The Celina Democrat. (Celina, O. [Ohio]) 1895-1921, 1917-03-02
TREASURY OF U. S.
IS GREATEST BANK
Taking Care Of Uncle Sans
Cash Is Task Of Consider
able Magnitude.
HAS CUSTODY OF BILLIONS
Signing Of Warrants for $4,000, 900
Mere Matter Of Daily Routine for
Custodian Of Governments
Vast Funds.

"Good heavens Governor, that
draft you are signing is for SS3OOO,-
OO0w was the startled exclamation
that amused clear-eyed John Burke,
treasurer of the United States, not so
very long ago. 1t came from an old
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 a 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 a cent. The
national income from taxes, direct and
indirect, goes into the strong boxes,
and nothing comes therefrom without
his 30. X" OF course, he cannot at
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upon him rests the responsibility for
the safekeeping of the S1,426, 422,-
O51.4S % In cash and securities for
which he gave his receipt when he
took office In 1913, and which has
since been largely increased.
The largest warrant he ever signed
was something over S145,000O00, to
cancel some government bonds. Per
haps the succeeding item was for a
dollar or less; but no matter how
small the amount, 1t 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
a penny unaccounted for or a failure
to strike a balance.
Tells Of Great System.
A young man, but a veteran in the
service, trained under four treasurers
Of the United States, Frank J. f.
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 dlsbursing the public moneys de-
posted in the treasury, subtreasuries
and bank repositories, is redemption
agent for all Oanknotes; trustee for
bonds held by the government; is Gus
todlan of revenues and trust funds
consisting of 81, ,222, ,s37, 1925 in gold and
S496, 1873, ,503 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, 1 will state
that it received during the past fiscal
year the national income of nearly
$7S0,000,000 and paid out nearly $725,-
00000O-the heaviest items being
S164,OO0,OO0 for the military establish
ment, S155, 100000 for the navy, $780,
100000 for pensions, and S73000,000
for the maintenance Of the treasury
department.
Besides this it had the accounts of
transactions amounting to $5S000,OO0
in the public debt funds, and the pay
ment of the interest on the public
debt, which is now $971 ,562, $50.
"It 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 fOG
current use" he continued. 'Thus
where the price of bread was advanced
from nickel to 6 cents there was a
large local demand for pennies.
Movies create a 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 II de-
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,
have exactly the same properties.
"These notes are engraved on spe-
cial paper made by a private firm by
It's secret process. Sheets made from
this paper are sent to the bureau of
and printing, where they are
numbered, counted and
packed at the rate of 1,25OOOO day,
and a cost of about cent and q third
apiece. Thence they are sent to the
treasury, where they are ph I'D in the
vaults and become an added respon-
sibility for the treasurer, who main
aims a reserve stock of $400,000,000 to
from which to meet the
laily demands of subtreasuries and
5000 banks throughout the country"