
86, 581, 000. 00
41,735,450.00
500,157,956.40
$2, 384, 625. 00
4M% of 1947-52
42, 234, 926. 78
2J<% of 1948-51
5,315,000.01
2H of 1950-52
24,710,950.54
2M% of 1951-54
17, 979, 950. 02
3% of 1951-55 ---
2M% of 1952-54
6,051,109.38
3, 000, 000. 00
2)4% of 1954-56
20, 000, 000. 00
2^% of 1955-60
124,639,945.36
2M% of 1956-59 --
2Ji% of 19,58-63
2H% of 1960-65
37,173,874.80
9, 017. 525. 05
26,151,381.34
2}/2% of 1962-67 - -
26, 000, 000. 00
2Ji% of 1963-68 —
2i2% of 1964-69
2^2% of 1965-70 . -
3, 100, 000. 00
52,000,000.00
86,581,000.00
82.800,000.00
86,581,000.00
2M% of 1967-72 --
41, 774, 373. 28
500, 157, 956. 40
38, 000, 000. 00
41, 774, 373. 28
Special adjusted service
bonds:
4H% Government life
insurance fund series,
1946
500, 157, 956. 40
Special Treasury notes:
2% Government life in-
surance fund series,
maturing June 30:
1947
-38, 000, 000. 00
1, 400, 000. 00
500, 000. 00
1948 --
1, 400, 000. 66
600, 000. 00
1, 400, 000. 00
1949
500, 000 00
Total Government
972, 569, 951. 44
87,402,666.52
1,054.092,956.40
1,059,972,617.96
Other securities:
3% consolidated Federal
farm loan bonds of:
1945-55
18,894,400.00
22. 662, 202. 50
-8, 820, 000. 00
-19,071,202.50
10, 280, 000. 00
3. 600. 000. 00
10, 074, 400. 00
1946-56....
3. 691, 000. 00
Total other securities.
41,556,602.50
-27.891,202.50
13. 880. 000. 00
13, 665. 400. 00
Total investments...
1,014,126,553.94
59,511,464.02
1, 067, 972. 956. 40
1, 073, C38. 017. 96
Loans:
Policy loans outstanding '
Adjusted service certificate
loans outstanding '..
138, 351, 523. 01
3, 310. 417. 70
-10,545,339.39
464, 592. 69
127, 806, 183. 62
3, 775, 010. 39
Total outstanding loans
141,061.940.71
-10,080,746.70
131,581,194 01
1, 155, 788, 494. 65
49,430.717.32
1,205,219,211.97
1 Includes interest accrued to anniversary dates of loans.
Table 90. — United States Naval Academy' general gift fund--
[This trust fund was established in accordance with the act of Mar. 31, 1944 (58 Stat. 135)]
I. Receipts
June 30, 1943
Increase, fiscal
year 1944
June 30, 1944
Receipts:
Bequest of Dudley F. Wolfe
$85, 000. 00
$85,000.00
85, 000. 00
86,000.00
II. Assets Held py the Tkeasury Department
June 30, 1943
Increase, fiscal
year 1944
June 30, 1944
Investments:
Treasury bonds, 1W7o of 1965-70
$85,000.00
$85,000.00
Total investments
85,000.00
85, 000. 00
758
REPORT OF THE SECRETARY OF THE TREASURY
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762
REPORT OF THE SECRETARY OF THE TREASURY
Federal
National
Mort-
gage
Associa-
tion
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1, 245, 463
1.5, 301
22 22, 054
228, 339
176,008
94, 660
Federal
inter-
mediate
credit
banks
I 1 1 ! o !
1 1 1 1 Tf^ 1
304, 071
1,7.59
15,629
36, 000
1 1 1 ! 1 1 ui
Federal
Housing
Adminis-
tration
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19,833
■ 00 ^ 1
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Federal
home
loan
banks
i i " i
128, 278
12,867
9,795
131,923
50"
Federal
Farm
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Corpora-
tion
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24, 445
25, 495
1,692
687, 762
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Crop
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232, 542
6,818
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ington
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222, 574
804
231
244
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corpora-
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346, 546
1,935
8,488
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6,478
43, 320
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ASSET.S
Loans:
Banks
Railroads _.
Insurance companies
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Agricultural credit corporations
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states. Territories, etc _
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Crop, livestock, and commodity loans
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Banks and trust companies
Other.. _
Cash:
With Treasurer, United States
On hand and in banks
In transit
In trust funds with Treasurer, U. S.23
Investments:
United States securities
Obligations guaranteed by United States:
Federal Housing Administration
Home Owners' Loan Corporation
Reconstruction Finance Corporation
Tennessee Valley Authority bonds
Federal land bank bonds
Production credit associations— Class A stock _
Ship sales notes...
Other investments
Accounts and other receivables
REPORT OF TT-IE SECRETARY OF THE TREASURY
763
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REPORT OF THE SECRETARY OF THE TREASURY
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34, 052
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765
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REPORT OF THE SECRETARY OF THE TREASURY 797
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798
REPORT OF THE SECRETARY OF THE TREASURY
Table 100. — Estimated ownership of all interest-bearing governmental securities
outstanding, classified by issuer, June SO, 1937 through 1944 ^
[Par value.2 In billions of dollars]
June 30
Total all
securi-
ties
Securities of TJ. S. Government
and Federal instrumentalities
guaranteed by United States '
Total
U.S.
Govern-
ment *
Federal in-
strumen-
talities
guaranteed
by United
States »
Securities of
Federal instru-
mentalities not
guaranteed by
United States'
Securities of
State and local
governments,
Territories, and
possessions
1. Total amount outstanding
1937
62.0
63.0
67.4
70.1
77.0
98.3
159.9
219.8
40.5
41.4
45.3
47.9
54.7
76.5
139.5
201.1
35.8
36.6
39.9
42.4
48.4
72.0
135.4
199.5
4.7
4.9
5.5
5.5
6.4
4.5
4.1
1.5
2.3
2.3
2.3
2.2
2.2
2.2
1.9
1.5
19.3
1938 ;
19.3
1939
1940
19.8
20.0
1941 -
20.0
1942.,.-
19.5
1943
18.5
1944
17.3
2. Held by governmental funds ' and Federal Reserve Banks
1937
11.6
12.9
14.1
15.3
16.7
19.6
27.9
41.3
6.4
7.6
8.7
9.9
11.1
13.9
22.8
37.2
6.0
7.3
8.4
9.6
10.8
13.6
22.5
37.0
0.4 0
.3
.3
.3
.3
.3
.3
.2
8
8
9
9
8
8
6
2
4.3
1938 _
4.5
1939
4.5
1940 _..
4.5
1941. _._
4.8
1942
4.9
1943
4.5
1944
3.9
3. Privately held securities
1937 _...
50.5
50.1
53.3
54.8
60.3
78.7
132.0
178.5
34.1
33.8
36.6
38.0
43.7
62.6
116.7
163.8
29.8
29.3
31.4
32.8
37.6
58.4
112.9
162.5
4.3
4.5
5.2
5.2
6.1
4.3
3.8
1.3
1.4
1.4
1.4
1.4
1.4
1.4
1.3
1.3
15.0
1938-..
1939
14.9
15.3
1940 . -
15.5
1941 _.
1942_.._
1943
15.2
14.7
14.0
1944.
13.4
3a. Held by commercial banks
1937 -
17.3
16.9
19.0
20.1
23.9
30.3
56.3
72.5
14.2
13.7
15.3
16.1
19.7
26.0
52.2
68.4
12.1
11.3
12.2
12.7
15.6
23.1
49.5
67.3
2.1
2.4
3.1
3.4
4.2
2.9
2.8
1.1
0.3
.4
.5
.4
.5
.7
.6
.6
2.8
1938 . ...
2.8
1939
3.2
1940.
3.6
1941
3.7
1942
3.6
1943
3.5
1944
3.5
3t
. Held by mutual savings banks
1937
3.2
3.4
3.6
3.7
3.9
4.3
5.5
7.5
2.4
2.7
3.0
3.1
3.4
3.9
5.3
7.3
2.1
2.4
2.6
2.6
3.0
3.7
5.2
7.3
0.2
.3
.4
.5
.4
.1
.1
0.8
1938
.7
1939
.6
1940
.6
1941
.5
1942
.4
1943
.2
1944
.2
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
799
Table 100. — Estimated ownership of all interest-bearing governmental securities
outstanding, classified by issuer, June SO, 1937 through 1944 ' — Continued
[Par value.* In billions of dollars]
June 30
Total all
securi-
ties
Securities of U. S. Government
and Federal instrumentalities
guaranteed by United States ^
Total
U.S.
Govern-
ment ♦
Federal in-
strumen-
talities
guaranteed
by United
States 5
Securities of
Federal instru-
mentalities not
guaranteed by
United States «
Securities of
State and local
governments,
Territories, and
possessions
3c. Held by Insurance companies
1937
1938
1939
1940
1941
1942
1943
1944
6.8
5.0
4.4
7.4
5.5
4.8
7.9
5.9
5.3
8.6
6.5
6.0
9.2
7.1
6.5
11.2
9.2
8.8
14.8
13.1
12.8
18.7
17.3
17.2
(*)
0.6
.7
.6
.5
.6
.4
.3
1.8
1.9
2.0
2.1
2.1
2.0
1.7
1.4
3d. Held by other corporations and associations '
1937
1938
1939
1940
1941
1942
1943
1944
3.8
2.6
2.2
3.6
2.4
2.0
4.0
2.6
2.2
3.9
2.6
2.3
3.6
2.4
2.1
6.6
5.4
6.1
16.7
15.7
15.4
26.7
25.7
25.5
0.4
.4
.4
.3
.3
.3
1.1
1.1
1.3
1.2
1.1
1.1
3e. Held by individuals (including unincorporated business, partnerships, and personal trust accounts)
1937
1938
1939
1940
1941
1942
1943
1944
19.4
9.9
8.9
18.8
9.5
8.8
18.9
9.8
9.1
18.5
9.7
9.2
19.6
11.1
10.5
26.3
18.2
17.7
38.6
30.3
30.0
53.2
45.1
45.1
(•)
1.0
.7
.7
.5
.6
.5
.3
1.0
1.0
8.5
8.3
8.2
7.9
7.8
7.5
7.7
7.5
Note. — Figures are rounded and will not necessarily add to totals. Figures in this table have been re-
vised and are not necessarily comparable with material presented in the 1943 annual report: (1) Securities of
the United States Government and Federal instrumentalities guaranteed by the United States have been
revised to a daily Treasury statement basis throughout; (2) the holdings of commercial and mutual savings
banks of these securities have been adjusted from a book to a par basis for all years; (3) securities issued di-
rectly to and held by the United States Treasury are no longer included in issues outstanding; and C4)
certain securities issued "on credit of the United States" have been reclassified as nonguaranteed securities
of Federal instrumentalities.
•Less than 50 millions.
1 See footnote 1 on p. 810.
2 Figures represent par values with the following exceptions: (I) The holdings of commercial and mutual
savings banks of securities of Federal instrumentalities not guaranteed by the United States and of State
and local governments, Territories, and possessions are book values, (2) the holdings of these securities by
individuals arc residuals, and so deviate from par values in those cases where the figures for banks are book
values, (3) in the case of data which include United States savings bonds Series A-D, E, and F, the figures
for these bonds represent current redemption values.
' Data on daily Treasury statement basis.
* Including special issues to Federal agencies and trust funds.
' See footnote 5 on p. 81 1.
' See footnote 6 on p. 811.
' Comprises securities held by (1) Federal agencies and trust funds (including exchange stabilization fund),
and (2) sinking, trust, and investment funds of State and local governments, Territories, and possessions.
' Includes holdings of ta.v-exempt institutions other than mutual savings banks, holdings of dealers and
brokers, and investments of foreign balances in this country.
800
REPORT OF THE SECRETARY OF THE TREASURl
Table 101. — ■Estimated amount of interest-bearing securities issued by all govern-
mental Jinits in the United States outstanding on June SO, 1944, classified by tax
stat2is and by type of issuer ^
[Par value.2 In millions of dollars)
Total all
securities
Tax-exempt
Wholly3
Par-
tially
Tax-
able ■'
U. S. Gov-
ernment
special
issues to
Federal
agencies
and trust
funds
All interest-bearing securities:
Total amount outstanding
Less securities held by:
Federal agencies « -
Federal trust funds '
Federal Reserve Banks
State and local sinking funds
State and local trust and investment
funds
Territorial and insular sinking, trust,
and investment funds -
Total securities held by govern-
mental funds and Federal Re-
serve Banks
Total privately held securities
Securities of the United States Government:'
Total amount outstanding
Less securities held by:
Federal agencies '
Federal trust funds ' _ .._
Federal Reserve Banks
State and local sinking funds
State and local trust and investment
funds.
Territorial and insular sinking, trust,
and investment funds
Total securities held by govern-
mental funds and Federal Re-
serve Banks --
Total privately held securities
Securities of Federal instrumentalities guaran-
teed by the United States Government: ' '
Total amount outstanding
Less securities held by:
Federal agencies and trust funds « '
Federal Reserve Banks
Total securities held by governmental
funds and Federal Reserve Banks..
Total privately held securities
Securities of Federal instrumentalities not guar-
anteed by the United States Government: '"
Total amount outstanding
Less securities held by:
Federal agencies -.
Federal trust funds
Total securities held by governmental
funds -
Total privately held securities
Footnotes at end of table.
219, 834
47, 320
19, 830
27, 489
158, 227
14, 287
4,363
15, 508
14, 901
2,160
4,295
61
1,900
377
992
1,388
2,095
40
795
14
49
1,340
1,925
33
1,105
363
943
48
170
2,072
1,236
13, 909
772
2,200
392
13, 895
41, 288
6,792
4,156
2,636
20,209
14, 287
178, 545
199, 543
24, 854
26, 721
138, 017
157, 121
14, 287
3,426
15, 494
14, 899
820
2,370
28
1,140
363
992
170
7
(*)
1,105
363
943
48
170
7
1,894
1,236
13, 906
772
2,200
21
392
13, 895
37, 036
2,720
162, 507
25, 416
84
1,330
2,635
20, 029
14, 287
24, 086
137,091
1,516
768
748
178
2
(*)
(*)
177
2
180
(*)
(*)
180
1,335
768
768
1,461
1,102
1,102
178
14
178
14
178
14
192
910
358
REPORT OF THE SECRETARY OF THE TREASURY
801
Table 101. — Esti7nated amount of interest-bearing securities issued by all govern-
mental units in the United States outstanding on June 30, 1944, classified by tax
status and by type of issuer i — Continued
[Par value.'
In millions of dollars]
Total all
securities
Tax-exempt
Tax-
able '
U. S. Gov-
ernment
Total
Whollys
Par-
tially <
special
issues to
Federal
agencies
and trust
funds
Securities of State and local governments:
Total amount outstanding
17, 194
17, 194
17, 194
Less securities held by:
Federal agencies and trust funds
582
1,340
1,925
2
582
1,340
1,925
2
582
1,340
1,925
2
State and local sinking funds.
State and local trust and investment funds
Territorial and insular trust and invest-
ment funds
Total securities held by govern-
mental funds i
3,848
3,848
3,848
Total privately held securities
13, 346
13, 346
13, 346
Securities of Territories and possessions:
Total amount outstanding _ _
120
120
120
Less securities held by:
Federal trust funds
9
22
(•)
9
22
(*)
9
22
Territorial and insular sinking funds
Territorial and insular trust and invest-
ment funds
Total securities held by governmental
funds _ _
31
31
31
Total privately held securities
89
89
89
Note. — Figures are rounded and will not necessarily add to totals. Figures in this table have been
revised and are not necessarily comparable with material presented in the 1943 annual report: (1) Securi-
ties of the United States Government and Federal instrumentalities guaranteed by the United States have
been revised to a daily Treasury statement basis; (2) securities issued directly to and held by the United
States Treasury are no longer included in issues outstanding; and (3) certain securities issued "on credit
of the United States" have been reclassified as nonguaranteed securities of Federal instrumentalities.
Source. — Estimates relating to States, localities, Territories, and possessions are based in part on a
questionnaire survey of State and local government debt and specified funds conducted by the Division
of State and Local Government of the Bureau of the Census, Department of Commerce, and in part on
a questionnaire survey of territorial and insular debt and specified funds conducted in recent years by
the Division of Territories and Island Possessions of the Department of the Interior.
•Less than $500,000.
' See footnote 1 on p. 810.
2 In the case of data which include United States savings bonds Series A-D, E, and F, the figures for
these bonds represent current redemption values.
3 Securities the income from which is exempt from both the normal rates and surtax rates of the Federal
income tax.
* Securities the income from which is exempt only from the normal rates of the Federal income tax. In
the case of partially tax-exempt (1) Treasury bonds and (2) United States savings bonds, interest derived
from $5,000 aggregate principal amount owned by any one holder is exempt from the surtax rates as well
as the normal rates of the Federal income tax.
' Securities the income from which is subject to both the normal rates and the surtax rates of the Federal
income tax.
* Includes exchange stabilization fund.
' Includes individual Indian trust funds.
' On basis of daily Treasury statement.
« See footnote 5 on p. 811.
'» See footnote 6 on p. 811.
613185—45-
-52
802
REPORT OF THE SECRETARY OF THE TREASURY
Table 102. — Estimated amount of interest-bearing securities issued by all governmental
tax status and by
[Par value.' In
June 30—
Grand total
U.S.
Government •
Total
Tax-exempt
Tax-
able'
U.S.
Govern
ment
special
issues to
Federal
agen-
cies and
trust
funds
Total
Tax-exempt
Tax-
able'
Special
issues
to Fed-
eral
agen-
cies
and
trust
funds
Total
Whol-
ly'
Par-
tially 9
Whol-
ly'
Par-
tially »
A. TOTAL AMOUNT
1913
5,523
1914
5,947
1915
6,420
1916
6,881
1917-.
9,043
1918
18,780
1919
32, 777
1920-
32, 253
1921
32, 721
1922
33, 405
1923
33, 782
1924
33, 973
1925
34, 681
1926-.
34, 856
1927.
34, 935
1928
35, 044
1929
35, 428
1930
35, 943
1931
37, 627
1932
40, 431
1933
43, 524
1934
48, 321
1935
53, 283
1936
59, 383
1937
62,020
1938
63, 001
1939_
67, 370
1940
70, 125
1941
76. 962
1942
98, 252
1943
159,866
1944..
219, 834
5,523
5,947
6,420
6,881
9,043
18, 780
32, 777
32, 253
32, 721
33, 405
33, 782
33, 973
34, 586
34, 652
34, 576
34, 582
34, 821
35, 179
37, 335
40,123
43, 201
47, 925
52, 650
58, 757
60, 459
60,320
63, 591
65, 335
62, 863
58, 602
55, 330
47, 320
5,523
5,947
6,420
6,881
9,043
9,181
10, 185
11,303
11,917
12,989
14, 069
15,286
16,645
17,636
18,846
19, 892
20. 957
23, 606
25, 521
28,055
31,176
32. 958
34, 446
36, 554
35, 034
32, 278
30, 881
30, 248
26,831
25, 506
23,060
19,830
9,599
22, 593
20, 950
20,804
20,416
19,713
18,688
17, 941
17,016
15.730
14,690
13.864
11,573
11.814
12,068
12, 025
14, 967
18, 204
22, 202
25. 425
28.042
32. 710
35. 087
36, 032
33. 096
32,270
27. 489
1
3
6
9
15
7.979
31, 766
93, 665
158, 227
95
204
359
462
607
764
291
309
323
396
633
626
1,558
2,676
3,770
4,775
6.120
7.885
10.871
14,287
966
968
970
972
2,713
11.986
25.234
24. 062
23, 739
22,710
22,007
20, 981
20.211
19. 384
18. 253
17.318
16. 639
15.922
16. 520
19, 161
22, 158
26, 480
27, 645
32, 989
35. 800
36, 576
39,886
42, 376
48, 387
71, 968
135,380
199, 543
966
968
970
972
2,713
2,387
2,828
3,112
2.935
2,294
2,294
2.294
2,175
2,164
2,164
2,166
2,168
3,585
4,414
6,785
9,810
11,798
12, 931
14. 879
13. 507
10.817
9.030
8.142
4,903
4.260
3.050
1,414
9,599
22, 407
20, 950
20,804
20, 416
19,713
18,688
17,941
17.016
15. 730
14.690
13, 864
11.573
11.814
12.068
12,025
14,286
14. 081
17. 484
20. 735
23.084
27, 086
29.459
30. 161
30, 072
29.622
26. 721
7.203
29.752
91,837
157. 121
95
204
359
462
607
764
291
309
323
396
633
626
1.558
2,676
3,770
4.775
6.120
7.885
10. 871
14,287
Footnotes on pp. 810 and 811.
REPORT OF THE SECRETARY OF THE TREASURY
803
units in the United States outstanding on June 30, 1913 through 1944, classified by
type of issuer *
millions of dollars]
Federal instrumentalities:
. Guaranteed issues * '
Federal instrumentalities: Non-
guaranteed issues 6
State, local, and territorial
governments
Total
Tax-exempt
Tax-
able'
Total
Tax-exempt
Tax-
able'
Wholly tax-exempt '
Wholly'
Par-
tially 9
Wholly'
Par-
tially 8
Total
Issues
of States
and
local-
ities
Issues
of Ter-
ritories
and
posses-
sions
OUTSTANDING
4,557
4,979
5,450
5,909
6,330
6.683
7,083
7,790
8,532
9,965
10,713
11,761
12, 964
13,813
14, 893
15, 860
16, 922
18, 150
19, 222
19, 490
19. 672
18, 973
19,116
19, 357
19, 298
19. 310
19, 761
20,044
20, 007
19, 517
18, 534
17, 314
4,528
4,949
5,417
5,875
6,290
6,643
7.042
7.746
8,476
9,893
10. 598
11.633
12. 830
13. 664
14. 735
15. 699
16, 760
17, 985
19, 060
19. 330
19. 517
18. 823
18. 972
19. 212
19. 152
19. 164
19,611
19, 891
19, 860
19, 379
18, 406
17, 194
28
30
33
34
40
111
460
401
450
730
1,062
1,231
1,506
1,659
1,789
1,866
1,867
1,871
1,885
1,780
1,694
2,187
2,399
2,319
2,257
2.262
2,273
2.207
2,208
2,218
1,860
1,461
111
274
401
450
730
1,062
1,231
1,506
1,659
1,789
1,866
1,867
1,871
1,885
1,780
1,694
2,187
2,399
2,318
2,229
2,151
2,090
2,062
1,921
1,729
1,476
1,102
40
186
41
44
56
72
115
128
134
149
158
161
162
165
162
160
155
681
4,123
4,718
4,665
4,853
5,450
5,498
6,360
4,549
4,092
1,516
681
4,123
4,718
4,665
4,852
5,449
5,494
5,710
2,915
2,593
768
150
144
1
3
5
8
11
126
380
329
358
145
(•)
1
1
4
650
1,634
1,499
748
25
106
175
134
161
109
55
146
146
150
153
147
138
128
120
804
REPORT OF THE SECRETARY OF THE TREASURY
Table 102. — Estimated amount of interest-bearing securities issried by all governmental
tax status and by
[Par value.' In
June 30—
Grand total
U. S
Government
Total
Tax-exempt
Tax-
able'
U.S.
Govern-
ment
special
issues to
Federal
agen-
cies and
trust
funds
Total
Tax-exempt
Tax-
able*
Special
issues
to Fed-
eral
agen-
cies
and
trust
funds
Total
Whol-
ly'
Par-
tially »
Whol-
ly'
Par-
tially «
B. HELD BY FEDERAL
1913 -
(*)
(*)
(*)
(*)
(*)
1914-
'1
1
2
2
148
616
411
541
571
521
496
652
1
1
2
2
148
616
411
541
571
521
496
556
1
1
2
2
61
142
173
191
147
111
113
132
1
1
2
2
91
479
245
358
432
419
393
530
1 ...
1915
1
1916...
2
1917
2
1918
87
474
238
351
424
410
384
424
4
5
7
8
8
9
10
10
87
474
238
351
424
410
384
424
1919... .
1920
1921
1922...
1923
.
1924
1925..
95
95
1926-
789
585
141
444
204
658
10
444
204
1927
863
504
114
390
359
759
10
390
359
1928
969
507
115
392
462
865
11
392
462
1929
1,050
443
116
327
607
945
11
327
607
1930
1,135
371
160
211
764
1,028
53
211
764
1931
577
286
137
149
291
470
30
149
291
1932
714
405
125
280
309
607
18
280
309
1933
823
499
208
291
323
691
76
291
323
1934
1,938
1,542
675
867
396
1,332
205
731
396
1935
3,296
2,663
1,413
1,250
633
1,656
139
884
633
1936.
3.677
3,051
1,486
1,565
626
1,959
145 1
188
626
1937
4,977
3,419
1,476
1,943
1,558
3,251
113 1
580
1,558
1938
6,176
3,500
1.483
2,017
2,676
4,466
98 1
692
2,676
1939
7.169
3,398
1,364
2,034
|:i
3,770
5.605
86 1
748
3,770
1940
8,411
3,636
1,417
2,219
4,775
6.803
86 1
942
4,775
1941
10, 014
3,726
1,572
2,154
168
6,120
8,225
58 1
887
160
6,120
1942
12, 190
3,633
1,603
2,030
671
7,885
10, 340
63 1
800
602
7,885
1943
15, 526
2,888
1,234
1,654
1,766
10, 871
14,091
34 1
641
1,544
10, 871
1944
19, 871
2,277
809
1,468
3,307
14,287
18, 920
35 1
468
3,130
14,287
Footnotes on pp. 810 and 811.
REPORT OF THE SECRETARY OF THE TREASURY
805
units in the United States outstanding on June SO, 1913 through 1944, classified by
type of issuer ^ — ^Continued
millions of dollars]
Federal instrumentalities:
Guaranteed issues
Federal instrumentalities: Non-
guaranteed issues
State, local, and territorial
governments
Total
Tax-exempt
Tax-
able'
Total
Tax-exempt
Tax-
able'
Wholly tax-exempt '
Wholly'
Par-
tially «
Wholly'
Par-
tially 8
Total
Issues
of States
and
local-
ities
Issues
of Ter-
ritories
and
posses-
sions
AGENCIES, AND TRUST FUND£
10
57
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919
835
847
852
852
823
832
569
192
57
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919
835
847
852
852
817
815
566
192
1
1
1
26
153
346
422
528
538
426
479
697
735
634
582
1
1
1
26
153
346
422
528
538
426
479
697
735
634
582
136
366
377
363
325
286
277
269
283
232
178
136
366
377
363
325
286
277
267
230
13
(*)
2
52
219
177
6
17
3
(•)
806
REPORT OF THE SECRETARY OF THE TREASURY
Table 102. — Estimated amount of interest-bearing securities issued by all governmental
tax status and by
[Par value. ' In millions
June so-
Total
U. S. Government
Total
Wholly
tax-
exempt '
Partially
tax-
exempt '
Taxable »
Federal instrumentalities:
Guaranteed issues
Total
Partially
tax-
exempt '
Taxable »
C. HELD BY FEDERAL RESERVE BANKS
1913
1914
1915
8
S7
66
255
292
341
259
555
102
431
363
385
370
235
216
591
668
1,784
1,998
2,432
2,433
2,430
2,626
2,664
2,551
2,466
2,184
2,645
7,202
14, 901
8
57
66
255
292
341
259
555
102
431
353
385
370
235
216
591
668
1,784
1,998
2,432
2,433
2,430
2,526
2,564
2,551
2,458
2,179
2,640
7,149
14,899
8
57
66
58
25
25
22
17
12
6
3
3
3
3
3
301
451
1,422
1,582
1,990
2,143
2,115
1,794
1,820
1,640
1,128
775
634
306
49
1916
1917
1918
197
267
316
237
538
90
425
360
382
367
232
213
290
217
362
416
442
290
315
732
744
911
1,330
1.208
1,179
1,292
943
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
9
5
6
54
2
9
5
2
31
1941
196
827
5, 561
13, 906
1942.-
3
23
2
1943
1944
Footnotes on pp. 810 and 811.
REPORT OF THE SECRETARY OF THE TREASURY
807
units in the United States outstanding on June SO, 1913 through 1944, classified by
type of issuer ' — Continued
of dollars]
June so-
Total
U. S. Government
Total
Partially
tax-
exempt '
Taxable »
States,
counties,
cities, etc.
(wholly
tax-
exempt)'
Territories
and
possessions
(wholly
tax-
exempts '
D. HELD IN SINKING FUNDS OF STATES, LOCALITIES, TERRITORIES. AND
POSSESSIONS
1913
1914
621
670
736
794
86!
950
1,053
1.081
1,094
1,329
1,508
1,634
1,762
1,904
2,037
2,151
2.296
2,431
2,155
1,472
1,492
1,513
1,634
1,554
1,578
1,583
1.612
1,637
1,680
1,700
1,836
2.177
620
669
735
793
860
949
1.052
1,080
1,090
1,328
1,506
1,627
1.753
1,889
2,020
2,139
2.281
2,418
2,141
1,399
1,417
1,436
1,454
1,473
1,491
1, 501
1,530
1,535
1,549
1,525
1,475
1,340
1
I
1915_...
I
1916
1
1917
>-•
I
1918...
I
1919
I
1920
1
1921
4
1922
1
1923
2
1924 - -
7
1925..
g
1926
15
1927 . . . ...
17
1928
1929....
12
lb
1930
13
1931..
14
1932
1933
1934-
50
51
52
54
55
61
59
61
77
108
151
347
828
50
51
52
54
5o
61
59
61
77
108
91
78
50
23
24
25
1935
26
1936
1937.. _
26
26
1938
23
1939.
21
1940.
1941
1942
1943
1944.
25
23
60
269
778
24
14
9
HELD IN TRUST AND INVESTMENT FUNDS OF STATES. LOCALITIES, TERRI-
TORIES, AND POSSESSIONS"
1937 -
2,479
2, 603
2,742
2,768
2,808
3,046
3,344
4,339
200
210
221
259
284
471
937
2,390
200
210
221
259
284
256
217
175
2,279
2,393
2,513
2,500
2,520
2,575
2,400
1,927
1938
1939
8
1940
1941
215
720
2,215
9
4
1942 . .
1943.
1944
8
22
808
REPORT OF THE SECRETARY OF THE TREASURY
Table 102 — Estimated amount of interest-bearing securitie s issued by all governmental
tax status and by
[Par value. 2 In millions
June 30
Grand total
U. S.
Government
Tax-exempt
U. S.
Gov-
ern-
Tax-exempt
Special
ment
issues
special
to Fed-
Total
Total
Whol-
Par-
Tax-
able •
issues
to Fed-
eral
Total
Whol-
Par-
Tax-
able*
eral
agen-
cies
ly'
tially 8
agen-
cies
and
trust
funds
ly'
tially »
and
trust
funds
F. TOTAL AMOUNT HELD BY GOVERNMENTAL
1. 1913-36: Excludes Holdings by Trust and Investment
1913
621
621
621
(*)
(•)
1914 ..
671
745
853
929
1,353
1, 961
1,833
671
745
853
929
1,353
1,961
1,833
671
745
853
929
1,069
1,220
1,279
1
9
59
68
346
771
586
1
9
59
68
62
30
32
1915
1916
1917 ..
1918
284
741
554
284
741
554
1919
1920...
1921
1,894
2,455
1,894
2,455
1.307
1,493
588
962
617
987
30
25
588
962
1922 .
1923... .
2.131
2,561
2,767
2,131
2,561
2,671
1,631
1,753
1,897
500
809
774
521
824
883
21
16
13
500
809
774
1924
1925
95
95
1926
3,078
2,874
2,048
826
204
1,043
13
826
204
1927
3,270
2,911
2,154
757
359
1,129
13
757
359
1928
3,355
2,893
2,269
624
462
1,100
14
624
462
1929
3,562
2,955
2,415
540
607
1,161
14
540
607
1930 --
4,157
3,393
2,892
.501
764
1,619
354
501
764
1931.
3,400
3,109
2,743
366
291
1.138
481
366
291
1932
3,970
3,661
2,969
692
309
2.441
1,440
692
309
1933
4, 313
3,989
3,231
7.=«
323
2. 740
1,658
758
323
1934
5,883
5,487
4,126
1,361
396
3,816
2,195
1,225
396
1935
7,263
6,630
5,036
1,594
633
4,143
2,282
1,228
633
1936
7,661
7,035
6,100
1,935
626
4,444
2,260
1,558
626
2. 1937-44: Includes Holdings by Teust and Investment
1937
11,560
10,002
7,066
2,936
1,558
6,038
1,907
2,573
1,558
1938
12,926
10,250
7,220
3,030
2.676
7,299
1,918
2,705
2,676
1939
14, 074
10, 303
7,076
3,227
(•)
3.770
8,438
1,726
2,941
3,770
1940
15,282
10,508
6,614
3,894
(')
4,775
9,597
1,214
3,608
4, 775
1941
16, 686
10,202
6,443
3, 759
364
6,120
10, 796
833
3,487
356
6,120
1942
19,581
9,919
6,361
3,558
1,776
7,885
13,602
687
3.326
1,704
7,885
1943
27,908
8,709
5,437
3.272
8,329
10, 871
22, 622
340
3.228
8,084
10, 871
1944.
41,288
6,792
4, 1.56
2,636
20,209
14,287
37, 036
84
2,635
20,029
14,287
Footnotes on pp. 810 and 811.
REPORT OF THE SECRETARY OF THE TREASURY
809
units in the United States outstanding on June 30, 1913 through 19^4, classified by
type of issuer^ — Continued.
of dollars]
Federal instrumentalities:
Guaranteed issues
Federal instrumentalities:
Nonguaranteed issues
State, local, and territorial
governments
Total
Tax-exempt
Tax-
able'
Total
Tax-exempt
Tax-
able'
Wholly tax-exempt '
Wholly ?
Par-
tially 8
Wholly '
Par-
tially «
Total
Issues of
States
and
localities
Issues of
Terri-
tories
and
posses-
sions
FUNDS AND FEDERAL RESERVE BANKS
Funds of States, Localities, Territories, and Possessions
621
670
736
794
861
950
1,053
1,081
1,094
1,329
1,508
1,634
1,762
1,904
2,037
2,151
2,296
2,432
2,156
1,423
1,467
1,614
1,826
1,921
630
669
735
793
860
949
1,052
1,080
1,090
1,328
1,506
1,627
1,753
1,889
2,020
2,139
2,281
2,419
2,142
1,400
1,443
1,589
1,800
1,895
1
1
1
1
1
67
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919
57
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919
1
1
1
4
1
2
7
9
15
17
12
16
13
14
23
24
136
366
377
136
366
377
25
26
26
Funds of States,
LocAUTiEs, Territories
, AND Possessions
363
325
286
286
274
288
286
180
363
326
286
286
272
232
44
(•)
---(V)—
55
242
180
836
847
852
852
823
832
669
192
835
847
852
852
817
815
566
192
4,324
4,455
4, 498
4,648
4,793
4,859
4,531
3,880
4,298
4,432
4,469
4,514
4,766
4,835
4,509
3,848
26
23
29
34
6
17
3
27
24
22
31
810
REPORT or THE SECRETARY OF THE TREASURY
Table 102. — Estimated amount of interest-bearing securities issuedby all governmental
tax status and by
[Par value.2 In millions
June 30
Grand total
U. S
Government
Tax-exempt
U.S.
Tax-exempt
Gov-
ern-
Special
ment
issues
.
special
to Fed-
Total
Total
Whol-
Par-
Tax-
able'
issues
to Fed-
eral
Total
Whol-
Par-
Tax-
able'
eral
agen-
cies
ly'
tially 8
agen-
ly'
tially 8
and
cies
trust
and
funds
trust
funds
O. PRIVATELY HELD
1. 1913-36: Includes Holdings by Trust and Investment
1913.
1914.
1915.
1916.
1917.
1918.
1919
1920.
1921.
1922.
1923.
1924.
1925.
1926
1927,
1928.
1929
1930
1931
1932
1933
1934
1935
1936
4,902
• 5, 276
5, 675
6,028
8,114
17,427
30, 816
30,420
30,827
30, 950
31,651
31,412
31, 914
31, 778
31, 665
31, 689
31,866
31, 786
31, 227
36, 461
39,211
42, 438
46,020
51,722
4,902
5,276
5, 675
6,028
8,114
17,427
30, 816
30, 420
30,827
30, 950
31,651
31,412
31,914
31, 778
31,665
31, 689
31, 866
31, 786
34. 227
36, 461
39,211
42, 438
46,020
51, 722
4,902
5,276
5, 675
6.028
8,114
8,112
8,965
10, 024
10,610
11,496
12, 438
13, 533
14,748
15, 588
16, 692
17, 623
18, .542
20. 714
22, 778
25, 086
27, 945
28, 832
29.410
31,454
966
967
961
913
2.645
11,640
24, 463
23, 476
23.122
21,723
21.486
20, 157
19, 328
18,341
17, 124
16, 218
1,5, 478
14, 303
15,382
16, 720
19, 418
22, 664
23, 502
28,545
966
967
961
913
2,645
2,325
2,798
3,080
2,905
2,269
2, 273
2, 278
2,162
2.151
2,151
2, 152
2,154
3,231
3,933
5,345
8,152
9,603
10,649
12, 619
9,315
21, 852
20, 396
20, 216
19, 454
19, 213
17, 879
17, 167.
16, 190
14, 973
14, 066
13, 324
11,072
11,448
11,376
n.267
13, 606
16,610
20, 267
9,315
21, 666
20, 396
20,216
19, 454
19, 213
17,879
17, 167
16, 190
14, 973
14, 066
13, 324
11,072
11,448
11,376
11,267
13, 061
12,853
15, 926
1
2. 1937-44: Excludes Holdings by Trust and Investment
1937
1938
1939
1940
1941
1942
1943
1944
50, 460
50, 075
53, 296
54,843
60, 276
78, 671
131,958
178, 545
.50, 457
.50, 070
53,288
.54, 827
52, 661
48, 683
46, 621
40,528
27, 968
2,5, 0.58
23, 805
23, 634
20, 388
19, 145
17, 623
15, 674
22, 489
25, 012
29, 483
31, 193
32, 273
29,538
28,998
24, 854
3
6
9
15
7,615
29, 990
85, 336
138, 017
29,762
29,277
31, 448
32, 779
37, 591
58, 366
112,8.58
162, 507
11,600
8,899
7,304
6,928
4,070
3,573
2,710
1, 3.30
18, 162
20, 379
24, 145
25, 851
26, 674
26, 746
26. 394
21, 086
6,847
28, 048
83, 754
137,091
Note. — Figures are rounded and will not necessarily add to totals. Figures in this table have been revised
and are not necessarily comparable with material presented in the 1943 annual report: (1) Securities of the
United States Government and Federal instrumentalities guaranteed by the United States have been
revised to a daily Treasury statement basis after June 30, 1919; (2) securities issued directly to and held by
the United States Treasury are no longer included in issues outstanding; and (3) certain securities issued "on
credit of the United States" have been reclassified as nonguaranteed securities of Federal instrumentalities.
*Less than $500,000.
1 The "total amount outstanding" of securities of the several issuers differs from the gross indebtedness
of these issuers in that the former excludes noninterest-bearing debt. The "total privately held securities"
difiers from the net indebtedness of the borrowers in several additional respects. The former is derived
by deducting from the total amount of interest-bearing securities outstanding the amount of such securi-
ties held by Federal agencies. Federal Reserve Banks, and by public sinking, trust, and investment funds.
Net indebtedness, on the other hand, is derived by deducting from the gross indebtedness an amount
equivalent to the total volume of sinking fund assets of the respective borrowers, but makes no allowance
for any other public assets.
2 In the case of data which include United States savings bonds, Series A-D, E , and F, the figures for these
bonds represent current redemption values.
' Data for June 30, 1920, to date on daily Treasury statement basis; data for prior years on Public Debt
accounts basis.
* On basis of daily Treasury statement.
REPORT OF THE SECRETARY OF THE TREASURY
811
units in the United States outstanding on June 30, 1913 through 1944} classified by
type of issuer ' — Continued
of dollars]
Federal instrumentalities:
Guaranteed issues
Federal instrumentalities:
Nonguaranteed issues
State, local, and territorial
governments
Total
Tax-exempt
Tax-
able'
Total
Tax-exempt
Tax-
able'
Wholly tax-exempt '
Wholly'
Par-
tially '
Wholly '
Par-
tially 9
Total
Issues of
States
and
localities
Issues of
Terri-
tories
and
posses-
sions
SECURITIES
Funds of States, Localities, Territories, and Possessions
3,936
4,309
4,714
5,115
5,469
5,733
6,030
6,709
7,438
8,636
9,205
10, 127
11, 202
11,909
12,856
13, 709
14, 626
15,718
17,066
18. 067
18, 205
17,359
17, 290
17,436
3,908
4,280
4,682
5,082
5,430
5,694
5,990
6,666
7,386
8,565
9,092
10,006
11,077
11,775
12,715
13, 560
14, 479
15, 566
16,918
17,930
18, 074
17, 234
17,172
17,317
27
29
32
33
39
54
323
235
267
591
960
1,128
1,384
1,528
1,685
1,762
1,702
1,765
1,779
1,674
1,588
1,870
1,471
1,400
54
137
235
267
591
960
1,128
1,384
1,528
1,685
1,762
1,762
1,765
1,779
1,674
1,588
1,870
1,471
1,399
39
186
40
43
52
71
113
121
125
134
141
149
147
152
148
137
131
545
3,757
4,341
545
3,757
4,341
125
118
1
119
Funds of States, Localities, Territories, and Possessions
4,302
4,528
5,164
5,212
6,086
4,261
3,806
1,335
4,302
4,527
5,163
5,208
5,438
2,683
2,549
768
(*)
1
1
4
648
1,579
1,257
568
1,422
1,415
1,421
1,355
1, 385 ■
1,386
1,292
1,268
1,394
1,304
1,238
1,210
1,104
914
910
910
25
106
175
134
161
109
55
3
5
8
11
120
363
326
358
14,974
14,855
15, 203
15,496
15, 214
14, 658
14, 003
13, 434
14, 854
14, 732
15,142
15,377
15, 094
14,544
13, 897
13, 346
120
123
121
119
120
114
106
89
' Guaranteed securities consist of Commodity Credit Corporation notes. Home Owners' Loan Corpora-
tion bonds (including those guaranteed as to interest only), Reconstruction Finance Corporation notes,
Tennessee Valley Authority bonds. Federal Public Housing Authority (formerly United States Housing
Authority) notes, Federal Farm Mortgage Corporation bonds, and Federal Housing Administration
debentures. Excludes stocks and interagency loans.
8 Includes Electric Home and Farm Authority notes. Federal intermediate credit bank debentures,
Federal land bank bonds (both those issued by the individual banks and the consolidated series). Fed-
eral National Mortgage Association notes, home loan bank debentures, War Finance Corporation bonds
(World War I), joint stock land bank bonds, and certain bonds of the Tennessee Valley Authority issued
"on credit of the United States." Excludes stocks and interagency loans.
' See footnote 3 on p. 801.
> See footnote 4 on p. 801.
» See footnote 5 on p. 801. .
1" Excludes Federal Reserve Banks. Includes individual Indian trust funds and securities held oy the
exchange stabilization fund.
" Data for earlier years not available.
812
REPORT OF THE SECRETARY OF THE TREASURY
CUSTOMS STATISTICS
Table 103. — Values of dutiable and taxable imports for consumption and estimated
duties and taxes collected by tariff schedules, fiscal years 19^2 and 1943
Tariff schedule
1. Chemicals, oils, and paints
2. Earths, earthenware, and
glassware
3. Metals and manufactures
4. Wood and manufactures. . . .
6. Sugar, molasses, and manu-
factures
6. Tobacco and manufactures. ..
7. Agricultural products and
provisions
8. Spirits, wines, and other bev-
erages
9. Cotton manufactures
10. Flax, hemp, jute, and manu-
factures .._
11. Wool and manufactures
12. Sill? manufactures .
13. Manufactures of rayon or
other synthetic textiles
14. Pulp, paper and books
15. Sundries.
Free list commodities taxable
under Revenue Act of 1932 and
subsequent acts
Dutiable under section 466,
Tariff Act on930, etc
Value
1942
$57, 062, 090
25, 570, 134
113,069,712
45, 870, 126
151,691,777
36,884,617
185, 753, 381
. 42,421,262
11, 267, 513
80, 129, 571
183, 275, 946
1, 896, 372
601,679
16,781,341
122,463,314
90,600,586
438, 612
Total 1,105.777,933 1,031,979,645
1943
$36, 035, 070
16, 279, 521
108, 144, 433
35,235,189
137, 158, 638
44, 043, 711
213, 793, 732
71,393,108
7,480,221
40, 940, 267
188, 252, 554
454, 630
200,822
6, 942, 791
101, 807, 462
24, 250, 903
566, 693
Estimated duties and
import taxes '
1942
$14, 289, 713
6, 667, 035
36,184,170
2, 632, 390
51,103,859
22, 009, 973
54, 039, 258
24, 734, 808
3, 585, 832
9, 804, 254
117, 149, 935
932, 322
205, 034
3, 543, 341
19, 775, 051
17,648,375
237, 953
384, 603, 303
1943
$7, 043, 600
3, 955, 206
28,290,116
1, 868, 799
38, 084, 188
24, 868, 559
39, 771, 287
39, 050, 208
2, 337, 468
4, 987, 454
120, 299, 610
219, 632
111,266
761,666
13,806,615
3, 424, 966
343, 133
329, 223, 773
Percentage in-
crease or de-
crease (— )
Value Duties
-36.3
-4.4
-23.2
-9.6
19.4
68.3
-33.6
-48.9
2.7
-76.0
-66.6
-64.6
-16.9
-73.2
29.2
-40.7
-21.8
-29.0
-25.6
13.0
57.9
-34.8
-49.1
2.7
-76.4
-45.7
-78.5
-30.2
-80.6
44.2
-14.4
' Taxes collected on dutiable commodities under the revenue acts and the Sugar Act of 1937 are included
in appropriate schedules.
REPORT OF THE SECRETARY OF THE TREASURY
813
Table 104. — Estimated customs duties, value of imports entered for consumption, and
ratio of didies to value of dutiable imports and to value of all irnports, calendar years
1934 throughl943 and by months from January 1941 through December 1943^
[Dollars in thousands]
Period
Estimated
duties (in-
cluding
taxes on
imports)
Value of imports'en-
tered for consumption
Total Dutiable «
Ratio of
dutiable to
total
Ratio of duties to
value of —
Dutiable
imports
Total
imports
By calendar years:
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
By months:
1941— January,..
February.
March
April
May
June -.
July
August
September
October
November
Decern ber.
1942— January.. -
February..
March
April
May
June
July
August
September
October...
November.
December.
1943— January...
February .
March
April
May
June
July.
August
September,
October...
November
December.
$301
357
408
470
301
328,
318,
438,
318,
391
■•31
■•32
-■38
'48
'40
-•37,
32
36,
38,
34,
$1,636,003
2, 038, 905
2, 423, 977
3,009,852
1, 949, 624
2, 276. 099
2, 540, 056
3, 222, 534
2, 769, 556
3, 387, 227
' 223, 630
-■ 216, 522
■• 2,54, 553
-• 274, 578
'281,351
261, 099
264, 726
274, 014
265, 163
292, 334
276, 293
338, 271
256, 129
239, 457
252. 050
222, 713
186,620
190, 155
210,496
183, 458
199, 285
230, 042
193, 681
405, 470
246, 065
245, 418
263, 690
267, 603
285, 271
300, 216
303, 845
306, 029
279, 325
316, 724
301,620
271, 421
832
1, 038
1, 243
765,
878
891
1,191
1,009
1, 207:
79
80,
98
115,
102
99
92,
100,
103
101
92
123
101
88,
100,
98
80
80,
76,
68,
76
80,
67,
73
82,
101
97,
109
107
117,
110
95,
112,
Percent
39.42
40.83
42.83
41.31
' 39. 29
38.58
35. 10
36.97
36.46
35.64
35. 63
' 37. 35
38.70
41.97
36.26
38. 22
35.04
36. 76
39.08
34.82
33.38
36. 65
39.74
36.83
39.92
44.28
43.38
42.34
36.42
37.49
38.14
34.79
34.67
22.29
29.72
33.80
38. 65
36.54
38.32
35.95
38.71
36.12
34.35
35.38
32.90
36.45
Percent
46.70
42.96
39.30
37.84
39.36
37.40
35.69
36.82
31.54
32.43
' 40. 10
' 40. 30
' 39. 29
'42.41
' 39. 26
'37.11
35.30
35. 91
36. 83
.34. 08
31.29
31.26
32.24
31.98
31.68
33.13
30.78
30.70
32. 69
30.51
29.66
29.86
32.26
32.22
33.27
32.81
31.60
32.98
32.54
31.86
28.48
34.08
32.97
33.42
32.32
33.62
Percent
18.41
17.64
16.83
15.63
15.46
14.43
12.53
13.61
11.50
11.56
' 14. 29
' 15. 06
' 15. 21
' 17. 80
' 14. 24
' 14. 18
12.37
13.20
14.39
11.87
10.45
11.46
12.81
11.78
12.65
14.67
13.35
13. 00
11.91
11.44
11.31
10.39
11.18
7.18
11.09
12.21
12.05
12.47
11.45
11.03
12.31
11.32
11.82
10.63
12.26
Note.— Figures are rounded and vrill not necessarily add to totals.
' Revised.
' The amount of customs duties is calculated on the basis of reports of the Bureau of the Census showing
the quantity and value of merchandise imported. Figures for 1934 were compiled by the Bureau of
Foreign and Domestic Commerce; figures for 1935 and subsequent years were compiled by the Treasury
Department. For figures back to 1867, see annual reports for 1930, p. 523; 1932, p. 382; and corresponding
tables in subsequent reports.
2 Imports into the Virgin Islands from foreign countries not included in "dutiable" imports for 1935 and
subsequent years.
814
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
819
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REPORT OF THE SECRETARY OF THE TREASURY
821
MISCELLANEOUS
Table 107 — Net expenditures for Federal aid to States, individuals, etc. (exclusive
of emergency appropriations from which grants are made to States), fiscal years
1920, 1930, 1940, and 1944
Appropriation titles
1920
1930
1940
I. Appropeiations From Which Di-
rect Payments Are Made to
States, Individuals, Etc., Under
Cooperative Arrangements
executive office
War Shipping Administration
State marine schools, act Mar. 4, 1911
(34 U. S. C. 1121)
(')
(')
(')
INDEPENDENT ESTABLISHMENTS
Federal Power Commission
Payments to States under Federal
Power Act (16 U. S. C. 810)
$12, 875. 14
$19, 386. 33
Federal Security Agency
Colleges for agriculture and the me-
chanic arts (7 U. S. C. 321-343g)
Further endowment of colleges of agri-
culture and the mechanic arts (7 U. S.
C. 343e-343g; 54 Stat. 582)
Cooperative vocational education in
agriculture (20 U. S. O. 11-30)
Cooperative vocational education in
trades and industries (20 U. S. C.
U-30) -
Cooperative vocational education,
teachers, etc. (20 U. S. C. 11-30)
Cooperative vocational education in
home economics (20 U. S. C. 11-30)..
Cooperative vocational education in
distributive occupations (20 U. S. C.
11-30) -.
Cooperative vocational rehabilitation
of persons disabled in industry (29
U. S. C. 31-45b)
Further development and promotion of
vocational education (20 U. S. C. 15h-
15p; 54 Stat. 583, 29-30; 29 U. S. C. 31-
35)
$2, 500, 000. 00
2, 550, 000. 00
707, 130. 02
780. 096. 35
619, 556. 42
3, 151, 339. 81
2, 956, 295. 12
1, 029, 078. 43
248, 957. 29
Vocational education and training of
defense workers (54 Stat. 632; 1033-
1035; 55 Stat. 476-477)...
Civilian Conservation Corps (16 U. S.
C. 584-584q; 54 Stat. 581)
Training for nurses, Public Health
Service (56 Stat. 538; 57 Stat. 505)
To promote the education of the blind
(American Printing House for the
Blind) (20 U. S. C. 101. 102)
Expenses, Division of Venereal Dis-
eases, Public Health Service (42 U. S.
C. 24, 25; 52 Stat. 439, 440)
Grants to States for public health work.
Social Security Act, Aug. 14, 1935 (42
U. S. C. 801-803).
Payment to States, United States Em-
ployment Service (29 U. S. C. 49-491).
Grants to States under Social Security
Act (42 U. S. C. 301-606, 1201-1206)...
G rants to States for public employment
offices (29 U. S. C. 49-491)
National Youth Administration (act
June 26, 1940, 54 Stat. 590; 55 Stat.
487-488,491-492)
Total 4,636,782.79
30, 000. 00
735, 618. 96
75, 000. 00
10, 746, 289. 61
2, 550, 000. 00
2, 480, 000. 00
2 19, 729. 92
2 9, 786. 58
2 10, 000. 00
2 18, 430. 61
2 10, 000. 00
2, 082, 197. 81
19, 384, 914. 13
270, 856, 832. 30
115,000.00
4, 188, 399. 31
9, 500, 706. 43
3, 366, 606. 00
329, 303, 433. 26
643, 760, 142. 13
$154, 860. 96
50, 061. 99
2,550,000.00
2, 480, 000. 00
6, 073, 161. 17
20, 334, 389. 66
81, 239, 635. 75
49, 942, 166. 44
125, 000. 00
9, 702, 282. 61
10, 839, 952. 83
(»)
440, 540, 265. 16
(')
(♦)
623, 826, 853. 62
Footnotes at end of table.
822
REPORT OF THE SECRETARY OF THE TREASURY
Table 107. — Net expenditures for Federal aid to States, individuals, etc. (exclusive
of emergency appropriations from which grants are made to States), fiscal years
1920, 1930, 1940, and i 944— Continued
Appropriation titles
1920
1930
1940
I. Appropriations From Which Di-
rect Payments Are Made to
States, Individuals, Etc., Under
Cooperative Arrangements —
Continued
independent establishments— con.
Federal Works Agency
Cooperative construction of rural post
roads (23 U. S. C. 21, 54) (see also
items of similar type under class II)..
Federal-aid highway system (23 U. S.
C. 1-24, 41, 21a, 23a, 41a)
Federal-aid secondary or feeder roads
(act June 16, 1936, 49 Stat. 1521, sec. 7)
Elimination of grade crossings (act
June 16, 1936, 49 Stat. 1521, sec. 8)
Public-lands highways (act June 16,
1936, 49 Stat. 1520, sec. 3)
United States Housing Authority fund
(42 U. S. C. 1404 (d), 1418; 50 Stat.
889, 897, sec. 4 (d), 18)
Annual contributions. United States
Housing Authority (42 U. S. C. 1410).
$20,305,622.75
$77, 887, 692. 53
$150, 469. 87
105, 351, 357. 88
18, 355, 138. 85
29, 521, 720. 26
2, 128, 682. 39
1,386,132.08
$35, 625, 043. 15
4,054,028.51
5, 893, 849. 28
167, 864. 20
(«)
Total.
Interdepartmental Social Hygiene Board
Payments for prevention and research,
venereal diseases (41 Stat. 888)
20, 305, 622. 75
1, 759, 262. 72
77, 887, 692. 53
156, 893, 501. 33
45, 740, 785. 14
National Housing Agency
Annual contributions. Federal Public
Housing Authority (42 U. S. C. 1410)
Veterans Administration
State and territorial homes for disabled
soldiers and sailors (24 U. S. C. 134)
(Annual appropriations under title
"Salaries and expenses. Veterans
Administration")
1,094,584.44
575, 206. 34
department of agriculture
Payments to State and Territories for
agricultural experiment stations (7
U. S. C. 301-308, 361-386f, 369a, 427-
427g) --
Cooperative agricultural extension work
(7 U. S. C. 301-308, 341-348, 343c-343e,
343f,343g)
Payments to States andiTerritories from
the national forests fund (16 U. S. C.
500)
Payments to school funds, Arizona and
New Mexico, national forests fund
(act June 20, 1910, 36 Stat. 561, 573,
sees. 6, 24)-..
Forest-fire cooperation (16 U. S. C.
564-570)
Cooperative distribution of forest plant-
ing stock (16 U. S. C. 667)
Conservation and use of agricultural
land resources (act Feb. 29, 1936, 16
U. S. C. 590G-590q)
Payments to counties from submarginal
land program (7 U. S. C. 1012)
Supply and distribution of farm labor.
War Food Administration (57 Stat.
70) -.
Total.
1,440,000.00
4, 471, 593. 71
1, 069, 886. 88
78, 867. 32
4, 335, 000. 00
7, 539, 786. 13
1,565,032.06
41, 243. 00
1, 383, 040. 89
80,315.09
7, 060, 347. 91 14, 944, 417. 17
978, 766. 88
6, 848, 148. 63
18, 458, 266. 78
1, 192, 369. 57
23, 554. 99
1, 987, 537. 50
90, 331. 66
552, 042, 803. 99
580, 643, 013. 12
10, 131, 076. 59
1, 119, 200. 37
6, 946, 439. 47
20, 583, 198. 81
2, 475, 655. 44
26, 887. 91
5, 552, 386. 22
104, 956. 93
394, 541, 439. 29
75, 280. 72
5, 850, 893. 00
436, 157, 137. 79
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
823
Table 107. — Net expenditures for Federal aid to States, individuals, etc. {exclusive
of emergency appropriations from which grants are made to States) , fiscal years
1920, 1930, 1940, and ^ 544— Continued
Appropriation titles
1920
1930
1940
I. Appropriations From Which Di-
rect Payments Are Made to
States, Individuals, Etc., Under
Cooperative Arrangements—
Continued
department of the interior
Payments to States from receipts under
Mineral Leasing Act (30 U. S. C. 191).
Payments to States under Grazing Act,
June 28, 1934, public lands (43 U. S. C.
315i)
Payments to States under Grazing Act,
June 28, 1934, Indian ceded lands (43
U. S. C. 315j)
Payments to counties from receipts un-
der Migratory Bird Conservation Act
(16 U. S. C. 715e)
Payment to States of 5% of proceeds
of public lands (receipt limitation)
(31 U. S. C. 711, par. 17; annual appro-
priation provided for 1942, act June
28, 1941, 55 Stat. 310)
Coos Bay wagon-road grant fund (act
Feb. 26, 1919, 40 Stat. Sec. 5)
Revested Oregon and California Rail-
road and reconveyed Coos Bay
wagon-road grant lands, Oregon (re-
imbursable) (act Aug. 28, 1937, 50
Stat. 874) ...-
Payment of proceeds of sales of Coos
Bay wagon-road grant lands and
timber (receipt limitation) (act Feb.
26, 1919, 40 Stat. 1179)....
Payments to Coos and Douglas Coun-
ties, Oreg., in lieu of taxes on Coos
Bay wagon-road grant lands (act
May 24, 1939, 53 Stat. 753)-...
Payment to certain counties in Oregon
in lieu of taxes on Oregon and Cali-
fornia grant lands (receipt limitation)
(act June 9, 1916, 39 Stat. 222, sec.
10, and various supplemental acts;
additional annual appropriation pro-
vided for 1939, act June 25, 1938, 52
Stat. 1129)
Payment to counties, Oregon and Cali-
fornia grant lands (50%)
Payment to counties in lieu of taxes on
Oregon and California grant lands, 25
per centum fund (25%) (act Aug. 28,
1937, 50 Stat. 875)
Payment to Oklahoma from royalties,
oil and gas, south half of Red River
(receipt limitation) (act Mar. 4, 1923,
30 U. S. C. 233)
Payment to States from potash de-
posits, royalties and rentals (act Feb.
7, 1927, sees. 5 and 6 (30 U. S. C. 149,
285,286))
Payment to Alaska under Alaska Game
■ Law (48 U. S. C. 199, Subdiv. K)..-.
Payments to Arizona and Colorado for
Colorado River Dam fund, Boulder
Canyon Project (43 U. S. C. 617a, f)..
Total.
department of labor
Grants to States under Social Security
Act, Aug. 14, 1935 (42 U. S. C. 701-705,
711-715,721)
Promotion of welfare and hygiene of
maternity and infancy
TotaL
$1,387,838.33
$2, 151, 654. 16
503, 969. 63
$2, 698, 035. 06
97, 581. 82
43,441.31
18, 291. 68
« 43, 612. 97
186, 829. 45
792, 558. 45
41, 777. 90
602.08
(•)
142,040.85
12, 771. 12
221.00
313, 845. 13
8, 786. 13
49, 255. 80
8 20, 280. 63
17, 380. 44
O
950, 423. 47
2, 470, 908. 78
« 9, 522. 00
9, 522. 00
3, 203, 426. 53
9, 680, 706. 10
9, 680, 706. 10
344, 699. 56
25, 118. 12
600,000.00
4, 778, 840. 30
11, 158, 076. 56
11,158,076.56
Footnoteslat end of table.
824
REPORT OF THE SECRETARY OF THE TREASURY
Table 107. — Net expenditures for Federal aid to States, individuals, etc. (exclusive
of emergency appropriations from which grants are made to States), fiscal years
1920, 1930, 1940, and 1944 — Continued
Appropriation titles
1920
1930
1940
1944
I. Appropriations From Which Di-
rect Payments Are Made to
States, Individuals, Etc., Under
Cooperative Arrangements—
Continued
NAVY department
State marine schools, act Mar. 4, 1911
(34 U. S. C. 1121).
$176, 689. 36
$50, 000. 00
$140,035.61
(')
Total Class I
35, 033, 289. 97
106,696,911.57
1, 395, 318, 978. 03
$1, 133,116,893.32
II. Appropriations for Cooperative
Work With States
department of agriculture
Cooperative construction, etc., of roads
and trails, national forests (act July
11, 1916, 39 Stat. 358)
Federal forest road construction (act
Feb. 28, 1919, 40 Stat. 1201)
1,699,043.82
2, 550, 513. 26
(10)
(10)
7, 961, 031. 77
(.0)
(10)
11,478,686.21
(10)
(10)
11 6,516,650.14
Forest roads and trails (23 U. S. C. 23,
23a)
Forest reserve fund, roads and trails for
States (16 U. S. C. 501)
86, 886. 73
Cooperative fire protection of forested
watersheds of navigable streams (16
U. S. C. 563)
Cooperative farm forestry (16 U. S. C.
567-568b)
58, 880. 69
Total
4, 336, 443. 81
8, 019, 912. 46
11,478.686.21
6, 516, 650. 14
department of the interior
Federal aid, wildlife restoration (act
Sept. 2, 1937, 50 Stat. 917)...
12 451, 298. 51
1, 133, 546. 67
treasury department
Public Health Service
Preventing the spread of epidemic dis-
eases
273, 329. 98
71,117.32
345,159.45
Interstate quarantine service
Studies in rural sanitation ...
Total
689, 606. 75
WAR department
National Guard (32 U. S. C. 21, 22)
2. 663, 485. 27
31,987,927.34
71,019,749.28
244, 909. 84
Total Class II
6, 999, 929. 08
40. 697, 446. 55
82, 949. 734. 00
7, 895, 106. 65
Grand total
42, 033, 219. 05
147, 394, 358. 12
1, 478, 268, 712. 03
1, 141,011,999.97
1 This account was transferred from Navy Department to Executive OfTice, Ofliee for Emergency Manage-
ment, War Shipping Administration, by Executive Order No. 9198, dated July 11, 1942. Expenditures for
fiscal years 1920, 1930, and 1940 are stated under Navy Department.
2 Deduct; represents net repayments. These accounts were discontinued, but their functions are con-
tinued under the two accounts immediately following.
' This account was discontinued in 1941 and its functions continued under "Grants to States for public
employment offices," stated under that caption. No expenditures for this activity in 1944.
< The National Youth Administration was transferred from Federal Security Agency to Executive Office,
Office for Emergency Management, War Manpower Commission, pursuant to Executive Order No.
9247, dated Sept. 17, 1942. Expenditures for 1940 were made from Emergency Relief Appropriation Act
funds, therefore not stated in this table.
• Executive Order No. 9070, dated Feb. 24, 1942, transferred the U. S. Housing Authority, its functions and
duties to the National Housing Agency, Federal Public Housing Authority. Expenditures for 1944 are
stated under National Housing Agency.
• Special fund account repealed as a permanent appropriation, effective July 1, 1935, by sec. 4 of the Perma-
nent Appropriation Repeal Act, June 26. 1934 (48 Stat. 1227). Annual appropriation provided for same
object under the account immediately following.
' Expenditures under this caption stated under combined accounts immediately following.
' Expenditures formerly classified under "Federal aid, wildlife restoration" in Class II of this statement.
• Activities under this caption expired June 30, 1929.
1' These accounts consolidated with combined accounts immediately following.
11 Expenditures under this caption comprise $5,637,735.97 by Department of Agriculture and $878,914.17
by Bureau of Public Roads, Federal Works Agency.
u This figure is reduced by amount of expenditures under "Alaska Game Law" now stated under Depart-
ment of the Interior, Class I of this statement. (See footnote 8.)
REPORT OF THE SECRETARY OF THE TREASURY
825
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944
[The Treasury Departmenti for general information, has compiled from figures furnished by the depart*
ments and establishments concerned the following statement, exhibiting by States and Territories the
amounts paid to each under the appropriations for Federal aid to States shown under Classes I and II in
the preceding table. The amounts in this table, derived from the accoimts of various departments and
establishments, are not necessarily on the same accounting bases, and consequently not strictly com-
parable]
Part A.— Direct Payments to States Under Cooperative Arrangements
State
Agricultural
experiment
stations
(1)
Alabama.
Arizona
Arkansas
California
Colorado
Connecticut
Delaware.--
District of Columbia.
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Miimesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New. York
Nor ^^h Carolina
Nor''h Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota..
Teimessee
Texas.
Utah
Vermont
Virginia.
Washington
West Virginia
Wisconsin
Wyoming
Alaska
Hawaii
Puerto Rico
Total.
Department of Agriculture
$172,
103,
153,
171,
112,
108,
91,
037. 52
285.16
531. 46
893. 64
430. 96
944. 88
127.23
124,
177,
104,
167,
152,
154,
140,
171,
146,
110,
120,
108,
162,
147,
162,
166,
105,
128,
92,
98,
121,
104,
183,
196,
114,
171,
158,
112,
225,
91,
149,
114,
167,
239,
100,
93,
154,
123,
145,
150,
96,
39,
97,
139,
782. 16
522. 92
219. 84
104. 81
900.44
854. 64
050. 96
533. 32
502. 80
692. 16
259. 72
034. 09
763. 19
269. 04
651. 40
375. 12
503. 16
776.60
734.64
507. 40
260.32
516. 00
671. 89
085.56
659. 78
023.93
4,50. 84
790. 32
322. 64
434.87
464. 96
432. 44
136. 04
364. 76
503.68
414.64
023.28
254.42
859. 16
224.88
759. 52
752. 44
374. 84
369. 00
6, 946, 439. 47
Agricultural
txtension
work '
(2)
$735, 016. 12
125, 243. 39
614, 572. 10
501,911.62
251,011.59
143, 672. 60
77, 739. 70
253, 063. 54
776, 667. 97
179, 187. 71
611,252.16
526, 995. 67
589, 200. 72
433. 743. 15
733, 369. 49
508, 968. 20
176, 039. 75
209, 752. 21
133, 350. 94
551, 975. 36
565, 870. 13
757, 609. 66
667, 979. 45
191, 650. 66
398, 158. 14
81,031.85
101, 187. 48
186, 029. 37
169, 669. 52
533, 417. 60
919, 791. 23
281, 299. 14
674, 948. 72
603,601.71
220, 276. 87
648, 929. 24
54, 704. 09
538, 752. 33
279, 551. 00
709, 944. 55
1, 279, 449. 93
140, 870. 24
127,230.91
583, 583. 93
272, 690. 33
362. 763. 76
543, 485. 16
121, 378. 19
28, 950. 00
126,071.25
279, 588. 38
Supply and
distribution
of farm
labor
(3)
$155,000.00
65, 000. 00
120, 000. 00
675, 000. 00
50, 000. 00
80, 000. 00
20, 000. 00
100, 000. 00
80, 000. 00
120, 000. 00
115, 000. 00
95, 000. 00
75, 000. 00
25, 000. 00
45, 000. 00
175, 000. 00
100, 000. 00
105, 000. 00
20, 000. 00
195, 000. 00
100, 000. 00
80, 000. 00
45, 000. 00
60, 000. 00
15, 000. 00
38, 000. 00
35, 000. 00
55, 000. 00
65, 000. 00
814, 893. 00
165, 000. 00
50, 000. 00
200, 000. 00
180, 000. 00
180, 000. 00
130, 000. 00
7, 000. 00
40, 000. 00
50, 000. 00
95, 000. 00
360, 000. 00
50, 000. 00
30, 000. 00
160, 000. 00
185, 000. 00
25, 000. 00
140, 000. 00
65, 000. 00
16, 000. 00
20,683,198.81 5,850,893.00 5,684,231.06 2,475,655.44
Forest funds,
etc.»
(4)
$155, 308. 78
26, 624. 04
142, 574. 40
676, 000. 30
2, 040. 17
36, 844. 43
6, 583. 41
319, 739. 39
126, 525. 56
136, 202. 77
18, 993. 84
21, 583. 13
3, 047. 21
1, 839. 50
54, 225. 25
118,858.35
99, 763. 10
95,541.81
45, 597. 04
266, 809. 09
159, 081. 53
122, 137. 48
49, 186. 44
59, 166. 92
4, 595. 03
39, 331. 04
105, 730. 83
1,934.32
135, 647. 93
176, 060. 29
3, 133. 00
35, 655. 48
33,174.31
659, 098. 01
84, 537. 54
15, 482. 48
194, 796. 45
3, 522. 36
108, 614. 21
117,246.66
9,014.31
34, 367. 79
185, 052. 06
756, 200. 71
78, 659. 78
151, 187. 44
741. 65
3, 573. 44
2, 600. 00
Roads and
trails 3
(5)
$18, 840. 06
107, 048. 08
147, 637. 57
246, 129. 62
114,213.31
37, 174. 15
20, 188. 57
179,118.26
3, 373. 21
704.29
324. 81
10, 345. 59
51, 134. 72
868. 53
29, 894. 61
34,517.41
23, 297. 24
6, 996. 33
93, 218. 68
4, 745. 29
23,141.11
11,898.25
58,209.54
42, 868. 03
40.34
1, 287. U
16, 147. 24
362, 766. 00
6, 328. 97
35, 659. 23
32, 702. 03
20, 377. 51
40, 342. 30
44, 428. 68
13, 753. 07
12, 888. 04
506, 795. 61
10, 283. 45
16,570.48
61, 885. 34
26, 411. 54
1, 101. 24
Payments
to counties
from sub-
marginal
land pro-
gram
(6)
$79.20
36.54
3, 383. 69
409. 78
6, 012. 52
216. 31
879. 36
7, 522. 48
662. 43
1, 593. 87
357. 33
105. 87
731. 15
46.88
690. 30
4.97
1, 314. 53
607.11
10, 337. 89
2, 123. 95
91.25
2, 887. 76
684.30
2, 147. 32
11,441.60
1, 607. 25
995.29
278.65
181. 53
23.97
9, 588. 48
2, 680. 61
164.76
24.24
180. 71
207.60
4, 979. 44
76, 280. 72
' Includes $1,815,648.00 for emergency extension work, War Food Administration programs.
' Comprises $26,887.91 under payments to school funds, Arizona and New Mexico; $5,552,386.22 under
forest fire cooperation, and $104,956.93 under farm and other private forestry cooperation,
• Represents payments to States and Territories from national forests fund.
826
REPORT OF THE SECRETARY OF THE TREASURY
Table 108. — Expendihires made by the Government as direct payments to Stat
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part a.— Direct Payments to States Under Cooperative Arrangements— Continued
Department of the Interior
Executive
Office
Federal
Power
Commis-
sion—Pay-
ments to
States un-
der Federal
Power Act
(11)
Veterans'
Administra-
tion—State
and territo-
rial homes
for disabled
soldiers and
sailors
(12)
State
Wildlife
restoration *
(7)
Payments
from receipts
under Min-
eral Leasing
Act
(8)
Payments
under cer-
tain special
funds »
(9)
War Ship-
ping Ad-
ministration,
State marine
schools •
(10)
$6,018.02
18, 659. 92
29, 983. 16
53, 546. 93
41, 583. 87
3, 884. 09
341. 60
$22. 69
905. 03
$125. 75
317,481.68
100. 33
22, 835. 58
6,191.82
$85. 09
822. 27
40.43
31,271.49
880. 49
California
955, 188. 68
89, 603. 24
$25,000.00
$234, 445. 23
17,281.01
62, 836. 65
18, 744. 15
16, 505. 65
23, 726. 87
21, 061. 20
66, 130. 96
78, 062. 36
49, 535. 94
669. 61
29, 547. 39
14, 387. 55
9, 760. 57
12, 172. 85
94, 487. 63
20, 088. 58
13,951.58
24, 963. 75
17,064.36
30, 367. 07
1, 197. 44
158. 95
5.34
60.00
4, 791. 63
3,495.31
8, 524. 35
165, 479. 68
49, 559. 58
28, 369. 47
2,579.83
18, 184. 24
8, 437. 42
25.89
41,610.96
25,000.00
91,859.04
609.64
10.19
22.79
10.19
8.46
10, 108. 51
106.74
300, 012. 77
41.28
22.38
47.50
5.90
1,100.27
37,149.00
53, 586. 60
12,456.90
73, 758. 25
56.25
1, 160. 06
4, 009. 79
26, 651. 50
1, 663. 56
6,144.45
New Jersey
16, 543. 80
13, 992. 88
41, 538. 94
10, 466. 77
21,401.16
63, 687. 40
11,204.61
35, 808. 65
54, 168. 68
24, 204. 60
535,827.81
336,179.97
20.27
38, 250. 00
998. 81
73.25
18, 538. 04
477. 27
6,721.65
Ohio
95, 993. 55
9, 299. 87
75.19
18.74
970, 288. 26
3,715.31
75.50
Pennsylvania
25, 000. 00
32, 532. 90
14, 760. 45
12, 678. 41
5,319.81
3, 469. 69
54, 613. 82
25, 584. 87
4, 656. 86
23,812.38
6, 862. 58
5, 264. 60
39, 902. 95
15,512.94
37, 623. 64
21.52
30.92
3.76
South Dakota
4, 371. 40
2,462.73
20, 273. 46
Texas
Utah
125, 519. 27
2,381.98
9, 550. 80
46.82
3, 172. 13
6.98
7.18
351.31
647. 25
2, 304. 59
59, 260. 05
Wisconsin
117. 80
38,405.17
35, 564. 86
872, 022. 39
2,801.75
Puerto Rico
1,547.66
26.50
Total...
1, 202, 106. 10
2,698,035.06
2,012,245.81
154, 860. 96
50,061.99
1,119,200.37
* Comprises $1,133,546.67 under Wildlife Restoration Act; $43,441.31 under Migratory Bird Act; and $25,
118.12 under Alaska Game Law.
« Comprises $600,000 to Arizona and Nevada under Boulder Canyon Adjustment Act of July 19, 1940;
$680,363.43 payments to counties, Oregon and California grant lands; $270,060.04 payments to counties in
lieu of taxes on Oregon and California grant lands, 25 per centum fund; $17,380.44 payments to Coos and
Douglas Counties, Oreg., in lieu of taxes on Coos Bay Wagon Road grant lands; $344,699.56 payments to
States from potash deposits; $97,581.82 payments to States under Grazing Act of June 28, 1934; and $2,160.52
payments to States of 5% of net proceeds from sales of public lands.
' Transferred from Navy Department to Executive Office, Office for Emergency Management, War Ship-
ping Administration, by Executive Order No. 9198, dated July 11, 1942.
REPORT OF THE SECRETARY OF THE TREASURY
827
Table 108. — Expenditures made hy the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Pakt a.— Direct Payments to States Under Cooperative Arrangements— Continued
State
Federal Security Agency
Office of
Vocational
Rehabili-
tation
(13)
Office of Education
Colleges for
agriculture
and me-
chanic arts
(14)
Cooperative
vocational
education and
rehabilitation
(15)
American
Printing
House for
the Blind
(16)
Payments
to States
under social
security
program '
(17)
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
D elaware
District of Columbia.
Florida
Georgia
Idaho
Illinois
Indiana.-
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan-..
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia -..
Washington
West Virginia
Wisconsin
Wyoming
Alaska
Hawaii
Puerto Rico
Undistributed
$95,
26,
93,
241,
9,
70,
34,
422. 23
941.73
912.87
259. 24
065. 24
413.11
559. 89
103.
254,
10,
363
90,
41,
45,
96,
104,
40,
39,
95,
184,
71,
73,
52,
22,
33,
6,
21,
80,
19,
408,
186,
27,
137,
97,
27,
272,
27,
109,
7,
181,
274,
13,
36,
77,
53,
72,
208,
7,
, 169. 48
,071.07
, 367. 40
, 757. 98
, 627. 93
,118.48
, 527. 36
, 099. 78
,431.72
, 565. 86
, 778. 71
,501.65
,001.55
, 936. 13
,815.27
, 638. 27
548. 33
302. 82
430. 66
603. 95
512. 52
410.42
492. 43
699. 16
852. 62
639. 50
772. 26
388. 11
976. 86
411.37
011.66
728. 54
859. 49
794. 91
389. 27
227. 71
295. 05
929. 22
545. 51
850. 05
819. 50
617. 28
071.76
$102,332.47
75, 698. 05
92, 248. 29
148,833.74
82, 820. 14
89, 507. 51
73,041.61
91,655.11
105, 650. 94
75, 990. 36
160, 130. 90
109,121.30
98,969.15
90,554.99
102, 477. 04
96. 978. 88
79, 669. 36
90, 785. 79
119,266.57
129,987.73
101,868.41
94, 923. 58
113,194.22
76, 385. 05
85,017.57
71, 258. 25
75, 609. 75
117,479.80
76, 069. 62
223, 836. 92
110,762.80
77, 326. 39
148, 836. 31
96, 665. 64
82, 436. 51
182, 990. 38
78,141.40
91,682.40
77, 338. 09
103, 278. 40
143,212.13
76, 280. 66
74. 099. 89
100, 561. 32
89,815.07
91,707.16
105.809.17
72,861.72
50, 000. 00
74,831.46
50, 000. 00
Total 4,708,163.91 5,030,000.00 21,699,386.92 125,000.00 451,380,217.99
$594,812.41
112,333.43
435, 380. 02
827,313.00
184, 034. 98
235, 037. 21
105,004.07
50, 937. 92
306, 888. 77
622, 109. 50
112,744.43
1,106,854.87
557, 085. 36
412, 638. 39
288,891.84
525, 379. 36
418,414.70
145, 267. 83
245,491.60
488, 480. 05
816, 642. 85
453, 434. 74
499, 037. 95
611,675.66
126,375.03
222, 627. 46
57, 202. 37
84, 232. 85
475, 644. 29
111,404.92
1, 679, 942. 12
760,531.07
107,921.61
975, 847. 12
451,608.24
186,411.77
1, 440, 478. 91
107, 088. 73
408, 477. 28
100,761.06
598, 376. 94
1,166,487.43
117,261.04
114,296.87
521,479.83
292,598.88
331,935.80
568, 008. 43
85, 774. 32
103, 580. 64
347, 140. 97
$5, 269. 37
956. 22
2, 360. 03
3,906.25
976. 56
1, 098. 63
1,912.43
2, 624. 51
386. 55
5, 615. 23
2, 563. 47
3,051.76
1,647.95
3, 072. 10
2,441.41
1,912.43
5, 126. 95
5, 350. 76
3,112.80
2, 176. 92
2,031.51
569. 66
1,017.25
1.871.75
1,078.29
9, 989. 43
6,001.79
651 . 04
5, 859. 38
2, 685. 55
2, 990. 72
8, 097. 33
1,831.05
691.73
3, 092. 45
6, 591 . 80
630. 70
4, 028. 32
1,831.05
2, 278. 64
3, 926. 59
366. 21
1, 322. 43
2,948
3, 732
44, 489
10, 602
3, 963,
381,
1, 150,
6, 209,
6, 358,
2, 344,
35, 726,
12, 254,
9, 934,
6, 540,
4, 439,
7, 7.30,
3, 187,
3,311,
20, 422,
21,707,
12, 628,
2, 556,
17, 510,
2, 523,
5, 105,
596,
1, 565,
6, 820,
1, 732,
30, 304,
4, .504,
1.987,
26, 955,
15, 272,
4, 496,
24, 13').
1,930,
2,919,
2, 258,
6, 982,
27, 446,
3,816,
968,
2,816,
15,953,
3, 637,
10,361.
933,
362,
508,
264,
202,
I, 245. 09
;, 962. 53
1, 012. 50
001.92
', 379. 29
521.37
067. 48
196. 28
671.97
361. 19
183.95
672.41
091.75
621.62
028. 19
838. 92
448. 66
198.40
631. 13
714.43
334. 21
568. 05
807.83
685. 24
691.54
171.65
166. 80
315. 90
753. 58
567. 90
315. 28
672. 17
037. 28
807. 46
031. 10
611.80
402. 19
308. 93
974. 54
573. 58
983. 97
121.98
347. 64
160.67
585. 44
298. 09
937.07
588. 72
980. 70
977. 71
964. 11
667. 40
958. 38
' Comprises $440,540,265.16 payments by Social Security Board and $10,839,952.83 by Public Health
Service. The payments by Social Security Board include $35,229,255.87 for administration of unemploy-
ment compensation as provided under Title III of the Social Security Act, and $369,298.23 for enemy alien
and civilian war assistance.
828
REPORT OF THE SECRETARY OF THE TREASURY
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part A.— Direct Payments to States Under Cooperative Arrangements— Continued
State
Department of Labor
Payments to
States under
social
security
program
(18)
Emergency
maternity
and infant
care
(19)
Federal Works
Agency-
Public roads,
highways '
(20)
Total direct
payments
(21)
Alabama- -
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Idaho_
Illinois
Indiana --
Iowa --
Kansas
Kentucky
Louisiana
Maine.
Maryland --
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska...
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia—
Washington
West Virginia
Wisconsin
Wyoming
Alaska.
Hawaii
Puerto Rico
Undistributed
Total , 11,158,076.56
$345, 103. 94
135, 392. 68
208, 827.
367, 202.
124, 570.
146, 433.
54, 656.
148, 015.
213, 427.
311, 529.
105, 180.
360, 457.
251, 346.
231, 336.
144,214.
293, 622.
249, 970.
125,271.
191, 664.
219, 234.
335, 549.
241, 997.
272, 502.
267, 662.
80, 395.
164, 358.
52, 862.
78,919.
198, 263.
153, 052.
494, 020.
329, 522.
131, 832.
317, 883.
220, 271,
142,131.
505, 319.
82, 076.
312, 332,
77, 248,
237, 183,
555. 284
114, 689
86, 385.
300, 134
158, 356,
179, 426,
241, 226,
66, 812,
82, 912
92, 064,
367, 936
$314, 938. 00
182, 352. 00
403, 985. 00
2, 243. 022. 00
250, 080. 00
409, 947. 00
77, 727. 00
234, 514. 00
520, 898. 00
365, 321. 00
142, 918. 00
1, 732, 252. 00
1, 201, 508. 00
.519,2.52.00
722, 727. 00
484, 565. 00
313, 673. 00
151, 774. 00
369, 940. 00
1,388,870.00
1, 061, 845. 00
690, 175. 00
437, 980. 00
831, 681. 00
174, 195. 00
414, 837. 00
50, 898. 00
128, 860. 00
944, 051. 00
154, 656. 00
3, 365, 562. 00
738, 025. 00
54, 328. 00
1, 832, 199. 00
682, 629. 00
344, 595. 00
1, 590, 272. 00
167, 344. 00
465, 733. 00
210, 831. 00
304, 452. 00
891, 1.53. 00
278, 981. 00
90, 902. 00
330, 000. 00
478, 794. 00
407, 180. 00
637, 943. 00
64, 322. 00
18, 415. 00
18, 100. 00
54, 688. 00
29, 945, 889. 00
$685, 462. 48
808, 962. 34
605, 779. 19
2, 022, 771. 70
740, 586. 27
393, 774. 97
107, 071. 02
123, 893. 08
1,114, ,'560.88
1, 705, 439. 49
1, 172, 892. 10
3, 646, 390. 79
929, 544. 47
265, 473. 05
544, 109. 98
899, 800. 56
456, 888. 06
310, 422. 65
579, 934. 83
598. 587. 51
1, 656, 942. 90
598, 135. 62
319, 679. 96
1, 157, 127. 38
366, 177. 89
489, 478. 41
461, 139. 12
74, 465. 96
1,224,414.83
697, 304. 77
1,151,870.68
264, 565. 69
873, 922. 82
2, 489, 729. 74
394, 537. 35
431, 793. 93
581, 309. 68
97, 868. 23
249, 000. 38
591,584.45
1, 2,59, 458. 00
1,379,211.48
571,020.38
42, 937. 66
702, 914. 84
1, 345, 090. 20
576, 583. 63
749, 944. 80
170, 511. 53
705, 763. 30
583,116.92
39, 969, 947. 95
$7, 276,
5, 056,
6, 786,
53, 936,
12,685,
5, 745,
1,029,
1, 707,
9, 416,
10, 930,
4, 724,
44, 205,
16, 308,
12,435,
9, 048,
7, 860,
10,412,
4,583,
5, 371,
23, 773,
27, 237,
15, 869,
5,417,
21, 520,
3, 996,
7, 126,
1,834,
2, 321,
10,371,
4,233,
39, 387,
8,413,
3, 768,
34, 106,
18, 231,
8,260,
29, 919,
2, 673,
5, 529,
3, 847,
10, 775,
33, 956,
5, 487,
1, 72,5,
5, 972,
20, 289,
5,927,
13, 954,
2, 681,
647,
1, 776,
2, 109,
202,
U9.22
705. 09
328.19
943. 04
762. 33
915.88
135. 25
556. 82
731.00
040. 35
652. 55
990. 49
763. 17
320.07
992.89
104.68
453. 15
531. 74
500.43
795. 87
085. 14
691. 37
943. 86
277.87
256. 96
391. 04
076. 80
760. 17
782. 19
132. 32
272.87
584.40
398. 65
705.68
172.89
020.45
802. 59
439.29
Oil. 25
230. 82
555. 43
067. 60
984. 81
430. 24
252. 93
612. 55
565. 71
920.13
690.38
307. 01
177.04
958.38
612, 868, 891. 12
« Comprises $35,625,043.15 for Federal-aid highway system (regular), $4,054,028.51 for Federal-aid secondary
or feeder roads (regular), and $290,876.29 for restoration of roads and bridges and flood relief (regular).
REPORT OF THE SECRETARY OF THE TREASURY
829
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangejnents and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part B.— Grants to and Expenditures Within States Providing Direct Relief, Work Reuef, and
Other Aid, Exclusive of Loans
State
Alabama..-
Arizona.
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida...
Idaho -
Illinois
Indiana _..
Iowa..
Kansas
Kentucky
Louisiana..
Maine
Maryland __
Massachusetts...
Michigan
Minnesota
Mississippi
Missouri..
Montana
Nebraska.
Nevada
New Hampshire.
New Jersey
New Mexico
New York
North Carolina..
North Dakota...
Ohio.
Oklahoma.-
Oregon
Pennsylvania
Rhode Island
South Carolina--
South Dakota. --
Tennessee
Texas..
Utah
Vermont
Virginia
Washington
West Virginia...
Wisconsin
Wyoming ...
Alaska..
Hawaii
Canal Zone
Puerto Rico
Virgin Islands...
Undistributed...
Total.
Department of Agriculture
Farm Security
Administration
War
housing
(22)
$21, 710. 74
4, 866. 63
110. 83
""22." 42'
2, 969. 09
3, 084. 28
72.38
10, 441. 89
1, 659. 93
1,855.12
48, 683. 27
1, 173. 11
744. 10
12,771.31
3, 949. 12
12, 359. 81
51.17
5, 940. 46
4,113.86
9, 760. 70
2, 216. 06
3, 685. 97
20, 773. 06
Other »
(23)
579. 84
173, 595. 05
$2, 475, 435. 96
113,002.55
2, 186, 368. 76
1,751,049.11
1,553,928.61
133, 101. 38
14, 048. 62
2, 356, 368. 19
441, 057. 07
1, 349, 378. 75
288, 410. 66
437, 299. 09
1,525,851.66
393, 499. 70
496, 788. 76
684, 035. 36
706, 917. 12
181, 609. 73
109, 754. 12
26, 714. 28
417, 267. 83
513, 160. 62
1, 068, 816. 52
1,083,851.70
363, 851. 59
802, 514. 79
43, 018. 96
58, 966. 22
83, 716. 24
338, 008. 43
247, 597. 60
1, 409, 068. 09
382, 319. 47
502, 249. 43
863, 543. 99
699, 032. 30
765, 469. 26
6, 740. 89
649, 837. 54
492, 869. 65
548, 871. 18
2,915,806.56
297, 377. 89
60, 509. 43
503, 374. 94
311,717.42
371,581.12
699, 310. 20
188, 901. 40
12,417.55
1, 496. 95
Agricultural
adjustment
program
(24)
861,201.14
44, 753. 50
34, 833, 839. 88
$12, 893,
2, 219,
13, 773,
17,876,
11, 733,
1,451,
989,
2,958,
6, 009,
14, 226,
11,039,
44, 705,
22, 951,
47,211,
39, 209,
11,515,
17, 889,
5, 894,
5, 331,
1, 829,
13, 987,
27, 188,
16, 856,
25, 371,
14, 336,
32, 419,
368,
648,
3, 325,
3, 991,
11, 130,
16, 259,
23, 453,
23, 879,
23, 258,
7, 403,
10, 663,
281,
10, 515,
17, 090,
11,066,
48, 291.
3, 800,
1, 073,
6,254,
11,817,
2,917,
14, 478,
3, 436,
12
8,733
265. 67
514. 63
393. 62
457. 88
371. 84
393. 81
806. 17
188.10
336. 78
662. 33
502. 22
391.33
707. 75
137. 68
800. 69
166. 01
399. 67
006. 13
441.04
280.88
835. 30
406. 24
392. 84
131.65
227. 98
543. 79
891. 98
868.03
179. 19
584. 89
233. 87
755. 81
105. 46
466. 13
811.51
109. 92
074.28
191. 21
565. 63
006. 76
499. 32
584.37
548. 12
849. 26
578. 92
783. 01
830. 67
063. 29
.051.22
, 735. 63
i, 437. 74
Forest roads
and trails
(25)
14, 967, 542. 78
47,055.17
1, 367, 400. 99
701, 301, 560. 79
$42, 093. 52
141,113.33
104, 572. 18
989, 409. 09
213, 400. 70
78, 971. 60
45,061.42
02,615.12
549, 190. 26
26, 964. 23
95, 304. 46
31, 368. 36
2, 259. 48
73, 871. 90
89, 020. 72
71, 070. 68
43, 760. 13
703, 083. 83
1, 313. 37
49, 463. 28
29, 861. 36
239, 615. 36
64, 365. 50
2, 299. 50
6, 967. 95
697, 853. 28
56, 360. 66
Department
of the
Interior —
Territories
and Island
Possessions '»
(26)
40, 316. 40
17,796.43
54, 287. 10
62, 097. 51
234, 470. 29
11, 170. 34
122, 696. 42
246, 222. 87
76, 876. 21
84, 781. 33
85, 466. 02
80, 049. 90
11,284.88
5, 637, 735. 97
$25, 893. 84
140, 000. 00
166, 893. 84
» Excludes war housing activities (stated separately) and rural rehabilitation loans of $67,443,787.99; farm
tenancy loans of $24,074,253.68; water facilities loans of $773,323.92; flood and windstorm damage loans of
$1,903,510.12; and $55,314.07 from emergency funds for the President for loans incidental to evacuation of
enemy aliens. . ^ ^ _ ^ „ .
15 Expenditures in Puerto Rico were made from the account "Emergency Relief, Interior, Puerto Kico
Reconstruction Administration." Expenditures in Virgm Islands were from the account "Defraying
Deficits in Treasuries of the Municipal Qoverument, Virgin Islands, 1944."
830
REPORT OF THE SECRETARY OF THE TREASURY
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part B. — Grants to and Expenditures Within States Providing Direct Relief, Work Relief, and
Other Aid, Exclusive of Loans — Continued
State
Alabama -
Arizona
Arkansas, _
California
Colorado
Connecticut
Delaware
District of Columbia-
Florida.- -
Georgia
Idaho -.-
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska -
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma -
Oregon
Pennsylvania
Rhode Island _ _
South Carolina
South Dakota...
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Alaska
Hawaii
Canal Zone
Puerto Rico
Virgin Islands
U ndistributed
Total -
War Depart-
ment—
National
Guard
(27)
$952. 76
1, 252. 55
9, 087. 52
172. 28
396. 99
625. 04
18.50
311.84
1, 542. 65
25.53
1, 400. 87
646. 26
8, 684. 42
128.55
3, 223. 76
305. 97
389. 48
3,011.76
6, 346. 54
532. 98
3,171.77
2, 026. 50
204. 56
2.00
17, 785. 43
2, 318. 05
412. 30
508. 34
246. 46
1,807.74
230.96
7.89
17.01
4, 181. 08
587. 21
1, 032. 66
799. 12
2, 690. 12
335. 66
167, 488. 73
244, 909. 84
Federal Security Agency
Training of
nurses
(2S)
$525, 786. 50
115,825.00
221, 859. 00
2,056,138.83
696, 786. 00
876, 399. 00
115,445.00
524. 163. 00
338, 290. 00
857, 994. 72
188,033.00
3, 700, 575. 50
927, 827. 61
1, 031, 282. 50
795, 734. 00
544, 293. 67
754, 942. 00
313, 738. 00
850, 957. 00
2, 454, 808. 90
1,700,009.00
2, 167, 144. 89
128, 857. 00
1,148,721.57
565, 149. 00
559,701.00
234,
1, 856,
40,
4, 739,
773,
512,
3. 497,
461.
542.
4,951.
286,
500,
498,
922,
1. 755,
403,
149,
1,014,
1,019,
610,
915,
19,
409. 00
718.00
703. 00
198. 64
532. 00
786. 60
478. 40
494. 00
840. 62
775. 51
290. 00
986. 00
884. 00
399. 50
536. 00
114.48
329. 00
389. 50
377. 50
257. 00
928. 00
247. 00
S, 971. 00
Public Health
Service
(29)
$408, 217. 63
38, 594. 00
163, 533. 00
410,480.98
85, .551. 32
71, 475. 00
21.101.00
98. 754. 00
330, 076. 27
484, 983. 53
32, 055. 00
425, 800. 00
189, 024. 00
107,489.00
129. 937. 00
353, 588. 90
301, 775. 10
46, 628. 00
132. 740. 58
117,609.13
259, 505. 84
121. 424. 00
414, 740. 13
179, 173. 00
16, 519. 00
50, 866. 00
15,401.00
26, 138. 28
170,322.00
59, 252. 00
529, 817. 94
417, 433. 76
35, 464. 00
306, 179. 00
220. 106. 12
92. 396. 56
397, 325. 69
23. 387. 00
327, 759. 23
37, 294. 00
274, 560. 00
679, 010. 39
41,194.00
19, 128. 61
259. 923. 00
96, 215. 62
139, 800. 00
126,801.00
16, 167. 00
23, 968. 00
24, 372. 00
340, 031. 00
11, 194. 00
Office of
Education-
Training of
defense
workers
(30)
$2, 519, 353. 39
423, 036. 24
615, 775. 79
9, 484, 234. 77
956, 003. 87
749, 236. 49
670, 959. 28
376, 690. 68
1, 704, 885. 71
1, 286, 808. 82
269, 402. 36
3, 587, 667. 01
1, 685, 544. 25
502, 378. 83
1, 021, 1.59. 89
1, 082, 550. 50
1, 523, 860. 42
366, 530. 17
1, 245, 054. 72
1,834,247.00
2, 463, 243. 09
1, 509, 815. 66
857, 729. 50
1,690,912.53
113.911.82
296, 769. 35
103, 064. 83
449, 879. 36
1, 943, 904. 07
255, 573. 99
7, 932, 760. 83
1, 295, 590. 15
120, 934. 55
2, 755, 656. 93
1. 238, 626. 94
2, 179. 778. 35
8, 218, 953. 41
477, 221. 86
654. 342. 69
125. 877. 05
1,371,423.39
4. 477, 515. 77
1, 143, 314. 82
175, 594. 55
1, 206, 239. 26
3, 271, 568. 65
1, 122, 753. 13
1, 447, 635. 49
218, 506. 27
71, 380. 41
'243,' 776.86
49, 942, 166. 44
9, 702, 282. 61 81, 239, 635. 75
REPORT OF THE SECRETARY OF THE TREASURY
831
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part B.— Grants to and Expenditures Within States Providing Direct Relief, Work Reuef,
AND Other Aid, Exclusive of Loans— Continued
State
Federal Works Agency i'
Highways
Forest
highways
(31)
Public Roads
Administra-
tion 11
(32)
Public Works
Administra-
tion
(33)
Public Build-
ings Admin-
istration '3
(34)
Work relief in
Puerto Rico
and Virgin
Islands
(35)
OflBce of the
Administra-
tor— War
public works
(36)
Alabama..
Arizona
Arkansas
California. .__
Colorado
Connecticut
Delaware
District of Colum-
bia
Florida
Georgia
Idaho
Illinois
Indiana '
Iowa -
Kansas
Kentucky..
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri..
Montana
Nebraska
Nevada
New Hampshire..
New Jersey
New Mexico
New York
North Carolina...
North Dakota
Ohio....
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina...
South Dakota
Tennessee
Texas
Utah..
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming..
Alaska
Hawaii
Canal Zone
Puerto Rico
Virgin Islands
Undistributed
$87, 154. 68
15, 059. 91
3, 484. 88
54, 122. 06
$2, 124, 503. 53
634, 432. 79
547, 743. 40
9, 457, 297. 20
571, 406. 50
302, 255. 20
172, 898. 02
$621,818.11
468, 977. 09
15, 110. 54
2, 843, 832. 81
13, 197. 18
103, 168. 08
$5, 183, 865. 00
1, 652, 440. 00
695,811.00
15, 898, 307. 00
403, 892. 00
2, 189, 072. 00
101, 680. 00
14, 405. 38
194," 867." 57"
8, 636. 68
1, 022. 65
4, 318. 10
7, 752. 06
2, 064. 00
109, 942, 95
36,614.71
7, 493. 00
393. 09
51, 628. 83
1, 586. 39
21, 979. 45
8,991.43
3,167.94
7, 041. 99
25,611.21
211, 575. 21
739,
6, 575,
2, 716.
972,
3, 142,
2, 616,
719.
903.
1, 571,
2, 947,
694,
5, 399,
1, 155.
8, 954,
327,
1, 555,
1, 110,
549,
325,
780.
140,
1,871,
1, 044,
2, 293,
2, 057,
32,
6, 438,
1, 949,
3, 809,
3, 837,
112,
772,
270,
1, 279,
3, 783,
2, 362,
61,
7, 179,
3, 068,
1, 192,
325,
184,
587. 39
631. 75
857. 63
366. 72
761 82
233. 16
797. 28
475. 13
469. 57
772. 11
265. 77
895. 74
876. 79
091.72
406. 52
211.85
661. 97
675. 96
190. 87
452. 04
760.09
972. 82
387. 48
137. 42
388. 70
872. 35
718. 35
041.41
189. 85
245. 88
440. 35
040. 21
488. 02
564. 14
582. 59
155. 36
6.58. 58
,593. 69
043. 37
735. 82
101. 76
857. 82
$4, 050. 00
1, 000, 000, 00
24, 402. 41
1, 850. 45
522,
534,
19,
258,
259,
15,
54,
265,
126,
90,
962,
26,
261,
6,
14,
126,
918. 77
31,5.39
979. 60
107. 00
836. 27
472. 93
823. 99
961. 20
518. 67
499. 47
640. 18
641 44
685. 10
282. 09
944. 88
829. 96
095. 07
6, 698. 11
201, 912. 03
1,820,053.47
36, 802. 50
579, 823. 39
"650,"o66."66"
98, 475. 04
96, 673. 05
33, 272. 61
197, 709. 12
12,719,57
380, 529. 69
154, 896. 47
2,424.11
370, 413. 29
293, 845. 30
68, 955. 38
454, 303. 83
475. 00
527, 935. 95
85, 2.50. 95
446, 645, 10
292, 671. 52
30, 013. 41
1, 886, 080. 73
559, 280. 00
68, 520. 12
3, 863, 404. 95
1, 605, 002. 46
60, 961 27
143, 200. 70
5, 562. 63
575. 00
34, 077. 41
304,
4. 103,
5, 348,
73,
3,289,
2, 149,
368,
1, 093,
1, 740,
2. 104,
897,
3, 474,
936,
9. 158,
274,
2, 233,
1, 785,
43,
581,
935,
194,
1, 090,
152,
3, 763,
3, 709,
83,
4, 182,
2, 069,
2, 066,
2,582,
1, 545,
2,691,
433,
3,438,
8, 954,
1, 366,
22,
9,833,
8, 875,
185,
683,
72,
419,
592,
919.00
197,00
764.00
714. 00
901. 00
042. 00
522. 00
411.00
710.00
158. 00
783. 00
501.00
417.00
551. 00
809. 00
475. 00
865.00
694.00
728.00
337.00
337.00
049.00
632. 00
807.00
876. 00
361. 00
245. 00
056. 00
934. 00
70S. 00
440. 00
197. 00
862. 00
483. 00
843. 00
358.00
391. 00
982.00
071.00
564. 00
250.00
985.00
905.00
292. 00
54,157.00
736. 50
73, 166. 56
$5, 369, 092. 16
114, 992. 29
' 4, 688, 014. 00
• 129, 690. 00
115,480.00
Total.
,914.17 104,150,075.34 4,325,592.36 19,698,709.59 5,484,084.45 121,331,969.00
" Excess of refunds over expenditures (deduct).
11 Comprises $5,893,849.28 for elimination of grade crossings (regular); $38,693.47 for highways and $480,-
b30.27 for elimination of grade crossings (emergency relief funds); $7,670.62 National Industrial Recovery
Act funds; and $167,864.20 for public lands highways. Also includes $97,561,167.50 for access roads, flight
strips, strategic highwav network and surveys and plans classified as war activities.
12 The Federal Works" Agency has reported expenditures in the fiscal year 1944 of $2,349,577.54 for liquida-
tion of the Works Progress Administration, which are not included in this table.
13 Comprises $19,420^835.89 for sites and construction and major alterations (regular); $127,797.24 for sites
and construction and major alterations (emergency funds) and $150,076.46 for sites and construction and
major alterations (emergency funds for the President). Included in the first amount is $16,287,439.66 clas-
sified as war activities.
832
REPORT OF THE SECRETARY OF THE TREASURY
Table 108. — Expenditures made by the Government as direct payments to States
under cooperative arrangements and expenditures within States which provided
relief and other aid, fiscal year 1944 — Continued
Part B. — Grants to and Expenditures Within States Providing Direct Relief, Work Relief,
AND Other Aid, Exclusive of Loans— Continued
State
Alabama
Arizona...
Arkansas
California
Colorado.
Connecticut
Delaware
District of Columbia-
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota .
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon _
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming.
Alaska
Hawaii. -
Canal Zone
Puerto Rico
Virgin Islands
Undistributed
Total.
National Hous- ■
ing Agency —
Federal Public
Housing Au-
thority annual
contributions
(37)
$242, 685. 08
30, 835. 85
7, 982. 89
53, 151. 43
19, 574. 15
281, 847. 59
406, 308. 01
651,635.43
10, 002. 45
276,311.16
109, 937. 31
475,791.33
630, 602. 17
318, 235. 13
662, 319. 79
165, 600. 00
136, 818. 48
40, 126. 28
105, 460. 02
949, 535. 88
1, 799. 953. 44
255, 921. 15
663, 901. 34
26, 496. 76
139, 585. 06
446, 180. 80
515, 829. 97
232, 055. 89
46,314.66
155, 407. 30
13, 829. 87
"260,' 839." 92
10, 131, 076. 59
Total payments
within States
(38)
$27, 059, 687. 79
5, 926, 178. 71
18, 352, 076. 52
60, 832, 931. 50
16,301,406.51
6, 158, 456. 37
2, 086, 563. 13
10, 140, 651. 65
20, 490, 866. 62
27, 522. 222. 58
13. 636. 676. 77
60, 855, 877. 37
32,418,371.21
50. 358. 687. 78
43, 715, 715. 46
18, 328, 418. 37
27, 027, 719. 48
8, 493, 560. 99
17, 898, 612. 42
9, 046, 198. 80
37, 449, 760. 74
32, 203, 479. 07
23, 346, 971. 10
32,558,179.70
16, 842, 182. 41
35, 248, 320. 34
2, 392, 302. 14
1, 718, 518. 45
11, 489, 310. 88
6,177,093.43
33, 044, 226. 89
27,221,830.22
24. 625. 585. 59
41, 984, 672. 73
30,362,001.56
17,611,770.26
33, 177, 128. 17
2,761,490.81
17, 369, 796. 67
19, 053, 922. 14
19, 848, 930. 54
71, 736, 772. 62
9, 710, 873. 73
1, 576, 879. 49
30, 474, 723. 66
30, 389, 771. 17
6, 835, 934. 46
18, 911, 693. 60
4, 253, 691. 23
761, 226. 29
11,356,967.11
559, 280. 00
17, 583, 296. 70
229, 041. 46
1, 723, 536. 28
1, 149, 242, 041. 67
Grand total
(39)
.$34, 335,
10, 982,
25, 138,
114,769,
28, 987,
11,904,
3,115,
11,848,
29, 907,
38, 452,
18,361,
105,061,
48, 727,
62, 794,
52, 764,
26, 188,
37, 440,
13. 077,
23, 270,
32, 819,
64, 686,
48, 073,
28, 764,
54. 078,
20, 838,
42, 374,
4, 227,
4, 039,
21,861,
10, 410,
72, 431.
35, 635.
28, 394,
76, 091,
48, 593,
25, 871,
63, 096,
5, 435,
22. 899,
22. 900,
30, 624,
105, 693,
15, 197,
3, 302,
36, 447,
50, 679,
12, 763,
32, 866,
6, 935,
1,408,
13, 133,
559,
19, 692,
229,
1, 926,
807. 01
883.80
404. 71
874. 54
168. 84
372.25
698. 38
208.47
597. 62
262. 93
329. 32
867. 86
134. 38
007. 85
708. 35
523. 05
172. 63
092. 73
112.85
994. 67
845.88
170. 44
914. 96
457. 57
439. 37
711.38
292. 23
595. 25
071. 05
875. 62
359. 21
103. 09
169. 99
071. 38
707. 24
943. 15
148.62
293.40
235.96
933. 39
161.36
328.05
941.33
864. 30
153.90
024.10
547. 01
259. 31
611.36
916. 67
274. 12
280.00
473. 74
041. 46
494. 66
1,762,110,932.79
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
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835
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836
REPORT OF THE SECRETARY OF THE TREASURY
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REPORT OF THE SECRETARY OF THE TREASURY
837
BUDGET ESTIMATES
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual Jar the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946
[On basis of 1946 Budget document]
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS
Internal reyenue:
(1) Income and excess profits taxes:
Corporation:
Current taxes:
Income
Excess profits ._.
Declared value excess profits
Adjustment to daily Treasury
statement basis -
, 423, 800, 000
, 889, 100, 000
112,600,000
$4, 561, 400, 000
10, 630, 900, 000
123, 500, 000
$4, 762, 714, 420. 81
8, 479, 378, 755. 85
109,901,093.34
+108,900,000.00
Total current corporation.
Back taxes:
Income
Excess profits
Declared value excess profits.
Unjust enrichment
Total back corporation _
Total corporation
Individual:
Current taxes:
Income tax withheld:
Collections by Bureau of In-
ternal Revenue
Adjustment to daily Treas-
ury statement basis ^-.-
Total income tax withheld.
Income tax not withheld:
Collections by Bureau of In-
ternal Revenue
Adjustment to daily Treas-
ury statement basis ■.-.
Total income tax not
withheld
Total current individual-
Back taxes
Total individual
Total income and excess profits
taxes _
(2) Miscellaneous internal revenue:
Capital stock tax
Estate tax
Gift tax
Liquor taxes:
Distilled spirits (domestic and im-
ported) (excise tax) *
Fermented malt liquors *
Rectification tax <___
Wines (domestic and imported)
(excise tax) *
Special taxes in connection with
liquor occupations
Container stamps
Floor stocks taxes
All other.
Total liquor taxes.
Footnotes at end of table.
14, 425, 500, 000
15, 315, 800, 000
13, 460, 894, 270. 00
400. 200, 000
1, 058, 400, 000
29, 000, 000
100, 000
429, 900, 000
892, 800, 000
31,600.000
100, 000
521,431,431.50
865,819,537.18
27,117,514.54
433, 7S8. 98
1, 487, 700, 000
1, 354, 400, 000
1,414,802,207.20
15,913,200,000
16, 670, 200, 000
14, 875, 696, 477. 20
, 659, 000, 000 10, 127, 500, 000
-416,000,000 -157,400,000
8. 243, 000, 000
6, 734, 000, 000
6, 734, 000, 000
14, 977, 000, 000
132, 000, 000
15, 109, 000, 000
31, 022, 200, 000
350, 000, 000
487, 000, 000
35, 700, 000
1, 336, 500, 000
600, 200, 000
24, 500, 000
40, 000, 000
10, 700, 000
10, 400, 000
400, 000
1, 100, 000
2, 023, 800, 000
9, 970, 100, 000 9, 177, 783, 754. 43
8,162,800,000
+ 121,500,000
8, 284, 300, 000
18, 254, 400, 000
131,200,000
18, 385, 600, 000
35, 055, 800, 000
372, 500, 000
474, 600, 000
39, 900, 000
1,258,700,000
634, 200, 000
30, 200, 000
38, 600, 000
10, 200, 000
10,000,000
80, 400, 000
1, 200, 000
7, 823, 434, 977. 46
+1, 354, 348, 776. 97
10,253,830,890.91
+163, 801, 187. 01
10, 417, 632, 077. 92
19, 595, 415, 832. 35
183, 739, 542. 62
19, 779, 155, 374. 97
34, 654, 851, 852. 17
380, 702, 005. 85
473, 465, 605. 12
37, 744, 731. 75
898, 706, 321. 35
559, 151, 627. 85
18, 874, 168. 27
34,095,341.23
11, 484, 229. 62
8, 515, 931. 44
85, 834, 272. 82
1,371,259.43
2, 063, 500, 000
1, 618, 033, 152. 01
838
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual jor the fiscal year 1944 and estimated for the fiscal years 1945 and 1946 —
Continued
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
1. Internal revenue— Continued.
(2) Miscellaneous internal revenue— Con.
Tobacco taxes:
$787, 600, 000
49, 500, 000
40, 500, 000
7, 100. 000
1, 200. 000
180, 000
$829,500,000
48, 300, 000
34, 700, 000
7, 300, 000
1, 200, 000
240, 000
$903, 957, 882. 53
Tobacco (chewing and smoking) *...
Cigars (large) * . . --
45, 269, 250. 33
30, 152, 076. 91
Snuff -
7, 692, 236. 61
Cigarette papers and tubes-
1, 164, 377. 58
Another*-
197, 452. 70
Total tobacco taxes
886, 080, 000
921, 240, 000
988, 433, 276. 66
Stamp taxes:
Issues of securities, bond transfers
and deeds of conveyance
30, 800, 000
21, 000, 000
7, 300. 000
50, 000
30, 800, 000
24, 200, 000
7,700,000
50, 000
26, 243, 240. 34
Stock transfers
17,096,097.89
7, 413, 576. 66
Silver bullion sales or transfers-
46, 772. 38
59, 150, 000
62, 750, 000
50, 799, 687. 27
•
Manufacturers' excise taxes
997, 400, 000
800, 200, 000
502, 693, 895. 92
Retailers' excise taxes:
161, 000, 000
95. 400, 000
70, 700, 000
■ 65, 100, 000
177,000,000
91, 500, 000
80, 400, 000
71,100,000
113, 372, 750. 85
Furs
58, 725, 694. 05
44, 790, 353. 37
Luggage, handbags, wallets, etc
8, 343, 466. 19
Total retailers' excise taxes
392,200,000
420, 000, 000
225, 232, 264. 46
Miscellaneous taxes:
Telephone, telegraph, radio and
cable facilities, leased wires, etc
168, 700, 000
125, 600, 000
16, 500, 000
238, 300, 000
190, 800, 000
257, 700, 000
46, 500, 000
11,500,000
6, 600, 000
123, 500, 000
6, 200, 000
4, 200, 000
69, 900, 000
17, 700, 000
4, 100, 000
800, 000
193, 700, 000
128, 200, 000
16, 500, 000
237, 900, 000
222, 100, 000
292, 900, 000
54, 700, 000
11,900,000
6, 900, 000
128, 400, 000
6, 700, 000
4, 500, 000
69, 000, 000
17, 700, 000
4, 100, 000
1, 100, 000
141, 275, 266. 52
90, 198, 986. 83
Transportation of oil by pipe line...
15,850,856.83
153, 682, 607. 58
Transportation of property
Admissions, exclusive of cabarets.
215, 487, 851. 87
178, 562, 694. 14
26, 726, 331. 47
Club dues and initiation fees
9,181,516.71
6. 593, 674. 78
Use of motor vehicles and boats
Coconut and other vegetable oils
134,677,200.77
7, 190, 234. 32
Oleomargarine, etc, including spe-
cial taxes and adulterated butter. .
4, 101, 591. 77
68, 788, 910. 31
Coin -operated amusement and gam-
18, 475, 491. 99
Bowling alleys, and billiard and
2, 208, 422. 24
All other, including repealed taxes s. .
3, 229, 258. 54
Total miscellaneous taxes .
1, 288, 600, 000
1, 396, 300, 000
1, 076, 230, 896. 67
Total miscellaneous internal reve-
nue (collection basis)
e 6, 519, 930, 000
6 6, 550, 990, 000
5, 353, 335, 515. 71
Adjustment to daily Treasury
-62,296,456.40
Total miscellaneous internal reve-
nue (daily Treasury statement
basis)
6 6, 519, 930, 000
6 6, 550, 990, 000
5, 291, 039, 059. 31
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
839
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual j or the fiscal year 1944- and estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
1. Internal revenue — Continued.
(3) Employment taxes:
Taxes on employment by other than car-
riers:
Federal Insurance Contributions
Act
$1, 629, 700, 000
182, 800, 000
$1, 322, 600, 000
190, 700, 000
$1, 292, 122, 433. 67
179, 909, 392. 52
Federal Unemployment Tax Act
Total-.
1, 812, 500, 000
243, 400, 000
1, 513, 300, 000
280, 500, 000
1,472,031,826.19
267, 064, 592. 60
Taxes on carriers and their employees
(Ch. 9, Subch. B of the Internal
Revenue Code)
Total employment taxes
2, 055, 900, 000
1, 793, 800, 000
1, 739, 096, 418. 79
Total internal revenue
39, 598, 030, 000
43, 400, 590, 000
41, 684, 987, 330. 27
2. Railroad unemployment insurance contributions.
11,000,000
326, 300, 000
13,000,000
326, 100, 000
12, 143, 004. 53
431 252 168 24
4. Miscellaneous receipts:
(1) Miscellaneous taxes:
General accounts:
Immigration head tax
Tonnage tax
250, 000
1,640,000
120,000
150, 000
1, 100, 000
250,000
1,640,000
120,000
231,000
1. 100. 000
292, 634. 00
1,629,099.90
123,255.92
122.323.37
1, 061, 044. 95
Taxes, Canal Zone
Special accounts:
Federal intermediate credit banks
franchise tax
Taxes on firearms, shells and cart-
ridges, sec. 3407, Internal Revenue
Code...
Total, miscellaneous taxes -
3, 260, 000
3, 341, 000
3, 228, 358. 14
(2) Assessments:
General accounts:
Overtime service. Federal Commu-
nications Commission
Overtime service, marine inspec-
tion and navigation
Special accounts:
Assessments, examination costs,
and supervisory services for banks
and corporations, Farm Credit
Administration, act July 22, 1942
(56 Stat. 700)
3,500
100,000
2, 706, 000
2,500
100,000
3,174,000
3, 688. 65
89, 762. 14
2, 421, 192. 47
Assessments upon Federal home
loan banks and receipts from other
sources for administrative ex-
penses. Federal Home Loan Bank
Board
' ' 238,640.12
Revenues, Colorado River Dam
fund, AU-American Canal, act
Dec. 21, 1928 (45 Stat. 1057).
Revenues, Colorado River Dam
fund, Boulder Canyon project,
act Dec. 21, 1928 (45 Stat. 1057)....
3,000
7, 202, 500
3,000
7, 202. 500
2,883.96
6, 902, 406. 77
10, 015, 000
10, 482, 000
9, 181, 293. 87
(3) Fees:
General accounts:
Admission fees
2,800
4,000
230,000
2,800
4,000
230,000
67, 148. 89
Admission of attorneys to practice
before executive departments and
establishments
Agricultural Commodities Act .
Alaska Road Commission.
3,200.00
197, 526. 45
1, 184. 70
Canal Zone -
Clerks, United States courts
Commissions on telephone pay sta-
tions in Federal buildings . .
5,000
600,000
1, 628, 000
3,441,000
5,000
600,000
2, 177, 000
2, 426, 000
5, 507. 00
643, 499. 40
2,014,498.33
Consular and passport
1,763,911.63
Footnotes at end of table.
840
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual Jar the fiscal year 1944 cif^d estimated jor the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946
Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(3) Fees— Continued.
General accounts— Continued.
Copying
Copyright
Court of Claims
Certifying railroad tariffs
Court of Customs and Patent Ap-
peals
Customs
Fees and other charges, financing
war contracts _ _
Fees, sale of timber (Indians)
Federal Firearms Act
Filing fees, Trust Indenture Act of
1939, Securities and Exchange
Commission
Food, Drug, and Cosmetic Act,
fees, sees. 506 (b) and 706...
Inspection of tobacco
Immigration, registration (earned)..
Immigration fees, cancelation of de-
portation proceedings
Inspection and grading of farm
products
Marshals, United States courts
Migratory-bird hunting stamps
Naturalization (earned)
Naval stores grading
Navigation
Patent (earned) -
Registration, securities and ex-
changes
Registration under Neutrality Act..
Ser vices performed for Indians
Testing
Testing fees, enforcement of Tea
Importation Act .._
The Tax Court of the United States
Vending machines
Warehouse Act
Other
Special accounts:
Fees and commissions, land offices,
act June 17, 1902 (32 Stat. 388)
Total, fees.
(4) Fines and penalties:
General accounts:
Antinarcotic laws
Antitrust laws.
Canal Zone
Customs Service
Emergency price control and Sec-
ond War Powers Act
Enforcement of National Prohibi-
tion Act
Immigration and Naturalization
Service.
Internal revenue
Interstate Commerce Act.
Liquidated damages..
Navigation
Penalties, cotton marketing quotas.
Agricultural Adjustment Act of
1938
Penalties, peanut marketing quotas,
Agricultural Adjustment Act of
1938
Penalties, tobacco marketing quotas,
Agricultural Adjustment Act of
1938
$89,000
325, 000
6,000
3,000
4,500
26,000
1,000,000
160, 000
17,000
2,000
65,000
3,200
120, 000
50,000
65.000
112,000
1, 000, 000
1, 200, 000
2,500
188, 000
3, 800, 000
488,000
37,000
150,000
265, 000
14,000
38,000
18,000
10,000
4,400
50,000
15, 223, 400
9,000
300, 000
50,000
231,000
300,000
8,700
202, 500
5,000
75,000
116,000
31,000
250, 000
10, 000
550, 000
$90,000
325, 000
5,000
3,000
4,500
26,000
1, 000, 000
160, 000
17,000
2,000
65,000
3,200
175, 000
75, 000
65,000
112.000
1, 000. 000
1, 250, 000
2,500
188, 000
3, 800, 000
488, 000
14,800
150,000
227, 000
14, 000
38,000
17,000
10,000
4,400
50,000
14, 826, 200
9,000
300, 000
50,000
231,000
300,000
11,200
152, 500
5,000
75,000
116,000
31, 000
250, 000
60,000
400,000
$93, 031. 69
325, 215. 40
3, 442. 45
3, 049. 90
4, 390. 20
26, 351. 06
1.213.568.00
150, 068. 82
16, 877. 18
1, 737. 06
65, 343. 95
2, 596. 64
190, 946. 00
73, 638. 00
66. 304. 34
97, 669. 62
1,205,671.00
1,735,152.50
1, 778. 47
188, 560. 16
3, 450, 656. 20
400. 425. 99
15. 900. 00
134, 804. 43
144, 867. 94
14, 234. 06
38, 037. 76
20, 626. 40
9, 947. 00
3, 214. 44
43, 523. 87
14, 438, 106. 93
9, 678. 40
571,122.63
68, 885. 25
230, 842. 42
261, 440. 53
15, 050. 12
137, 842. 06
4. 706. 07
166, 916. 99
116,553.36
31, 700. 00
933, 234. 04
30, 056. 46
215, 610. 93
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
841
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual jor the fiscal year 1944 and estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(4) Fines and penalties— Continued.
General accounts— Continued.
Penalties, wheat marketing quotas.
Agricultural Adjustment Act of
1938
$1, 100, 000
500
6,000
7, 000. 000
15, 000
1, 064, 000
1, 700, 000
75, 000
400, 000
1, 320, 000
$5, 000, 000
500
6,000
10, 000, 000
12, 000
1, 064, 000
1, 700, 000
75, 000
400, 000
1, 345, 000
$6, 562, 269. 46
325. 00
8, 331. 66
8, 714, 948. 21
10, 487. SO
957, 520. 78
1, 746, 393. 62
71,731.08
404, 240. 56
1, 352, 874. 70
Public Health Service
Public lands and reservations
Treble damages: Emergency Price
Control Act-- ..
Violations, air-traffic regulations
Violating regulations and 8-hour law
of 1912-..
Violations, Federal Alcohol Admin-
istration Act
Violations, Fair Labor Standards Act
of 1938
Violations, Public Contracts Act
Other
Total, fines and penalties
14,818,700
21, 593, 200
22, 622, 761. 77
(5) Forfeitures:
General accounts:
Bonds of aliens, contractors, etc
Bonds under Narcotic Act
455, 000
6,700
128,000
11,000
1, 500, 000
413. 000
2,000
12, 000
179, 000
109, 000
30,000
3, 133, 000
5,000
457,000
6, 700
128, 000
11,000
1,850,000
413, 000
2,000
32, 000
179, 000
109, 000
30. 000
5, 633, 000
5,000
509, 576. 20
5, 851. 42
141 (VT^ Q7
Bonds under National Prohibition
Act. .-
Bribes to United States officers
Excess proceeds of withheld Vet-
erans' Administration foreign
checks
b 9, 348. 44
2, 299, 681. 51
413, 024. 48
2, 803. 98
36, 090. 88
178 475 40
Customs Service..- .
Effects of deserters and enlisted
men .
Unclaimed funds and abandoned
personal property _
Unclaimed and abandoned mer-
chandise -- - ..
Unclaimed moneys and wages re-
maining in registry of courts
Unexplained balances in cash ac-
counts
114,289.60
33 105 63
Other
200 678 21
Special accounts:
Bonds of aliens (U. S. securities)
2. 650. 00
Total, forfeitures..
5, 983, 700
8, 855, 700
3, 927, 954. 84
(6) Gifts and contributions:
General accounts:
Deposits of funds belonging to mil-
itary organizations of the Army
disbanded at close of World War I.
1,184.53
Donations to the United States
Donations to the United States for
war activities.
1,335,000
61, 000
15, 000
27, 000
50, 000
25, 000
1, 635, 000
152, 000
15,000
27, 000
50, 000
70, 000
« I- 23, 027, 913. 84
151,903.63
Moneys received from persons
known..- -.
° 53, 380. 55
Moneys received from persons un-
known
31, 402. 90
Residue of funds of quasi-govern-
mental organizations. -
1,417,784.96
392, 544. 00
Return of grants, Farm Security
Administration
Return of mileage paid to Members
of Congress
938. 00
Special accounts:
Deposits, war contributions, act
Mar. 27, 1942
600, 000
1, 220, 000
1,303,449.42
Total, gifts and contributions
2, 103, 000
3. 169, 000
"19.782,086.95
Footnotes at end of table.
842
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 o.'i^d, estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
MIscellaneons receipts — Continued.
(7) Interest, exchange, and dividends:
General accounts:
Dividends on shares of Federal sav-
ings and loan associations
Earnings from payments to Federal
Reserve Banks for industrial loans.
Earnings of War Finance Corpora-
tion -
Federal control of tran.sportation
systems (repayments to appro-
priations).- - -
Gain by exchange
Interest earned on Commodity
Credit Corporation securities
Interest collections of Farm Se-
curity Administration
Interest earned on Home Owners'
Loan Corporation bonds
Interest earned on Tennessee Valley
Authority securities
Interest earned on United States
Housing Authority notes
Interest from Central Branch,
Union Pacific Railroad
Interest on advances to Colorado
River Dam fund, Boulder Can-
yon project
Interest on construction costs of
public works in Colon and Pan-
ama, War Department
Interest on advance payments to
contractors
Interest on deferred collections or
payments
Interest on emergency crop loans.
Farm Credit Administration
Interest on emergency crop loans in-
cident to removal of enemy aliens. .
/ Interest on farmers' seed and feed
loans
Interest on loan to District of Co-
lumbia for blackout expenses
Interest on loans for Indian rehabili-
tation -
Interest on funded obligations of
foreign governments held by the
United States imder refunding
agreements
Interest on homestead loans. Virgin
Islands
Interest on Government-owned se-
curities
Interest on long-term notes. Na-
tional Capital Housing Authority.
Interest on loans, Puerto Rico Re-
construction Administration
Interest on loans, relief in stricken
agricultural areas
Interest on loans. Rural Electrifica-
tion Administration
Interest on loans to States, munici-
palities, etc., Federal Works
Agency - .__
Interest on public deposits
Loans to railroads after termination
of Federal control (repayments to
appropriations) _
Interest and premiums on obliga-
tions of Reconstruction Finance
Corporation
Military and naval insurance. Vet-
erans Administration, premiums
on term insurance (repayments to
appropriations)
Footnotes at end of table.
$81,000
150,000
5,000
3, 535, 000
8, 500, 000
571, 000
4, 000, 000
5,000
5, 000, 000
9, 500, 000
4, 230, 000
25, 000
1,000
150, 000
317, 000
90, 000
20, 000
1, 000, 000
9,200
1, 830, 000
127, 000
75, 000
98, 000, 000
600, 000
$110,000
150, 000
5,000
4, 534, 000
14, 000, 000
1,000
4, 850, 000
571, 000
4, 000, 000
5,000
5, 000, 000
20, 000
14, 000, 000
4. 330, 000
50, 000
16, 000
225, 000
8.500
3,500
304, 000
90,000
23,000
1, 125, 000
7,300
1, 475, 000
157, 000
75, 000
85, 000, 000
600,000
$234, 512. 98
245, 236. 85
1, 579. 01
12, 795. 00
173, 944. 87
8, 067, 009. 07
6, 497. 51
1, 384, 667. 96
570, 790. 62
2, 827, 182. 32
6, 947. 20
5, 000, 000. 00
36, 698. 23
10, 013, 955. 42
4, 738, 469. 12
83, 362. 64
42, 604. 16
449, 107. 81
1, 731. 15
1, 547. 44
291, 007. 07
967. 77
96, 387. 75
302. 22
13, 816. 02
1, 507, 164. 63
7, 461. 54
1, 378, 156. 62
49, 375. 50
423, 891. 03
54, 489, 475. 11
613, 614. 03
REPORT OF THE SECRETARY OF THE TREASURY
843
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 ci'^^d estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(7) Interest, exchange, and dividends— Con.
General accounts— Continued.
Interest on securities received from
Reconstruction Finance Corpora-
tion . - . - - -
$1,000
700, 000
700
5,000
$1,000
2, 300, 000
1,200
5,000
$1,110.00
Interest and profits on Federal Farm
Mortgage Corporation bonds
Other
467,060.44
2, 038. 01
Special account:
Interest and profits on investments,
Pershing Hall Memorial fund
7,673.10
Total, interest, exchange, and
164, 279, 400
143,042,500
93, 248, 040. 20
(8) Mint receipts:
General accounts:
Profits on coinage, bullion, deposits.
5, 304, 000
68, 000, 000
30, 344, 000
55, 000, 000
62, 072, 139. 02
43, 068, 999. 80
73,304,000
85, 344, 000
105, 141, 138. 82
(9) Permits, privileges, and licenses:
General accounts:
200, 000
608, 700
30, 000
161, 000
500, 000
29,000
18,000
600, 000
40,000
500
217,000
550, 000
100
15, 000
200, 000
795, 200
30, 000
161, 000
460,000
29, 000
18,000
500, 000
40, 000
500
215, 000
550, 000
100
15,000
188,113.01
947, 746. 04
Immigration reentry permits
29, 228. 96
Licenses under Federal Power Act-.
Permits to enter national parks
Permits, fishing and hunting
161, 930. 01
363, 100. 49
23, 937. 39
18, 733. 10
Revenues, Washington National
478, 331. 52
Rights-of-way on and occupancy of
public lands and reservations
Other ---
40, 591. 40
541.44
Special accounts:
Licenses under Federal Power Act,.
Receipts under Grazing Act, June
28, 1934 -.
216, 268. 65
492, 658. 35
Revenues, Indian Arts and Crafts
Board -
39.50
Revenues, purchase of lands and
other property. Mammoth Cave
'26,012.74
Total, permits, privileges, and
licenses -..
2, 969, 300
3,013,800
2, 935, 207. 12
(10) Reimbursements:
General accounts:
Auditing accounts of American Red
18,000
17, 000
18,000
17, 000
17,971.83
Bankruptcy Act, Interstate Com-
23, 927. 27
By States for emergency conserva-
tion work, profits on sales of lands
4, 402. 19
20,000
130, 000
62,000
20,000
130, 000
62, 000
300
24,000
643,000
49,000
20, 121. 25
Collections under Cotton Standards
Act -
132,293.11
Collections under Grain Standards
Act ---
62, 007. 57
Compensation received by Federal
105. 60
Construction charges (Indian Serv-
21,000
707,000
60,000
32,969.08
Cost of administration, Federal
573,63Z60
Costs from estates of deceased In-
dians -
48,931.17
Footnotes at end of table.
844
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
RECEIPTS— Continued
4. Miscellaneous receipts — Continued.
(10) Reimbursements— Continued.
General accounts— Continued.
Court costs
By District of Columbia for ad-
vances for acquisition of lands un-
der sec. 4, act May 29, 1930, as
amended -
By District of Columbia for share
of expenses of U. S. District
Courts and Court of Appeals
Defense aid:
Agricultural, industrial, and
other commodities
Aircraft and aeronautical ma-
terial
Miscellaneous military equip-
ment .--_
Ordnance and ordnance stores. - .
Services and expenses
Tanks and other vehicles
Vessels and other watorcraft
Maintenance of District of Colum-
bia inmates in Federal penal and
correctional institutions.
Expenses, miscellaneous
Expenses for bringing home in-
terned American citizens
Excess cost over contract price
Excess premium for increased pro-
duction of strategic materials
Excessive profits on renegotiated
contracts »
Excess witness fees
Government property lost or dam-
Government property lost or dam-
aged. National Guard
Hospitalization charges and ex-
penses
Inspection of perishable food and
farm products
Jury service
Loss of continuous discharge books,
etc., Marine Inspection and Navi-
gation
Maintenance and irrigation charges,
irrigation systems, Indian Service
Of appropriations made for Indian
tribes
Refund on royalties
Refund on enlistment allowances
• and clothing bounties
Refund, State and local taxes
Refund on empty containers
Reimbursement for expenses, Amer-
ican Mexican Claims Commission,
Revenues, power system, Flathead
Reservation, Mont
Reimbursements from Federal Re-
serve Banks:
Contingent expenses, fiscal year
1943
Salaries, fiscal year 1943
Repairs of Rock Island Bridge,
Rock Island, 111
Salaries (unauthorized services)
Services and expenses, reverse lend-
lease
Settlement of claims against vari-
ous depositors
Surplus postal revenues
Transportation
Other
Estimated
Fiscal year 1946 Fiscal year 1945
$110,000
122, 000
730, 000
500, 000
10, 000, 000
3, 000, 000
15, 000, 000
50, 000
8, 000, 000
5,000
200, 000
501, 000
225, 000
18, 067, 000
175, 000
952, 000, 000
100
15, 832, 000
1,000
345, 000
401, 000
25,000
7,500
837, 600
275, 000
10, 000, 000
300
402, 000
2, 216, 000
100, 000
175, 000
2,000
85,000
19, 000
500
350, 000
50,000
142, 000, 000
6, 801, 000
16,000,000
$110, 000
1, 733, 000
750, 000
3, 000, 000
35, 000, 000
10, 000, 000
50, 000, 000
1, 000, 000
25, 000, 000
10, 000
200, 000
453, 000
225, 000
27, 069, 000
200, 000
1, 685, 000, 000
100
15, 860, 000
1,000
345, 000
401, 000
26, 000
7,500
837, 000
245, 000
15, 000, 000
300
402, 000
3, 215, 000
150, 000
175, 000
1,500
74,000
32,000
2,500
350, 000
50, 000
112, 000, 000
6, 177, 000
34, 115, 000,
Actual,'
fiscal year 1944
$110, 823. 62
1, 000, 000. 00
605, 921. 69
292. 71
63, 929, 697. 64
14,561,851.02
42, 558, 016. 84
97, 778. 75
4, 052, 896. 45
10, 916. 80
234, 537. 66
402, 636. 27
225, 490. 36
27, 884, 242. 67
119, 146. 96
'2,235,383,011.57
331. 81
17, 664, 839. 38
12, 765. 11
329. 912. 12
396, 031. 25
32, 821. 34
9,317.52
825, 026. 08
283. 933. 13
4, 743, 034. 07
2, 039. 39
675, 193. 17
2, 515, 441. 90
316, 349. 43
179, 697. 60
868.09
64, 013. 83
19, 259. 78
17, 669. 50
2, 945. 60
58, 049. 02
1, 000, 000. 00
4, 667, 087. 23
169, 612, 594. 70
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
845
Table 111. — Detailed receipts and expenditures oj general and special accounts,
actual jor the fiscal year 1944 and estimated jor the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts — Continued.
(10) Reimbursements— Continued.
Special accounts:
Collections, reclamation fund
Reimbursements, defense aid:
Agricultural, industrial, and
other commodities
Aircraft and aeronautical mate-
rial - .
Tanks and other vehicles
Vessels and other watercraft
Total, reimbursements
(11) Rents and royalties:
General accounts:
Ground rent
Pipe-line rentals
Receipts from potash deposits, roy-
alties, and rentals
Receipts under mineral leasing acts
Receipts for range improvements. .^
Receipts from use and occupancy of
agricultural labor supply centers,
camps, and facilities
Rent of docks, wharves, and piers..
Rent of equipment
Rent of camp and house sites
Rent on low-cost housing projects...
Rent of land
Rent of public buildings, grounds,
etc
Rent of telegraph and telephone
facilities
Rent of water-power sites
Rentals of tenant farms, Puerto
Rico Reconstruction Administra-
tion
Rental or operation of property, de-
fense housing
Royalties on coal leases in Alaska. _.
Royalties on machines financed by
the Defense Plant Corporation
Royalties, naval petroleum reserves,
California
Royalties on oil, gas, etc
Royalties from oil, gas, sulphur, or
other minerals, national wildlife
refuges
Other
Special accounts:
Deposits, rents, national defense
housing projects (emergency fund
for the President) :
Navy
War
Potash deposits, royalties and rent-
als, act of Oct. 2, 1917
Receipts from leases of flood control
lands
Receipts under mineral leasing acts
Receipts from potash deposits, roy-
alties and rentals.
Total, rents and royalties.
(12) Sales of Govermnent products:
General accounts:
Agricultural products, including
livestock and livestock products..
Card indexes. Library of Congress..
Dairy products. .^
Electric current, power plant,
Coolidge Dam, Ariz —
$13, 800, 000
37, 000, 000
8, 500
125, 000
6,000
$10, 300, 000
48, 000, 000
10, 000
150,000
7,500
$10, 208, 555. 21
61, 440, 226. 33
11,909.30
'« I' 200, 240. 70
i» >• 10, 916. 80
1, 256, 574, 400
2, 087, 647, 700
2, 666, 872, 376. 97
4,300
15, 000
60,000
1, 200, 000
275,000
482, 000
355, 000
36, 086, 000
2, 800
SO, 000
885, 000
3, 794, 000
24, 000
158, 000
80, 000
2, 358, 000
15, 000
500, 000
3, 403, 000
10, 000
1, 880, 000
6, 840, 000
20, 000
45, 000
260, 000
10, 800, 000
540, 000
70, 142, 100
376, 000
315, 000
111,000
320,000
4,300
15, 000
60, 000
1, 200, 000
275, 000
964, 000
355, 000
36, 087, 000
2,700
50,000
892, 000
3, 803, 000
24, 000
158, 000
85, 000
2, 358, 000
15, 000
500,000
3, 703, 000
10, 000
1, 930, 000
6, 840, 000
20, 000
260, 000
10, 800, 000
70, 996, 000
383, 000
315, 000
111,000
300, 000
5, 150. 99
15,000.00
53, 498. 39
1,014,913.31
246,329.11
449, 564. 93
447, 699. 12
37, 536, 663. 36
23, 208. 77
60, 307. 74
1,115,256.76
4, 032, 314. 05
24, 685. 77
158, 546. 94
81, 948. 35
12, 209, 269. 49
17, 647. 00
102, 586. 64
228, 243. 44
219, 538. 28
18, 223. 99
1, 369, 490. 63
" '■1,495,893.43
<■ 9, 471. 81
44, 948. 57
169, 077. 58
9, 134, 219. 77
481, 485. 67
67, 754, 453. 41
410, 234. 23
318, 516. 02
101, 524. 77
323, 220. 57
Footnotes at end of table.
846
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual jor the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(12) Sales of Government products— Con.
General accounts— Continued.
Electric current, Colorado River
irrigation project, Arizona
Electric current
Films-- --
Heat, light, power, and water
Ice ---
Migratory Bird Conservation Act,
receipts credited to the general
fund
Occupational therapy products
Old, condemned, and surplus prop-
erty, Navy Department
Photo duplications - .
Plans and specifications-
Proceeds, activities fund. United
States naval prisons
Products from development of
guayule and other rubber-bearing
plants
Public documents, charts, maps,
etc
Public timber
Sale of gas from helium plants, net
profits
Sale of crude oil and other petroleum
products from Naval Petroleum
Reserve No. 1 (Elk Hills)
Sale and transfer of Government
property, Federal property utili-
zation program
Sale and transmission of electric
energy:
Bonneville project, Oregon
Denison Dam project, Okla-
homa-Texas
Norfolk Dam project, Arkansas.
Scrap and salvaged materials, con-
demned stores, waste paper,
refuse, etc
Seal and fox skins and furs
Stores- -
Steam
Subsistence (meals, rations, etc.)
Unserviceable Civilian Conserva-
tion Corps property
Water..
Other _.
Special accounts:
Deposits, sale and transmission of
electric energy, BonnevDle project,
Oregon
Deposits, sale and transmission of
electric energy. Fort Peck project,
Montana - -
Deposits, sale of goods or commodi-
ties, War Relocation Authority,
act July 25, 1942 (56 Stat. 710)
Proceeds, publication and sale of
Victory Magazine, Office of War
Information
Receipts from production and sale
of helium, etc., Bureau of Mines..
Receipts under Migratory Bird
Conservation Act
Sale of water, sec. 40 (d). Mineral
Leasing Act of 1920
Total, sales of Government prod-
ucts
$60,000
195, 000
135, 000
117,000
250, 000
183, 000
84, 000
90, 000
33, 000
2,000
50, 000
2, 255, 000
38, 000
40, 000
7, 500, 000
2,461,200
('=)
800, 000
600, 000
91, 345, 000
745, 000
846, 000
136, 500
465, 600
236, 000
31,100,000
23, 987, 000
550, 000
46, 000
400
90, 000
65, 000
300
$60, 000
196,000
75, 000
117,000
250, 000
183, 000
79, 000
90,000
33, 000
2,000
50, 000
2, 952, 000
65, 000
40, 000
8, 400, 000
4, 654, 000
(12)
600, 000
458, 000
81,965,000
645, 000
1,126,000
136, 500
561, 900
2,000
236, 000
36, 200, 000
22, 287, 000
500, 000
80, 000
800
90, 000
61, 000
300
$68, 456. 74
172, 974. 08
31,872.34
110,051.37
171, 426. 67
130, 323. 92
64, 536. 47
96, 920. 42
36, 175. 42
3, 207. 31
40, 615. 58
263, 619. 80
2, 087, 932. 83
100,663.19
40, 000. 00
27, 863, 843. 18
7, 787, 509. 44
51, 731, 982. 72
754, 750. 95
1, 391, 056. 91
137, 729. 40
644, 074. 21
2, 059. 83
168, 724. 79
13 25, 359, 552. 32
9, 665, 813. 90
436, 000. 20
105, 203. 49
1, 707. 14
89, 476. 94
120, 907. 89
446. 55
165,>828, 000
163, 604, 500
130,833,111.59
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
847
Table 111. — Detailed receipts and expenditures oj general and special accounts,
actual jor the fiscal year 1944 and estimated jor the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(13) Sales of services:
General accounts:
Copies of hearings
Earnings by United States trans-
ports...
Earnings from business operations. .
Fumigating and disinfecting
Laundry and dry-cleaning opera-
tions...
Medical, dental, and hospital
services
Livestock breeding service
Overhead charges on sales of services
or supplies (War and Navy De-
partments)
Professional and scientific.
Quarantine charges (fumigation,
disinfection, inspection, etc., of
vessels)
Quarters, subsistence, and laundry
service
Radio service
Services of civilian internees and
prisoners of war
Services of conscientious objectors...
Storage and other charges
Telephone and telegraph.
Tolls, Panama Canal
Transportation service
Work done for individuals or cor-
porations
Other.
Special accounts:
Alaska Railroad fund receipts
Collections for laundry service.
Naval Academy
Total, sales of services.
(14) Sundry receipts:
General accounts:
Forest reserve fund
Postal receipts, Panama Canal
Special accounts:
Deposits, postal funds. Canal Zone.
Forest reserve fund
Forest reserve fund, roads and trails
for States (10 percent)...
Forest reserve fund, payments to
States (25 percent)
Receipts for acquisition of lands
Total, sundry receipts.
(15) United States revenues from District of
Columbia sources
(16) Deposits for Defense Aid:
Special account:
Deposits for Defense Aid, sec. 6 (b),
act Mar. 11, 1941
(17) Repayments of investments:
General accounts:
Amortization payments from rents,
national defense housing (emer-
gency fund for the President ) War
Collections, insured loans. Federal
Housing Administration...
Construction costs of public works
in Colon and Panama —
Excess proceeds of sale of cotton ac-
quired by Secretary of Agriculture,
act of June 19, 1934
Footnotes at end of table.
$5, 000
700, 000
1, 524, 000
48, 000
30, 013, 000
27, 600
1,100
1, 750, 000
700
91,500
1, 638, 000
150, 000
5, 000, 000
94, 700
429, 000
5, 000, 000
14,301,000
704, 000
1, 004, 000
5, 850, 000
300, 000
68, 631, 600
10, 414, 000
458,000
1,557,000
3,894,000
16, 323, 000
15, 000. 000
20,000
750,000
$5, 000
800, 000
1,732,000
50, 000
32, 100
26, 100
2, 400, 000
700
2, 638, 000
150,000
16, 000, 000
94, 700
680, 000
5, 000, 000
7, 926, 500
1,129,000
1, 506, 000
5, 850, 000
330, 000
10, 207, 000
458, 000
340, 000
1, 557, 000
3,894,000
16, 456, 000
25, OOO; 000
20,000
1,000,000
28,000
$3, 448. 87
750, 569. 94
1, 779, 012. 03
61, 959. 00
46, 171, 659. 35
202, 555. 69
675. 72
2, 595, 275. 84
656. 47
90, 384. 77
1,275,
149,
850. 89
641.62
4, 764, 030. 79
988. 70
, 265. 29
, 825. 10
, 967. 70
, 207. 72
87,
666, i
5, 922, i
2, 245,
1, 573,
2, 122,
12,869,
335,
970.53
680.72
776. 44
140.17
83, 670, 543. 35
6, 834, 258. 25
671. 79
723, 079. 90
5, 595, 399. 12
1,043,548.06
2, 608, 870. 16
I- 405, 881. 77
16, 399, 945. 51
12, 808. 64
33, 086, 470. 36
18, 836. 34
2, 073, 622. 99
56, 378. 80
5.fi0
848
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 CLnd estimated jar the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts — Continued.
(17) Repayments of investments — Continued.
General accounts— Continued.
Loans to railroads after termination
of Federal control, etc
Principal on securities received from
Reconstruction Finance Corpora-
tion underact Feb. 24, 1938
Principal payments on loans, Pu
Rican Hurricane Relief Commis-
sion
Principal payments on low-cost
houses, Virgin Islands
Principal of bonds of foreign govern-
ments under funding agreements:
Finland--
Principal on loan to District of Co-
lumbia for black-out expenses
Proceeds from submarginal land
program, Farm Tenant Act (75
percent)
Repayment of principal on account
of loans to individuals and com-
- munity enterprises, War Reloca-
tion Authority.
Repayment of principal on account
of flood and windstorm loans
Repayment of principal on loans for
Indian rehabilitation
Repayment of principal on emer-
gency crop loans, Farm Credit
Administration ._ __
Repayment of principal on account
of loans, Rural Electrification Ad-
ministration
Repayment of principal on account
of loans, Puerto Rico Reconstruc-
tion Administration
Repayment of principal on account
of loans. Farm Security Adminis-
tration
Repayment of principal on account
of loans to States, municipalities,
etc., defense public works
Repayment of principal, long-term
notes. National Capital Housing
Authority
Repayment of principal on emer-
gency crop loans incident to re-
moval of enemy aliens
Return of advances. Eastern Massa-
chusetts Street Railway
Return of relief moneys furnished
American citizens in Territories
and island possessions
Sale of chattels. Farm Security Ad-
ministration
Repayment and recoveries, emer-
gency relief, act Dec. 17, 1941, and
July 12, 1943
Repayment of subscriptions to pre-
ferred and income shares, Federal
savings and loan associations
Repayment of principal on orchard
rehabilitation loans
Repayment of loans to students,
Federal Security Agency
Special accounts:
Crop production loan funds, act
Jan. 22, 1932
Receipts from submarginal land
program. Farm Tenant Act
$100, 000
7,000
122, 000
600
107, 000
382, 500
800, 000
4,000
75, 000
45, 600
60, 000
125, 000
150, 500
1,200
34, 000
1,000,000
328, 000
1, 208, 000
127,000
120,000
40, 000
128,700
600
99, 000
901,000
731,000
530, 000
3,500
225, 000
35, 800
60, 000
11,000
110,000
460, 000
1,200
60, 000
1,250,000
328, 000
1, 692, 000
243, 000
$910, 200. 65
40, 000. 00
152, 374. 53
1,654.54
91, 353. 05
998, 268. 85
225, 791. 44
35, 403. 45
63, 154. S3
4, 069. 73
222, 454. 16
56, 570. 41
35, 147. 40
" 9. 318. 04
29, 740. 46
4, 248. 00
494, 239. 10
1,193.66
1, 303. 00
352. 35
514, 027. 85
6, 757, 200. 00
1,000.00
117,285.22
2,671,516.12
264, 877. 61
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
849
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual jar the fiscal year 1944 and estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
4. Miscellaneous receipts— Continued.
(17) Repayments of investments— Continued.
Special accounts— Continued.
Repayment of principal on account
of loans to States, municipalities,
etc,
$3, 000, 000
$2, 000, 000
$4, 602, 600. 99
Total, repayments of investments.
8. 447, 900
10. 077, 800
20, 435, 552. 69
(18) Sales of public lands:
Special accounts:
Sale of public land, reclamation
fund (80 percent) . _ .
80,000
80, 000
99 319 99
(19) Sales of Government property:
General accounts:
Capital equipment (trucks, horses,
cars, machinery, furniture and fix-
tures, and other capital equip-
ment)
19, 268, 000
2, 081, UOO
10,00U
16.994,000
2, 354, 000
10, 000
10 257 021 25
Land and buildings
12,432 253 39
Lands, etc., on account of military
post construction fund
10 094 31
Office material, etc
5, 863. 59
Ordnance material. War
3, 200, 000
2,500
10, 000
3. 000, 000
3,000
10, 000
3,680,978 18
Proceeds of Fort Hall irrigation and
water system, Idaho
3, 552 95
Proceeds of sales of vessels for the
Coast Guard _.
13, 759. 44
Sale of town lots, Alaska ._
121.00
Standing timber, Alaska
3,000
1,000,000,000
24, 000
1, 600, 000
130, 000
10, 000
3,000
500, 000, 000
24, 000
1, 600, 000
93, 000
10,000
3, 132. 29
Surplus war supplies
7, 194, 305. 66
Special accounts:
Coos Bay Wagon Road grant fund .
Oregon and California land grant
fund .
25,949.88
1, 768, 159. 15
Proceeds, operation of commissaries,
Division of Mental Hygiene, Pub-
lic Health Service
5, 776. 00
Proceeds of town sites, lots, Recla-
11,658.11
Sale of reserve lands, reclamation
projects
1, 100. 00
Total, sales of Government prop-
erty
1,026,338.500
524, 101, 000
35, 413, 725. 20
Total, miscellaneous receipts
Adjustment to daily Treasury state-
2, 919, 422, 000
3, 283, 085, 000
3, 289, 519, 082. 45
-9, 459, 557. 49
Total, miscellaenous receipts
2, 919. 422, 000
3, 283, 085, 000
3, 280, 059, 524. 96
42, 854, 752, 000
1,599,880,000
47, 022, 775, 000
1,293,060,000
45, 408, 442, 028. 00
Deduct:
Net appropriation for Federal old-age and
1, 259, 515, 059. 93
Net receipts, general and special ac-
counts
41, 254, 872, 000
4.5. 729. 7 K5. 000
44. 14S. 926. 968. 07
EXPENDITURES
War activities:
War Department:
38, 997, 089, 000
1,811,000
1, 100, 000
48, 495, 567, 000
1,433,000
3, 000, 000
49, 288, 936, 345. 52
Civil functions (classified as war activities)..
Panama Canal -
1, 372, 246. 22
6,605,140.04
Total
39, 000, 000, 000
48, 500, 000, 000
49,296,913,731.78
Adjustment to daily Treasury statement
-48, 110, 512. 62
Total, War Department
39, 000, 000, 000
48, 500, 000, 000
49, 248, 803, 219. 16
Footnotes at end of table.
613185 — 45 55
850
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 and estimated jar the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
War activities— Continued.
Navy Department '*
$22, 000, 000, 000
$27, 900, 000, 000
$26, 784, 932, 066. 12
Adjustment to daily Treasury statement
basis . .
— 247,298,188 86
Total, Navy Department---
■ 22,000,000,000
27, 900, 000, 000
26, 537, 633, 877 26
Executive Office of the President:
Executive Office proper
109, 000
827, 000
73,639 62
Bureau of the Budget- - .
455, 000
861, 630. 82
National Resources Planning Board
11,816.41
President's Committee for Education of
Men Demobilized from the Armed Forces
36.80
Committee for Congested Production Areas.
250, 000
2,672,211,700
338, 338. 18
War agencies >< "_
2, 516, 359, 000
2, 767, 105, 728. 88
Total
2, 516, 814, 000
2, 573, 397, 700
2, 768, 386, 090. 71
Adjustment to daily Treasury statement
basis -. .-.
-172,669,173.22
Total, Executive Office of the President..
2, 516, 814, 000
2,673,397,700
2, 585, 716. 917. 49
Emergency funds appropriated to the President.
(16)
(16)
(16)
Independent offices:
Civil Service Commission _
Employees' Compensation Commission
Federal Communications Commission-
Federal Power Commission
General Accounting Office
7, 000, 000
25, 000
2, 501, 000
116,000
11,000,000
325, 000
4, 159, 000
580,000
12, 981, 423. 83
237, 736. 76
6, 777, 956. 77
662, 769. 16
31, 293. 65
Interstate Commerce Commission
National Archives
231, 000
296, 000
1,300
504, 000
810, 000
270, 490. 56
5, 285. 05
National Capital Housing Authority
National Labor Relations Board.- . .
100, 000
796,000
2,674,082.54
732, 794. 25
National Mediation Board
13,818.11
Office of War Mobilization and Recon-
version '< .-
28,800,000
1, 391, 000
110,289.95
Railroad Retirement Board ... .
2, 968. 56
Securities and Exchange Commission
12.27
Selective Service System i* .
54,000,000
60, 000, 000
62, 722, 929. 67
« 40, 626. 29
Tariff Commission
" 39, 139. 63
United States Maritime Commission
Veterans Administration
1,700,000,000
4, 000, 000, 000
3,728,243,396.61
- 2, 925, 183. 68
Total . . - -
1, 793, 568, 000
4,079,066,300
3, 811, 352. 299. 03
Adjustment to daily Treasury statement
+89, 717, 075. 75
Total, independent offices
1, 793, 568, 000
4,079,065,300
3, 901, 069, 374. 78
Federal Security Agency:
Office of Education
4, 037, OOu
73, 000, 000
(S9; 663, 000
74, Oi;0, 000
208, 000
2, 316, 000
73, 908, 086. 26
Public Health Service . .
58,074,722.96
Office of the Administrator:
National Youth Administration . .
8,713,115.56
Other -
1, 000, 000
2, 393, 340. 41
Total
78, 037, 000
145, 187, 000
143, 089, 265. 18
Adjustment to daily Treasury Statement
-10,332,400.90
Total, Federal Security Agency -..
78, 037, 000
145, 187, OOO
132, 756, 864. 28
Federal Works Agency:
Office of the Administrator- - .
55, 100, 000
109,950,000
2, 800, 000
101, 242, 000
134, 665, 186. 82
Public Buildings Administration
1, 054, 888. 93
Public Roads Administration
51,000,000
106,107,588.28
Total .
106, 100, UOO
213, 992, 000
241,827,664.03
Adjustment to daily Treasury statement
-14,096,374.66
Total, Federal Works Agency.--
106. 100, 000
213, 992, 000
227. 731. 289. 37
I."
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
851
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 and estimated Jor the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Act 1.1
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
War activities— Continued.
National Housing Agency:
Office of tfie Administrator
$7, 214, 000
9, 733, 000
112,458,000
$12,796,484.79
Federal Home Loan Bank Administration..
61,257,922.66
Federal Public Housing Authority...
" $36, 690, 000
418,813.623.86
Total
" 36, 690, 000
129, 405, 000
492, 868, 031. 31
+45. 900. 672. 74
Adjustment to daily Treasury statement
basis - - - .
Total, National Housing Agency
" 36, 690, 000
129,405,000
538 768 704 05
Department of Agriculture:
Office of the Secretary . _ .
985, 000
1.400,000,000
40, 000, 000
6, 000, 000
18, 300, 000
30, 000, OOO
138,000
1,000,000
3, 500, 000
1.324,415.82
Defense aid (lend-lease)
1, 200, 000, 000
200, 000, 000
5, 200, 000
5, 800. 000
20, 000, 000
2, 042, 845, 472. 07
United Nations relief and rehabilitation.
Emergency rubber project
11,595,262 61
War Food Administration:
Salaries and expenses
13,86.5,942.33
Supply and distribution of farm labor
Food Production Administration:
Farm Security Administration. ...
20, 156, 362. 89
206, 973. 50
Food Distribution Administration:
Emergency supplies for Territories
and possessions (national defense).
Foreign war relief (national defense)
1, 000, 000
21,582,446.84
1,86.5,011. 10
Miscellaneous *
72, 902. 26
Total
1,432,000,000
1,499,923,000
2,113,514,789.42
Adjustment to daily Treasury statement
+29, 888, 999. 27
Total, Department of Agriculture
1,432,000,000
1,499,923,000
2, 143, 403, 788. 69
Department of Commerce:
Office of the Secretary - .
80, 000
1,914,000
6, 030, 000
83, 831, 000
741,786.07
" 433, 328. 86
Office of Administrator of Civil Aeronautics.
Bureau of Foreign and Domestic Commerce.
26,662,000
137,805.243.10
183, 900. 16
Total
26, 742, UOO
91,775,000
138, 297, 60U. 47
Adjustment to daily Treasury statement
-5, 506, 407. 60
Total, Department of Commerce. -
26, 742, 000
91. 775, 000
132,791,192.87
Department of the Interior:
100, 000
3, 475, 000
24, 500, OOi)
10, 000
2, 399, 100
3, 650, 000
35, 868, 000
215,000
-4,879,517.61
1,976,177.37
34, 451, 437. 50
Bureau of Indian Afl'airs
62,870.11
557, 045. 19
Geological Survey
350, 000
10,115,000
700, 000
14, 808, 000
637, 962. 93
Bureau of Mines '.
18, 024, 102. 94
3,506.11
5, 290. 65
4, 555, 000
6,770,000
"6,164,273.49
Total.
43, 105, 000
64, 410, 100
44, 674, 601. 70
Adjustment to daily Treasury statement
-36, 828, 178. 09
Total, Department of the Interior
43, 105, 000
64, 410, 100
7, 846, 423. 61
Department of Justice:
Legal activities and general administration..
Federal Bureau of Investigation
675,000
26, 253, 000
750, 000
36,377,000
643, 147. 56
41, 764, 893. 20
402.84
Total --
26,928,000
37, 127, 000
42, 408, 443. 60
Adjustment to daily Treasury statement
+290, 347. 55
26,928,000
37,127,000
42, 698, 791. 15
Footnotes at end of table.
852
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 a^f^ estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,!
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
War activities— Continued.
Department of Labor:
Office of the Secretary
$2, 004, 000
1, 185, 000
40, 038, 000
1,000
$2, 069, 000
2, 650, 900
42, 842, 000
54,000
$1, 997, 534. 49
Bureau of Labor Statistics
1, 445, 681. 82
Children's Bureau
Women's Bureau
29, 959, 168. 72
Wage and Hour Division
° 11,432.42
Total
43, 228, 000
47, 615, 900
33, 390, 952. 61
Adjustment to daily Treasury statement
-2, 775, 542. 18
Total, Department of Labor . _
43, 228, 000
47,615,900
30, 615, 410. 43
Department of State:
Office of the Secretary
40,000
6, 100, 000
19, 595, 000
7, 032, 000
17, 777, 356. 71
Foreign Service. - ..- .-_ --
3, 087, 283. 28
Total __._
Adjustment to daily Treasury statement
6,140,000
26, 627, 000
20, 864, 639. 99
-1,455,056.83
Total, Department of State . -.
6, 140, 000
26, 627, 000
19, 409, 583. 16
Treasury Department:
Office of the Secretary-- -
55,596,000
144, 475, 000
150, 765, 922. 13
Fiscal Service:
Bureau of the Public Debt
" 373. 30
Bureau of Internal Revenue
°2. 10
Secret Service Division. _ _ -
7, 800. 00
Procurement Division
910, 432, 665
1,412,800,000
1, 281, 506, 918. 62
Total
966, 028, 000
1,557,275,000
1, 432, 280, 265. 35
Adjustment to daily Treasury statement
basis - --
+57, 146, 236. 21
Total, Treasury Department
966, 028, 000
1, 557, 275, 000
1, 489, 426, 501. 56
Anticipated supplemental appropriations
1, 398, 000, 000
1,134,200,000
Total, war activities
69,400,000,000
88, 000, 000, 000
87, 038, 671, 937. 86
4, 500, 000, 000
3, 750, 000, 000
1' 2, 608, 979, 805. 62
Refunds:
Treasury Department:
Office of the Secretary .- -
1,068,000,000
15, 000, 000
1, 641, 769, 600
1,068,000,000
15, 000, 000
.1,088,986,000
134,032,175.28
14, 401, 655. 92
Bureau of Internal Revenue .
146. 723, 882. 51
Total .- -
2, 724, 769, 600
2, 171, 986, 000
295, 157, 713. 71
Adjustment to daily Treasury statement
—28, 488. 056. 18
2, 724, 769, 600
2,171,986,000
266, 669, 657. 53
Veterans' pensions and benefits:
2,611,667,350
1,263,858,437
741, 559, 548. 85
Adjustment to daily Treasury statement basis-
—16, 473, 403. 72
Total, veterans' pensions and benefits
2,611,667,350
1, 263, 858, 437
725,086,145.13
Aids to agriculture:
Department of Agriculture:
War Food Administration:
Food Production Administration:
Agricultural Adjustment Agency:
Conservation and use of agricul-
tural land resources -
270,000,000
300,000,000
394, 847, 822. 78
Parity payments
163, 040, 083. 91
Other.-- -
30, 000, 000
37, 500, 000
300,000
1,473,000
40, 235, 059. 57
Federal Crop Insurance Act
6, 926, 329. 23
Land utilization and retirement of
submarginal land
1,225,500
1,474,982.09
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
853
Table 111. — Detailed receipts and eapenditures of general and special accounts,
actual for the fiscal year 1944 o-nd estimated for Jthe fiscal ^jj ears J9 45 and 1946 —
Continued
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
Aids to agriculture— Continued.
Department of Agriculture— Continued.
War Food Administration— Continued.
Food Production Administration — Con.
Farm Security Administration
$27,850,000
.$34, 935, 800
$35, 452, 986. 13
Total, Food Production Admin-
istration
329, 075, 500
374,208,800
640, 977, 263. 71
Food Distribution Administration:
Exportation and domestic consump-
tion of agricultural commodities. _.
Administration of Sugar Act of 1937.
85,000,000
47, 000, 000
92, 000, 000
52, 000, 000
96,518,883.79
50, 509, 385. 75
Total, Food Distribution Admin-
istration
132,000,000
144,000,000
147, 028, 269. 54
Total, War Food Administration.
Farm Credit Administration
461, 075, 500
o 1, 675, 000
518, 208, 800
•5,050,000
788, 005, 533. 25
"34,415,536.87
Total, Department of Agriculture.--
459, 400, 500
513,158,800
753, 589, 996. 38
Treasury Department:
Office of the Secretary:
Federal land banlcs:
Reductions in interest rate on mort-
4,225,000
'■2,031,000
■> 51, 574, 000
1, 365, 000
21, 236, 376. 83
Subscription to capital stock, re-
volving fund
" 3, 087, 000
'■46,598,000
"1,347,835.00
Subscriptions to paid-in surplus,
" 6, 521, 078. 17
Federal Farm Mortgage Corporation:
Reductions in interest rate on mort-
7, 215, 126. 54
Total, Treasury Department
"49,685,000
<■ 48, 015, 000
20, 582, 590. 20
Total
409, 715, 500
465, 143, 800
774, 172. 586. 58
-8,912,263.45
Total, aids to agriculture 1'.
409, 715, 500
465, 143, 800
765, 260, 323. 13
Social security program :
Administrative expenses:
Federal Security Agency, Social Security
22, 932, 000
152, 000
437,000
24, 884, 000
169. 000
414,000
24, 436, 769. 40
Department of Commerce. Bureau of Cen-
231, 572. 79
Department of Labor, Children's Bureau. --
413, 316. 24
Total, administrative expenses. -
23,521,000
25, 467. 000
25,081,658.43
Grants to States:
Federal Security Agency:
Public Health Service
11,260,000
452,000,000
11,614,000
436, 761, 000
10, 839, 952. 83
Social Security Board
465, 657, 771. 59
Total, Federal Security Agency
463,260,000
448, 375, 000
476,497,724.42
Department of Labor:
Children's Bureau
11,200,000
11,693,000
11, 158, 076. 56
Total, grants to States
474, 460, 000
460,068,000
487, 655, 800. 98
Total
497, 981, 000
485, 535, 000
512, 737, 459. 41
Adjustment to daily Treasury statement basis.
-1,318,060.64
Total, social security program.
497, 981, 000
485, 535, 000
511, 419, 398. 77
Footnotes at end of table.
854
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
Work relief:
$45,000
$1, 800, 000
500
$2, 104, 496. 99
11, 171. 30
Federal Works Agency:
Office of the Administrator:
Public Works Administration
13, 500, 000
15,022,000
187, 000
34, 000
3,321,817.00
Works Projects Administration.-
6, 370, 469. 98
Other -
5, 823, 722. 24
Total, Federal Works Agency
13, 500, 000
15, 243, 000
15,516,009.22
Department of the Interior, government in the
Territories -
2,700
28, 664. 08
Treasury Department:
Fiscal Service:
178, 893. 25
Office of the Treasurer of the United
States .. -
28, 102. 47
Secret Service Division .. .- -
13, 036. 92
Procurement Division
260,000.13
Total, Treasury Department
480, 032. 77
Total -
13, 545, 000
17, 046, 200
18, 140, 374. 36
Adjustment to daily Treasury statement basis..
-f 4, 869, 352. 47
Total, work relief
13, 545, 000
17. 046, 200
23, 009, 726. 83
Retirement funds:
Government employees' retirement funds:
Civil Service Commission:
Civil service retirement and disability
appropriated fund ._ - -.
245, 000, 000
1, 177, 000
217, 000
Mr
922, 800
194, 500, 000
1, 177, 000
175, 000
910, 500
175,104,000.00
Canal Zone retirement and disability
1,177,000.00
ability appropriated fund .. ..
175, 000. 00
State Department:
Foreign service retirement and disabil-
ity appropriated fund .
865, 600. 00
Total, Government employees' retire-
247, 316, 800
241, 232, 000
196, 762, 500
359, 498, 000
177, 321, 600. 00
Railroad retirement appropriated account
262, 720, 000. 00
488, 548, 800
556, 260, 500
440, 041, 600. 00
Aids to youth:
Federal Security Agency:
Office of the Administrator:
Civilian Conservation Corps
" 66, 370. 30
Adjustment to daily Treasury state-
-f236, 257. 37
169, 887. 07
General Public Works Program:
National Advisory Committee for Aeronautics..
Tennessee Valley Authority
7, 000, 000
23, 000, 000
93, 000, 000
580, 000
16, 452. 000
34, 000, 000
26, 600, 000
398, 000
11,233,753.72
66, 544, 688. 67
Veterans' Administration
Federal Security Agency, Saint Elizabeths Hos-
pital -. --
4, 852, 670. 65
183, 260. 69
Federal Works Agency:
Public Buildings Administration
1, 814, 000
60, 150, 000
4,820,000
66. 200, 000
3, 106, 083. 87
47, 199, 337. 40
61, 964, 000
71, 020, 000
50, 305, 421. 27
4, 500, 000
4,600,000
5, 386. 165. 00
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
855
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 and estimated for the fiscal years 1945 and 1946 —
Continued
Estimated
Actual,'
General and special accounts
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
General Public Works Program— Continued.
Department of Commerce:
Office of Administrator of Civil Aeronautics
$9, 000, 000
$500, 000
83,000
$35, 670. 95
206, 588. 90
Total, Department of Commerce
9, 000, 000
583, 000
242, 259. 85
Department of the Interior:
Bonneville Power Administration
22, 000, 000
2, 250. 000
57, 300, 000
955, 000
10, 745, 000
2, 050, 000
62, 553, 700
873, 000
8, 257, 380. 62
Bureau of Indian Affairs.
1, 749, 666. 10
Bureau of Reclamation
51,468.511.47
632. 061. 22
82, 505, 000
76, 221, 700
62, 107, 619. 41
Department of Justice:
372, 000
274, 000
148, 207. 84
Department of State:
1, 200, 000
1,400,000
800, 000
350,000
383,472.04
International Boundary Commission,
United States and Mexico
371, 889. 53
Total Department of State
2, 600, 000
1,150,000
755, 361. 57
War Department (civil functions), Corps of
Engineers
109, 291, 000
179, 907, 000
170, 531, 219. 48
Total
393, 812, 000
411, 205, 700
372, 290, 628. 15
+4, 801, 231. 49
Total, General Public Works Program
393,812,000
411,205,700
377, 091, 859. 64
Legislative branch:
4, 173, 000
11,111,165
4,000
3, 308, 700
105, 000
4, 732, 300
6. 783, 000
4, 205, 000
11,564,715
4,000
2, 539, 078
115.000
3, 934, 600
6, 726. 000
4, 472, 035. 52
10, 944. 264. 44
4, 000. 00
Architect of the Capitol ..
2, 277, 923. 48
111,824.56
4, 268. 992. 63
Government Printing Office..
6, 726, 257. 98
Total. -
30, 217, 165
29, 088, 393
28, 805, 298. bl
-24, 507. 37
Total, legislative branch
30, 217, 165
29, 088, 393
28, 780, 791. 24
The Judiciary:
655, 300
13, 697, 890
274, 000
729, 500
12, 512, 260
297, 000
653, 120. 09
12,134,099.87
Administrative Office of the United States
Courts
288, 279. 36
Total .
14, 627, 190
13, 538, 760
13, 075, 499. 32
+1, 189. 17
Total, The Judiciary
14, 627, 190
13, 538, 760
13, 076, 688. 49
Executive Office of the President:
545, 000
2, 507, 000
546, 000
2,035,000
505, 053. 79
1, 739, 854. 72
155, 802. 12
Total --
3,052,000
2, 581, 000
2, 400. 710. 63
+814. 50
""'
Total, Executive Office of the President
3, 052, 000
2,581,000
2, 401, 52.5. 13
Footnotes at end of table.
856
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual jor the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
Civil departments and agencies:
Independent oflSces:
American Battle Monuments Commission..
American Commission for the Protection
and Salvage of Artistic and Historic Mon-
uments in War Areas...
$40,000
58,000
$38,000
41,000
$74, 460. 76
8, 167. 95
Bituminous Coal Consumers' Counsel
24,417 10
Board of Investigation and Research-
Transportation
20,000
11,700,012
15, 025, 000
2,122,000
293, 516. 23
Civil Service Commission .
11,443,000
19, 400, 000
2, 704, 000
5,884,242 22
Employees' Compensation Commission
Federal Communications Commission
Federal Deposit Insurance Corporation
11,782,799.06
2, 188, 539. 69
« 200 46
Federal Power Commission
2, 330, 850
2, 008, 000
(16)
32, 980, 000
8, 203, 000
25, 875, 000
1, 005, 000
20, 500
500,000
2,597,000
591, 175
14,971,000
4,275,000
2, 068, 000
926,000
527,000
2, 210, 440
2.092,000
(18)
37, 450, 000
8, 295, 000
25, 015, 000
1, 073, 000
26, 900
1,330,000
2, 870, 000
607, 659
15, 218, 000
4, 700, 000
2, 146, 000
1, 062, 900
562, 000
15, 000
20, 000
2, 178, 934. 06
Federal Trade Commission.
1,819,828.69
Foreign-service pay adjustment
(16)
General Accounting Office
27, 341, 573. 77
Interstate Commerce Commission
8, 300, 096. 24
National Advisory Committee for Aero-
nautics.
18, 565, 633. 42
National Archives
899. 583. 50
National Capital Housing Authority _-.
National Capital Park and Planning Com-
mission... . .
14, 996. 01
244, 848. 57
National Labor Relations Board
2, 806, 346. 67
National Mediation Board
501, 825. 66
Railroad Retirement Board
17, 380, 180. 62
Securities and Exchange Commission
Smithsonian Institution
4, 567, 121. 90
2, 354, 218. 45
Tariff Commission
900, 961. 73
The Tax Court of the United States
Thomas Jefferson Bicentennial Commission
547, 419. 06
31, 499. 39
Thomas Jefferson Memorial Commission
11, 481. 86
United States Constitution Sesquicenten-
nial Commission
2, 411. 43
United States Golden Gate International
Exposition Commission
55.00
Unclassified items
• 7, 047. 86
Total...
132,522,525
133, 639, 911
108, 717, 910. 72
Adjustment to daily Treasury basis
... — 18,468,636.05
Total, Independent offices
132, 522, 525
133, 639, 911
90, 249, 274. 67
Federal Security Agency:
American Printing House for the Blind
Columbia Institution for the Deaf-
115,000
167,000
2, 844, 000
800, 000
892, 000
27, 445, 000
39, 290, 000
2, 085, 000
4, 777, 100
115,000
204, 000
2,941,000
282, 000
907, 000
27, 032, 740
38, 279, 000
2,080,000
12,711,000
115,000.00
208, 871. 67
Food and Drug Administration..
2, 844, 915. 46
Freedmen's Hospital
272, 634. 04
Howard University
976, 240. 60
Office of Education...
26, 271, 289. 06
Public Health Service
35, 656, 106. 10
Saint Elizabeths Hospital
1, 996, 155. 31
Office of the Administrator
8, 314, 284. 87
Miscellaneous
58, 134. 16
Total
78, 415, 100
84, 551, 740
76, 713, 631. 27
Adjustment to daily Treasury statement
basis.
-14,489.04
Total, Federal Security Agency .
78, 415, 100
84, 551, 740
76, 699, 142. 23
Federal Works Agency:
Office of the Administrator
366, 000
46, 490, 780
5, 500, 000
372. 000
58, 024, 756
21, 700, 000
666, 176. 64
Public Buildings Administration...
Public Roads Administration ...
Miscellaneous
35, 318, 620. 29
25, 006, 671. 73
311,500.62
Total
Adjustment to daily Treasury statement
basis
52, 356, 780
80, 096, 756
61,302,969.28
+7, 236, 009. 75
Total, Federal Works Agency
52, 356, 780
80, 096, 756
68, 538, 979. 03
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
857
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual Jor the fiscal year 1944 o,nd estimated jor the fiscal years 1945 and 1946 —
Continued
Oeneral and special accounts
Estimated
Actual 1
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES-Continued
Civil departments and agencies— Continued.
National Housing Agency:
Office of tlie Administrator
$3,032,000
$4, 060, 000
$4, 479, 055. 54
56, 629. 78
155, 781. 89
9, 915, 579. 76
4, 875. 71
Federal Home Loan Bank Administration,.
Federal Housing Administration
9, 430, 000
9, 334. 000
Federal Public Housing Authority
Total . _
Adjustment to daily Treasury statement
12, 462. 000
13, 394, 000
14,611,922.68
+117.072.52
Total, National Housing Agency....
Department of Agriculture:
Office of the Secretary
12, 462, 000
13, 394, 000
14, 728, 995. 20
5. 012, 000
1,875,000
1, 750, 000
460, 000
3, 730, 000
498, 000
4, 217, 000
2, 140, 000
2, 282, 000
540, 000
4, 555, 000
484, 633
1, 692, 351. 23
1, 964, 340. 47
2, 129, 162. 10
562, 858. 65
3, 897, 288. 14
472,313.93
Office of the Solicitor
Office of Information .. ..
Bureau of Agricultural Economics
Office of Foreign Agricultural Relations
Agricultural Research Administration:
Office of Administrator
Special research fund
286,000
1, 075, 000
7, 847, 500
8. 670, 000
740, 000
5, 190, 000
5,280,000
1, 000, 000
4. 300, 000
820,000
351, 000
1, 210, 000
7, 254, 500
9, 045, 500
800,000
5, 493, 000
5, 735, 000
2, 800, 000
4, 465, 000
775,000
188, 000
547. 734. 29
1,182,856.13
7, 225. 336. 71
8. 083, 296. 71
757, 660. 00
5, 309, 833. 38
5, 473, 165. 16
2, 366, 306. 12
3, 786, 791. 15
452, 769. 99
Office of Experiment Stations
Bureau of Animal Industry
Bureau of Dairy Industry
Bureau of Plant Industry, Soils and
Agricultural Engineering
Bureau of Entomology and Plant
Qnarantinp
Control of incipient and emergency
outbreaks of insect pests and plant
diseases .. ..
Bureau of Agricultural and Industrial
Chemistry
Bureau of Human Nutrition and Home
Economics ..
Miscellaneous..
ministration
35, 208, 500
38,117,000
35, 014, 635. 12
White pine blister rust control
3, 800, 000
33.257,000
2. 150, 000
35, 677, 000
1, 958, 808. 21
32,093,018.17
War Food Administration:
Extension Service . .
19, 568, 660
29, 775, 000
14, 431, 000
19, 528, 660
28, 995, 000
16, 655, 000
100, 000
12, 200, 000
19, 436, 955. 12
24,882,608.95
16,175,619.31
46, 725. 62
4, 733, 780. 85
75, 479. 48
Food Production Administration, Soil
Conservation Service
Food Distribution Administration,
Rural Electrification Administration
16, 300, 000
Total
165, 665, IbO
167, 641, 193
145, 135, 945. 35
-1,084,103.79
Adjustment to daily Treasury statement
basis
Total Department of Agriculture
165, 665, 160
167, 641, 193
144 051 841 56
Department of Commerce:
1, 731, 000
1, 629, 400
1, 157, 393. 95
Loan agencies (Commerce)
«6 21
Bureau of the Census
11,082,000
45,110,000
1, 699, 000
6, 185, 000
2, 445, 000
5, 325, 000
4,344,000
13, 362, 000
46,012,000
1,518,000
6, 822, 000
2, 005, 000
5, 175, 000
5,833,000
3, 371, 571. 36
Office of Administrator of Civil Aeronautics.
Civil Aeronautics Board
47, 634, 231. 45
1,312,250 92
Coast and Geodetic Survey
5, 520, 480. 37
Bureau of Foreign and Domestic Commerce.
Patent Office -.
1, 701, 640. 16
4, 816, 757. 36
National Bureau of Standards
1, 730, 677. 54
Footnotes at end of table.
858
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 ond estimated for the fiscal years 1945 and 1946 —
Continued
General and special accounts
Estimated
Actual, 1
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
Civil departments and agencies — Continued.
Department of Commerce— Continued.
$12,000,000
$12,738,000
$11,089,644.02
52 163 65
Total
89,921,000
95, 094, 400
78, 386, 804. 57
— 7,434,839 00
Adjustment to daily Treasury statement
Total , Department of C ommeree
89, 921, 000
95, 094, 400
70,951,965.57
Department of the Interior:
Office of the Secretary
4, 867, 000
10, 000
275, 000
234, 000
370, 000
2, 243, 700
8, 287, 500
27, 202, 250
3, 385, 000
7, 577, 000
16, 590, 000
4, 966, 000
8, 485, 300
7, 736, 000
3, 589, 000
8,000
175, 000
280, 000
608, 000
1, 846, 000
7, 945, 300
28, 233, 250
3, 490, 000
5, 645, 000
10, 694, 000
4, 898, 000
8, 058, 000
10,912,000
4, 048, 808. 14
8,788.71
64,594 85
Commission of Fine Arts -
United States High Commissioner to PhO-
88, 390. 47
813, 804. 02
1,364 929 33
Southwestern Power Administration
General Land Office
6 247 892 97
Bureau of Indian Affairs
29 433 279 66
2,561,685 36
Geological Survey .
5,002,873 54
Bureau of Mines -
5, 227 531 35
National Parlv Service
4,685 000 50
Fish and Wildlife Service.
7, 227, 732. 34
Government in the Territories
10, 647, 841. 10
114 518 69
Miscellaneous
Total
92, 228, 750
86, 381, 550
77, 537, 671. 03
+246, 513. 10
Adjustment to daily Treasury statement
basis -
Total, Department of the Interior
92, 228, 750
86, 381, 550
77, 784, 184 13
Department of Justice: t
Legal activities and general administration-
Federal Bureau of Investigation, __
20, 330, 000
8, 000, 000
21, 750, 000
16, 383, 000
22, 173, 000
9, 100, 000
28, 100, 000
15, 821, 000
21, 865, 573. 85
8,110,761.02
Immigration and Naturalization Service
Federal Prison System
29, 340, 905. 94
15 529,736 02
Miscellaneous
56, 172. 85
Total _
Adjustment to daily Treasury statement
basis.- .
66, 463, 000
75, 194, 000
74, 903, 149. 68
-3,940,942.38
Total, Department of Justice
66, 463, 000
75,194,000
70, 962, 207. 30
Department of Labor:
Office of the Secretary
3,983,500
2, 690, 000
732, 000
180,000
3, 808, 000
3, 644, 800
1, 660, 000
622, 000
193, 000
4, 600, 000
3,418,171.98
Bureau of Labor Statistics
1,338,016.59
Children's Bureau . . .
639, 372. 58
Women's Bureau
225, 565. 22
Wage and Hour Division
Miscellaneous _
4, 695, 598. 02
710. 47
Total
Adjustment to daily Treasury statement
basis
11, 393, 500
10, 619, 800
10,317,434.86
-108,439.05
Total, Department of Labor
11, 393, 600
10, 619, 800
10, 208, 995. 81
Footnotes at end of table.
REPORT OF THE SECRETARY OF THE TREASURY
859
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 and estimated for the fiscal Tjears 1945 and 1946 —
Continued
General and special accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,'
fiscal year 1944
EXPENDITL RES— Continued
Civil departments and agencies— Continued.
Department of State:
Office of the Secretary
Foreign Service
International obligations
Miscellaneous
$11,625,000
44, 250, 000
9, 679, 000
Total
Adjustment to daily Treasury statement
basis
65,554,000
Total, Department of State.
65, 554, 000
Treasury Department:
Office of the Secretary _-_ —
Foreign Funds Control
Division of Tax Research
Office of Tax Legislative Counsel
Division of Research and Statistics
Office of General Counsel
Division of Personnel
Office of Chief Clerk
Custody of Treasury buildings
Division of Printing
Fiscal Service:
Bureau of Accounts
Bureau of Public Debt
Office of Treasurer of the United States
Bureau of Customs
Office of Comptroller of the Currency
Bureau of Internal Revenue
United States Processing Tax Board of Re-
view
Bureau of Narcotics
Bureau of Engraving and Printing
Secret Service Division
Bureau of the Mint ---
Procurement Division
Miscellaneous
8,601,125
3, 300, 000
165, 000
90,000
156, 000
162, 000
161,000
575, 000
458, 000
Total ---
Adjustment to daily Treasury statement
basis.-
Total, Treasury Department .
War Department (civil functions) :
Corps of Engineers
Panama Canal
Total
Adjustment to daily Treasury statement
basis
Total, War Department (civil functions)
Total, civil departments and agencies
Post Office Department (general fund)
District of Columbia (Federal contribution).
Anticipated supplemental appropriations
7, 938, 000
86, 395, 000
5, 262, 000
23, 583, 000
249, 000
121, 558, 000
1,179,000
10, 475, 000
2, 483, 000
5, 459, 000
22, 433, 000
300, 682, 125
300, 682, 125
200, 000
21, 245, 000
21, 445, 000
21, 445, 000
1,089,108,940
6.000,000
347, 395, 000
$11,489,000
35, 678, 000
7,275,300
64, 442, 300
54, 442, 300
6, 852, 500
3, 200, 000
164, 000
100, 000
176,000
146, 000
187,000
614, 000
545,000
7,989,000
97, 208, 000
5, 275, 000
26, 090, 000
286,000
139, 750, 000
1,307,700
10, 005, 000
2, 730, 000
5, 284, 000
18, 850, 800
326, 820, 000
326, 820, 000
389, 900
21,351,000
21,740,900
21, 740, 900
1, 149, 616, 550
6, 000, 000
590, 478, 000
Footnotes at endlof table.
$7, 229, 270. 15
22, 712, 132. 45
4, 799, 570. 02
757, 660. 30
35, 498, 632. 92
+1,847,009.09
37, 345, 642. 01
5, 459, 134. 66
3, 833, 890. 51
179, 139. 59
88, 061. 90
207, 802. 76
160, 649. 39
204, 391. 62
687, 338. 41
616,710.90
19, 006. 77
7, 270, 339. 29
86, 374, 846. 53
4, 913, 063. 89
26, 325, 147. 48
291,320.11
130, 600, 477. 79
90.65
1, 338, 139. 46
8, 493, 729. 74
2, 822, 000. 20
5,081,274.69
7, 558, 375. 99
881, 900. 48
293, 406, 832. 71
-8, 705, 654. 60
284, 701, 178. 11
426, 070. 79
13, 724, 558. 17
14, 150, 628. 96
-1,351,680.91
12, 798, 948. 05
959, 021, 353. 67
' 22, 167, 486. 27
6, 000, 000. 00
860
REPORT OF THE SECRETARY OF THE TREASURY
Table 111. — Detailed receipts and expenditures of general and special accounts,
actual for the fiscal year 1944 o,nd estimated for the fiscal years 1945 and 1946 —
Continued
Estimated
Actual,'
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES-Continued
$2, 650. 00
-1,000.00
Total statutory public debt retirement
1,650.00
Total, expenditures, general and special ac-
$82, 530, 439, 545
$98,912,338,340
93, 743, 514, 863. 84
» Excess of credits (deduct).
b Counter entry (deduct) .
' Details of income taxes and miscellaneous internal revenue on collection basis with adjustments to basis
of the daily Treasury statement. Details of miscellaneous receipts on basis of warrants issued with total
adjusted to basis of the daily Treasury statement. Details of expenditures on checks-issued basis with totals
adjusted to basis of the daily Treasury statement.
2 Because of the time required for payments reported as tax collections toward the end of each month to
clear through the banks and become available for expenditures on the daily Treasury statement basis, an
adjustment from the collection basis to the daily Treasury statement basis is necessary. A positive adjust-
ment indicates that during the fiscal year more tax receipts on the daily Treasury statement basis have been
received than are reported as collections, and a negative adjustment indicates the reverse situation.
5 Amounts actually withheld are reported on a collection basis by the Bureau of Internal Revenue in the
first and second months following the quarter in which the actual withholdings took place. On the daily
Treasury statement basis a large portion of the amounts withheld is reported in the first month following
the month in which the actual withholdings took place. The adjustment is the difference between the
figure shown on a collection basis and the figure shown on the daily Treasury statement basis for the given
period.
* Collections for credit to trust funds are not included.
5 Includes collections from: Taxes on narcotics, taxes imposed under the National Firearms Act, and the
tax on hydraulic mining, all of which are effective currently. In addition, includes coOections from excise
taxes repealed or suspended prior to and including the Revenue Act of 1943 (consisting primarily of rubber
articles, electric signs, optical equipment, washing machines, vacuum cleaners, and manufacturers' tax on
luggage) ; collections from the tobacco, matches and tires and tubes floor stocks taxes imposed by the Revenue
Acts of 1941 and 1942; and collections from the tax under the Bituminous Coal Act of 1937 which expired
August 24, 1943. However, collections in the fiscal year 1944 from the manufacturers' tax on luggage are
included with the manufacturers' excise taxes.
« Includes estimated collections of $243,200,000 in the fiscal year 1945 and $301,000,000 in the fiscal year 1946
which the Federal Government pays to itself as a result of the elimination of exemptions to the Federal
Government from certain taxes under the Revenue Act of 1943.
' Result of an unappropriated balance of prior year transferred to the trust fund receipt account during
current fiscal year "Deposits for salaries and expenses, Federal Home Loan Bank Administration."
8 Deposits amounting to $24,366,000 accepted in the fiscal year 1943 by the Navy Department as an over-all
adjustment for savings in cost over estimates on work in progress for the Navy, and not obtained as a result
of a renegotiation of any particular contract, transferred in the fiscal year 1944 to "Voluntary return of exces-
sive profits," which is included in "Reimbursements, excessive profits on renegotiated contracts."
« Includes cash refunds which are recoveries of excessive profits from renegotiation of war contracts which
would not have been collected as taxes, plus those amounts which would have been collected as taxes if the
corporation had filed a definitive tax return prior to the determination of the amount of excessive profits.
10 Result of receipts covered in fiscal year 1942 and transferred to General Fund account in fiscal year 1944.
» Represents transfer of unappropriated balance of prior year receipts to appropriation account "Rents,
Maintenance, etc.. National Defense Housing Project (Emergency fund for the President), Navy."
13 Upon final determination, appropriate amounts will be transferred to this account from the special
account for Bonneville project.
13 Includes $23,675,742.51 sale of Government property— products under War Department.
1* Because of possible material changes in war conditions, the detailed estimates of appropriations for the
fiscal year 1946 will be submitted to the Congress as a part of a supplementary Budget in the spring of 1945.
Consequently the estimated expenditures for the fiscal year 1946 are tentative.
n Includes Office for Emergency Management and constituent agencies, Office of Censorship, Office of
Price Administration, Office of Strategic Services, and Petroleum Administration for War.
i« Expenditures are shown under the various agencies to which funds are allocated.
1' Includes adjustment to daily Treasury statement of $1,137,466..39.
18 Represents deposits on the basis of covering warrants. Information regarding the amount of such
deposits is not available on the basis of the daily Treasury statements. Includes voluntary returns of
excessive profits on renegotiated contracts in the amount of $112,784,469.99.
REPORT OF THE SECRETARY OF THE TREASURY
861
Tablk 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 (md estimated for the fiscal years 1945 and 1946
[On basis of 1946 Budget document]
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS
Unemployment trust fund:
Deposits by States (net) .
$1,099,411,000
99, 000, 000
9, 729, 000
154, 738, 063
$1, 256, 220, 898
119,700,000
8, 948, 000
126, 210, 781
$1, 349, 306, 970. 12
Railroad unemployment insurance account:
Deposits by Railroad Retirement Board
Transfers from railroad unemployment in-
surance administration fund (act Oct. 10,
1940)
109, 374, 997. 72
11,699,700.00
Interest on investments.--
96, 527, 764. 42
Total, unemployment trust fund-
1, 362, 878, 063
1,511,079,679
1,566,909,432.26
Federal old-age and surriTors insurance trust fund:
153,803,112
1,599,880,000
129, 983, 773
1, 293, 060, 000
103,177,087.09
Net appropriation from General Fund receipts. -
1, 259, 515, 059. S3
Total, Federal old-age and survivors insur-
ance trust fund -..
1,753,683,112
1, 423, 043, 773
1,362,692,147.02
Veterans' life Insurance funds:
National service life insurance fund:
Premiums
840, 240, 000
90, 000, 000
1, 000, 000, 000
823, 052, 000
67, 483, 000
516, 228, 342
781, 144, 957. 94
22, 190, 004. 10
Transfers from General Fund -..
101,208,962.49
Total, national service life insurance fund.
1, 930, 240, 000
1, 406, 763, 342
904, 543, 924. 53
Government life insurance fund:
Premiums and other receipts
48,615,500
40, 510, 700
50, 136, 500
39, 862, 200
65,253,363.46
Interest and profits on investments
38,891,038.56
Total, Government life insurance fund
89, 126, 200
89, 998, 700
94, 144, 402. 02
Total, Veterans' life insurance funds
2, 019, 366, 200
1, 496, 762, 042
998, 688, 326. 55
Federal employees' retirement funds:
Civil service retirement and disability fund:
337, 948, 564
77, 027, 379
245, 000, 000
1, 220, 000
307, 226, 457
70, 024, 890
194, 500, 000
1, 290, 875
267,155,789.09
Interest and profits on investments
52, 767, 637. 64
Transfers from General Fund— United
States share -
175, 104, 000. 00
889, 037. 00
Total, civil service retirement and dis-
661, 195, 943
573, 042, 222
495, 916, 463. 73
Canal Zone retirement and disability fund:
1, 520, 786
446, 147
1, 177, 000
1, 421, 295
416,960
1,177,000
1, 278, 300. 73
361, 964. 22
Transfers from General Fund— United
States share -- --
1, 177, 000. 00
Total, Canal Zone retirement and dis-
3, 143, 933
3,015,255
2,817,264.95
Alaska Railroad retirement fund:
181, 280
79, 310
217,000
176,000
77,000
175,000
171,531.06
67, 757. 37
Transfers from General Fund— United
175, 000. 00
Total, Alaska Railroad retirement fund...
477, 590
428,000
414, 288. 43
Foreign service retirement and disability fund:
275,000
300,000
922,800
275,000
300,000
910, 500
272, 297. 37
277, 847. 96
Transfers from General Fimd— United
States share
865, 600. 00
Total, foreign service retirement and dis-.
ability fund -- -
1,497,800
1, 485, 500
1,415,745.33
Total, Federal employees' retirement
funds
666, 315, 266
577, 970, 977
500, 563, 762. 44
862
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 ond estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
RECEIPTS— Continued
Railroad retirement account:
Interest on investments
Transfer from General Fund
Total, railroad retirement account.
Other trust accounts:
Legislative branch:
Library of Congress catalog card fees, de-
posits
Library of Congress copyright fees, deposits-.
Depository sets of Library of Congress cata-
log cards, deposits
Library of Congress gift fund
Library of Congress trust fund investment
account. ._
Library of Congress trust fund permanent
loan account .
Government Printing Office, Superintend-
ent of Documents, unearned proceeds of
sale of publications
Oliver Wendell Holmes Memorial fund,
deposits
Total, legislative branch.
The Judiciary:
Deposits of collections:
Clerks of the United States district
courts - - .. - .
Clerks of the United States circuit
courts of appeals . - . . . ...
Clerk of the United States Court of Ap-
peals for the District of Columbia
Clerk of Emergency Court of Appeals. .
Total, the Judiciary
Executive Office of the President and inde-
pendent offices:
Canal Zone biological area fund, deposits. _.
Deposits, compensation award«, property
requisitioned for national defense
Deposits, by State agencies, supply and
distribution of farm labor, employment
services, War Manpower Commission
Employees' Compensation Commission,
relief and rehabilitation and interest on
investments. Longshoremen and Harbor
Workers' Compensation Act.. . .
Federal Communications Commission,
receipts, international telecommunication
settlements
Federal Power Commission, licenses under
Federal Power Act from Indian reserva-
tions .
General Accounting Office, withholdings
from contractors lor wage adjustments,
act of Aug. 30, 1935
General Accounting Office, funds due Paul
Hoflman
Interstate Commerce Commission:
Deposits, unearned permit fees
Deposits, unearned fees, admission of
attorneys
National Archives:
National Archives trust fund donations
Franklin D. Roosevelt Library income
account, deposits
Franklin D. Roosevelt Library gift
fund, donations...
Securities and Exchange Commission,
deposits, unearned fees.
Estimated
Fiscal year 1946 Fiscal year 1945
$19, 000, 000
241, 232, 000
260, 232, 000
70, 000
50, 000
30, 000
20,000
1, 150, 000
1,320,000
4, 000, 000
275, 000
5,000
2,000
4, 282, 000
320, 000
400, 000
50, 000
7,500
195, 742
2,900
$15, 000, 000
359, 498, 000
374, 498, 000
70, 000
50,000
30, 000
20, 000
1, 150, 000
1, 320, 000
4, 000, 000
275, 000
5,000
2,000
4, 282, 000
800
20,000
3,000
420, 000
600, 000
100, 000
7,500
190, 730
3,500
Actual
fiscal year 1944
7,000
$9, 837, 049. 21
262, 720, 000. 00
272, 557, 049. 21
71,415.23
51, 175. 95
7. 172. 09
87, 104. 98
27, 936. 57
24, 123. 42
1, 383, 329. 79
33, 916. 19
1, 686. 174. 22
4, 013, 244. 72
274, 308. 53
4, 634. 52
1, 748. 24
4, 293, 936. 01
6, 031. 50
594, 240. 01
1, 156, 229. 66
179, 759. 92
4, 686. 79
197, 660. 20
5, 552. 34
1.37
2, 485. 00
610.00
2, 000. OO
802. 14
494. 93
6, 369. 88
REPORT OF THE SECRETARY OF THE TREASURY
863
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o-nd estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
Other trust accounts— Continued.
Executive Office of the President and inde-
pendent offices- Continued.
National Capital Housing Authority:
Loan by United States Housing Au-
thority for low-rent housing fund
$1,05.3,000
120,000
950, 000
$215, 712. 57
Langston management, deposits _ _
Completed properties, deposits _ _
$120,000
960, 000
119,516.31
934, 196. 80
Veterans' Administration:
Adjusted service certificate fund:
Interest on investments
140, 900
641,000
1,000
9. 000, 000
746, 497. 42
2, 264. 96
Interest on loans
Transfers from General Fund
Total, adjusted service certificate
fund ...
140, 900
9, 642, 000
748, 762. 38
Miscellaneous trust accounts:
Funds due incompetent benefici-
aries, deposits
General post fund, national homes,
deposits
Personal funds of patients, deposits,
160, 000
100, 000
4, 500, 000
160,000
100, 000
4, 500, 000
272, 982. 40
181, 666. 19
5, 766, 665. 94
Total, Veterans' Administration.. _
4, 900, 900
14, 402, 000
6, 970, 076. 91
Welfare and Recreational Association of
Public Buildings and Grounds, receipts...
15, 000. 000
15, 000, 000
14, 985, 296. 21
Total, Executive Office of the President
and independent offices
21, 979, .342
32, 865, 030
25,381,722.54
Federal Security Agency:
Civilian Conservation Corps:
Deposit account
60.39
Proceeds, estates of deceased and men-
tally incompetent enrolled members..
24.20
Food and Drug Administration:
Deposits, sea food inspection fees
Deposits, insulin certification fees
Deposits, coal tar colors, certification
fees -
10, 000
1,000
5,000
200
5,000
10,000
1,000
5.000
200
5,000
18, 542. 00
» 963. 75
» 7, 449. 88
Freedmen's Hospital:
Contributions, unconditional gift fund..
Public Health Service:
Contributions and interest on invest-
ments. National Institute of Health
conditional gift fund
Contributions to National Cancer
Institute:
Unconditional gift fund ..
200.00
3, 357. 50
150.00
Conditional gift fund
300.00
Narcotic farm, deposits of personal
funds and earnings of inmates
65. 000
4,000
65,000
4,000
il8, 565. 25
Proceeds from effects and moneys of
former patients ...
Deposits, erection or support of hospitals
5, 195. 10
23.57
Saint Elizabeths Hospital:
Personal funds of patients. .
320,000
300,000
310, 545. 13
Personal funds of student nurses
71.26
Pension money
Contributions, Saint Elizabeths Hos-
176, 000
160,000
122, 504. 84
135. 35
Total, Federal Security Agency
586, 200
550,200
571, 260. 96
Federal Works Agency:
Public Roads Administration:
Contributions from States, etc., coop-
erative work, strategic network of
94,500
» 45, 000
26,725.00
Proceeds, sale of materials acquired under
' ' 445, 209. 41
49,500
" 418, 484. 41
A
* Counter entry (deduct).
' Result of transfer of excess receipts from trust fund account to the General Fund receipt
account "Sale of scrap and salvaged materials."
864
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o,nd estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal.year 1944
RECEIPTS— Continued
Other Irnst accounts— Continued.
National Housing Agency:
Deposits, operation and maintenance of re-
settlement projects, Federal Public Hous-
ing Authority, act of Dec. 18, 1941 (55
Stat. 838)
Deposits, unearned collections, Title I, Na-
tional Housing Act, as amended
Deposits, recoveries on real properties ac-
quired under insurance granted prior to
July 1, 1939, Title I, National Housing
Act
$1, 690, 000
'80,000
' 10, 000
1,500
10,000
$1,750,000
'250,000
» 20, 000
1,500
5,000
$1,651,130.88
'2 573,988.96
77, 057. 03
Deposits, reserve for maintenance and re-
pair, lease and purchase agreements. Fed-
eral Public Housing Authority, act of
June 26, 1934
1, 397. 93
Deposits toward purchase price, lease and
purchase contracts, Federal Public Hous-
ing Authority, act of June 26, 1934 _
4, 316. 74
Total, National Housing Agency
1,611,500
1, 486. 500
1,159,913.62
Department of Agriculture:
Forest Service:
rnnpp.rativp fund
2,000,000
1,000,000
2,000,000
1, 000, 000
15,000
2,000
600,000
6,000,000
200
15,000
3, 106, 014. 46
War Food Administration:
Food Production Administration:
Agricultural Adjustment Agency:
Grain moisture content and
grade determination for Com-
modity Credit Corporation.
1,517,263.45
Deposits, indemnity fund,
county associations
2, 373. 94
Deposits of undistributed cot-
ton price adjustment pay-
ments -
1,000
150,000
6,000,000
50
5,000
2, 158. 78
Farm Security Administration:
Resettlement and rural rehabil-
itation projects, deposits
Assets of State rural rehabilita-
tion corporations, deposits
Reserve for maintenance and re-
pair, lease and purchase agree-
ments, deposits .. ...
1,125,559.34
7,774,088,61
623. 47
Deposits toward purchase price,
lease and purchase contracts. .
Food Distribution Administration:
Marketing Service:
Collections, distilled spirits in-
dustry, parity payments
111, 499. 55
72,325.36
Deposits of fees, inspection and
grading of farm products
Deposits by producers, expen-
ses, grading of agricultural
commodities for Commodity
Credit Corporation
4, 400, 000
623, 168
5,000,000
541,000
4, 658, 433. 19
553, 245. 00
Commodity stamp trust fund,
transfers from general fund
' 2, 840, 031. 50
Miscellaneous trust accounts:
Deposits of miscellaneous contributed
funds ..
100,000
13,500
30, 700
125,000
12, 500
30,700
499, 572. 99
Deposits, unearned fees and other
charges, sec. 8a (4), Commodity Ex-
change Act... ._
11, 970. 00
Deposits to secure payments for repro-
duction of photographs, mosaics, and
maps —
28, 082. 17
Total, Department of Agriculture
13, 323, 418
15, 341, 400
16,623,178.81
' Counter entry (deduct).
^ Result of transfer of earned portion of deposits to the General Fund.
REPORT OF THE SECRETARY OF THE TREASURY
865
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 ond estimated for the fiscal years 1945 and 1946- — Continued
Trust accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,
fiscal year 1944
RECEIPTS— Continued
Other trust accounts— Continued.
Department of Commerce:
Bureau of the Census, deposits, special sta-
tistical work _- -
Bureau of Foreign and Domestic Com-
merce, deposits, special statistical work...
Patent Office, deposits, unearned fees
Total, Department of Commerce-
Department of the Interior:
Grazing Service:
Contributions, grazing districts
Deposits, unearned proceeds, lands,
etc., grazing service...
General Land Office:
Deposits, pubhc survey work.
Trustee funds, Alaska town sites
Deposits, unearned proceeds, lands, etc.
Bureau of Indian Affairs:
Contributions of funds for Indian proj-
ects - ----
Deposits, leases, etc.. Pawnee Indian
Agency and school reserves, Okla-
lioma
Proceeds of sales and leases of Indian
lands, etc
Annette Islands reserve, Alaska, depos-
Proc'eeds of 'labor (act June 13, 1930)
Proceeds of labor, Indian moneys, agen-
cies, schools, etc
Puye Cliff Ruins, New Mexico, admis-
sion fees
Indian ceded lands, receipts due to
Indians under Grazing Act, June 28,
1934 --
Bureau of Reclamation:
Contributions to reclamation fund
Southwestern Power Administration:
Deposits from sale and transmission of
electric energy. Grand River Dam
project, Oklahoma:
O perating revenues
Public Works Administration loan
and grant funds
National Park Service:
Donations for lands, etc -
Preservation of birthplace of Abraham
Lincoln, interest on endowment fund.
Contributions to national park trust
fund..
Income on investments .--
Fish and Wildlife Service:
Deposits, contributed funds
Fox and fur seal industries, Pribilof
Islands, advances
Deposits, unearned proceeds, sales of
furs
Government in the Territories:
Funds contributed for improvement of
roads, bridges, and related works
Alaska --■
Total, Department of the Interior..
Department of Justice:
Legal activities and general administration:
United States marshals, deposits of col-
lect ions -
Immigration and Naturalization Service:
Deposits of funds of aliens who become
public charges - -
Deposits to secure payment of fines and
passage money
" Counter entry (deduct).
$150,000
1,500
50, 000
201, 500
125,000
10,000
2,000
450, 000
4, 800, 000
100, 000
2, 099, 400
600, 000
1, 278, 200
1, 500, 000
20, 000
2,300
1,500
500
5,000
100, 000
1,000
81, 800
11, 176, 700
500, 000
2,000
23, 000
$85,000
5,930
50,000
140, 930
125, 000
10, 000
2,000
450, 000
3,500
4, 750, 000
100, 000
2, 145, 750
600, 000
605, 100
1,863,000
20,000
2,300
1,500
500
5,000
100, 000
1,000
80, 000
10,861,650
490, 000
1,000
23,000
$53, 685. 98
14, 265. 73
43, 778. 39
111, 730. 10
109, 666. 23
» 8, 442. 98
5, 947. 87
55.30
1, 793, 980. 33
10, 982. 80
1, 204. 80
4, 877, 429. 45
99, 403. 19
2, 156, 427. 66
569, 094. 78
1, 200. 00
183.43
1, 663, 659. 14
1, 854, 949. 37
24, 719. 45
29, 750. 00
2, 030. 00
68.00
500.76
13, 328. 54
51, 875. 00
b8, 352. 67
83, 336. 67
13, 332, 987. 12
325, 404. 40
2, 603. U
11, 698. 00
613185 — 45-
-56
866
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 and estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
RECEIPTS— Continued
Other trust accounte— Continued.
Department of Justice— Continued.
Federal Prison System:
Deposits of funds of Federal prisoners...
Deposits of commissary funds, Federal
prisons
$1, 550, 000
675, 000
.$1,525,000
660, 000
$1. 429, 409. 63
608, 687. 53
Total, Department of Justice.
2, 750, 000
2, 699, 000
2, 377. 802. 67
Navy Department:
Contributions to U. S. Naval Academy
Museum fund .. ..
1, 008. 25
Contributions to U. S. Naval Academy,
general gift fund
85, 000. 00
Bequest of Dudley J. Wolfe to U. S. Naval
Academy . . ..
» 3 85. 000. 00
Profit from sale of ships' stores
Navy fines and forfeitures, deposits
3, 666, 666
3, 000, 000
3,152,788.08
3, 442, 713. 62
Pay of the Navv, deposits.
604, 000
510, 000
541, 043. 33
Navy hospital fund, deposits
2, 825, 055. 06
Pay of the Marine Corps, deposits
2,250,000
2. 300, 000
1, 738. 320. 17
Proceeds from effects of deceased employees,
Navy Department ....
118. 06
National defense housing projects, deposits,
rents .....
40, 000
40, 000
>> 197, 064. 72
Total, Navy Department
5,894,000
5, 850, 000
11,503,981.85
State Department:
Settlement of claims. Special Claims Cora-
mission, under art. 2 of convention, Apr.
24, 1934, between the United States and
Mexico
448, 000
100, 000
509, 480. 20
Settlement of claims. Special Claims Com-
mission, under art. 1 of agreement, Oct.
25, 1934, between the United States and
Turkey.
100, 000
Collections from shipping companies for re-
patriation of American seamen . .
528.80
Deposits of collections, Mexican claims fund.
Deposits, Mexican claims fund, expropria-
tion of petroleum properties and default of
bonds ...
2, 500, 000
4, 085, 000
40, 000
500
2, 500, 000
4, 085, 000
40, 000
500
2, 500, 000. 00
12,796.391.04
Wages due American seameu
Estates of decedents
40. 466. 59
'511.32
Deposits, unearned passport and applica-
tion fees
' 214, 656. 99
Total, State Department..
6, 725, 500
7, 173, 500
15, 631, 698. 32
Treasury Department:
Fiscal Service:
Proceeds of assets of Liberty Loan asso-
ciations of banks and trust companies
of New York
» 799. 62
Proceeds of Government obligations
held for rightful owners .
85.75
Proceeds from redemption of undeliv-
ered Liberty Loan bonds belonging
to subscribers whose whereabouts are
unknown
' 1, 921. 29
Bureau of Internal Revenue:
American Samoa, coconut oil tax, in-
ternal revenue
Philippine Islands, internal revenue
collections
Philippine Islands, coconut oil tax, in-
ternal revenue..
Puerto Rico, internal revenue collec-
tions
2,200
5,000
15,000
23,000
40, 800
2,200
5,000
45,000
23,000
47,880
2, 167. 20
4, 909. 08
1, 517, 741. 02
725, 575. 68
Puerto Rico and Virgin Islands, de-
posits for expenses, Treasury Depart-
ment, enforcement Title III, National
Prohibition Act, as amended
47,884.00
> Counter entry (deduct).
' Transferred to "Contributions to U. S. Naval Academy general gift fund.'
REPORT OF THE SECRETARY OF THE TREASURY
867
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o-nd estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
RECEIPTS— Continued
Other trust accounts— Continued.
Treasury Department— Continued.
United States Processing Tax Board of Re-
view:
Deposits, unearned fees and costs
Total, Treasury Department.
War Department:
Funds held for military personnel and re-
lated units overseas _
Pay of the Army, deposit fund
Personal funds of military and civilian per-
sonnel located overseas, deposits
Proceeds from effects of mentally incompe-
tent soldiers.
Proceeds from estates of deceased personnel .
Proceeds from estates of deceased soldiers,
Regular Army -
Interest on investments, bequest of Maj.
Gen. Fred C. Ainsworth to Walter Reed
General Hospital
Proceeds from redemption of undelivered
Liberty Loan bonds belonging to sub-
scribers whose whereabouts are unknown.
Soldiers' Home permanent fund
Fort Monroe, Va., contributions for sewer-
age system
National defense housing projects (U. S.
Housing Authority), deposits, rents
Deposits, operating costs of plants by Army
under Executive orders
Deposits, unapplied balances from class A
pay reservations of mentally incompetent
and deceased employees. United States
war savings bonds
Deposits, fund of civilian internees and
prisoners of war --
Moneys collected by United States forces In
occupied territory or under martial law,
Territory of Hawaii
Contributions for river and harbor improve-
ments --
Contribution of funds for flood control
Refund of unapplied balances under class B
allotments, United States war savings
bonds
Estimate
Fiscal year 1946 Fiscal year 1945
Total, War Department.
District of Columbia:
Revenues
Transfer from General Fund (Federal con-
tribution) •
Total, District of Columbia.
Miscellaneous trust accounts:
Deposits, miscellaneous and excess collec-
tions
Deposits of unclaimed moneys of individ-
uals whose whereabouts are known
Unclaimed moneys of individuals whose
whereabouts are unknown...
Unclaimed moneys due creditors of con-
tractors with the United States under
cost-plus-a-fixed-fee contract
Total, miscellaneous trust accounts
Increment resulting from reduction in the
weight of the gold dollar
Total -.
Adjustment to daily Treasury statement basis..
Total, other trust accounts —
Total receipts, trust accounts.
* Counter entry (deduct).
$86,000
10, 000, 000
50, 000, 000
400, 000, 000
100, 000
20,000
400,000
279
3, 405, 300
15,000
40, 000
10, 000
36,000
5, 000, 000
52,500
15,000
100,000
469, 194, 079
63, 538, 300
6,000,000
69, 538, 300
500
600
83,725
20,300
105, 025
100,000
608, 873, 564
608, 873, 564
6, 661, 348, 205
$123, 080
12, 000, 000
100, 000, 000
500, 000, 000
150,000
25,000
800, 000
279
3, 335, 900
15,000
80,000
200,000
36,000
20, 000, 000
100,000
67,500
129, 356
1, 000, 000
Actual,
fiscal year 1944
637, 939, 035
65, 462, 933
6, 000, 000
71, 462, 933
500
501
94,054
40,300
150, 000
792,433,113
$376. 85
2, 296, 018. 67
54, 101. 12
69, 822, 554. 68
155, 188, 434. 55
146,124.94
25, 076. 53
495, 619. 32
70.18
3, 320, 868. 95
14, 396. 42
32, 788. 64
1, 776, 545. 17
36, 667. 13
13,311,377.93
1, 456, 666. 43
409, 500. 00
431, 498. 99
2, 339, 070. 00
248, 861, 639. 85
66, 718, 651. 00
6,000,000.00
72. 718, 651. 00
» 615. 08
1, 375. 33
104, 266. 18
65, 242. 82
170, 269. 25
171, 591. 10
792, 433, 113
6, 175, 787, 584
416, 474, 071.
-65, 163, 200.
351, 310, 870. 99
5, 052, 721, 588. 47
868
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 df^d estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES
Unemployment trust fund:
Investments in United States securities
$1, 292, 378, 063
500, 000
70, 000, 000
$1, 449, 458, 781
500,000
65, 000, 000
$1, 603, 000, 000. 00
Railroad unemployment insurance account
State accounts:
Withdrawals by States .
591, 283. 79
59, 999, 500. 00
Total, unemployment trust fund
1, 362, 878, 063
1, 514, 958. 781
1, 563, 590, 783. 79
Federal old-age and survivors insurance trust fund:
301, 000, 000
1,452,683,112
238, 000, 000
1, 191, 108, 890
184, 597, 363. 80
Investments in United States securities .
1,172,035,880.00
Total, Federal old-age and survivors insurance
1, 753, 683, 112
1, 429, 108, 890
1, 356, 633, 243. 80
Veterans' life insurance funds:
National service life insurance fund:
Investments in United States securities
Insurance losses and refunds ... ....
1, 670, 740, 000
259, 600, 000
25, 749, 500
63, 376, 700
1, 256, 567, 342
150, 196, 000
40, 797, 400
49, 201, 300
861, 700, 000. 00
31, 365, 551. 92
Government life insurance fund:
Investments in United States securities
TnsiirflTifP losses OTid rpfrinds
60, 042, 266. 12
33, 592, 938. 92
Total, veterans' life insurance funds
2. 019, 366, 200
1, 496, 762, 042
986, 700, 756. 96
Federal employees' retirement funds:
Civil service retirement and disability fund:
Annuities and refunds.
130, 781, 915
530, 414, 028
1,761,510
1, 382, 423
220,935
256, 655
590, 000
907, 800
131,007,237
446, 429, 160
1, 646, 271
1,460,202
214, 500
221, 220
590, 000
895, 500
100, 476, 706. 54
Investments in United States securities
Canal Zone retirement and disability fund:
Annuities and refunds
390, 592, 000. 00
1, 470, 590. 26
Investments in United States securities
Alaska Railroad retirement and disability fund:
Annuities and refunds . . ..
1, 227, 000. 00
202, 562. 30
Investments in United States securities
Foreign service retirement and disability fund:
Annuities and refunds
203, 000. 00
512, 641. 60
Investments in United States securities.
897, 000. 00
Total, Federal employees' retirement
funds
666, 315, 266
582, 464, 090
495, 581, 500. 69
Railroad retirement account:
Benefit payments. _ .
148, 500, 000
112, 000, 000
142, 000, 000
232, 000, 000
134,415,832.07
Investments in United States securities .
140, 500, 000. 00
Total, railroad retirement account
260, 500, 000
374, 000, 000
274, 915, 832. 07
Other trust accounts:
Legislative branch:
House of Representatives:
Special deposit account:
Federal tax withholdings
33, 712. 30
Architect of the Capitol:
Oliver Wendell Holmes Memorial fund
33, 916. 19
Special deposit accounts:
Federal tax withholdings
• 20, 447. 28
Other
• 3, 910. 37
Library of Congress:
Gift fund .
30, 000
26,000
14, 000
1,000
120, 000
26, 100
14, 400
1,000
97, 297. 98
Income from investment account
Unearned copyright fees
27, 660. 27
10, 778. 30
Unearned catalog card fees
167. 96
Special deposit account
75, 026. 91
Special deposit account, Federal tax
withholdings
• 102, 927. 94
Government Printing Office:
Unearned proceeds of sale, etc., of publi-
cations, Superintendent of Docu-
ments..
1, 150, 000
1, 178, 000
1, 195, 453. 73
Special deposit accounts:
Federal tax withholdings ..
' 308, 390. 86
Payroll allotments, war bonds
» 20, 615. 58
Total, legislative branch.
1, 221, 000
1, 339, 500
1, 017, 721. 61
« Excess of credits (deduct).
REPORT OF THE SECRETARY OF THE TREASURY
869
Table 112.— Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 and estimated for the fiscal years 1945 and /S^^^Continued
Trust accounts
EXPENDITURES— Continued
Other trust accounts — Continued.
The Judiciary:
Fees and other collections, clerks of United
States district courts
Special deposit account.
Special deposit account, Federal tax with-
holdings _ _
Total, The Judiciary-
Estimated
Fiscal year 1946 Fiscal year 1945
$4, 282. 000
1, 500, 000
5. 782, 000
$4, 282, 000
1, 500, 000
5, 782, 000
Actual,
fiscal year 1944
$3, 203. 857. 26
6, 645, 336. 48
• 242, 327. 77
9, 606, 865. 97
720,000
1, 020, 000
Executive Office of the President and inde-
pendent offices:
Executive Office of the President, special
deposit accounts:
The White House Office:
Special deposit account
Bureau of the Budget:
Special deposit account
National Resources Planning Board:
Special deposit account . ._
War agencies *...
American Battle Monuments Commission:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
American Commission for the Protection
and Salvage of Artistic and Historic Mon-
uments in War Areas:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Bituminous Coal Consumers' Counsel:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other
Board of Investigation and Research:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Canal Zone biological area fund
Civil Service Commission:
Special deposit accounts:
Federal tax withholdings..
Payroll allotments, war bonds
Other
Employees' Compensation Commission:
Relief and rehabilitation. Longshore-
men's and Harbor Workers' Com-
pensation Act
Relief and rehabilitation. District of
Columbia Workmen's Compensation
Act...
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other..--
Federal Communications Commission:
International telecommunication settle-
ments
Special deposit accoimts:
Federal tax withholdings
Payroll allotments, war bonds
Other
Federal Emergency Relief Administration:
Special deposit account
Federal Power Commission:
Special deposit accounts:
Federal tax withholdings...
Payroll allotments, war bonds
Other --.. -
"Excess of credits (deduct).
* Because of possible material changes in war conditions the detailed estimates of appro-
priations for the fiscal year 1946 will be submitted to the Congress as a part of a supple-
mentary Budget in the spring of 1945. Consequently the estimated expenditures for the
fiscal year 1946 are tentative.
10, 000
3,000
7,500
10,000
3,000
7,500
20.76
1.02
5,761.81
<• 186, 501, 223. 73
11.60
108.75
386.40
■50.05
1, 537. 44
890. 00
'■.90
950.04
2, 520. 91
5, 270. 11
412. 946. 12
" 26, 604. 35
459, 035. 82
79, 500. 99
26, 568. 47
• 922. 66
24.44
8, 727. 17
133, 135. 25
■> 17, 796. 54
483. 12
21.18
53, 175. 04
9, 304. 63
11.035.33
870
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o-nd estimated for the fiscal years 1945 and 1946 — Continued
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES— Continued
Other trust accounts— Continued.
Executive Office of the President and independ-
ent offices— Continued.
Federal Trade Commission:
Special deposit accounts:
Federal tax withholdings
<■ $43, 215. 16
Payroll allotments, war bonds
« 4, 505. 34
Other
» 25. 40
General Accounting Office:
Wages of employees of contractors.
Special deposit accounts:
Federal tax withholdings
$4, 000
$4, 000
86.40
» 711, 098. 61
Payroll allotments, war bonds
10, 149. 50
Other
•1,837,917.20
Interstate Commerce Commission:
Unearned permit fees
323. 25
Unearned fees, admission of attorneys...
Special deposit accounts:
100
140
130.00
• 178, 639. 50
Payroll allotments, war bonds
» 845. U
Other
814. 08
National Advisory Committee for Aero-
nautics:
Special deposit accounts:
Federal tax withholdings
° 373, 135. 25
Payroll allotments, war bonds
<■ 67, 730. 92
Other
23.19
National Archives:
Franklin D. Roosevelt Library, income
account
1,400
100
1,500
400
700
388. 95-
Franklin D. Roosevelt Library, gift
National Archives gift investment ac-
2, 624. 88
Special deposit accounts:
Federal tax withholdines
» 21, 767. 80
Payroll allotments, war bonds.
" 1, 778. 19
Other
623. 92
National Capital Housing Authority:
Low-rent housing fund, construction
loan by U. S. Housing Authority .
1, 600, 000
900, 000
130, 000
620, 291. 31
Operation and maintenance, completed
properties ..
1, 000, 000
130, 000
671, 980. 91
Langston management
Special deposit accounts:
Federal tax withholdings
88, 269. 38
» 10, 592. 56
Payroll allotments, war bonds
768. 32
Other -
• 25, 434. 72
National Capital Park and Planning Com-
mission:
Contributed funds
44, 300
87.41
Special deposit accounts:
Federal tax withholdings
• 1, 706. 60
Payroll allotments, war bonds
• 84. 45
National Labor Relations Board:
Special deposit accounts:
Federal tax withholdings..
« 50, 319. 40
Payroll allotments, war bonds
10,690.28
Other
12, 401. 95
National Mediation Board:
Special deposit accounts:
Federal tax withholdings
o 9, 497. 86
Payroll allotments, war bonds
493. 55
Other
•.87
Railroad Retirement Board:
Special deposit accounts:
Federal tax withholdings
• 91, 708. 87
Payroll allotments, war bonds
<• 14, 799. 68
Other
• 254, 035. 43
Securities and Exchange Commission:
Unearned fees
20,000
20,000
11,986.67
Special deposit accounts:
Federal tax withholdings.
" 91, 457. 40
Payroll allotments, war bonds. .
» 792. 61
Other
681.29
•Excess of credits (deduct).
REPORT OF THE SECRETARY OF THE TREASURY
871
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o-nd estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
EXPENDITURES— Continued
Other trust accounts— Continued.
Executive Office of the President and inde-
pendent offices — Continued.
Selective Service System: Special deposit
account _._
Smithsonian Institution:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
National Gallery of Art:
Special deposit accounts:
Federal tax withholdings.
Payroll allotments, war bonds. .
Other
Tariff Commission:
Special deposit accounts:
P^ederal tax withholdings..
Payroll allotments, war bonds
Other
The Tax Court of the United States:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other
Thomas Jefferson Bicentennial Commis-
sion:
Special deposit account:
Federal tax withholdings
Thomas Jefferson Memorial Commission:
Special deposit account:
Federal tax withholdings
U. S. Constitution Sesquicentennial Com-
mission:
Special deposit account:
Federal tax withholdings.
U. S. Maritime Commission:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other -
Veterans' Administration:
Personal funds of patients
General post fund...
Adjusted service certificate fund:
Investments in United States secu-
rities
Insurance losses and refunds
Funds due incompetent beneficiaries
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other
Welfare and Recreational Association of
Public Buildings and Grounds
Total, Executive Office of the President
and independent offices
Federal Security Agency:
American Printing House for the Blind:
To promote the education of the blind,
interest...
Food and Drug Administration:
Coal tar colors certification fees
Sea food inspections
Special deposit account
Freedmen's Hospital:
Special deposit account
Office of Education:
Special deposit account
• Excess of credits (deduct).
Estimated
Fiscal year 1946 Fiscal year 1945
$4, 500, 000
100, 000
' 5, 159, 100
5, 300, 000
160, 000
14, 000, 000
20, 797, 000
10,000
10
13, 618
$4, 500, 000
100, 000
' 11,358,000
21, 000, 000
160. 000
14, 000, 000
32, 143, 540
10,000
10
13, 618
Actual,
fiscal year 1944
' $321, 439. 72
' 23, 568. 86
» 4, 695. 00
" 8, 346. 80
<• 349. 11
75.00
' 28, 177. 80
» 5, 358. 38
1.86
12, 748. 38
136. 89
• 2, 335. 00
' 1, 756. 93
6.20
7.30
" 676, 360. 72
" 39, 674. 86
' 2, 721, 854. 32
4, 347, 690. 96
134, 005. 28
"1,886,411.32
1, 647, 700. 00
153, 835. 27
<■ 1, 824, 345. 43
"107,911.82
• 18, 604. 65
14, 213, 833. 61
176, 154, 696. 57
10, 000. 00
11.00
8, 810. 79
5, 902. 71
• 8, 741. 38
148, 172. 49
872
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 and estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
EXPENDITURES— Continued
Other trust accounts— Continued.
Federal Security Agency— Continued.
Public Health Service:
National Institute of Health gift fund..]
National Institute of Health conditional
gift fund.- - )
National Cancer Institute conditionar
gift fund
National Cancer Institute unconditional
gift fund
Personal funds and earnings of inmates,
narcotic farms
Moneys and effects of former patients...
Patieiits' deposits, United States Ma-
rine Hospital, Carville, La
Leper patients' benefit funds. United
States Marine Hospital, Carville, La. -
Erection and support of hospitals for
sick and disabled seamen _
Working fund, Public Health Service —
Special deposit account
Saint Elizabeths Hospital:
Pension money ---
Personal funds of patients
Personal funds of student nurses __
Special deposit account --
Social Security Board:
Special deposit account..
Office of the Administrator:
Civilian Conservation Corps:
Savings fund
Estates of deceased and mentally in-
competent enrolled members
Special deposit account
National Youth Administration:
Special deposit account
Special deposit account
Miscellaneous:
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Total, Federal Security Agency...
Federal Works Agency:
Office of the Administrator:
Works Projects Administration:
Sale of material acquired under
scrap collection program
Working fund
Specialiieposit account
Unclaimed moneys of individuals whose
whereabouts are known
Special deposit account
Public Works Administration:
Revolving fund (act of June 21, 1938).
Public Buildings Administration:
Special deposit account
Working fund.-
Public Roads Administration:
Cooperative work, strategic network of
highways
Working fund
Special deposit account
Miscellaneous:
Special deposit accounts:
Federal tax withholdings.
Payroll allotments, war bonds
Total, Federal Works Agency.
Estimated
Fiscal year 1946
$5,000
65, 000
3,000
55, 000
250,000
Fiscal year 1945
$5,000
600
65,000
3,000
900
5,000
32, 600
53, OCO
250, 000
Actual,
fiscal year 1944
National Housing Agency:
Office of Administrator:
Special deposit account..
• Bxcess of credits (deduct).
401, 628
60
446, 328
60
76, 000
4,800
95, 893
78, 000
150, 000
404, 743
$3, 948. 91
60.00
109, 720. 18
708.96
26, 848. 88
95, 519. 68
38, 498. 57
252, 975. 66
71.26
5, 337. 57
5, 566. 80
213, 733. 07
1, 298. 07
• 21, 881. 67
50, 497. 89
• 9, 093. 83
' 1, 058, 864. 33
• 302, 743. 41
' 423, 642. 13
6, 345. 43
101, 414. 74
239, 460. 69
24.92
' 176, 693. 03
501, 602. 78
203, 051. 77
<• 4, 800. 00
25, 332. 17
47, 547. 81
200, 784. 04
273, 984. 80
20, 833. 08
889, 919. 60
43.02
REPORT OF THE SECRETARY OF THE TREASURY
873
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 and estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES-Continued
Other trust acconnts — Continued.
National Housing Agency— Continued.
Federal Home Loan Bank Administration:
Federal Home Loan Bank Board:
Special deposit account
» $82, 735. 29
948 10
U. S. Housing Corporation: Special de-
posit account
Federal Housing Administration:
Unearned collections, title I, National
Housing Act, as amended
$15,000
11,000
$17,000
10,000
10, 202. 40
3,953.05
"14,041.49
1,355,008.11
" 1, 847, 930. 88
" 1, 149, 548. 42
Expenses on real properties acquired un-
der insurance granted prior to July
1, 1939, title I, National Housing Act..
Special deposit account
Federal Public Housing Authority:
Operation and maintenance of resettle-
ment projects. - -
1, 300, 000
"1,690,000
1, 350, 000
''750,000
Special deposit account
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
" 140 519 87
Total, National Housing Agency
" 364, 000
627,000
"1,864,621.27
Department of Agriculture:
Agricultural Research Administration:
OfBce of Administrator:
Working fund. Agriculture, Agri-
cultural Research Administration
4,500
2,000,000
15,000
2,300,000
" 21 388 04
Forest Service:
Cooperative work
1,966,661.48
500.11
Working fund. Agriculture, Forest
Service trust fund
War Food Administration:
Food Production Administration:
Agricultural Adjustment Agency:
Moisture content and grade
determinations for Commod-
ity Credit Corporation
Indemnity fund, county asso-
3,000
1,000
1,000
3,000
2,000
2,000
6, 520. 58
4, 581. 89
Undistributed cotton price ad-
justment payments
91.68
Working fund
° 6, 257. 04
Farm Security Administration:
Payments in lieu of taxes and
for operation and mainte-
nance of resettlement projects.
State Rural Rehabilitation Cor-
458,000
6,980,000
7,000
500
132, 000
1,258,000
10, 210, ooa
8,000
15,000
197,000
900, 131. 43
5, 538, 029. 81
Drainage _ district assessments
Liquidation of deposits, reserve
for maintenance and repair,
lease and purchase agreements.
Liquidation of deposits, lease
and purchase of contracts
145. 00
85, 562. 63
11,670,198.22
Food Distribution Administration:
Marketing service:
Expenses and refunds, inspec-
tion and grading of farm prod-
ucts
4,300,000
625,000
5,000,000
700,000
3,451,223.33
Grading of agricultural com-
modities for Commodity
Credit Corporation
Surplus Commodities Corpora-
422, 756. 84
44.90
" 34, 501. 52
Commodity stamp trust fund-
550,000
852,338.00
Farm Credit Administration:
Special deposit account... .-
2, 752, 129. 99
'Excess of credits (deduct).
874
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 (md estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Fiscal year 1946 Fiscal year 1945
Actual,
fiscal year 1944
EXPENDITURES— Continued
Other trust accounts— Continued.
Department of Agriculture — Continued.
Miscellaneous accounts:
Miscellaneous contributed funds
Return of excess deposits for reproduc-
tions of photographs, mosaics, and
maps -
Unclaimed moneys of individuals whose
whereabouts are known, Agriculture..
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other
$75,000
750
100
Total, Department of Agriculture.
Department of Commerce:
Office of the Secretary:
Work ing f und
Bureau of the Census:
Special statistical work _
Working fund
Office of Administrator of Civil Aero-
nautics:
Working fund. Commerce, Civil Aero-
nautics -
Special deposit account
Bureau of Foreign and Domestic Com-
merce:
Special statistical work
Patent Office:
Unearned fees
Working fund
National Bureau of Standards:
Working fund __
Weather Bureau:
Working fund.
Miscellaneous:
Special deposit accounts:
Federal tax withholdings _ -
Payroll allotments, war bonds
Other
14, 587, 850
150, 000
1,500
30, 000
Total, Department of Commerce. .
Department of the Interior:
Southwestern Power Administration:
Grand River Dam project
Grazing Service:
Funds contributed for administration,
protection, and improvement of graz-
ing districts
Refund of deposits, unearned fees from
fiublic lands under Grazing Act of
une28, 1934 _._.
General Land Office:
Expenses, public survey work
Trustee funds, Alaska townsites.
Unearned proceeds, lands, etc
Bureau of Indian Affairs:
Miscellaneous trust funds of Indian
tribes
Indian moneys, proceeds of labor.
Special deposit accounts:
Federal tax withholdings
Payroll allotments, war bonds
Other
Bureau of Reclamation:
Reclamation trust funds
Geological Survey:
Working fund
National Park Service:
. National Park Service, donations
Preservation, birthplace of Abraham
Lincoln
National Park trust fund
» Excess of credits (deduct).
181, 500
1, 442, 000
125, 000
10. 000
2,000
100, 000
7, 000, 000
600,000
1,300,000
10,000
5,000
2,000
$160, 000
1,250
100
20, 421, 350
170,000
15, 000
30,000
2,000
217, 000
1, 657, 000
125, 000
300
10,000
2,000
140. 000
6, 900, 000
600, 000
1, 570, 000
21,000
15,000
2,000
$230, 596. 26
973. 25
> 3, 234, 749. 16
• 228, 421. 84
'6,411,866.59
17, 945, 300. 21
185, 962. 54
» 14, 807. 90
' 188, 632. 05
• 84, 047. 45
29, 303. 33
16,812.12
5, 689. 72
<■ 5, 913. 48
54, 296. 89
1, 675, 292. 85
" 44, 198. 61
« 61, 918. 71
1, 782, 746. 53
1, 605, 281. 44
107, 724. 46
285. 45
8, 384. 90
12.50
310, 163. 10
6, 582, 746. 29
369, 544. 60
• 45, 108. 89
• 290, 899. 90
» 237, 633. 92
1,206,988.90
° 6, 573. 67
37, 167. 79
1,997.36
REPORT OF THE SECRETARY OF THE TREASURY
875
Table 112. — Detailed^receipts and expenditures of trust accounts, actual for'the fiscal
year 1944 ond estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES-Continued
Other trust accounts— Continued.
Department of the Interior — Continued.
National Park Service— Continued.
Jefferson National Expansion Memorial,
contribution .
$50,000
$180,000
$91,864.73
1,000.00
Purcliase of lands
Fish and Wildlife Service:
M iscellaneous contributed funds
Fox and fur seal industries, Pribilof
5,000
100,000
700
100,000
19,386
97,600
700
175,000
29, 475. 03
135, 464. 98
545 10
Expenses, sale of furs, Fish and Wild-
life Service
Government in the Territories:
Funds contributed for improvement of
roads, bridges, and trails, Alaska
Special deposit accounts, miscellaneous civil:
Federal tax withholdings _
3, 835. 87
" 1, 455, 265 51
Payroll allotments, war bonds. ...^
« 64, 006. 69
Other .
" 1, 862, 889 00
^ Total, Department of the Interior.
10, 852, 100
11,514,986
6, 530, 104. 92
Department of Justice:
Legal activities and general administration:
Fees and other collections. United
States Marshals _
500, 000
400,000
318,681.14
Working fund, OfHce of the Attorney
General.-
3, 845. 05
Working fund, miscellaneous trust fund.
<> 21, 129. 08
Immigration and Naturalization Service:
Disposition of deposits of aliens who
become public charges
Return of deposits to secure payment
of fines and passage money .
6,000
10,000
5,500
10,300
5,000
1, 500, 000
650,000
891.84
49, 332. 75
41, 393. 37
Federal Prison System:
Funds of Federal prisoners. . .
1, 500, 000
650,000
1, 320, 464. 18
Commissary fund, Federal prisons
Miscellaneous:
Special deposit accounts:
Federal tax withholdings
563, 569. 28
° 1, 802, 607. 27
Payroll allotments, war bonds
195, 789. 38
Other
224. 520. 00
Total, Department of Justice
2, 666, 000
2.570,800
894, 750. 64
Department of Labor:
Children's Bureau:
408. 71
Special deposit accounts:
Federal tax withholdings
• 375, 785. 13
Payroll allotments, war bonds
36, 267. 23
Other...
10,391.00
Total, Department of Labor .
» 328, 718. 19
3,902,000
3,890,000
» 2, 494, 594. 72
Post Office Department, special deposit ac-
» 12, 016, 294. 81
Department of State, miscellaneous trust ac-
counts
6, 725, 500
7, 173, 500
19, 583, 429. 34
Treasury Department:
Bureau of Accounts:
15, 000
60,000
23,710.35
Return of miscellaneous and excess
153.60
•1,158,104.81
"656.83
Office of Treasurer of the United States:
Special deposit accounts, check forgery
899.61
Bureau of Customs:
Special deposit account
•260,907.96
"Excess of credits (deduct).
* Because of possible material changes in war conditions the detailed estimates of appro-
priations for the fiscal year 1946 will be submitted to the Congress as a part of a supple-
mentary Budget in the spring of 1945. Consequently the estimated expenditures for the
fiscal year 1946 are tentative.
876
REPORT OF THE SECRETARY OF THE TREASURY
Table 112. — Detailed receipts and expenditures of trust accounts, actual for the fiscal
year 1944 o.nd estimated for the fiscal years 1945 and 1946 — Continued
Trust accounts
Estimated
Actual,
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
EXPENDITURES-Continued
Other trust accounts— Continued.
Treasury Department— Continued.
Bureau of Internal Revenue:
American Samoa trust fund, coconut
oil tax (internal revenue)
$2,200
5,000
45, 000
23,000
43, 300
$2,200
5,000
180, 000
23,000
51,200
Philippine trust fund (internal revenue).
Philippine trust fund, coconut oil tax
(internal revenue) -__
$37. 76
2,501,644 19
Puerto Rico trust fund (internal rev-
enue)
35, 282. 24
121,573 67
Expenses, Treasurj' Department, en-
forcement, title III, National Pro-
hibition Act, as amended, Puerto
Rico and Virgin Islands
Special deposit account
"1,095,362.51
Bureau of the Mint:
Special deposit accounts . .-
" 1,466,211 58
Procurement Division:
Special deposit accounts:
Proceeds of sale of Government
property. Federal property utili-
zation program
<• 4, 842, 341. 50
Other
" 10, 863, 755. 52
Miscellaneous:
Special deposit accounts:
Federal tax withholdings
» 4, 791, 773. 35
Payroll allotments, war bonds
° 625, 068. 62
Other
<• 143, 643, 851. 01
Total, Treasury Department
133, 500
321, 400
" 166, 064, 632. 27
War Department:
Military trust funds *-..
457, 772, 000
593, 111, 000
50, 867, 016. 47
Civil functions:
Corps of Engineers (rivers and harbors) :
Funds contributed for river and
harbor improvements
167, 000
327,000
71,000
560, 000
638, 000
3, 840, 000
232, 309. 82
Funds advanced for improvement
of rivers and harbors. ..
Funds contributed for flood control,
rivers and harbors
347, 000
480, 975. 80
Funds advanced for flood control,
rivers and harbors
833, 411. 74
Working fund, War, Engineers,
civil trust fund
14, 778, 197. 10
Special deposit accounts:
Federal tax withholdings
» 1, 610, 197. 18
Payroll allotments, war bonds
133, 822. 47
Other
10, 417. 57
U. S. Soldiers' Home:
Maintenance and operation of the
U. S. Soldiers' Home (annual ap-
propriation) . ..
1, 210, 000
1, 190, 000
1, 164, 345. 81
Panama Canal:
Working fund, Panama Canal trust
fund
7, 893. 02
Special deposit accounts:
Federal tax withholdings
'"11,638.34
Payroll allotments, war bonds
148, 963. 86
Total, civil functions
1, 724, 000
6, 626, 000
16, 168, 501. 67
Total, War Department..
459, 496, 000
599, 737, 000
67, 035, 518. 14
District of Columbia ..
77, 316, 780
78, 867, 900
65, 464, 085. 03
Total... _
603, 698, 908
765, 457, 047
• 172, 162, 251. 03
Adjustment to daily Treasury statement basis
-1-195,117,996.91
Total, other trust accounts
603, 698, 908
765, 457, 047
22, 955. 745. 88
Total expenditures, trust accounts
6, 666, 441, 549
6,162,750,850
4, 700, 377, 863. 19
» Excess of credits (deduct).
* Because of possible material changes in war conditions the detailed estimates of appropriations for the
fiscal year 1946 will be submitted to the Congress as a part of a supplementary Budget in the spring of 1945.
Consequently the estimated expenditures for the fiscal year 1946 are tentative.
REPORT OF THE SECRETARY OF THE TREASURY
877
Table 113. — Summary of cash operations of (he United States Treasury, actual for
the fiscal year 1944 dnd estimated for the fiscal years 1945 and 1946
[On basis of 1946 Budget document]
Description
Estimated
Actual,!
Fiscal year 1946
Fiscal year 1945
fiscal year 1944
GENERAL FUND BALANCE
$15, 145, 288, 720
$20,168,551,622
.$9, 506, 565, 926. 06
Receipts (based on present legislation) :
General and special accounts (net)2
41, 254, 872, 000
6, 671, 348, 205
45,729,715,000
6, 175, 787, 584
44,148,926,968.07
5,052,721,588.47
Trust accomits (including transfers from gen-
eral and speeial aeeniintsl
Total receipts _
47, 926, 220, 205
51,905,502,584
49, 201, 648, 556. 54
Borrowings (net increase in direct public debt)
40,500,000,000
50, 796, 612, 779
64, 307, 296, 891. 23
Total cash balance, receipts, aBd borrowings..
103, 571, 508, 925
122, 870, 666, 985
123,015,511,373.83
Expenditures:
General and special accounts (excluding statu-
tory public debt retirements)
Checking accounts of Government corporations
and credit agencies, etc., with the Treasurer
of the United States (net) .
82, 530, 439, 545
1,230,000,000
6,666,441,549
98, 912, 338, 340
2, 650, 289, 075
6, 162, 750, 850
93, 743, 513, 213. 84
4 403 068 674 50
Triis^ arfnunts
4, 700, 377, 863. 19
Total expenditures.
90, 426, 881, 094
107, 725, 378, 265
102, 846, 959, 751. 53
Treasury cash balance at end of year
13,144,627,831
15, 145, 288, 720
20 168.551 622 30
EFFECT OF OPERATIONS ON THE PUBLIC
DEBT
251,800,000,000
201, 003, 387, 221
136,696,090,329.90
Net increase in public debt during year:
General and special accounts, excess of expendi-
tures over receipts
41,275,567,545
1,230,000,000
-4, 906, 656
53, 182, 623, 340
2, 650, 289, 075
-13,036,734
49, 594, 587, 895. 77
4,403,068,674.50
—352, 343, 725. 28
Checking accounts of Government corporations
and credit agencies, etc., net expenditures
Trust accounts, excess of receipts over expendi-
tures ....
Statutory public debt retirements .
-1,650.00
Adjustment for increase in Treasury cash
balance
-2,000,660,889
-5,023,262,902
+10,661,985,696. 24
Increase in public debt during year ...
40, 500, 000, 000
50, 796, 612, 779
64, 307, 296, 891. 23
292, 300, 000, 000
251, 800, 000, 000
201, 003, 387, 221. 13
1 On basis of daily Treasury statement.
' Excludes net appropriation to Federal old-age and survivors insurance trust fund.
INDEX
[Note.— The year, except where otherwise indicated, refers to the fiscal year ended June 30]
A
Accounts, Bureau of: Page
Administrative report 143
Agent cashiers outside of Treasury designated 150
Bonded certif3ang officers, number 149
Budgetary administration and financial reporting regulations 143
Card checks substituted for paper checks drawn on Treasurer of U. S. . 149
Depositaries, Government, designation and supervision of 150
Depositary system, changes in 151
Disbursing functions 149
Foreign cash transactions collaboration with Foreign Economic Ad-
ministration in development of budget — Treasury regulations
relating to reports of 144
Foreign checks held in special deposit account 160
Funds deposited in Treasury by other departments, revised proce-
dure for 144
Government Losses in Shipment Act operations 153
Investment activities 160
Lend-lease procedure modified 144
Receipt, appropriation, and expenditure accounts maintained 148
Staggered pay days and cash payments to employees in lower grades. . 150
Surety bond operations 155
Undelivered savings bonds and unclaimed payroll deductions re-
ceived from war contractors in safekeeping of Treasury 180
Victory and income tax withheld from salaries of Federal employees. . 149
Accounts through which Treasury operations are effected, description of.. 520
Adjusted service certificates fund 534, 554, 736
Administrative and staff officers of the Treasury Department, Nov. 15,
1944 xiv
Admissions, tax 562, 564, 568, 838
Agencies, Government. (See Contingent liabilities of the United States;
Corporations and agencies, Government; also titles of certain specific
agencies.)
Agricultural adjustment taxes, claims paid 224
Agricultural programs, expenditures:
1932-44 by years 560
1944 by States 825, 829
1944 by months and 1943 and 1944 542
Ainsworth Library fund, Walter Reed General Hospital 737
Airplanes and passengers entering United States 1943 and 1944 206
Alaska Railroad retirement and disability fund 534, 554, 737, 861, 868
Alcoholic beverages. {See Liquor; Internal Revenue Bureau.)
Alien property investment account 199
Alien property trust fund 156
Armenia, obligations owned by United States, status Nov. 15, 1944 734
Art objects, looted by Axis 126
Attorneys and agents enrolled and disbarred 252
Automobiles and boats use tax 562, 564, 568, 838
Automobiles entering United States 1943 and 1944...^ 206
Automobiles, trucks, tires, inner tubes, etc., taxes 561,564
B
Back taxes. (See Receipts; Taxes.)
Banks:
Banking facilities on military reservations, volume of business ,. 153
Commercial:
Series F and G savings bond purchases. — 687
War loan security purchases 45, 48, 669
879
880 INDEX
Banks— Continued. Page
Depositaries for receipt of withheld taxes 152
Investments in Government securities, summary 89
Security holdings, amounts:
1937-44, June 30 798
Direct and guaranteed debt by tax status of each issue, quarterly
dates from June 30, 1943 778
Federal Reserve member commercial banks, classified, and non-
member commercial banks 787
Banks for cooperatives 732, 758, 768
Bases of tables, explanation of 519
Beer tax --- 563, 566, 837
Belgium, obligations owned by United States. {See Foreign government
obligations owned by United States.)
Bills, Treasury:
Description and amount outstanding b}' issues 614
Discount paid 1944 710
Discussion 60
Issues, 1944 by months and 1943 and 1944 632
Issues and redemptions by series — 643
Offering of, dated Julv 7, 1943, press release 311
Outstanding June 30, 1932-44, total 628
Posted buying rated continued 61
Retirements 1944 by months and 1943 and 1944 636
Summary of information in press releases concerning Treasury bills
offered during 1944 314
Tenders received and accepted for issue dated July 7, 1943, press re-
lease 312
Blocked Nationals, administration of Proclaimed List of 126
Bonds, adjusted service:
Interest:
Paid on 1942-44 711
Payable, paid, and outstanding unpaid 710
Issues 1944 by months and 1943 and 1944 632
Issued, redeemed, and outstanding:
1944, June 30, and description 612
Discussion 65
Outstanding June 30, 1936-44 628
Retirements 1944 by months and 1943 and 1944 636
Bonds, conversion 605, 628, 710
Bonds, depositary:
Allotted to depositaries and redeemed 152
Description and amount outstanding by issues 611
Discussion 65
Interest:
Paid on 711
Payable, paid, and outstandihg unpaid 710
Issues 1944 by months and 1943 and 1944 632
Issues and redemptions by series 641
Outstanding June 30, 1942-44 628
Restrictions as to use of, removed 343
Retirements 1944 by months and 1943 and 1944 636
Second Series issued to depositaries for withheld taxes 65
Bonds, excess profits tax refund:
Description and amount outstanding 622
Discussion 66
Issues 1944 by months 632
Regulations governing issue of and transactions in 343
Bonds issues of capital stock, deeds of conveyances, etc., taxes 563, 567, 838
Bonds; Liberty 619, 628, 645, 666, 711
Bonds, Panama Canal loan 605, 628, 710
Bonds, postal savings 605, 628, 636, 640, 710
Bonds, Treasury:
Allotments on subscriptions among Federal Reserve districts:
1951-53, offered Sept. 9, 1943 276
1951-53 (additional), offered Oct. 6, 1943 281
1952-54, offered June 12, 1944 311
195&-69, offered Jan. 18, 1944 289
INDEX 881
Bonds, Treasury — Continued. Page
Allotments on subscriptions among Federal Reserve districts — Con.
1956-59 (additional), offered Mar. 2, 1944 300
1964-69, offered Sept. 9, 1943 276
1964-69 (additional), offered Oct. 6, 1943_. . 281
1965-70, offered Jan. 18, 1944 _ _. 289
1965-70 (additional), offered Mar. 2, 1944 300
1965-70 (additional), offered June 12, 1944 311
Description and amount outstanding by issues 605
Interest:
Paid on, by series 1942-44 710
Payable, paid, and outstanding unpaid 710
Issues 1944 by months and 1943 and 1944 632
Issues and redemptions by series 640
Offerings:
Sept. 9, 1943, 1951-53, dated Sent. 15, 1943 271
Sept. 9, 1943, 1964-69, dated Sept. 15, 1943 271
Oct. 6, 1943, 1951-53 (additional), dated Sept. 15, 1943 277
Oct. 6, 1943, 1964-69 (additional), dated Sept. 15, 1943 . 277
Jan. 18, 1944, 1956-59, dated Feb. 1, 1944 284
Jan. 18, 1944, 1965-70, dated Fel). 1, 1944 284
Mar. 2, 1944, 1956-59 (additional), dated Feb. 1, 1944 291
Mar. 2, 1944, 1965-70 (additional), dated Feb. 1, 1944 291
June 12, 1944, 1952-54, dated June 26, 1944 304
June 12, 1944, 1965-70 (additional), dated Feb. 1, 1944 304
Outstanding June 30, 1932-44, total 628
Redemption call Apr. 15, 1944, for bonds of 1944-46 284
Retirements:
1944 by months and 1943 and 1944 636
Sinking fund 1 666
Yield, average, by months January 1930 to June 1944 723
Bonds, U. S. savings (see also Public Debt Bureau) :
Accrual of redemption values on bonds outstanding 1936-44 by years
and 1944 by months and series 685
Accrual paid:
• 1942-44 by years and series 711
1944 . 710
Discussion 48
Held bv Treasurer in safekeeping June 30, 1943 and 1944 199
Issues 1944 by months and 1943 and 1944 632
Issues and redemptions by series 641
Issuing agents for Series E bonds:
Discussion 59
Number by classes 59
Losses in shipment payable from fund for payment of Government
losses in shipment 153
Outstanding:
1935-44, June 30, total 628
1935-44, June 30, and 1944 by months and series 685
Description and amount by issues 610
Redemptions:
1935-44 by years and 1944 by months and series 684, 685
1941-44 by years and 1944 by months and series 54
1944 by m'onths and 1943 and 1944 636
Cumulative compared with cumulative sales 56
Discussion 52
Percent of amount outstanding 1941-44 by years and 1944 by
months 57
Percent of sales of savings bonds redeemed 58
Purchase price and accrued discount by series 685
Regulations amended 329, 333, 334, 335
Sales :
1935-44 by years and 1944 by months and series 684, 685
1941-44 by calendar and fiscal years, and 1944 by months, by
States, Series E and Series F and G 690
1941_44 by years and 1944 by months and series 48
1941-44 by years, denominations, and series, and 1944 by
months 688
613185—45 57
882 INDEX
Bonds, U. S. savings — Continued. Page
Sales — Continued.
Cumulative compared with cumulative redemptions 56
Series E:
Additional denomination of $10 authorized 321
Issuing agents, number affected by elimination of cash collateral
provision for consignments of stock 1,52
Number of bonds sold and issue price by denominations, 1941-44
by years and 1944 by months .50
Payroll savings plan participation for purchase of (see also Payroll
savings plan) 698
Redemptions:
Percent of amount outstanding 1942-44 by months 58
Values and approximate investment yields 321, 322
Regulations, Second Revision, Aug. 31, 1943 316
Size reduced 221, 336
$10 denomination authorized 59
Series F and G:
Commercial bank purchases:
1944 by months 687
Restrictions 324, 329
Redemption values and approximate investment yields 327
Regulations, Second Revision, Jan. 1, 1944 322
Size reduced 221
Undelivered bonds and unclaimed payroll deductions received from
war contractors, number and amount 180
Bowling alleys and billiard and pool tables, taxes 564, 568, 838
Brazil, stabilization agreement amended 96
Budget and Improvement Committee, administrative report 199
Budget estimates. (See Expenditures; Receipts.)
Budget Officer of the Treasury Department, designation 488
Budgetary administration and financial reporting 143
Butter, adulterated, mixed flour, and filled cheese, taxes 564
Canal Zone Postal Savings System, funds due depositors June 30, 1944__ 717
Canal Zone retirement and disability fund 534, 554, 738, 861, 868
Capital stock sales or transfers, tax 563, 567
Capital stock tax (see also Internal Revenue Bureau, Miscellaneous Tax
Unit) 223, 224, 561, 563, 566, 837
Cargoes, Incorporated 732
Carriers Taxing Act taxes:
1936-42 combined, 1943, and 1944 bv months 576
1936-44 bv years 568
1943 and i944 562,565
1944 bv months 532
1944 and estimates for 1945 and 1946 1 839
Administration of taxes. {See Internal Revenue Bureau, Accounts
and Collections Unit.)
Refunds 1936-42 combined, 1943, and 1944 by months 582
Certificates of indebtedness:
Allotments on subscriptions among Federal Reserve districts:
Series D-1944, offered .Julv 22, 1943 271
Series E-1944, ofi'ered Sept. 9, 1943 276
Series F-1944, ofi'ered Oct. 6, 1944 281
Series G-1944, offered Nov. 22, 1943 284
Series A-1945, offered .Jan. 18, 1944 289
Series B-1945, offered Mar. 22, 1944 302
Series C-1945, offered June 12, 1944 311
Series D-1945, offered Apr. 24, 1944 304
Description and amount by series 613
Interest payable, paid, and outstanding unpaid 710
Issues 1944 by months and 1943 and 1944 632
Issues and redemptions by series 642
Offerings:
July 22, 1943, Series D-1944, dated Aug. 2, 1943 269
Sept. 9, 1943, Series E-1944, dated Sept. 15, 1943 271
INDEX 883
Certificates of indebtedness — Continued. Page
Offerings — Continued.
Oct. 6, 1943, Series F-1944, dated Oct. 15, 1943_ 277
Nov. 22, 1943, Series G-1944, dated Dec. 1, 1943--. . 283
Jan. 18, 1944, Series A-1945, dated Feb. 1, 1944 _. 284
Mar. 22, 1944, Series B-1945, dated Apr. 1, 1944 . 301
Apr. 24, 1944, Series D-1945, dated Mav 1, 1944_ _ 303
June 12, 1944, Series C-1945, dated June 26, 1944. _ _ 304
Outstanding June 30, 1932-44, total 628
Redemptions for cash and exchange by issues 62
Retirements 1944 by months and 1943 and 1944 636
Short-term series:
Discussion 67
Issues and redemptions 656
Charts:
1. Receipts 1938-44 by years and major sources 11
2. Expenditures 1 938-44 by years and major functions 25
3. Monthly expenditures by classes 1941-44 27
4. War expenditures compared with munitions production monthly
1 94 1-44 ■_ 29
5. Sales of securities in each war loan by investor classes 41
6. Sales, redemptions, and amounts of savings bonds outstanding
July 1942-June 1944 by months 49
7. Series E war savings bonds of each denomination sold July 1942-
June 1944 by months '_ 51
8. Participation in payroll savings plan December 1941-June 1944 53
9. Sales of savings bonds compared with redemptions January 1942-
June 1944 55
10. Composition of the public debt by types of issues June 1937-
June 1944 _* 69
11. Yields of obligations of the United States on selected dates 72
12. Computed annual interest rates on the public debt bv tvpes of
issues July 1936-June 1944 '.._' 73
Checking accounts of Government corporations and agencies, net trans-
actions:
1932-44 bv vears and 1944 by months 525
1943 and 1944 35
1944 bv months and 1943 and 1944 556
1944 and estimates for 1945 and 1946 877
Discussion of transactions 34
Checks, drafts, etc., imported and exported 126
Checks, drafts, or orders for payment of money, taxes ^_ 568
Checks, duplicate, issuance of:
Procedure changed 150
Regulations governing issuance 507
China, appropriation and expenditures for aid to 600
Cigar taxes 56,3,838
Cigarette papers and tubes, taxes 563, 838
Cigarette taxes 563, 838
Circulars, Department, Nos. :
244, July 15, 1943, supervision of bureaus, offices, and divisions of
Treasury Department 487
300, Fourth supplement, Apr. 29, 1944, regulations governing United
States bonds and notes 344
327, Revised, April 29, 1944, regulations governing issuance of dupli-
cat e checks 507
530, Fifth Revision, first and second amendments Nov. 23, 1942, and
June 17, 1943, regulations governing savings bonds _- 329
530, Fifth Revision, third amendment, Oct. 27, 1943, regulations
governing savings bonds 333
530, Fifth Revision, fourth amendment, Jan. 1, 1944, regulations
governing savings bonds 333
530, Fifth Revision, fifth amendment, May 1, 1944, regulations
governing savings bonds 334
530, Fifth Revision, sixth amendment, June 12, 1944, regulations
governing savings bonds 335
653, Second Revision, Aug. 31, 1943, Series E savings bonds 316
884 INDEX
Circulars, Department, Nos. — Continued. Page
653, Second Revision, first supplement, June 7, 1944, Series E savings
bonds 32 1
654, Second Revision, Jan. 1, 1944, Series f and G savings bonds 322
654, Second Revision, first amendment, June 12, 1944, Series F and
G savings bonds 329
660, Second amendment, Sept. 15, 1943, depositary bonds 343
695, First amendment, Oct. 4, 1943, Treasury tax savings notes
Series A-1945 336
696, First Revision, Nov. 20, 1943, Treasury savings notes Series C__ 337
696, Second amendment, July 27, 1943, Treasury tax series and
savings notes Series C 337
714, Nov. 30, 1943, amendments to regulations governing payment
through depositary banks of funds withheld as taxes 509
717, July 22, 1943, certificates of indebtedness Series D-1944 269
719, Sept. 9, 1943, Treasurv bonds of 1964-69 272
720, Sept. 9, 1943, Treasury bonds of 1951-53 274
721, Sept. 9, 1943, certificates of indebtedness Series E-1944 275
722, Sept. 31, 1943, tenth call for partial redemption of mutual mort-
gage insurance fund debentures. Series B 345
723, Sept. 30, 1943, first call for partial redemption of mutual mort-
gage insurance fund debentures. Series E 350
724, Oct. 6, 1943, Treasury bonds of 1964-69 (additional) 277
725, Oct. 6, 1943, Treasury bonds of 1951-53 (additional) 279
726, Oct. 6, 1943, certificates of indebtedness Series F-1944 280
727, Nov. 22, 1943, certificates of indebtedness Series G-1944 283
728, Dec. 31, 1943, regulations of excess profits tax refund bonds 343
729, Jan. 18, 1944, Treasury bonds of 1965-70 285
730, Jan. 18, 1944, Treasury bonds of 1956-59 287
731, Jan. 18, 1944, certificates of indebtedness Series A-1945 288
732, Jan. 24, 1944, Treasury notes Series D-1945 290
733, Feb. 12, 1944, time and leave regulations 489
734, Mar. 2, 1944, Treasury bonds of 1965-70 (additional) 292
735, Mar. 2, 1944, Treasury bonds of 1956-59 (additional) 295
736, Mar. 2, 1944, Treasury notes Series A-1948 298
737, Mar. 22, 1944, certificates of indebtedness Series B-1945 301
738, Mar. 30, 1944, eleventh call for partial redemption of mutual
mortgage insurance fund debentures, Series B 347
739, Mar. 30, 1944, second call for partial redemption of mutual mort-
gage insurance fund debentures, .^Series E 352
740, June 12, 1944, Treasury bonds of 1965-70 (additional) 305
740, first amendment, July 5, 1944, Treasurv bonds of 1965-70 (addi-
tional) - 306
741, June 12, 1944, Treasury bonds of 1952-54 306
741, First amendment, July 5, 1944, Treasurv bonds of 1952-54 308
742, June 12, 1944, Treasury notes Series B-1947 308
743, June 12, 1944, certificates of indebtedness Series C-1945 309
744, Apr. 24, 1944, certificates of indebtedness Series D-1945 303
Civil service retirement and disability fund 536, 554, 739, 861, 868
Civilian Conservation Corps 546
Claims for relief on account of lost, stolen, destroyed or mutilated securi-
ties 184, 194
Coal tax 223, 224, 564, 568
Coconut, etc., oils processed, taxes 564, 568, 838
Coin-operated amusement and gaming devices, taxes 564, 568, 838
Coins. (See Mint Service; Money.)
Colorado River Dam fund 147
Commodity Credit Corporation:
Assets and liabilities 145, 758
Capital impairment, appropriations for restoration of 145
Excess capital deposits, public debt retirements from 663
Proprietary interest of United States in, June 30, 1934-44 768
Securities:
Guaranteed bv United States outstanding 716
Held by Treasury 718, 732
Redeemed by issues 722
INDEX 885
Commodity stamps for food and cotton products: Page
Issued and redeemed and outstanding 1939-44 by years and 1944 by
months 836
Receipts from sale 1944 by months 534
Trust fund expenditures 1944 and estimates for 1945 873
Comptroller of Currency, Bureau of, administrative report 200
Contingent liabilities of United States:
Description of and amount June 30, 1944 716
Holders of guaranteed debt by classes of holders and by tax status of
each issue, quarterly dates from June 30, 1943 778
Obligations issued on credit of United States outstanding June 30,
1935-44 720
Outstanding June 30:
1935-44 by years and agencies 720
1944 by agencies 760
1944 principal and matured interest 716
Securities guaranteed by United States:
1935-44, June 30 720
1944, June 30, in detail 716
Amounts matured or called and redeemed 722
Borrowing power of Government agencies and outstanding obli-
gations 78
Call notices for redemption of 345-354
Discussion 74
Holders, amounts:
1932-44 by tax status 803
1937-44 798
1943-44 quarterly dates by issues and tax status 778
1944 by tax status 800
Interest paid 1934-44 by years and tax status of securities 715
Outstanding June 30, 1943 and 1944 by agencies 75
Prices and yields, marketable securities, June 30, 1943 and 1944. 724
Redemptions for cash and exchange by issues 39
Refunding of Mar. 15, 1944, discussion 63
Sales and redemptions in market (net) by agencies, 1944 by months
and 1943 and 1944 by years 556
Contracts, renegotiation: mo ii7 lo^ 4qn
Discussion 109, 117, 125,430
Provisions in Revenue Act of 1943 117
Receipts 1944 and estimates for 1945 and 1946 844
Recoveries of excessive profits, discussion 21
Revenue implications of changes in statute 109, 44b
Corporation income tax. {See Taxes.) , , •
Corporations and agencies. Government (see also Contingent liabilities ot
United States): _._
Assets and liabilities June 30, 1944 758
Borrowing power, limitations and outstanding obligations 78
Capital stock and obligations of, June 30:
Held bv Treasurer 1943 and 1944 199
Ownedlav United States 1944 i-^"""
Checking accounts with Treasurer. {See checking accounts of Gov-
ernment corporations and agencies.)
Investments June 30, 1944 758
Loans and subscriptions to capital stock June 30, 1944 758
Paid-in surplus subscribed to 7bU
Proprietary interest of United States in:
1933-44, June 30 l^°
1944, June 30 7bU
Disciission
Securities held by Treasury: tc 71c 7q9
By corporations, etc '^' '^^ '^|
Discussion _„„
Sources of funds bv agencies 1944 and cumulative ^ '^
Uses of funds bv agencies 1944 and cumulative -_----------------- i^'J^
War activities expenditures 1944 and estimates for 1945 and 194b. _ _ 85U
Counterfeit money. {See Secret Service Division.)
886 INDEX
Credit agencies. (See Corporations and agencies, Government.) Page
Cumulative sinking fund. {See Public debt.)
Currency. (See Money.)
Currency stabilization, international, discussion 96
Customhouse brokers, licenses issued and canceled 252
Customs, Bureau of:
Administration cost 219
Administrative report 202
Appraisement activities 208
Collections (see also Receipts) :
1943 and 1944 203
Discussion 203
For other departments, bureaus, etc 572
Drawback :
Payments on principal commodities 1943 and 1944 208
Transactions 1943 and 1944 207
Entries of merchandise 1943 and 1944, number 205
Expenditures 1944, summary 572
Fines, penalties, etc., collections 1941-44 by years v 214
Foreign Trade Zone activities 218
Investigative and patrol activities 215
Laboratory analysis of samples of merchandise 209
Law enforcement activities 210
Legal proceedings 214
Marine activities 217
Overtime compensation law amended 217
Ports and stations, changes in 218
Protests and appeals 1943 and 1944 208
Refunds 1943 and 1944 203
Seizures:
1943 and 1944 by principal types 211
Boats, automobiles, airplanes, and horses 1943 and 1944 213
By Customs Service and other Government agencies 212
By Customs Service for other Government agencies 213
Vehicles and persons entering United States 1943 and 1944 206
War activities 122, 21 6
Czechoslovakia. (*See Foreign government obligations owned by United
States.)
D
Daily Statement of U. S. Treasury, classification and other changes 144
Defense Homes Corporation 604, 732
Defense Plant Corporation 245, 604, 732
Defense Supplies Corporation 604, 732
Deficit. {See Surplus or deficit of receipts and expenditures.)
Departments and establishments, regular governmental. {See Expendi-
tures.)
Depositaries, Government:
Depositary bonds allotted to 152
Number, amount of deposits, by classes of depositaries 151
Unemployment compensation benefit payment accounts serviced by.. 153
Withheld taxes paid through:
Depositary bond allotments, basis changed for computing 510
Depositary bonds allotted 151
Depositary receipts, prescribed form 509
Procedure 151
Requirements modified in connection with signing of depositary
receipts 509
Disaster Loan Corporation 732, 758, 768
Distilled spirits tax 223, 563, 566, 837
District of Columbia:
Blackout loans to 759, 769
Expenditures 554
Receipts 536
District of Columbia teachers' retirement fund 199, 740
District of Columbia water fund 199, 742
District of Columbia workmen's compensation fund 742
Dues, club, and initiation fees, taxes 564, 568, 838
INDEX 887
E Page
Ecuador, stabilization agreement extended 95
Electric, gas, and oil appliances, taxes 564
Electric Home and Farm Authority 768
Electric light bulbs and tubes, taxes 564
Electric signs, tax 564
Electrical energy tax 561, 564
Emergency Relief Appropriations Acts, expenditures Apr. 8, 1935, to
June 30, 1944, by organizations and years 573
Employees, Treasury Department. (See Personnel.)
Employment taxes {see also Carriers Taxing Act; Social Security Act):
1936-42 combined, 1943, and 1944 by months 576
1936-44 bv years . 568
1943 and 1944 562, 565
1944 by months _ 532
1944 by States 570
1944 and estimates for 1945 and 1946 839
Assessments, additional, bv Bureau of Internal Revenue, 1943 and
1944 224
Revenue estimates for 1945 and 1946 135, 139
Engraving and Printing, Bureau of:
Administrative report 219
Deliveries of finished work 1943 and 1944 219
Funds available and expenditures 1943 and 1944 222
Postage stamp dies engraved 220
Estate tax {see also Internal Revenue Bureau, Miscellaneous Tax Unit;
Taxes) 223, 224, 561, 563, 566, 837
Estimates of receipts and expenditures. {See Expenditures; Receipts.)
Estonia, obligations owned by United States. {See Foreign government ob-
ligations owned bv United States.)
Excess profits tax {see also Taxes) 560, 561, 563, 565, 570, 837
Exchange stabilization fund. {See Stabilization fvmd.)
Expenditures {see also Federal aid to States; Surplus or deficit):
1789-1944 by years 526
1932-44 by years and 1944 by months, summary 523
1940-44 and estimates for 1945, summary 2
1942-44 by months, major classes 26
1944 by months and 1943 and 1944, summary and details 538
1943 and 1944, summarv 196
1944 and estimates for 1945 and 1946, details 849
Analysis 23
Debt retirements, statutory (sinking fund, etc.):
1918-44 by years '_ 529
1944 by months and 1943 and 1944 by years 552
Departmental:
1944 by months and 1943 and 1944, classified 540
1944 and estimates for 1945 and 1946, details 856
War activities 1944 and estimates for 1945 and 1946, details 851
Emergency Relief Appropriation Acts. {See Emergency Relief
Appropriation Acts.)
General:
1932-44 by years and 1944 by months, summary 523
1941-44 by vears and functions 24
1943 by months and 1943 and 1944, classified 540
1944 and estimates for 1945 and 1946, details 852
Discussion 32
General and special accounts:
1932-44 by major functions and years 560
1932-44 by years and 1944 by months, summary 523
1941-44 by years, functions, and organizations 24
1941-44 by vears, summary 23
1944 by months and 1943 and 1944, details 540
1944 and estimates for 1945 and 1946 849
Estimates for 1945 and 1946:
Details 849
Summary 139
Gold increment, chargeable against. (See Gold.)
888 INDEX
Expenditures — Continued.
Interest on public debt. {See Public debt.) Page
Public debt bv classes 1944 by months and 1943 and 1944 {see also
Public debt) 636
Public works 1932-44 by years 560
Railroads. (See Railroads, Federal control of.)
Railroad Unemployment Insurance Act. (»See Railroad unemploy-
ment insurance.)
Refunds:
1944 by months and 1943 and 1944 548
1944 and estimates for 1945 and 1946 852
Excess profits tax (bonds) 560
Refunds, drawbacks, and stamp redemptions. Bureau of Internal
Revenue, total by appropriations 223
Relief and work lelief :
1933-44 by years 560
1944 and estimates for 1945 and 1946 854
Revolving funds. {See Revolving funds.)
Social Security Act. (*See Social Security Act.)
Transfers to trust accounts:
1932-44 bv years and 1944 bv months, summary 523
1944 by m'onths and 1943 and 1944 552
Trust accounts. {See Trust accounts.)
Unemployment trust fund. {See Unemployment trust fund.)
War activities. {See War activities.)
Export-Import Bank of Washington 732, 758, 768
F
Farm Credit Administration:
Assets and liabilities 758
Expenditures 542, 550
Notes received bv, owned bv United States i 732
Proprietary interest of United -States in, June 30, 1933-44 768
Farm Security Administration 544,732,758,768,829
Farm Tenant Act 542
Federal agencies and trust funds, security holdings, 1914-44 by years and
tax status 804
Federal aid to States, expenditures for:
1920, 1930, 1940, and 1944, by appropriation titles 821
1944 by States, classified 825
Federal Crop Insurance Corporation 758, 768, 732
Federal Deposit Insurance Corporation 199, 732, 758, 768
Federal Farm Mortgage Corporation:
Assets and liabilities 758
Proprietary interest of United States in, June 30, 1934-44 768
Reduction in interest rate on mortgages, expenditures for 177, 542
Securities:
Held by Treasury 718, 732
Redeemed by issues 722
Federal home loan banks:
Assets and liabilities 758 ,
Capital stock owned by United States 732
Proprietary interest of United States in, June 30, 1933-44 768
Federal Housing Administration:
Assets and liabilities . 758
Borrowing power increased 77
Debentures:
Called and redeemed 76
Redeemed by issues 722
Proprietary interest of United States in, June 30, 1935-44 768
Securities guaranteed by United States outstanding 716
Federal Insurance Contributions Act. (*S'ee Social Security Act.)
Federal intermediate credit banks 663, 732,758, 768
Federal land banks {see also Corporations and agencies, Government) :
Assets and liabilities 758
Capital stock and paid-in surplus:
Repayments 542
Subscribed to bv Government 732
INDEX 889
Federal land banks — Continued. Page
Capital stock subscribed to by Government, amount and shares repaid
by banks 177
Paid-in surplus subscribed to by Government, amount and repay-
ments by banks "__ 179
Proprietary interest of United States in, June 30, 1933-44 768
Reduction in interest rates on mortgages, expenditures for 178, 542
Federal National Mortgage Association 732, 758, 768
Federal old-age and survivors insurance trust fund:
Appropriations and expenditures 1944 and total to June 30, 1944 584
Discussion 146
Expenditures, investments and benefit pavments:
1937-44 bv years and 1944 bv months 525
1944 by months and 1943 and 1944 554
1944 and estimates for 1945 and 1946 868
Receipts:
1937-44 by years and 1944 bv months . 524
1944 by months and 1943 and 1944 534
1944 and estimates for 1945 and 1946 _ 861
Status June 30, 1944 743
Federal Prison Industries, Inc 759, 768
Federal Public Housing Authority:
Assets and liabilities ._ 758
Projjrietary interest of United States in 768
Securities:
Held bv Treasury 718, 732
Redeemed 722
Federal Reserve Bank notes. (See Money.)
Federal Reserve Banks:
Advances to, for industrial loans:
1935-44, June 30 769
1944 sununary 759
Amounts and repavments, bv banks 146
Money held !)y, June 30, 1915-44 775
Security holdings, amounts 1913-44 by tax status 806
Federal Reserve notes. (See Money. '1
Federal savings and loan associations:
Fiscal agents for collecting delinquent accounts, number eligible and
qualified 152
Preferred and full-paid income shares subscribed to by Secretary of
Treasury and dividends received 180
Proprietary interest of United States in. 759, 769
Federal Savings and Loan Insurance Corporation 732, 758, 768
Federal Security Agency:
Expenditures:
1944 by months and 1943 and 1944 546
1944 by States 827,830
Proprietary interest of United States in ._._ 768
Student war loans ._ 732, 759
War activities, appropriations and expenditures 600
Federal Unemployment Tax Act. (See Social Security Act.)
Federal Works Agency:
Assets and liabilities ._ .- .. .. ._ ._ ._ 759
Expenditures:
1942-44 by months for war activities 602
1944 bv months and 1943 and 1944 546
1944 by States 828, 831
Securities on advances to States, owned by United States 732
War activities, appropriations, contract authorizations, and expendi-
tures .- — .- .- 600
Fermented malt liquor tax. (See Beer tax.)
Financing, Treasury (see also Public Debt) :
Bank and nonbank investments in securities _ 89
Borrowings (net):
1943and 1944 bv months 36
1944 and estimates for 1945 and 1946 -.. 877
890 INDEX
Financing, Treasury — Continued. Page
Commercial banks, restricted purchases of securities allowed in cer-
tain cases 285, 304
Deferred payment for bonds in certain cases permitted 306, 308
Holders of securities by issues 778
Liquid savings absorbed in securities by investor classes 83
Net absorption of securities 1941-44 by years and investor classes 91
Nonbank borrowing as related to Federal deficit 1941-44 92
Sources of funds for borrowing 79
Summary of operations during year ._.... 36
Under Secretary of Treasury's address Dec. 16, 1943 on war financing
and post-war readjustment-- ._ ._ _ 496
War Finance Division activities 262
War loan sales of securities:
By issues and classes of investors:
Comparison of 5 loans 668
Third Loan - 42
Fourth Loan .- 44
Fifth Loan 47
Bv States and classes of investors:
Third Loan 671
Fourth Loan 676
Fifth Loan 680
By States, with goals:
Third Loan 674
Fourth Loan 678
Fifth Loan 682
Commercial banks permitted limited purchases 44, 47
Dates of each loan and goals-. .- 667
Deferred payments permitted to certain institutions 40, 46
Discussion-1 39, 42, 45
Goals and sales bv classes of investors:
Third Loan-1 42
Fourth Loan 43
Fifth Loan 46
Series E savings bonds sold in each war loan by denominations 670
War loans:
Federal civilian and military purchases of savings bonds- - . 265
Letters from Secretary of Treasury to commercial banks, etc., in
connection with 504
Wartime taxation principles .- 5, 7
Finland, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Firearms, shells, and cartridges, tax 564
Fiscal Service. (.See Accounts Bureau; Public Debt Bureau; Treasurer of
United States.)
Floor stocks taxes, liquors 563, 837
Foreign check control, checks held in special deposit account 160
Foreign Funds Control:
Administrative report 222
Discussion of activities 126
Foreign government obligations owned by United States:
Amounts due and not paid Nov. 15, 1944, by countries 162
Amounts due and payable by countries 161
Discussion 160
Finland, agreement Oct. 14, 1943, to pay postponed amounts due in
installments 514
Indebtedness and payments received, by countries, principal and
interest to November 15, 1944 734
Indebtedness, total, and payments received 1928-44 by years 735
Public debt retirements from payments on 663
Receipts 1944 by months 532
Securities held by Treasurer for Secretary of Treasury June 30, 1943
and 1944 199
Foreign service retirement and disability fund 536, 554, 747, 861, 868
Foreign Trade Zone. {See Customs Bureau.)
Fractional currencv 623, 653
INDEX 891
France, obligations owned by United States. (See Foreign government Pae«
obligations owlied by United States.)
Furs tax 564, 838
G
Gasoline tax 561^ 564
General Counsel, Treasury Department, statements:
September 10, 1943, before House Ways and Means Committee on
renegotiation statute 446
Oct. 27, 1943, before Senate Military Affairs Committee on relation
of tax policy to corporate reconversion . 449
November 29, 1943, before Senate Finance Committee on tax pro-
gram 420
General Fund:
Assets and liabilitieb June 30, 1943 and 1944 728
Balance:
1915-44, June 30 . . 664
1943 and 1944, June 30 728
1944 by months, classified 729
1944 and estimates for 1945 and 1946 877
Change during 1944, analysis 93
Discussion 93
Increment from reduction in weight of gold dollar 729
Seigniorage 729
Working balance:
1943 and 1944, June 30 729
1944 by months 729
Germany (see also Foreign government obligations owned by United States;
Mixed Claims Commission) :
Awards of Mixed Claims Commission, amounts paid, and balance
due Sept. 30, 1944 165, 833
Awards of War Claims Arbiter, amounts paid and balance due Sept.
30, 1944 166
Indebtedness to United States, payments received and amounts not
paid June 30, 1944 162
Special deposit account, statement, Sept. 30, 1944 167
Gift tax (see also Taxes) 223, 224, 227, 561, 563, 566, 837
Gifts and contributions, amounts 1944 and estimates for 1945 and 1946. . 841
Gold: :' pi
Acquired by mints and assay offices , 245
Assets and liabilities of Treasury June 30, 1943 and 1944 728
Bullion, including gold coin, in Treasury, stock June 30:
1913-44 776
1944 247
Certificate fund. Board of Governors, Federal Reserve System, held
in Treasury June 30, 1943 and 1944 728
Certificates:
Circulation June 30, 1913-44 _' 777
Liabilities of Treasury June 30, 1943 and 1944 728
Redeemed and outstanding 197
Stock, held in Treasury, held by Federal Reserve B nks, and in
circulation June 30, 1944_-.^ 774
Coin in circulation June 30, 1913-33 777
Electrolytically refined by Alint Service 246
Holdings of Treasury 197
Increment from reduction in weight of gold dollar:
Expenditures chargeable to:
1934-43 by years 525
1943 35
In General Fund balance:
1943 and 1944, June 30 729
1944 by months 729
Receipts:
1934-44 bv years and 1944 by months 524
1943 and 1944 35
1944 by months 536
Industrial consumption 1943^calendar year 248
892 INDEX
Gold — Continued. Page
Percentage of gold to total stock of money June 30, 1913-44 776
Production, domestic, 1943 calendar year 247
Reserve in Treasury against United States notes and Treasury notes
of 1890, June 30,'l943 and 1944 _' 728
Stock June 30, 1944 774
Government Actuary 257
Government life insurance fund:
Expenditures ' 554, 868
Investments June 30, 1944 757
Loans to veterans on policies, outstanding June 30, 1944 757
Receipts 536, 861
Government Losses in Shipment Act:
Discussion 153
Premium savings on shipments 1943 and 1944 and total to June 30,
1944 154
Savings bond redemption losses payable from fund 153
Shipments reported lost, settled and unadjusted 154
Status of fund 155
Great Britain and Northern Ireland, loan of Reconstruction Finance Cor-
poration to 604
Great Britain, obligations owned by United States. (See Foreign govern-
ment obligations owned by United States.)
Greece, obligations owned by United States. (See Foreign government
obligations owned bv United States.)
Gross debt of United States. (See Public debt.)
Guaranteed obligations of United States. (See Contingent liabihties.)
H
Hawaii, special currencv for 99
Highway expenditures /_ 825, 828, 829, 831
Home loan banks. (See Federal home loan banks.)
Home Owners' Loan Corporation:
Assets and liabilities 758
Proprietary interest of United States in, June 30, 1933-44 768
Securities:
Guaranteed by United States outstanding 717
Held by Treasury 718, 732
Redeemed by issues 722
Housing insurance fund debentures:
Outstanding 716
Redeemed 722
Hungary (see also Foreign government obligations owned by United States) :
Awards of War Claims Arbiter and amount paid 166
Tripartite Claims Commission awards entered against 167
I
Iceland, stabilization agreement extended 95
Imports:
1934-43 by calendar years and January 1941-Dec. 1943 by months,
estimated duties, values, and ratio of duties to values:
Bv tariff schedules 814
Tbtals ■- 813
1942 and 1943, values of dutiable and taxable imports for consumption
and estimated duties and taxes collected, by tariff schedules 812
1942-44 by years, value of dutiable imports for consumption and esti-
mated duties collected, by countries 820
Income, gross national, analysis of flow 79
Income tax. (See Internal Revenue Bureau; Receipts; Taxes.)
Indebtedness of foreign governments to United States. (See Foreign gov-
ernment obligations owned by United States.)
Independent offices, boards, commissions, and corporations. (See Ex-
penditures; also titles of certain specific offices.)
India, silver lend-leased to, statement on 380
Indian tribal funds:
Expenditures 554
Receipts 536
Indians, expenditures for, 1789-1944 590
INDEX 893
Inland Waterways Corporation 732, 759, 768
Institute of Inter-American Transportation 732
Insurance companies:
Direct and guaranteed debt holdings by tax status of each issue,
quarterly dates from June 30, 1943 778
Security holdings, amounts June 30, 1937-44 799
Inter-American Navigation Corporation 732
Interdepartmental War Savings Bond Committee, administrative report, _ 264
Interest-bearing debt of United States. (See Public debt.)
Interest on public debt. {See Public debt.)
Internal Revenue, Bureau of (see also Taxes):
Accounts and Collections Unit:
Carriers Taxing Act taxes:
Claims i^aid 223
Claims received and disposed of 237
Returns filed 237
Collections 1943 and 1944 223
Federal Insurance Contributions Act taxes:
Claims received and disposed of 235
Offers in compromise received and disposed of 235
Returns filed 234
Federal Unemployment Tax Act taxes:
Claims received and disposed of 236
Offers in compromise received and disposed of 237
Revenue agents' reports received and disposed of 236
Returns filed and investigated in collectors' offices 233
Returns received and disposed of 236
Social Security Act taxes, claims paid 223
Stamps issued and returned 234
Administration cost 224
Administrative reports 222
Alcohol Tax Unit:
Collections 1943 and 1944 {see also Receipts) 223
Laboratory activities 230
Permit activities 232
Producers and distributors of alcoholic beverages under super-
vision of 229
Stills, liquor, etc., seized 232
Assessments, additional, 1943 and 1944 224
Chief Counsel, Office of 239
Claims paid, by class of tax, 1944 and totals for 1943 223
Collections, summary 1943 and 1944 (see also Receipts) 223
Expenditures:
By districts and appropriations 591
From appropriations for prior j'ears 595
Income Tax Unit:
Claims paid by Bureau 223
Collections 1943 and 1944 {see also Receipts) 223
Refund, abatement, and credit cases audited and closed 227
Returns filed, examined, investigated, etc 225
Revenue results of investigations 226
Intelligence Unit, investigations of tax fraud cases 241
Miscellaneous Tax Unit:
Capital Stock Tax division 228
Collections 1943 and 1944 {see also Receipts) 223
Estate Tax Division 227
Miscellaneous Division 228
Sales Tax Division, collections 1943 and 1944 228
Tobacco Division 228
Refunds and repayments {see also Expenditures) :
1 944 by class of tax and totals for 1 943 - _ -_- 223
Claims approved for payment from refunding appropriations 595
Salary stabilization:
Authority and jurisdiction reaffirmed bj' regulations 130
Discussion 129
Executive orders relating to 129, 241
Regulations amended 129
Requests for decisions and actions taken 242
894 INDEX
Internal Revenue, Bureau of — Continued. I'aee
Securities received in settlement of tax liabilities, owned by United
States 733,769
Technical Staff:
Compromise, extension of time, and final closing agreement cases,
analysis of work on 239
Tax liability cases received and disposed of 238
Trust fund collections 565
International bank for reconstruction and development, tentative proposal:
Discussion 96
Proposal 365
International monetary fund, revised draft:
Discussion 96
Proposal 355
Statements on and summary of recommendations for 372
Italy, obligations owned by United States. (See Foreign government
obligations owned by United States.)
J
Jewelry tax 564,838
L
Latvia, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Laws, Public, Nos.:
275, March 31, 1944, relating to surety bonds 514
333, June 9, 1944, Public Debt Act of 1944 343
Leave regulations 489
Legal Division, administrative report -. 242
Lend-lease program, purchases under. (See Procurement Division.)
Liberia, currency system converted to U. S. dollar basis 95
Library of Congress trust fund 748
Liquor ta.xes {see also Internal Revenue Bureau, Alcohol Tax Unit) 224,
561, 563, 566, 837
Lithuania, obligations owned by United States. {See Foreign government
obligations owned by United States.)
Longshoremen's and harbor workers' compensation fund 751
Luggage tax 564, 838
M
Machines, business, store, and washing, taxes 564
Manufacturers' excise ta.xes 561, 564, 567, 838
Marihuana tax {see also Narcotics Bureau) 564
Matches, tax 564
Medals, Army, Navy, etc., produced 246
Metals Reserve Company 604, 732
Mexico:
Expropriation of petroleum properties:
Agreement for settlement of 171
Payments by Mexico 172
Payments to claimants 172
Mexican claims fund, amounts covered into and distributed 170
Mexican Claims Settlement Act of 1942, activities under 169
Special Mexican Claims Commission, awards and payments 168
Military currency:
Discussion 98
Hawaiian special series 383
Printed at Bureau of Engraving and Printing 221
Sicilian currency, statements on 380
Minor coin. {See Mone}^)
Mint Service:
Administrative report 243
Bullion deposit transactions 245
Coin and monetary bullion stock in United States June 30, 1944 247
Coinage 244
INDEX 895
Mint Service — Continued. Page
Funds available, expenses, and income 248
Gold and silver deposits, income, expenses, and number of employees,
by institutions 248
Gold and silver domestic production 1943 calendar year 247
Gold and silver industrial consumption 1943 calendar year 248
G old operations 245
Medals produced 246
Metal savings by content change of minor coins 245
Profits on coinage, bullion deposits, etc 843
Refinery operations 246
Silver operations 246
Storage of gold and silver bullion 245
Miscellaneous internal revenue. {See Internal Revenue Bureau; Receipts;
Taxes.)
Miscellaneous receipts. (See Receipts.)
Mixed Claims Commission, United States and Germany:
Awards, amounts paid, balance due Sept. 30, 1944 165, 833
Sabotage claims, awards and payments 164
Monetary and financial conference:
Discussion 97
Release, June 23, 1 944, relative to 379
Monetary developments, discussion 95
Monetary Research, Division of, administrative report 248
Money (see also General Fund; Gold; Mint Service; Silver):
Circulation, June 30:
By kinds 1913-44 777
Per capita 1913-44 775
Coin shipments between Treasury, mints, and Federal Reserve Banks
by kinds 197
Currency, special series for use in Sicily, Normandy, and Hawaii 98
Federal Reserve Bank notes:
Circulation June 30, 1916-44 777
Issued, redeemed, and outstanding 197
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation June 30, 1944 774
Stock June 30, 1916-44 776
Federal Reserve notes:
Canceled received from Federal Reserve Banks and branches 198
Circulation June 30, 1915-44 777
Contingent liability of United States June 30, 1944 718
Issued, redeemed, and outstanding 197
Received and issued by Division of Paper Custody 190
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation June 30, 1944 774
Stock June 30, 1915-43__ 776
Five-cent coin, new composition , 244
Minor coin; June 30:
Circulation 191 3-44 777
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation 1944 774
Stock 1913-44 776
National bank notes:
Circulation June 30, 1913-44 777
Redeemed and outstanding 197
Redemption account 623
Stock held in Treasury, held by Federal Reserve Banks, and in
circulation June 30, 1944 774
Stock June 30, 1913-44 776
National bank notes and Federal Reserve Bank notes:
Deposits for retirement of, 1932-44 by years 629
Retirements 1944 by months and 1943 and 1944 636
One-cent coin, copper-zinc piece production resumed 97, 244
Paper currency:
Issued, redeemed, and outstanding by classes 197
Shipments from Treasurv 197
Stock by kinds June 30,'l913-44 776
896 INDEX
Money — Continued. Page
Stock, held in Treasury, held by Federal Reserve Banks, and in cir-
culation June 30:
1913-44 775
1944 by kinds 774
Treasury notes of 1890:
Circulation June 30:
1913-44 _ 777
1944 774
Redeemed and outstanding 197
U. S. notes:
Circulation June 30, 1913-44 777
Issued, redeemed, and outstanding 197
Stock June 30, 1913-44 776
U. S. notes and Treasury notes of 1890, gold reserve against, in Treas-
ury June 30, 1913-44 775
Municipalities and States. {See States and municipalities.)
Musical instruments and phonograph records, taxes 564
Mutual mortgage insurance fund debentures:
Amount outstanding 716
Call for redemption:
Eleventh, Mar. 30, 1944, Series B 347
First, Sept. 30, 1943, Series E j _ .__ 350
Second, Mar. 30, 1944, Series E . 352
Tenth, Sept. 30, 1943, Series B 345
Redeemed 722
Redemptions, discussion 76
N
Narcotics, Bureau of:
Administrative report 249
Drug e.xports 251
Enforcement activities, 1943 and 1944 249
Registrants under narcotic laws 250
Violations of narcotic laws and cases disposed of 250
Narcotics, tax 223, 564, 568
National Archives gift fund " 751
National bank notes. {See Money.)
National banks (see also Money) :
Assets and liabilities on date of each report June 30, 1943, to June
30, 1944 201
Condition, changes in 200
Membership, capital stock changes, and liquidations 202
National Cancer Institute gift fund 752
National defense. (*See War activities.)
National Firearms Act tax 564, 568
National Housing Agencv expenditures 546, 832
National Institute of Health gift fund 753
National park trust fund 754
National product, gross:
Compaiison with, of increase in bank deposits and currency circula-
tion 1 4
Proportion represented by expenditures, receipts, and excess of ex-
penditures 3
National service life insurance fund:
Expenditures 1944 bv months and 1943 and 1944 556
Receipts 1 944 by months and 1 943 and 1 944 536
Status 755
National Youth Administration equipment placed in custody of Procure-
ment Division 125
Navy Department:
Appropriations, contract authorizations, and expenditures for war
activities 1941-44 by years 600
Expenditures:
1 789-1 944 by vears 527
1932-44 bv years 560
1933-44 by years and 1941-44 bv months 602
1944 by months and 1943 and 1944 548
INDEX 897
Navy Department — Continued. Page
Expenditures — Continued.
1944 and estimates for 1945 and 1946 850
War activities 1 942-44 by montlis 30
Normandy, new French franc currency for use in 99
Notes, legal tender 623
Notes, old demand 622, 653
Notes, Treasury:
Interest :
Paid on, 1942-44 by years 711
Payable, paid, and outstanding unpaid 710
Issues 1944 by months and 1943 and 1944 632
National defense series:
Description and amount outstanding by issues 612
Issues and redemptions by series 1 642
Outstanding June 30, 1932-44", total 628
Regular series :
Allotments on subscriptions among Federal Reserve districts:
Series D-1945, offered Jan. 24, 1944 _ 291
Series A- 1947, offered June 28, 1943__ . .._ 269
Series B-1947, offered June 12, 1944 311
Series A-1948, offered Mar. 2, 1944 300
Description and amount outstanding by issues 612
Issues and redemptions by series 642
Offerings:
Jan. 24, 1944, Series D-1945, dated Feb. 1, 1944 290
Mar. 2, 1944, Series A-1948, dated Mar. 15, 1944 . 291
June 12, 1944, Series B-1947, dated June 26, 1944 304
Retirements:
1944 by months and 1943 and 1944 636
Sinking fund 666
Tax and savings series:
Discontinuance of sales of savings notes 60
Discussion 60
Issues and redemptions by series 642
Limitation removed on amount presented for taxes 60, 336
Outstanding:
1942-44. June 30, total 628
1942-44, June 30, by series and 1944 by months 706
Description and amount by series 613
Received in payment of taxes 706
Redemption requirement for Series C savings notes amended. _ 60, 337
Redemptions :
1942-44 bv years and series and 1944 bv months 706
Cash ." 1 706
Sales 1942-44 by years and series and 1944 by months 706
Sales and redemptions for cash and taxes 1942-44 bv years and
series and 1944 by months 705
Series C, regulations governing 337
Series C sales 1943 and 1944 by j-ears and 1944 by months:
By denominations 708
By types of purchasers 709
Tax-payment or redemption values and investment jields of
saving notes. Series C 341
Notes, Victory 620, 646, 666, 711
O
Oil transportation by pipeline, tax 564, 567, 838
Oils, lubricating, tax - 561, 564
Oleomargarine tax 564, 568, 838
Optical equipment tax 564
Orders: Treasury Department, Nos.:
51, Apr. 6, 1944, Director of Tax Research and Tax Legislative
Counsel to report to Secretary through Under Secretary 488
52, Apr. 15, 1944, Foreign Funds Control to report to General Counsel- 488
53, June 7, 1944, Procurement Division under supervision of Assistant
to Secretary 488
613185—45 58
898 INDEX
p
Panama Canal: Page
Expenditures:
1903-44 by years 585
1941-44 war activities 600
1944 by months 546
Receipts:
1905-44 by years 585
1944 by months - 532
Panama Railroad Co.:
Assets and liabilities 759
Capital stock owned by United States 732
Proprietary interest of United States in 768
Paper Currency. (»S'ee Money.)
Passengers and pedestrians entering United States 1943 and 1944 206
Payroll savings plan:
Participation extent:
1942-44 by years and 1944 by months 698
Federal civilian employees, number and average investment
monthly 264
Federal civilian and military personnel 265, 266
Number of persons, total pay, and deductions, 1944 by months 52
Withholdings from Federal employees' salaries under 149
Payroll taxes. {See Carriers Taxing Act; Employment taxes; Social
Security Act.)
Pensions and benefits, veterans, expenditures:
1789-1944 by years 590
1932-44 by years 560
Pershing Hall Memorial fund 756
Personnel, Division of, administrative report 251
Personnel, Treasury Department:
Administrative and staff officers Nov. 15, 1944 xiv
Committees, departmental, Nov. 15, 1944 xvi
Persons and property transportation taxes 838
Petroleum, processed, tax 568
Petroleum properties expropriated by Mexico. {See Mexico.)
Petroleum Reserve Corporation 604
Philippine Islands:
Appropriation for public relief and civilian defense 158
Funds in Treasury:
Deposits 157
Duties and taxes on articles from Philippines except coconut oil. 157
Excise and import taxes 158
Export taxes deposited in supplementary sinking fund 159
Taxes on coconut oil from Philippines 158
Securities and funds, safekeeping program 145
Photographic apparatus tax 564
Pistols and revolvers, tax 564
Playing cards, tax 563, 567, 838
Poland, obligations owned by United States. {See Foreign government
obligations owned by United States.)
Population estimates of continental United States 1913-44 by years 775
Post Office Department, deficiency, expenditures, 1944 by months 548
Postal savings stamps. {See Stamps, U. S. savings.)
Postal Savings System:
Funds due depositors June 30, 1944 717
Securities held by Treasurer to secure deposits of funds June 30, 1943
and 1944 199
Treasury notes issued. {See Special issues of Government securities.)
Postal Service:
Deficiencies, expenditures for:
Advances from General Fund 587
Factors contributing to deficit 516
Expenditures 1789-1944 by vears 587
Revenue 178&-1944 by years 587
Practice, Committee on, administrative report 251
INDEX 899
President: Page
Letter, June 9, 1944, relative to monetary and financial conference at
Bretton Woods 379
Message, Feb. 22, 1944, returning without approval the Revenue Act
of 1943 455
Printing and binding expenditures 256
Processing tax refunds 1944 by months and 1943 and 1944 548
Procurement Division:
Administrative report 252
Blind-made products purchased 256
Contract termination 255
General supply fund, assets and liabilities 253
Lend-lease purchases 123
Printing and binding expenditures 256
Public utilities, study of and savings effected 254
Purchases, summary, 1943 and 1944 252
Renegotiation of contracts (see also Contracts) 255
Storage and warehousing 253
Strategic materials, purchases 125
Supplies and equipment conservation 256
Surplus Property Office established 124
Produce for future delivery, sales of, tax 567
Production credit corporations 732, 758, 768
Proprietary interest of United States in Government corporations and
credit agencies (see also Securities owned bv United States) :
1933-44, June 30 .' 768
Discussion 95
Public Buildings Administration expenditures 546, 854
Public Roads Administration expenditures 854
Public debt {see also Circulars, Department; Contingent liabilities of U. S.;
Expenditures; Money; U. S. Notes; Public Debt Bureau):
Assignments of registered bonds, officers authorized to witness 344
Changes in, by issues 640
Composition, changes in, discussion 67
Debt retirements, statutory (sinking fund, etc.) :
1918-44 by years and sources of receipts 663
1932-44 bv years and 1944 by months, summary 523
1942-44 by months 26
1944 by months and 1943 and 1944 ' 552
Description of issues and amounts outstanding June 30, 1944 605
Discussion 36
Holders of, by classes of holders and by tax status of each issue, quar-
terly dates from June 30, 1943 778
Increase in 1944 and estimates for 1945 and 1946 877
Interest :
Computed annual interest charge and computed rate of interest
1916-44 by years and 1944 by months 713
Computed rate 71
Discussion 71
Expenditures:
1789-1944 by years 527
1913-44 by years and tax status of securities 715
1932-44 by years __. 560
1941-44 bv years , . . 23
1942-44 by months 26
1942-44 by years and issues 710
1944 by months and 1943 and 1944 548
1944 classified 196
1944 and estimates for 1945 and 1946 852
Payable, paid, and outstanding unpaid by classes of issues 710
Issued, accumulated retirements, outstanding, by issues June 30,
1944 605
Issues:
1944 by months and classes and 1943 and 1944 632
Maturities and redemptions, details, on dates of transactions 655
Limit increased by Pub. Law 333, June 9, 1944 73, 343
900 INDEX
Public debt — Continued. • Page
ATanagement of 6
Obligations outstanding and face amount Issuable under limitation
in effect June 30, 1944 74
Offerings, market, by issues 38, 40, 43, 45, 61
Outstanding:
1853-1944, June 30, interest-bearing, matured, noninterest-bear-
ing, and gross 626
1916-44, June 30, gross debt increase or decrease 664
1916-44 by years and 1944 by months, interest-bearing 713
1916-44 by years and 1944 by months, interest-bearing by classes,
matured, noninterest-bearing, and gross 630
1932-44, June 30, interest-bearing by classes and noninterest-
bearing 628
1943 and 1944, June 30, interest-bearing by classes, matured, and
noninterest-bearing ■_ 68
Holders of securities, amounts:
1913-44 by tax status 802
1937-44 by years . 798
1943-44, quarterly dates, by issues and tax status 778
1944 by tax status 800
Interest-bearing, changes by issues 640
Interest-bearing, June 30, 1944, description 605
Matured:
1932-44, June 30, total 029
1944, June 30, description 619
Retired by issues 645
Maturity distribution 70
Noninterest-bearing, June 30, 1944, description and amounts
issued and retired 622, 653
Per capita gross debt June 30, 1853-1944 626
Prices and yields, public marketable securities, June 30, 1943 and
1944 724
Receipts and expenditures 1944 by classes of issues 37
Receipts as means of financing deficit 36
Redemptions for cash and exchange by issues 39
Refunding of Mar. 15, 1944, discussion 63
Retirements {see also Sinking fund below) 1944 by months and classes
and 1943 and 1944 636
Sinking fund:
Appropriations, debt retired, amount expended 1921-44 by
years 665
Credits and retirements 665
Discussion 67
Retirements from:
1921-44 by years 663
1944 by months and 1943 and 1944 552
Through June 30, 1944, by issues 666
Sources of funds for Federal borrowing. {See Financing.)
Statutory debt retirements (sinking fund, etc.) 860
Public Debt Act of 1944, discussion 73
Public Debt, Bureau of {see also Public debt) : «
Administrative report 181
Chicago Office:
Accounts for Series G savings bonds 193
Canceled savings bonds audited and filed by Register of Treasury. 194
Publicity material distribution 195
Registration of Series E savuigs bonds 192
Registration of Series F and G savings bonds 193
U. S. savings stamps redeemed, audited and filed by Register of
Treasury 194
Verification of issues and retirement of savings bonds b}' Division
of Public Debt Accounts and Audit 195
Securities lost, stolen, or destroyed, claims for relief 184, 194
Washington Office:
Accounts for registered securities 183
Control accounts and audits of securities by Division of Public
Debt Accounts and Audit- 188
INDEX 901
Public Debt, Bureau of — Continued. Page
Washington Office — -Continued.
Currency, redeemed, deliveries to Destruction Committee, bj'
kinds 185
Destruction of redeemed and unfit securities, number and value. 190
Distinctive and nondistinctive paper received and issued 100
Safekeeping of securities 184
Securities received from Bureau of Engraving and Printing and
issued by Division of Loans and Currency 182
Securities redeemed or exchanged, audited and held by Ilegister
of Treasury 186
Public lands, receipts from sales 1796-1944 by years 590
Public Pioads Administration expenditures c 546
Public Works Administration:
Bonds received from repayments of loans to States, etc 663
Expenditures 1944 by months and 1943 and 1944 546
Proprietary interest of United States in, June 30, 1934-44 768
Puerto Rico Reconstruction Administration 733, 759, 768
R
Radio sets, phonographs, etc., taxes 564
Railroad retirement account:
Expenditures, investments and benefit payments:
1938-44 bv vears and 1944 bv months 525
1944 bv months and 1943 and 1944 554
1944 and estimates for 1945 and 1946 868
Receipts:
1938-44 by years and 1944 by months 524
1944 bv months and 1943 and 1944 534
1944 and estimates for 1945 and 1946 862
Status June 30, 1944 744
Railroad Retirement Act, expenditures 1936-42 combined, 1943, and 1944
by months 578
Railroad Retirement Board, expenditures 1944 by months 548
Railroad unepiployment insurance:
Account, status 747
Contributions:
1936-42 combined, 1943, and 1944 by months 576
1943 and 1944 562
1944 bv months 532
1944 and estimates for 1945 and 1946 839
Deposits and transfers 1944 by months 534
Expenditures:
1936-42 combined, 1943, and 1944 bv months 578
1944 by months and 1943 and 1944 554
Railroads:
Federal control of:
Canadian Workmen's Compensation Board fund, status 176
Claims of railroad employees, payments on 1 76
Discussion 175
Expenditures 1943 and 1944 175
Receipts 1943 and 1944 175
Tax refunds and other collections 176
Proprietary interest of Um'ted States in, June 30, 1933-44 759, 769
Securities owned l)y United States:
1944, June 30 " 733
Loans to carriers under sec. 210, Transportation Act 174
Originally held and j^ayments received by classes 173
Sec. 204," Transportation Act, claims under 173
Sec. 207, Transportation Act, acquired under 174
Sec. 210, Transportation Act, loans and repayments 174
Tax on carriers and their cmi)lovees. {See Carriers Taxing Act.)
Receipts (see also Customs Bureau; Internal Revenue Bureau; Surplus or
deficit) :
1789-1944 by years 526
1932-44 by years and 1 944 by months, summary 522
1940-44 aiid estimates for 1945, summary 2
1941-44 comparison of annual total and net receipts 10
902 INDEX
Receipts — Continued. Paee
1943 and 1944 by major sources 561
1943 and 1944, summary 196
1944 by months and 1943 and 1944, classified 532
1944 and estimates for 1945 and 1946, details 837
1945 and 1946 (estimated) and 1943 and 1944 (actual), percentage
distribution of total receipts by sources 132
Analysis, general and special accounts 10
Back taxes: 32
1943 and 1944 561
1944 and estimates for 1945 and 1946 837
Carriers Taxing Act taxes. {See Carriers Taxing Act.)
Customs:
1 789-44 by years 526
1932-44 by years and 1944 by months 522
1943 and 1944 562
1944 by months 532
1944, summary 572
1944 and estimates for 1945 and 1946 839
Estimates for 1945 and 1946, discussion 136, 139
Employment taxes. {See Employment taxes.)
Estimates for 1945 compared with actual for 1944 by major sources.. 133
General and special accounts:
1932-44 by years and 1944 by months, summary 522
Estimates 1945 and 1946:
By sources 136, 837
Discussion 131
Income tax:
186a-1944 by years 528
1916-44 by vears 565
1943 and 1944 561, 563
1944 by months 532
1944 bV States . 570
1944 and estimates for 1945 and 1946 837
Withheld by employers:
1943 and 1944 .532, 563, 566
1944 and estimates for 1945 and 1946 837
Increment from reduction in weight of gold dollar. {See Gold.)
Internal revenue taxes:
1916-44 by years and tax sources 565
1932-44 by years and 1944 by months, summary 522
1943 and 1944 by sources 563
1944 by States 570
Miscellaneous:
1789-1944 by years 526
1944 by months 532
1944 and estimates for 1945 and 1946 by sources 839
1945 and 1946 estimated 136,139
Miscellaneous internal revenue taxes:
1792-1944 by years 526
1916-44 by years and tax sources 566
1943 and 1944 by sources 561, 563
1944 by months 532
1944 by States 570
1944 and estimates for 1945 and 1946 837
Public debt by classes, 1944 by months and 1943 and 1944 (see also
Public debt) 632
Railroad securities 172
Railroad unemployment insurance contributions. {See Railroad
unemployment insurance.)
Railroads. {See Railroads, Federal control of.)
Renegotiation of contracts. {See Contracts.)
Social Security Act taxes. (»See Social Security Act.)
Transfers (net) to Federal old-age and survivors insurance trust fund:
1937-44 by years and 1944 bv months, summarv 522
1944 by months and 1943 and 1944 " 532
Trust accounts. {See Trust accounts.)
Unemployment trust fund. {See Unemployment trust fund.)
INDEX 903
Pai?e
Reclamation projects expenditures 546
Reconstruction Finance Corporation:
Assets and liabilities 758
Automobile financing loans 604
Borrowing power increased 77
Commitments, receipts, and disbursements for war activities 1941-44. 604
Obligations canceled by Secretary of Treasury 94
Proprietary interest of United States in, June 30, 1933-44 768
Securities:
Guaranteed by United States outstanding 717
Held by Treasury 718, 732
Received from, by Treasury, June 30, 1938-44 ' 769
Redeemed by issues 722
War disbursements and receipts 1941-44 by years 32
Refrigerators, air conditioners, etc., tax 564
Refunds. (See Expenditures.)
Regional agricultural credit corporations 732, 758, 768
Relief expenditures. (See Expenditures.)
Relief funds. {See Emergency Relief Appropriation Acts.)
Renegotiation of war contracts. (See Contracts.)
Repealed taxes 564
Research and Statistics, Division of:
Administrative report 256
Government Actuary 257
Retailers' excise taxes 561, 564, 568, 838
Revenue acts. (See Taxes.)
Revolving funds, expenditures:
1932-44 by years and 1944 by months, summary 523
1944 by months and 1943 and 1944, classified 550
RFC Mortgage Company:
Assets and liabilities 759
Capital stock owned by United States 732
Commitments, disbursements, and receipts 604
Proprietary interest of United States in, June 30, 1935-44 768
Rivers and harbors expenditures 548
Rubber articles, tax 564
Rubber Development Corporation 604, 732
Rubber Reserve Company 604, 732
Rumania, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Rural Electrification Administration 542, 733, 758, 768
Russia, obligations owned by United States, status Nov. 15, 1944 734
S
Safe deposit boxes, tax 564, 568, 838
Salary stabilization and limitation. (See Internal Revenue Bureau.)
Sales tax, reasons for excluding from Treasury tax proposals 418
Savings bonds. (See Bonds, U. S. savings.)
Secret Service Division:
Administrative report 257
Arrests and cases disposed of 1943 and 1944 260
Counterfeit money seized 1943 and 1944 259
Crime prevention program 257
Enforcement activities 257
Investigations of criminal and noncriminal activities 1943 and 1944. . 259
Protective activities 260
Secretary of Agriculture authorized to borrow money on credit of United
States 717
Secretary of Treasury:
Announcement, July 27, 1943, on reduction in size of Series E savings
bonds 336
Letters :
Jan. 5, and May 24, 1944, to banks, corporations, and insurance
companies relative to war loans 504
Mar. 10, 1944, to Chairman of Senate Finance Committee and
House Ways and Means Committee relative to income tax
simplification — ^ . 457
904 INDEX
Secretary of Treasury — Continued. Page
Statements :
July 10, 1943, on preliminary draft outline of proposal for an
international monetary fund 355
Oct. 4, 1943, before House Ways and Means Committee in sup-
port of Treasury's program for additional revenue 384
Nov. 23, 1943, on tentative proposal for international bank for
reconstruction and development 365
Nov. 29, 1943, before Senate Finance Committee in further sup-
port of Treasury's program for additional revenue 416
Apr. 21. 1944, before congressional committees on international
monetary fund 372
Apr. 21, 1944, on tentative proposal for international monetarv
fund \ 374
June 15, 1944, on the lend-leasing of silver to India 380
Secretaries, Under Secretaries, and Assistant Secretaries of Treasury De-
partment, Mar. 4, 1933, to Nov. 15, 1944 xiii
Securities (see also Public debt.) :
Custody of Treasurer, amounts, classified according to purpose for
which held, June 30, 1943 and 1944 199
Destroyed by Destruction Committee, number and value 190
Governmental, holders of, classified, June 30:
1913-44 bv vears 802
1937-44 bv vears 798
1944 by tax status 800
Guaranteed by United States. {See Contingent liabilities of United
States.)
Holders of direct and guaranteed debt:
1941-44 amounts by years and classes of holders 90
Amoimts and issues, quarterly dates from June 30, 1943 778-
Interest paid on securities issued or guaranteed by U. S., 1913-44 by
tax status 714
Investments held in trust and special funds, summary of amounts 181 •-
Issued on credit of United States,' outstanding June 30, 1944, descrip-
tion 717
Not guaranteed by United States:
Holders, amounts June 30:
1918-44 by tax status 803
1 937-44 by vears 798
1944 by tax status 800
Sales and redemptions in market (net) by agencies, 1944 by
months and 1943 and 1944 by years 558
Owned bv United States:
1943 and 1944, Jime 30, summary 94
1944, June 30, details 732 [
Discussion 94 ?
Foreign government obligations. (See Foreign government obli- jj
gations owned by United States.) \[
Receipts 1944 by months 532
Reconstruction Finance Corporation obligations canceled 94
Redeemed or exchanged, audited and held by Register of Treasury- _ 186
Safekeeping of, by Division of Loans and Currency 184
Securities, Treasury savings (matured debt). 622,653
Seed, feed, drought relief, and crop production'loans, obligations of farmers
for, owned by United States 732 }'
Seigniorage. (See Silver.)
Settlement of War Claims Act of 1928 (see also Mixed Claims Commission;
Tripartite Claims Commission; War Claims Arbiter), payments on
awards 163
Sicilian military currency 98
Silver (see also Money) :
Acquired by Treasurv, classified 246
Assets and "liabilities of Treasury June 30, 1943 and 1944 728
Bullion:
1934-44, June 30, stock 776
1944, June 30, held in Treasury 774
1944, June 30, stock 247
Tax on sales and transfers 563, 567, 838
INDEX 905
Silver — Continued. Page
Certificates:
1913-44, June 30 777
Issued, redeemed, and outstanding I97
Coin, stock June 30, 1944 247
Dollars:
Circulation June 30, 1913-44 777
Held in Treasury, held by Federal Reserve Banks, and in circula-
tion June 30, 1944 _ 774
Stojk June 30, 1913-44 HH 776
Electroly tically refined by Mint Service ] 246
Gold under. Green Act 245
Industrial consumption 1943 calendar year 248
Lend-lease of _" 98, 245, 380
Loaned for use in defense plants 245
Mint Service operations 246
Prices 1944 246
Production, domestic, 1943 calendar year 247
Seigniorage :
In General Fund balance:
1943 and 1944, June 30 729
1944 by months 729
Receipts:
1935-42 by years 524
1944 by months 532
Stock, held by Federal Reserve Banks, and in circulation June 30, 1944_ 774
Subsidiary coin:
Circulation June 30, 1913-44 777
Held in Treasury, held by Federal Reserve Banks, and in circula-
tion June 30, 1944 _ 774
Stock June 30, 1913-44 776
War purposes, discussion 97
Sinking fund. {See Public debt.)
Smaller War Plants Cori:)oration :
Expenditures 600
Securities owned by United States 732
Snuflf tax. _ . 563, 838
Social Security Act (see also Internal Revenue Bureau, Accounts and Col-
lections Unit):
Appropriations and expenditures to June 30, 1944 584
Coverage extension proposed 109, 389
Depositaries of public moneys servicing State benefit payment ac-
counts and clearing accounts 153
Employment taxes 1937-44 ))y years (see also Taxes) 568
Expenditures:
1936-42 combined, 1943, and 1944 by months 578
1944 and total to June 30, 1944 584
Grants to States and administrative, 1944 by months and 1943
and 1944 546
Federal Insurance Contributions Act taxes:
1936-42 combined, 1943, and 1944 by months 576
1943 and 1944 1 562, 565
1944 by months 532
1944 and estimates for 1945 and 1946 839
Federal Unemployment Tax Act taxes:
1936-42 combined, 1943, and 1944 bv months 576
1943 and 1944 1 562, 565
1944 by months 532
1944 and estimates for 1945 and 1946 839
Grants to States under, classified 580
Payments under, bv States 827, 828
Refunds of taxes 1936-42 combined, 1943, and 1944 by months 582
Title VIII taxes. {See Federal Insurance Contributions Act above.)
Title IX taxes. (*See Federal Unemployment Tax Act above.)
Unemployment trust fund. {See Unemployment trust fund.)
Soft drinks, tax 567
Special Claims Commission, United States and Turkey, awards and pay-
ments 167
906 INDEX ^
Special issues of Government securities: Page
Description and amount outstanding by issues 615
Discussion 67
Interest paid on, by years:
1925-44 : 715
1942-44 711
Issues and redemptions by series 644
Outstanding:
1925-44, June 30, and 1944 by months 630
1932-44, June 30, by issues 628
Receipts 1944 by months and classes and 1943 and 1944 634
Retirements 1944 by months and classes and 1943 and 1944 638
Special Mexican Claims Commission, awards and payments 168
Sporting goods, tax '. 564
Stabilization fund:
Assets and liabilities June 30, 1943 and 1944, and supporting schedules. 730
Brazilian stabilization agreement amended 96
British coins acquired under Liberian agreement sold 95
Earnings 731
Ecuadoran stabilization agreement extended 95
Expenses 731
Factors in program 3
Gold, location of 731
Iceland stabilization agreement extended 95
International monetary cooperation 95
Investments 731
Stamp taxes . 561, 563, 567, 838
Stamps, U. S. savings (see also Public Debt Bureau) :
Discussion 60
Exchanged for U. S. savings bonds 699
Issued and redeemed 653
Issues 1944 by months and 1943 and 1944 632
Outstanding:
1941-44, June 30, and 1944 by months 699
1943 and 1944, June 30 . 629
1944, June 30 622
Redemptions:
1941-44 bv vears and 1944 by months 699
1944 by m'onthsand 1943 and 1944 636
Cash 699
Sales 1941-44 by years and 1944 by months:
By denominations 700
Bv States 701
Total 699
States and municipalities:
Federal aid to, expenditures 821
Grants to, under Social Security Act, 1936-42 combined, 1943, and
1944 by months, classified 580
Loans and grants to 546
Payments to, by States 825
Securities, holders of, amounts, June 30:
1913-44 803
1937-44 798
1944 by tax status 801
Strategic and critical materials, acquisition of 125
Subsidiary silver coin. {See Silver.)
Sugar tax 223, 224, 562, 564, 569, 838
Surety bonds, amendment to law relating to 514
Surplus or deficit of receipts and expenditures:
1789-44 by years 527
1916-44 bv years 664
1943 and 1944 34
Financing of net deficit 35
General and special accounts, 1932-44 by years and 1944 by months. 523
1932-44 by years and 1944 by months 525
1943 and 1944 35
Surplus property disposal by Procurement Division 123
INDEX 907
Surplus property, securities on account of sales of: Page
Held by Treasurer June 30, 1943 and 1944 199
Owned by United States June 30:
1933-44 769
1944 . 733
Tax Legislative Counsel, Office of, administrative report 260
Tax Research, Division of, administrative report 261
Taxes, discussion {see also Expenditures, Refunds; Internal Revenue
Bureau; Receipts; titles of specific taxes):
Avoidance of tax, provisions in Revenue Act of 1943 114
Carriers Taxing Act. {See Carriers Taxing Act.)
Corporation :
Carry-back refunds acceleration proposal 106, 451
Changes proposed 388, 426
Rates, exemptions, and credits in Revenue Act of 1943 112
Reconversion, relation of tax policy to 449
Revenue estimates for 1945 and 1946 134, 137
Revenue results of legislation 15
Surtax rates increase recommended 106
Earned-inconie credit repeal recommended., 104, 387
Estate tax:
Changes proposed 108, 388, 429
Unlisted stock and securities, determination of value 115
p]xcess profits tax refund bonds. {See Bonds, Excess profits tax.)
Excise:
Changes proposed 108. 388, 430
Disallowance of deduction for excise taxes paid recommended 105
Rates under Revenue Act of 1943 115
Sales to Government, termination of tax exemptions recom-
mended .. 109
Gift tax:
Change proposed I..., 108, 388, 429
Property disposition in case of a trust 115
Increases in revenue proposed _' 425
Individual income:
Changes proposed 388
Earned-income credit repeal recommended 421
Post-war credit plans proposed 104
Rates, exemptions, and credits:
Under act of 1943 111
Underact of 1944 120
Revenue estimates for 1945 and 1946 133, 137
Revenue results of legislation 13
Simplification approved by Secretary of Treasury 457
Simplification plans developed 118
Surtax rates increase recommended . 103
Withholding of taxes {see also Depositaries; Receipts):
Banks designated as depositaries for receipt of 151
Graduated withholding recommended 387
Individual Income Tax Act of 1944, major features 119
Manufacturers' excise, revenue results of legislation 19
Miscellaneous internal revenue:
1945 and 1946 estimated 134, 138
Revenue results of legislation 18
Postal rate increases under Revenue Act of 1943 118
Program, Treasury, for additional revenue 99, 103, 384, 387, 416, 420
Rates, exemptions, and credits in effect since 1939 under various
revenue acts, classified by particular taxes 458
Relief provisions in Revenue Act of 1943 113
Renegotiation of contracts. {See Contracts.)
Revenue Act of 1943, major features 110
Revenue estimates for 1945 and 1946 132, 136
Revenue results of legislation 12
Sales, Treasury's reasons for excluding from Treasury proposals 108, 418
908 INDEX
Taxes, discussion — Continued.
Social Security: Page
Increases in rates urged 109
Increase postponed by Revenue Act of 1943 116
Transportation of property, repeal of tax recommended 109
Victory tax:
Repeal recommended 103, 387, 420
Repealed under act of 1944 120
Victory and income tax withheld from salaries of Federal employees. _ 149
Wartime policy 5
Tax-exempt and taxable Government issues, provisions of 605
Telephone, local service, tax 562, 564, 838
Telegraph, telephone, cable, and radio facilities, etc., tax 562, 564, 567, 838
Tennessee Valley Associated Cooperatives, Inc 732, 759, 768
Tennessee Valley Authority:
Assets and liabilities 758
Expenditures 548
Proprietary interest of United States in, June 30, 1934-44 768
Securities:
Held by Treasury 718, 732
Issued on credit of Uixit^d States 717
Territories and possessions, securities, holders of, June 30:
1913-44 by tax status 807
1944, by tax status 801
Tobacco manufacturers, taxes {see also Internal Revenue Bureau, Miscel-
laneous Tax Unit) 224, 561, 563, 567, 838
Toilet preparations, tax 564, 838
Transportation, persons and property, taxes 562, 564
Treasurer of United States:
Administrative report 195
Checks for interest paid, number 196
Philippine Treasury account, rebuilding of 146
Savings bonds held in safekeeping 199
Treasury bills. {See Bills, Treasury.)
Treasury bonds. {See Bonds, Treasury.)
Treasury, condition of, June 30, 1943 and 1944 728
Treasury Department {see also Circulars; Orders; Personnel):
Accounts, description of 520
Administrative and staff officers, Nov. 15, 1944 xiv
Appropriation estimates submitted to Budget and Improvement
Committee 200
Assignments of bureaus, offices, and divisions, July 15, 1943 487
Expenditures:
1944 by months and 1943 and 1944 540
Aids to agriculture, 1944 and estimates for 1945 and 1946 853
General 1944 and estimates for 1945 and 1946 859
Under Emergency Relief Appropriation Acts, Apr. 8, 1935, to
June 30, 1944, by years and total 573
Work relief 1944 854
Organization and procedure, orders relating to 487
Securities of Government corporations and agencies held by 75, 718
Statements:
Aug. 2 and 17, 1943, on the allied military currency for use in
Sicily 380
Feb. 9, 1944, on special Hawaiian series of currency 383
Time and leave regulations, Feb. 12, 1944 489
War activities:
Appropriations and expenditures 1941-44 by years 600
Expenditures :
1941-44 by vears and months 602
1944 by m'onths and 1943 and 1944 550
1944 and estimates for 1945 and 1946 852
Treasury investment accounts, war loan security purchases 45, 48
Treasury notes. {See Notes, Treasury.)
Treasury savings securities (matured debt). {See Securities, Treasury
savings.) v
Tripartite Claims Commission, awards entered against Hungary 167
INDEX 909
Trust accounts {see also titles of particular funds) : Page
Discussion of transactions 34
Expenditures:
1932-44 by years and 1944 by months 525
1943 and 1944 summary ^ 35, 196
1944 by months and 1 943 and 1 944, classified '554
1944 and estimates for 1945 and 1946 868
Investments held in, summary of amounts 181
Receipts :
1932-44 by years and 1944 by months 524
1943 and 1944 summary 35, 196
1944 by months and 1943 and 1944, classified ' 534
1944 and estimates for 1945 and 1946 by sources 861
Explanation of 521
Securities in custody of Treasurer, amounts June 30, 1943 and 1944 199
Special Government issues for. (See Special issues of Government
securities.)
Status of trust and special funds for which investments are made bv
Treasury 736-757
Tax collections credited to 565
Turkey, Special Claims Commission, United States and Turkey, awards
and payments 167
U
Under Secretary of Treasury, address on war financing and post-war read-
j ustment 496
Unemployment trust fund (see also Special issues of Government securi-
ties) :
Amounts credited to each State agency and railroad unemployment
insurance account and withdrawals as of June 30, 1944 746
Expenditures :
1936-44 by years and 1944 by months 525
1944 bv -months and 1943 and 1944 554
1944 and estimates for 1945 and 1946 868
Receipts:
1936-44 by years and 1944 bv montl^ 524
1944 and estimates for 1945 and 1946 861
Deposits by States 1944 by months 534
Interest on investments 1944 by months 534
Status June 30, 1944 I 745
Withdrawals bv States, total 1944 by months and 1943 and 1944 554
U. S. Commercial Company 604, 732
U. S. Government life insurance fund. (See Government life insurance
fund.)
U. S. Housing Authoritv 768
U. S. Housing Corporation 732, 769
U. S. Maritime Commission:
Appropriations, contract authorizations, and expenditures for war
activities 1941-44 by years 600
Assets and liabilities 758
Expenditures:
1932-44 bv vears 560
1 933-44 bv vears and 1 941-44 by months 602
1944 bv months and 1943 and 1944 550
War activities 1942-44 by months 30
Proprietary interest of United States in 768
U. S. Naval Academv general gift fund 757
U. S. notes. (See Money.)
U. S. notes and Treasurv notes of 1890, gold reserve against, in Treasury
June 30, 1943 and 1944 728
U. S. savings bonds. (See Bonds, U. S. savings.)
U. S. Spruce Production Corporation 732, 769
Unjust enrichment tax 561, 563, 565, 570, 837
V
Veterans' Administration expenditures 548, 852
910 INDEX
w
War activities: Page
Appropriations, by acts, and net contract authorization, Mar. 25, 1940,
through June 30, 1944 . 596
Appropriations, contract authorizations, and expenditures by agencies
and years 1941-44 31, 600
Currenc}':
For use in Sicily, statements on 380
Special Hawaiian series 383
Special series for use in Sicily, Normandy, and Hawaii 98
Customs Service participation 122, 216
Expenditures:
1932-44 by years 560
1 932-44 by years and 1 944 by months, summary 523
1933-44 by years and 1941-44 by months and agencies 602
1941-44 by years and organization 24
1941-44 by years and percent of total expenditures 23
1942-44 by months 26, 30
1944 by months and 1943 and 1944, by agencies 548
1944 and estimates for 1945 and 1946 849
Discussion 26
Lend-lease purchases by Procurement Division 123
Reconstruction Finance Corporation commitments, receipts, and dis-
bursements 1941-44 by years 604
Reconstruction Finance Corporation disbursements and receipts
1941-44 by years 32
St rategic materials acquired 125
War Claims Arbiter, awards on account of claims of German and Hungarian
nationals 166
War contributions fund:
Discussion 127
Donations, unconditional 128
Gifts of money to, Mar. 27, 1942, through June 30, 1944, and pur-
poses of contributions i L 128
War corporations 759, 769
War Damage Corporation 604, 732
War Department: •
Appropriations and expenditures for war activities, 1941-44 by
years 600
Expenditures:
1789-1944 by years 526
1932-44 by years 560
1933-44 by years and 1941-44 bv months 602
1944 by months and 1943 and 1944 548
1944 and estimates for 1945 and 1946 849
War activities, 1942-44 by months 30
War Finance Division, administrative report 262
War housing insurance fund debentures, outstanding 716
War loan drives. {See Financing.)
Warrior River Terminal Company, Inc 732
War savings stamps. {See Stamps, U. S. savings.)
War Shipping Administration:
Assets and liabilities 758
Expenditures:
1942-44 560
1 944 by months and 1943 and 1 944 550
Proprietarv interest of United States in 768
Wines tax 1 563,837
Withholding taxes {See Receipts; Taxes).
Work Projects Administration, expenditures 546
Y
Yugoslavia, obligations owned by United States. {See Foreign govern-
ment obligations owned by United States.)
o
Treas .
HJ
10
.Al
C.3
U.S. Treasury Dept.
Annual Report, 1944-
us, TREASURY LIBRARY
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