SECURITIES FOR GOVERNMENT DEPOSITS. LETTER FROM THE SECRETARY OF THE TREASURY, TRANSMITTING, IN RESPONSE TO SENATE RESOLUTION OF FEBRUARY 28, 1913, INFORMATION RELATIVE TO ACCEPTABLE SECURITIES FOR GOVERNMENT DEPOSITS AS PROVIDED UNDER TREASURY CIRCULAR NO. 5. MARCH 3, 1913.-Referred to the Committee on Finance and ordered to be printed. The PRESIDENT OF THE SENATE. TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, SIR: By direction of the President, I have the honor to make reply to the resolution of the Senate dated February 28, 1913, which provides: That the Secretary of the Treasury be directed to report the list of securities which he has authorized to be accepted as security for Government deposits in national-bank depositaries, and what has actually been accepted as such security; and further, that he be directed to transmit to the Senate copies of all letters, telegrams, or other communications to or from Government officials relating to the recent Treasury Circular Numbered Five. The list of securities which have been authorized to be accepted as security for Government deposits in national-bank depositaries is as follows: United States bonds, Philippine, Porto Rico, District of Columbia, Territory of Hawaii, Philippine Railway Co., and Manila Railroad Co., the latter at 90 per cent of market value not exceeding 90 per cent of par. A list of the bonds actually accepted to secure public deposits is as follows: Territory of Hawaii, 34 per cent bonds at 90 per cent of par; all other Hawaiian bonds at market value not exceeding par.. 1,048,000 MISCELLANEOUS. Philippine Railway Co.. Manila Railroad Co., at 90 per cent of market value not exceeding 90 per cent of par.. 739,000 386,000 I also attach hereto copies of all correspondence and communications to or from Government officials relating to the recent Treasury Circular No. 5. Respectfully, FRANKLIN MACVEAGH, Secretary. All Government disbursing officers' checks to be drawn on the Treasurer of the United States. [1913. Department Circular No. 4. Treasurer United States.] TREASURY DEPARTMENT, To United States Government disbursing officers: Beginning February 1, 1913, all funds advanced to disbursing officers of the Government on requisitions will be placed to their official credit with the Treasurer of the United States. All disbursing officers' checks will be drawn on the treasurer. It is desirable that all such officers receive a supply of the new form of check prior to that date, and to that end you are requested to make requisition at once for a sufficient quantity to meet your needs for two months. It will be necessary to limit the number ordered in this requisition to actual immediate requirements in order that all disbursing officers may be supplied. You may follow this first requisition with another for the quantity you are accustomed to obtain. Checks will not hereafter be furnished through the assistant treasurers. A circular descriptive of the new procedure will be furnished vou at an early date. FRANKLIN MACVEAGH, Secretary. All warrants and checks to be drawn on the Treasurer of the United States, payable by any assistant treasurer or any active designated depositary bank. [1913. Department Circular No. 5. Treasurer United States.] OFFICE OF THE SECRETARY, To disbursing officers of the United States, assistant treasurers, designated depositary banks, and other concerned: For the purpose of bringing the ordinary fiscal transactions of the Federal Government more nearly into harmony with present business practices, it has been determined that the daily receipts of the Government shall be placed with the national-bank depositaries to the credit of the Treasurer of the United States. Disbursements will be inade by warrant or check drawn on the treasurer, but payable by national-bank depositaries, as well as by the Treasury and Subtreasuries, in accordance with the following regulations: 1. On and after February 1, 1913, every deposit of funds to the official credit of a disbursing officer shall be made with the Treasurer of the United States, except as provided in paragraph 10. All moneys standing to the official credit of disbursing officers with assistant treasurers and active designated depositary banks at the close of business January 31, 1913, shall be transferred to the official credit of such disbursing officers with the Treasurer of the United States, through the medium of the general account of the Treasurer of the United States. 2. On and after February 1, 1913, all Treasury Department warrants, Post Office Department warrants, disbursing officers' checks, checks in payment of interest on the public debt, and Secretary's special deposit checks shall be drawn on the Treasurer of the United States, except as provided in paragraph 10. 3. It is contemplated that each active designated depositary bank shall pay Treasury Department warrants, Post Office Department warrants, disbursing officers' checks, checks in payment of interest on the public debt, pension checks, and Secretary's special deposit checks, dated on and after February 1, 1913, and drawn on the Treasurer of the United States, when presented in due course of business, under the same conditions as other checks are now paid. Assistant treasurers and the treasury of the Philippine Islands shall pay all such warrants and checks, observing the same precautions as at present. Warrants and checks so paid shall be charged to the general account of the Treasurer of the United States as a transfer of funds by the bank, assistant treasurer, or treasury of the Philippine Islands making the payment. 4. Checks and warrants dated prior to February 1, 1913, shall be paid on presentation by the treasurer, assistant treasurer, or designated depositary bank on which drawn, and charged to the general account of the Treasurer of the United States in the manner prescribed by paragraph 3. 5. Except as provided in paragraph 10, each disbursing officer shall, beginning on February 1, 1913, conduct his business with the Treasurer of the United States in the same manner as he now conducts his business with the treasurer, an assistant treasurer, or an active designated depositary bank. 6. Beginning on February 1, 1913, each assistant treasurer, each active designated depositary bank, and the treasury of the Philippine Islands shall each day schedule and forward to the Treasurer of the United States all warrants and checks paid in accordance with the requirements of paragraphs 3 and 4. The amounts of warrants and checks so paid and forwarded shall be charged in the regular transcripts of the general account of the Treasurer of the United States as transfers of funds. 7. A disbursing officer having in his hands disbursing funds or moneys received as a special deposit, and desiring to deposit the same to his official credit with the Treasurer of the United States, shall make the deposit with the treasurer, an assistant treasurer, or an active designated depositary bank. The treasurer, assistant treasurer, or bank shall issue a certificate of deposit, in duplicate, showing that the deposit is to be placed to the credit of the depositing officer with the Treasurer of the United States. The duplicate certificate will be delivered to the depositing officer. The original will be forwarded by the first mail to the Treasurer of the United States, and the amount thereof will be credited in the transcript of the general account of the Treasurer of the United States as a transfer of funds. 8. Deposits to the credit of the Treasurer of the United States on account of revenues or repayments to appropriations shall be made in accordance with existing regulations. 9. All disbursing officers will be supplied with blank checks by the Treasury Department. Any officer not receiving a supply of such checks by February 1, 1913, shall use the supply now on hand, striking out the title of the assistant treasurer or active designated depositary bank and inserting "The Treasurer of the United States." 10. Deposits to the official credit of disbursing officers stationed in the Philippine Islands who at present have no other depositary account shall be made with the treasury of the Philippine Islands as heretofore, and such officers shall draw their checks on the treasury of the Philippine Islands as heretofore. The treasury of the Philippine Islands shall pay checks and warrants drawn on the Treasurer of the United States as provided in paragraph 3. 11. These regulations do not apply to postal funds (except Post Office Department warrants) and court funds deposited under the provisions of sections 995 and 996, Revised Statutes. FRANKLIN MACVEAGH, Secretary. TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, To Assistant Treasurers of the United States, designated depositary banks, and others concerned: The following instructions are issued supplementary to Treasury Department Circular No. 5, dated January 9, 1913, directing that disbursements be made by warrants or checks drawn on the Treasurer of the United States, payable by any assistant treasurer or any active. designated depositary bank. SPECIAL DEPOSITARY BANKS NOT AFFECTED BY CIRCULAR. 1. Banks designated as special depositaries of public moneys are not affected by the circular. Its provisions apply only to those banks designated as active depositaries. TRANSFER OF DISBURSING OFFICERS' BALANCES TO CREDIT OF TREASURER OF THE UNITED STATES. 2. The second portion of paragraph 1' of Circular No. 5 requires that this transfer be made at the close of business on January 31, 1913. Each disbursing officer's account will be closed at that time by transfer of the balance to the credit of the general account of the Treasurer of the United States. The aggregate of the balances transferred will be taken up in the transcript of the general account for the period ending January 31, 1913. A certified list of the balances so transferred will be transmitted to the Treasurer of the United States at the earliest possible moment, so that the Treasurer may use such list as authority for entering the initial credits in the accounts. of the several disbursing officers. No action by disbursing officers will be necessary to effect this transfer. Balances of accounts the paid checks for which are not at present sent to the Division of Public Moneys will not be transferred without further instructions. PAYMENT OF WARRANTS AND CHECKS DATED PRIOR TO FEBRUARY 1, 1913. 3. Warrants and checks dated prior to February 1, 1913, coming into the hands of an assistant treasurer or active designated depositary bank other than the one on which drawn should not be scheduled and forwarded to the Treasurer of the United States, but should be forwarded to the assistant treasurer or bank on which drawn, which alone can make payment on such warrants and checks. CHECKS DRAWN ON AN ASSISTANT TREASURER OR DESIGNATED DEPOSITARY BANK AFTER JANUARY 31, 1913. 4. Should any disbursing officer after January 31, 1913, draw checks on an assistant treasurer or designated depositary bank with whom he formerly had an account, said checks should be paid by such assistant treasurer or bank in the manner prescribed by paragraphs 3 and 4 of Circular No. 5. The assistant treasurer or bank should, however, at once direct the attention of the disbursing officer to the requirement of paragraph 2 of Treasury Department Circular No. 5 that all checks shall be drawn on the Treasurer of the United States. INDORSEMENT ON PAID WARRANTS AND CHECKS. 5. An assistant treasurer, the treasury of the Philippine Islands, or an active designated depositary bank paying a warrant or check |