The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-04-10
Taking Care Of Uncle Sans
Cash Is Task of Consider. {:
able Magnitude.
HAS CUSTODY ''l!'|! !!|l' OF BILLIONS )
Signing Of Warrants for $50, 100000
Mere Matter Of Daily Routine for
Custodian Of Governments
Vast Funds.

QralL you are signing is IOr $oo'uuo''
OOO!" was the startled exclamation
that amused clear-eyed John Burke,
treasurer Of the United States, not so
very long ago. 1t came from IN OlO-
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
It was the treasurer had forgotten. 1t
was only an incident in u days work
OF the head of the greatest bank ana
clearing house combined in the world
the treasury Of the United States.
III his keeping are placed all the
down to two-,hirds OF cent. The
national income from taxes, direct and
Indirect. goes into the strong boxes,
and nothing comes therefrom without
his 20. H." OF course, he cannot at
tend to everything personally, but
upon him rests the responsibility for
the safekeeping Of the $l,426, 42222, :
, O5l. As % 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 Sl4I,OuO,WO, to
cancel some government bonds. Per-
! haps the succeeding item was for a
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
a penny unaccounted for or failure
! to strike balance.
Tells Of Great System.
| A young man, but veteran in the
service, trained under four treasurers
OF the United States, Frank J. F..
Thlel, the deputy assistant treasurer,
who has the faculty of doing several
things ut 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 banknotes; trustee for
bonds held by the government is Gus
to,lian OF revenues and trust funds
consisting Of $ s. 300 ,837 ,825 in gold and
1896, 133, SOB In silver; pays the inter
est on the national debt. and attends
to various other important duties.
"Th1t people may understand the
magnitude OF our banking, clearing
and redemption business. I will state
that 1t received during the past fiscal
year the national income Of nearly
$3.50, OOO, 900, and paid out nearly $685..
NO,OOO-the heaviest items being
; $1G4, 100000 for the military establish.
| ment. $155, 100000 for the navy, $780,
| 100000 for pensions. and $7S,O00.O00
for the maintenance Of the treasury
department.
Besides this 1t had the accounts Of
transactions amounting to $5S.O00, 900
in the public debt funds. and the pay
ment OF the interest on the public
debt, which IS now $971 So, 500.
ut Is the duty Of the treasury bank
to redeem all unseryiceable 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 n nickel to 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 fol-
gold pieces and new bills for Christ.
mas.
ANY one can 60 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 at for circula-
ton. -..~.
Notes in Eleven Denominations.
1.-THE treasury issues notes in II 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 hank
notes-nO two Of which. by the way,
have exactly the same properties.
'"These notes are engraved on spe-
cial paper made by private firm by
its 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 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 $40O, 600, 600 to
$500, O0O,OOO, from which TO meet the
daily demands Of subtreasuries and
$4,000 banks throughout the country"
Your visit to the Twin Cities will
be more enjoyable II you stop at this