The Colorado statesman., 1917-02-24
Taking Care of Uncle Sans
Cash Is Task of Consider
able Magnitude.
HAS CUSTODY OF BILLIONS
Signing of Warrants for $ss,ooo,o 900
Mere Matter of Daily Routine for
Custodian of Governments
Vast Funds.

draft you are signing is for SS3,ooO,-
OOOI" was the startled exclamation
that amused clear-eyed John Burke
treasurer of the United States, not so
very long ago. 1t came from an olu-
home friend of the former governor
of North Dakota, who was listening
as he validated in an almost routine
way a series of treasury warrants
placed before him.
That warrant was to pay pensions
or something like that; exactly what
1t was the treasurer had forgotten. 1t
was only an incident in days work
of the head of the greatest bank and
clearing house combined in the world
the treasury of the United States.
In his keeping are placed all the
money and securities great and small,
down to two-thirds of cent. The
national income from taxes, direct and
indirect goes into the strong boxes,
and nothing comes therefrom without
his 80. X" OF course, he cannot at
tend to everything personally, but
upon him rests the responsibility for
the safekeeping of the $1,426,422,-
O51.4S % in cash and securities for
WHICH, ne SuNS iSNNiPh "ANN N2S
took Office in 1913, and which has
since been largely increased.
The largest warrant he ever signeeN
was something over $145,00O,OOO, to"
cancel some government bonds. Per
haps the succeeding item was for
dollar or less; but no matter how
small the amount, it had received ex-
actly the same attention In audit, en-
tries, examinations, checks, balancing
and signatures as the larger draft, and
there was no reasonable possibility of
error in either amount There is not
penny unaccounted for or failure
to strike a balance.
Tells OF Great System.
A young man, but veteran in the
service trained under four treasurers
of the United States, Frank j. It.
Thiel, the deputy assistant treasurer,
who has the faculty of doing several
things at the same time, told with no
little pride the story of this banking
system.
'The treasurer, besides receiving
and disbursing the public moneys de-
posted in the treasury, subtreasuries
and bank repositories, is redemption
agent for all banknotes; trustee for
bonds held by the government; is GUS
todian of revenues and trust funds
consisting of 50, 222 S37 ,625 in gold and
$780, 1873, SOB in silver; pays the inter-
est on the national debt, and attends
to various other important duties.
''That people may understand the
magnitude of our banking, clearing
and redemption business, l will state
that it received during the past fiscal
year the national income of nearly
$7S0,000,000, and paid out nearly $725,
900, ,000-the heaviest items being
$164, 100000 for the military establish
ment, S155, 100000 for the navy, $780,,
100000 for pensions, and $73000,000
for the maintenance of the treasury
department.
Besides this it had the accounts OF
transactions amounting to S5S00O,00G
in the public debt funds, and the pay
ment of the interest on the public
debt, which is now $971, ,562, $50.
at is the duty of the treasury bank
to redeem all unserviceable bills and
to supply the country with coins and
bills of the denominations needed for
current use" he continued. "Thus
where the price of bread was advanced
from a nickel to 6 cents there was
large local demand for pennies.
Movies create call for nickels and
dimes. The holiday season is invari
ably accompanied with requests for
gold pieces and new bills for Christ
mas.
ANY one can go to the treasury or
subtreasuries and request new money
for old or an exchange of bills for
some other denomination but most OF
these requests come through banks
which need different bills or coins for
their own purposes, or who are re.
deeming bills no longer fit for circula.
ton.
Notes In Eleven Denominations.
"The treasury issues notes in IL de.
nominations, from 81 to $4,000, OF
the various kinds of money which the
country uSeS-Silver certificates, gold
certificates, treasury, legal tender, fed.
eral reserve and federal reserve bank
notes-no two of which, by the way
nave exactly the same properties.
"These notes are engraved on spe.
cial paper made by q private firm by
It's secret process. Sheets made from
this paper are sent to the bureau OF
engraving and printing, where they are
engraved, numbered, counted and
packed at the rate of 1,25O,OOO a day,
and cost of about cent and a third
apiece. Thence they are sent to the
treasury, where they are placed in the
vaults and become an added respon-
sibility for the treasurer, who main.
tains reserve stock of $4OO, 100000 to
$5OO,0O0,OO0, from which to meet the