States, a monthly statement of Market Prices and Investment Values of Outstanding Bonds and Notes, and a monthly Circulation State

ment.1

The Daily Statement of the United States Treasury shows (1) the current assets and liabilities of the Treasury;2 (2) receipts and disbursements on the day of the report; 3 (3) an analysis of receipts and disbursements during the month to date and during the fiscal year to date compared with corresponding periods of the preceding fiscal year; (4) the amount of outstanding Federal Reserve notes, Federal Reserve bank notes, and National bank notes; (5) the transactions affecting the circulation of such notes during the month to date and during the fiscal year to date, compared with transactions during the corresponding periods of the preceding fiscal year; and (6) the securities held in trust by the Treasurer of the United States for Federal Reserve and National banks. The daily statement for the last day of each month also includes a preliminary statement of the public debt on that date, and on the last day of each quarter a quarterly comparative public debt statement. The daily statement issued on the fifteenth day of each month includes a preliminary statement of classified expenditures, by months, for the current fiscal year to date and for other periods of the current fiscal year, compared with corresponding periods of the preceding fiscal year.

The monthly Statement of the Public Debt of the United States is issued in the form of a two-page leaflet. It shows (1) the public debt of the United States outstanding on the date of the report classified as interest-bearing debt, matured debt on which interest has ceased, debt bearing no interest, and matured interest obligations, etc.; (2) the detail of outstanding interest-bearing issues by loans; and (3) the amount of the securities, foreign and domestic, owned by the United States Government, under various classifications.

The Market Prices and Investment Values of Outstanding Bonds and Notes, prepared by the Government Actuary, is published on the first day of each month and shows for each business day of the preceding month, the market value (including accrued interest); the market quotation (accrued interest to be added); and the investment value (per cent) of each class of outstanding securities. For each of these classes there are also shown the rate of interest, date of maturity, and dates on which interest is payable.

1 This statement is prepared by the Division of Loans and Currency of the Office of the Secretary of the Treasury.

2 Under assets are included gold and silver coin and bullion, paper currency, subsidiary and minor coins, and deposits in Federal Reserve and other banks. Under liabilities are included outstanding gold and silver certificates, Treasury notes of 1890 outstanding, gold fund held for Federal Reserve Board, gold reserve, Treasurer's checks outstanding, deposits of Government officers, and deposits for redemption of currency.

Receipts are classified as customs, internal revenue, Panama Canal, public debt, and miscellaneous; expenditures as ordinary, Panama Canal, public debt, etc.

The monthly Circulation Statement classifies for the first day of, each month, the general stock of money in the United States (including gold bullion in the Treasury), the amount held in the Treasury as assets of the Government, the amount held by Federal Reserve banks and Federal Reserve agents against issues of Federal Reserve notes, and the amount in circulation. The statement also shows the estimated population of continental United States and the per capita circulation.

DIVISION OF BOOKKEEPING AND WARRANTS.

The Division of Bookkeeping and Warrants was established by section 10 of the Act of July 31, 1894, which provided that "The Division of Warrants, Estimates and Appropriations in the Office of the Secretary of the Treasury is hereby recognized and established as the Division of Bookkeeping and Warrants

* "

The Division of Bookkeeping and Warrants keeps the accounts of receipts and expenditures of public money, except those relating to the postal revenues and expenditures therefrom. It also keeps the general accounts of appropriations, of trust funds, and of the public debt. It issues for the Secretary of the Treasury all warrants for payment of the public obligations, for the advance of funds to disbursing officers and for the receipt and repayment of public funds at the Treasury. It supervises the issue of duplicate Government checks and warrants, and certifies outstanding liabilities for payment. It also keeps the books for all special accounts under the control of the Secretary of the Treasury (such as the alien property funds, deposits made to guarantee the proper performance of contracts, offers in compromise of claims and demands of the United States, etc.).

STATISTICAL STATEMENTS.

The only statistical statements issued by the Division of Bookkeeping and Warrants relate to the financial condition of the Government. These are the annual Combined Statement of the Receipts and Disbursements, Balances, etc., of the United States, the Recapitulation of Receipts and Disbursements, by Fiscal Years, and the Digest of Appropriations.

COMBINED STATEMENT OF RECEIPTS AND DISBURSEMENTS, BALANCES, ETC.. OF THE UNITED STATES.

Section 15 of the Act approved July 31, 1894, requires the Secretary of the Treasury "annually to lay before Congress, on the first day of the regular session thereof, an accurate, combined statement of the receipts and expenditures during the last preceding fiscal year of all public moneys, including those of the Post Office Department,

designating the amount of the receipts whenever practicable by ports, districts, and States, and the expenditures by each separate head of appropriations." Complying with this provision of law the Division of Bookkeeping and Warrants annually prepares a complete and detailed report of Federal revenues and disbursements. The published statement is a quarto volume consisting of approximately 200 pages. Receipts are classified as customs revenues, internal revenues, sales of public lands, miscellaneous receipts, Panama Canal receipts, public debt receipts, and postal revenues. Customs revenues are shown by collection districts and by ports of entry. Internal revenue receipts are shown by collection districts. Public land receipts are classified by States and by land offices. Miscellaneous receipts are classified by departments. Expenditures are distributed by departments and under each department by appropriations. In addition to showing appropriation disbursements during the year, the combined statement also shows balances brought forward from the preceding year, the amount of reversions to the general fund during the year and the balances at the close of the year reported. RECAPITULATION OF RECEIPTS AND DISBURSEMENTS, BY FISCAL YEARS.

This statement, usually referred to as Form 778, is published annually on a large sheet and is intended to meet the popular demand for information concerning Federal receipts and disbursements. It shows the receipts and disbursements of the United States classified under general headings for each year from 1856 to the current year.

DIGEST OF APPROPRIATIONS.

This is one of the most important publications compiled by the Division of Bookkeeping and Warrants. It is prepared each year and covers all appropriation acts of Congress during the year for the service of the year and for deficiencies for prior years, classified by Departments or independent establishments, with proper appropriation titles inserted and corresponding amounts (itemized) extended. The recapitulations in this volume exhibit the amounts of appropriations for the year under several classifications, together with a running statement giving the appropriation acts by sessions of Congress under titles, dates, and amounts for a number of years.

OFFICE OF THE TREASURER OF THE UNITED STATES.

The Act of September 2, 1789, creating the Department of the Treasury, provided that "There shall be in the Department of the Treasury a Treasurer of the United States," whose duties shall be

to "receive and keep the moneys of the United States, and disburse the same upon warrants drawn by the Secretary of the Treasury The National-Bank Act of June 20, 1874, provided that each National bank "shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five percentum of its circulation, to be held and used for the redemption of such circulation." The Treasurer of the United States is charged with the custody and administration of this fund. The Act of June 11, 1878, abolished the offices of sinking-fund commissioners of the District of Columbia and transferred all the duties and powers of those offices to the Treasurer of the United States. The Federal Reserve Act, approved December 23, 1913, as amended, requires "each Federal Reserve bank to maintain on deposit in the Treasury of the United States a sum in gold sufficient in the judgment of the Secretary of the Treasury for the redemption of the Federal Reserve notes issued to such bank." The Treasurer of the United States is also charged with the custody and administration of this fund.

These and other provisions 1 necessitate the keeping of accounts in such manner that accounting and statistical statements or reports can be prepared.

These statements are compiled from the accounting records of the Office of the Treasurer and also from other sources, such as the records of the Federal Reserve Board, the Bureau of the Mint, and the Office of the Commissioner of the Public Debt, and relate for the most part to the transactions of the Treasury of the United States for the fiscal year and its condition at the close of the year. They are published each year in the Annual Report of the Treasurer of the United States.

The character and extent of these statements can best be shown by enumerating the captions of the more important tabulations included in the report for the fiscal year 1921. These are as follows:

General distribution of the assets and liabilities of the Treasury, June 30,

1921.

Available assets and net liabilities of the Treasury at the close of June, 1920 and 1921.

Several tables relating to the stocks or amounts of all outstanding gold coin and bullion, silver coin, United States notes, Treasury notes, Federal Reserve notes, National bank notes, gold certificates, silver certificates, and other kinds of money.

Assets of the Treasury other than gold, silver, notes, and certificates at the end of each month, from January, 1914.

1 Revised Statutes section 5159 (as amended by the Act of December 23, 1918, and by the Act of June 21, 1917); section 5160 (as amended by the Act of June 21, 1917); section 5162; section 5166; section 5214 (as amended by the Act of May 30, 1908, the Act of December 23, 1913, and the Act of August 4, 1914); section 5215; section 5222; section 5225; and the Act of May 30, 1908 (sections 3, 4, and 9).

Assets of the Treasury at the end of each month, from January, 1914. Liabilities of the Treasury at the end of each month, from January, 1914. United States notes of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1913.

Treasury notes of 1890 of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1914.

Gold certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1915.

Silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1915.

Amount of United States notes, Treasury notes, gold and silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1913.

Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1921.

Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1921.

Compound-interest notes of each denomination issued, redeemed, and outstanding June 30, 1921.

One and two year notes of each denomination issued, redeemed, and outstanding June 30, 1921.

United States notes and Treasury notes redeemed in gold, from 1879, and imports and exports of gold during each fiscal year, from 1901.

Balance in the Treasury, amount in Treasury offices, and amount in depositary banks, from 1789 to 1921.

Federal Reserve and National banks designated depositaries of public moneys, with the balance held June 30, 1921.

Number of banks with semiannual duty levied, by fiscal years, and number of depositaries with bonds as security, by fiscal years.

Seven-thirty notes issued, redeemed, and outstanding June 30, 1921.

Refunding certificates, Act of February 26, 1879, issued, redeemed, and outstanding, June 30, 1921.

Checks issued by the Treasurer for interest on registered bonds during the fiscal year 1921.

Interest on 3.65 per cent bonds of the District of Columbia paid during the fiscal year 1921.

Coupons from United States bonds and interest notes paid during the fiscal year 1921, classified by loans.

Public debt at the close of June, 1919 and 1921, and changes during the year. Checks drawn by the Secretary and paid by the Treasurer for interest on registered bonds of the United States during the fiscal year 1921.

Money deposited in the Treasury each month of the fiscal year 1921 for the redemption of National-bank notes.

Amount of currency counted into the cash of the National Bank Redemption Agency and redeemed notes delivered, by fiscal years, from 1900.

Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places by fiscal years from 1900, in thousands of dollars.

Mode of payment for currency redeemed at the National Bank Redemption Agency, by fiscal years, from 1900.

Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 5 per cent redemption fund of National banks, by fiscal years, from 1900.