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TREASURER OF THE UNITED STATES
1. Origin and Mission
The office of Treasurer of the United States originated in the act establishing the Treasury Department in 1789.1 The general mission of the office is to receive and keep the moneys deposited in the United States Treasury and in all other depositaries authorized to receive deposits of government funds for credit in the account of the Treasurer of the United States, and to disburse them upon proper warrants. The Treasurer is directly accountable to the Assistant Secretary in Charge of Fiscal Offices. 2. Trustee for Bonds to Secure National Bank and Federal Reserve Circu
lation The Treasurer is trustee for bonds held to secure national bank and Federal Reserve circulation and public deposits in national banks and bonds held to secure postal savings in banks. 3. Custodian and Fiscal Agent; Land Purchase Bonds of the Philippines
He is custodian of miscellaneous and trust funds and is fiscal agent for paying interest on the public debt and for paying the land purchase bonds of the Philippine Islands, principal and interest. 4. Treasurer; Board of Trustees, Postal Savings
He is treasurer of the Board of Trustees of the Postal Savings System. 5. Commissioner of District of Columbia Sinking Fund
And is ex officio Commissioner of the Sinking Fund of the District of Columbia.
6. Redemption Function
The Treasurer is agent for the redemption of national bank notes, Federal Reserve notes and Federal Reserve Bank notes, and makes exchanges and redemptions of the paper money and the gold, silver, and minor coin of the United States.
7. Disbursing Functions
Practically all moneys set aside for the payment of government obligations by checks issued by disbursing officers are held by the Treasurer to the credit of the various disbursing officers, and he accounts to the Comptroller General of the United States for such funds.
(a) Chief Clerk.—Has supervision of all employees of the Treasurer's office; conducts all correspondence relative to personnel; is responsible for the distribution of office mail, telegrams, etc.; has direct supervision of the preparation of payrolls and payment of salaries of that office; prepares requisitions for supplies and estimates for appropriations for the Treasurer's office; supervises the operation of the confidential code and system of test words between the Treasurer's office and the Federal Reserve Banks; conducts all transactions under the Retirement Act of May 22, 1920,2 in so far as the Treasurer's office is concerned therein; is charged with the responsibility of enforcing those regulations of the department relating to the Treasurer's office; prepares all special reports for the Budget and the Secretary of the Treasury; compiles reports of the different divisions of the Treasurer's office as to classification and efficiency ratings and is a member of the Board of Review to pass upon such ratings; is responsible for the safe handling of the valuable mail received and sent.
1 Act Sept. 2, 1789 (1 Stat. 65).
(b) Cashier.—The Cashier receives public deposits made in Washington and pays over the counter Treasury warrants, interest checks, coupons, and disbursing officers' checks when presented; receives from the Bureau of Engraving and Printing United States paper currency and stores it in the reserve vaults until it is required for issue to replace mutilated currency destroyed; issues all United States paper currency and makes shipment of it in denominations required by the Federal Reserve Banks and the public; makes collection through Federal Reserve Banks and national bank depositaries of all checks deposited in payment of government obligations.
(c) Division of Securities.-Has custody of all bonds held to secure circulation of national bank currency; for deposits of public moneys, for postal savings deposits and miscellaneous accounts of the Secretary of the Treasury; collects the semiannual tax on national bank circulation and examines and proves all public debt items charged as redemptions and taken up in the Treasurer's account current affecting all public debt redemptions in both principal and interest, and prepares requisitions and reimbursement therefor; issues Treasurer's checks in redemption of Treasury savings certificates and verifies and arranges by loans all checks paid on account of interest on the public debt, making search for stoppage of payment; issues interest checks on registered bonds of the District of Columbia, Philippine Islands, and Porto Rico, and renders the account current of the Treasurer for these disbursements; · makes investments and holds securities for the District of Columbia Sinking Fund and Teachers' Retirement Fund; receives and verifies all securities purchased for Cumulative Sinking Fund and conducts disbursements for the Civil Service Retirement Fund; has custody of and maintains an accurate account of all foreign obligations and maintains a record of the issue and retirement of paper currency and receives bonds and notes surrendered on account of estate' or inheritance taxes.
(d) Division of Redemption.-Receives and verifies and directs payment of unfit United States paper currency forwarded to the Treasurer for redemption ; cancels and cuts into two pieces lengthwise, and delivers to the Division of Loans and Currency for destruction, unfit United States paper currency; receives and makes test counts of the upper halves of unfit United States paper currency forwarded by Federal Reserve Banks and their branches; adjusts differences found by the Division of Loans and Currency in its complete count of corresponding lower halves and receives from banks in Washington currency for telegraphic credit with the Federal Reserve Bank of Richmond; keeps the necessary books covering all transactions, functioning credits or directing issue of checks in payment of remittances received. It establishes the standard of fitness of notes for circulation and checks shipment of half notes received from Federal Reserve Banks and branches, and reports in this particular matter to the Treasurer of the United States, and to the Commissioner of the Public Debt. The Redemption Division is charged with the responsibility of detecting all counterfeit and raised notes presented for redemption.
2 41 Stat. 614 (Comp. St. Ann. Supp. 1923, $ 328712 et seq.).
(e) Division of General Accounts. Prepares and issues for the Secretary of the Treasury the daily Treasury statement of the United States, the monthly preliminary statement of classified expenditures of the government, and furnishes various statistical reports from Treasury accounts as to the condition of the finances of the government. It maintains the accounts from which are compiled the figures for these statements and reports. It issues Treasurer's checks as authorized by settlement warrants in payment of claims settled by the Comptroller General and certificates of deposit, through which funds are placed to the credit of disbursing officers as authorized by accountable warrants. It maintains registers as to such warrants and checks issued, paid, and outstanding, and makes reclamation of payment of warrants and checks returned by the Comptroller General for which credit is disallowed in the Treasurer's account. It collects interest on daily balances with the government depositaries and renders report of such collections to the Comptroller General. It authorizes and directs transfers of currency and coin between Treasury offices and Federal Reserve Banks and branch banks. It restores depleted balances in general national bank depositaries to the limit authorized by the Secretary of the Treasury and handles applications for coins from banking institutions, individuals, and others. It maintains general Treasury ledger accounts of all of the accounts of the trust fund, the reserve fund, the gold settlement fund, and the general fund. It keeps the record accounts of the classified assets and liabilities of the government. It keeps also individual ledger and individual transit accounts of Treasury offices, Federal Reserve Banks and branch banks, foreign depositaries, national bank depositaries, Federal Reserve Bank and branch telegraphic accounts, fiscal agent accounts of deposits in special depositaries, and individual accounts by banks, and classes of payments for and redemption of Victory notes, Liberty bonds, Treasury bonds, Treasury notes, and certificates of indebtedness, Treasury savings securities, and the accounts of the uncovered revenue and repayment receipts of the government. It renders the bullion accounts of the United States mints and assay offices, the account of the Comptroller of the Currency with respect to assets of insolvent banks, and the Treasurer's quarterly account of receipts and expenditures by warrants.
(f) National Bank Redemption Agency.--This agency receives, assorts, verifies, and directs payment for all national bank notes, Federal Reserve Bank notes and Federal Reserve notes, sent to the Treasurer for redemption. It keeps account of the several redemption funds and the expenses incurred on account of redemptions, and apportions the same to the banks of issue in accordance with the amount redeemed. It cancels and delivers to the Comptroller of the Currency all unfit notes redeemed and returns fit notes to banks of issue. The agency is charged with the responsibility of detecting all counterfeit and raised notes presented for redemption.
(g) Accounting Division.-Receives daily from the Federal Reserve Banks and their branches and from the national bank depositaries transcripts of the account of the Treasurer of the United States with such banks, accompanied by certificates of deposit representing credits in the Treasurer's account and by checks representing charges in the Treasurer's account. It proves and classifies for posting to the general ledger accounts deposits and checks, and reports these for use in the daily statement of the United States Treasury. It maintains individual accounts with disbursing officers and renders monthly statements of such accounts to the disbursing officers and to the General Accounting Office. It reclainis payment from indorsers on account of checks fraudulently drawn and transmits to the proper payee the funds reclaimed. In connection with these rec-, lamations it is necessary that thorough investigations be made and the correspondence necessary is voluminous. It receives and files bonds of indemnity given to secure duplicate warrants, Treasurer's checks, and interest checks, maintains files of authorities required for the indorsement of checks by powers of attorney, administrator, etc. The Accounting Division is charged with the responsibility of examining all checks before payments are made in order that checks fraudulently drawn may be promptly returned and charged to the presenting banks. It maintains an accurate record of all checks against which stoppage of payment has been lodged, and conducts the correspondence in connection with disbursing officers' checks and accounts.
COMPTROLLER OF THE CURRENCY 1. Mission
The Comptroller of the Currency is the chief officer of that bureau of the Treasury Department which is charged with the execution of all laws passed by Congress relating to the issue and regulation of the national currency, generally known as national bank notes, secured by United States bonds; and under the supervision of the Federal Reserve Board is also in charge of the issue of Circulating notes to Federal Reserve Banks.1
In addition to these powers the comptroller exercises general supervision over all national banks throughout the United States, including Alaska and Hawaii, in the matter of their organization and regulation.
This bureau is under the direct supervision of the Assistant Secretary in Charge of Fiscal Offices. 2. Appointment of Receivers
The Comptroller is vested with power to appoint receivers for national banks.?
3. Enforcement of National Bank Act Penalties
He is required to enforce, through the courts, the penalties prescribed for violations of the National Bank Act.
4. Appoints National Bank Examiners
With the approval of the Secretary of the Treasury he appoints all national bank examiners.3 5. Issues Federal Reserve Bank Charters
Under the Federal Reserve Act he executes and issues the certificates or charters for the Federal Reserve Banks.* The Comptroller is ex officio a member of the Federal Reserve Board.1 6. Receives Reports of National Banks
Each of the eight thousand national banks in the United States must report its financial condition at least three times a year on a date named by the Comptroller. When these reports are received, the information is summarized and tabulated by a Division of Statistics, so as to show the condition of each bank and of the national banking system as a whole.
1 Federal Reserve Act Dec. 23, 1913, c. 6, § 10 (38 Stat. 260 [Comp. St. $ 9763]).
2 Frelinghuysen v. Baldwin (D. C. N. J.) 12 F. 395; Price v. Abbott (C. C. Mass.) 17 F. 506.
3 Act Dec. 23, 1913, c. 6, § 21 (38 Stat. 271 (Comp. St. 8 5832]). 4 Act Dec. 23, 1913, c. 6, § 4 (38 Stat. 254 [Comp. St. $ 9788]).
5 Act Dec. 28, 1922 (42 Stat. 1067, amending R. S. $ 5211 [Comp. St. Ann. Supp. 1923, § 9774]).