divisions, and to keep the files and records. He has charge of the pay-rolls and record of the employees, and of the disbursement of their monthly pay. This office is further organized by the establishment of the following divisions, to which are distributed the clerks assigned by law to the bureau: 1. The Division of Issues. 4. The Division of Loans. 5. The Division of National Banks. 6. The National Bank Redemption Agency. I. THE DIVISION OF ISSUES. 721. This division receives from the Bureau of Engrav ing and Printing, and counts and seals preparatory to use by the Cashier or to shipment by express, United States legal-tender notes for the reserve fund kept on hand by the Treasury in order to replace defaced and mutilated notes of the same character which are from time to time redeemed and retired from circulation. The division also receives from that bureau, for use as required, United States gold notes and currency certificates of deposit. It also counts and examines moneys deposited by Government officers and received by express as a transfer of funds from United States Assistant Treasurers and United States depositaries. It counts and puts up silver and minor coins in convenient packages for disbursement in the cash room. It also counts, assorts, cancels, and delivers for destruction, to the Comptroller of the Currency, notes of national banks which have failed in business, gone into liquidation, or have reduced their circulation. II. THE REDEMPTION DIVISION. 722. This division receives, counts, and prepares for destruction United States notes and fractional currency, mutilated, defaced, or otherwise unfit for circulation. These are carefully put together after being assorted and cut in halves. The packages containing one set of halves are sent to the proper divisions of the Register's office of the Treasury, and the other packages containing the remaining halves to corresponding divisions of the Secretary's office. This process is more particularly described in treating of these divisions of those offices. Thus, each of these divisions is a check upon the count made in the Treasurer's office, as well as upon each other, and the possibility of loss to the Government through either fraud or negligence is reduced to a minimum. This division also records the redemption of certificates of indebtedness, the one and two year five per cent. notes, the five per cent. coupon notes of 1863, and the compoundinterest notes. III. THE DIVISION OF ACCOUNTS. 723. This division keeps the General Treasury coin and currency accounts of all moneys received and paid by the United States; receives all warrants of the Secretary of the Treasury for the payment or receipt of money; issues and delivers drafts on the pay warrants, and covers in the Treasury all receipts as represented by the covering-in warrants. It transfers funds to or from the Treasury, subTreasuries, and national-bank depositaries, as public convenience or safety may require; keeps an account of the issue and redemption of United States notes, coin certificates, currency certificates, bonds, and other securities, fractional currency, silver coin, and minor coins; keeps an account of and transfers money to or from the bullion fund of the mints. It receives back all drafts that have been paid upon proper indorsement; makes up and renders to the First Auditor the Treasurer's quarterly account, and furnishes copies of the same for both Houses of Congress. It keeps an account of all moneys received and paid for the service of the Post Office Department, issues all drafts for the payment of money on that account, and makes up and renders a quarterly account of the same to the Sixth Auditor, copies of which are also rendered to both Houses of Congress. It receives reports weekly from the Treasury, sub-Treasuries, and national-bank depositaries of balances to the credit of all United States officers and agents, for comparison with statements made by such officers and forwarded for that purpose by their several departments; makes a daily cash report to the Secretary of the Treasury, and disposes of all business pertaining to the cash accounts of the General Treasury. IV. THE DIVISION OF LOANS. 724. This division draws quarterly checks in payment of interest on registered United States bonds of the funded loan of 1881 and 1891, also on the four per cent. consols of 1907, and transmits such checks by mail or otherwise to the payees. It also draws checks in payment of interest on registered stock of the 3-65 fifty-year loan of the District of Columbia. It computes interest and draws checks in redemption of called bonds. It receives, counts, and schedules by loans, denomination, and dates all paid coupons of United States bonds, and receives, counts, and makes a record of redeemed coin and currency certificates. V. THE DIVISION OF NATIONAL BANKS. 725. This division has the custody of United States bonds held on deposit by the Treasurer, as provided by law, to secure the circulation of the national banks. It has custody of similar bonds deposited by such of these banks as are designated depositaries to secure the public moneys which they are entitled to receive on deposit. It supervises the details pertaining to the deposit and withdrawal of such bonds. It collects interest on the coupon bonds so held in trust, and examines jointly with bank officers or agents the securities so deposited and held in trust, so as to assure such banks at stated periods of the safety of their bonds. 726. This division also collects the semi-annual duty required to be paid by national banks upon their average amounts of circulation, deposits, and capital stock, and to this end it prepares the proper blanks and collects and examines the returns made on the same. 727. It has custody of the Indian trust-fund bonds, and on these it also collects the interest. It has custody also of the United States bonds deposited by corporations or common carriers in lieu of personal security for transportation of unappraised dutiable merchandise and of dutiable 'goods in bond. VI. THE NATIONAL BANK REDEMPTION AGENCY. 728. This division is under the charge of a Superintendent, so designated by law for the purpose of giving effect to the act of June 20, 1874, entitled "An act fixing the amount of United States notes and providing for a redistribution of the national-bank currency," &c. 729. The duty of this division or agency is to receive all national-bank notes presented for redemption in sums of one thousand dollars or any multiple thereof, and to redeem the same; to assort them by banks of issue, to forward the notes fit for circulation to the banks that issued them, and to deliver the notes unfit for circulation to the Comptroller of the Currency for destruction and replacement with new notes. It also forwards the notes of banks which have failed, also notes of liquidating and reducing banks, to the Cashier of the United States Treasury. It charges the amounts of notes redeemed to the account of the five per cent. fund which the act of June 20, 1874, requires the banking associations to keep on deposit in the Treasury, to be held and used for the redemption of their circulation. It keeps the banks advised of the amounts of their notes so redeemed and of the sum standing to their credit in the five per cent. account. It likewise makes the proper assessment upon the several banks after the close of each fiscal year for their respective proportionate share of the expense of the transportation and assorting of their notes. |