Address before a banking group [02]

LADIES AND GENTL :JEr\I.[EN, I AM PARTICULARLY OF MEETING WITH YOU. PLEASED TO HAVE THIS OPPORTUNITY AM PLEASED I I FEEL AT HOMEo BECAUSE WITH ANY BANKING GROUP RECOGNIZE THE GREAT IN A WAY I AM PLEASED BECAUSE I TO THE GROWTH AND CONTRIBUTIONS BANKS AND BANKERS HAVE MADE KNOW FIRST PROSPERITY OF THE NA'IDN IN THE PAST AND I THE CONTRIBUTION BANK LEADERS, HAND, CURRENTLY IN POSITIONS RAMBLING OF RESPONSIBILITY, ARE MAKING IN PUTTING OUR FINANCIAL HOUSE IN ORDER. TO YOU WHO ARE ENGAGED IN OF THE T%EASURER OF MYSTERY, SHE I AM SURE. BANKING, THE UNITED STATES IS YOU KNOW, M:(T THE OFFICE a COMPLETE GENERALLY THE SERVICES PERFOItMS THE EARLY DAYS THE TOTAL MONEY HANDLED BY THE TREASURER WAS A PALTRY FEW INCREASED GOVERNMENT INCOME AND MILLION. NOW, EXPENDITURES, WITH ITS IN THE 2 BILLIONS. THE DEDERAL GOVERNMENT HAS GROWN THE SCALE OF ITS GROWTH IS UNIQUE, REGARDED TREMENDOUSLY. AS A SIZE AND COMPLEXITY STRETCH THE IMAGINATION. WHOLE, ITS ROUGHLY LABOR 1 IN 25 OF THE TOTAL POPULATION OR 1 IN 10 OF THE TOTAL FORCE DAAW THEIR LIVELIHOOD DffiECTLY FROM THE FEDERAL CIVILIAN OR MILITARY SERVICEo OVER A QUARTER OF THE NATION'S GROSS OUTPUT IS PRODUCED IN IMMEDIATE RESPONSE TO FEDERAL EXPENDITURES. THE FORCES THAT LED TO THIS GROWTH HAVE PERSISTED WITH IRREGULAR STRENGTH WITH BUT FEW INTERRUPTIONS SINCE THE EARLY DAYS OF THE REPUBLICo THEY CAN BE TRACED IN THE MAIN TO INDUSTRIALIZATION AND URBANIZATION OF THE CXlJNTRY AT HOME AND TO THE RISE OF THE UNITED STATES TO A LEADING POSITION AMONG WORLD POWERS ABROADo ·DEMANS UPON THE GOVERNMENT BY THE PEOPLE ACCOUNT IN THE MAIN FOR ITS GROWTH. 3 SO LONG AS THE CITIZENCfIIIIIlIiII- SECURE THE GREAT OBJECT TO INSURE DOMESTIC DEFENSE, AND L LOOK TO THE GOVERNMENT TO >v.t, 1I,J FOR WHICH THE UNION WAS CREATED TRANQUILITY, - TO PROVIDE FOR THE COMMON TO PROMOTE THE GENERAL UNLIKELY THAT IN THE KIND OF WORLD WELFARE, IT APPEARS WHICH WE LIVE OUR GOVERNMENT ARE HUGE AND THE VARIETY GREATooeo AND TO CARRY ON THESE HUGH TASKS WE NEED THE AMERICAN BANKSo BANKS RECEIVE AND PROCESS DEPOSITS, MAKE LOANS AND INVESTMENTS, PROVIDE A MEDIUM OF EXCHANGE THROUGH THE USE OF CHECKS TRANSEER MONEY AND CREDIT AND PERFORM TRUST SERVICES. THOUSANDS OF THEM THROUGH OUT THE COUNTRY, WORK TOGETHER TO SERVE INDUSTRY AND TO .._. SERVE THE PEOPLE WHEREVER THEY ARE AND WHAT EVER THEY NEED) BANKS REPRESENT A LOT OF PEOPLE WORKING QUIETLY AND EFFICIENTLY ON EVERY BANKING 4 ITS PEOPLE MAKING SAVINGS TRANSACTIONo PONS , MAKING COMMERCIAL DEPOSITS, DRAWING CHECKS. PEOPLE INVESTING IN GOVERNMENT PUBLIC DEBT SECURITIES. LIVED MINUTE BY COUDEPOSITS, CASHING tHE BONDS, BUYING IT'S AND SELLING STORY OF BANKING_ IS BEING MINUTE, SEASON BY SEASON AS THE EARTH REVOLVESo IT TAKES A LOT OF BANKING SERVICES EVERY DAY TO START OUR RAW MATERIALS MOVING TOWARD THE GREAT CENTERS) THE MOVEMENT OF OUR PRODUCTS TO THE MOVEMENT OF OUR GOODS AND COMMODITIES, FLOW OF THE RAW MATERIALS WE NEED EVERY MARKET, THE EBB AND DAY, ALL OF THIS IS ESSENTIAL TO THE LIVELIHOOD AND NEEDS OF OUR PEOPLEo FARMERS NEED BANKING. BANKING, TRANSPORTATION THE GOVERNMENT NEEDS THE PEOPLE OF OUR BANKING AND INDUSTRY NEEDS BANKING, SYSTEM, THE NEEDS THE HELP OF THOUSANDS OF THEM. WORKING CAREFULLY PROCESSING THE CHECKS AND DR&FTS AND ALL THE OTHER ITEMS, THE LITTLE PIECES OF PAPER THROUGH WHICH 5 WE LIVEo NATION ON EARTH. STRONGEST, MOST PRODUCTIVE THE THE TREASURY IS IN FACT A IN: THE WORLD, BANK, THE LARGEST OF BUT WITHOUT THE AID OF THE THOUSANDS ... SMALL BANKS THROUGHOUT THE LONG CONTINUE. J COUNTRY, IT COULD NOT ;:;;:::; AND THE TREASURY PRINTS ALL THE PAPER MONEY PEOPLE MINTS ALL THE COINS OF THE COUNTRY AND ISSUES IT TO THE THROUGH YOUR BANKS AS THE PUBLIC DEMAN9DSo SHOULD SAY, MAYBE HERE I WE TRY TOo THE TREASURY HAS A_SMALL FORCE OF SECRET SERVICE AGENTS WHO HAVE IN ADDITION TO THE RESPONSIBILITIES OF PROTECTING THE PRESIDENT OF THE UNITED STATES AND PROTECTING BILLIONS OF DOLLARS IN SECURITlES1 RESPONSIBILITY OF KEEPING OUR COUNTRY FREE OF THE COUNTERFEITSo IT MAY SURPRISE YOU TO JrnOW THAT THE SECRET SERVICE IS ONE OF THE_ SMALLEST INVESTIGATIVE FORCES OF THE FEDERAL 6 ONLY #382. GOVERNMENT WITH AN AVERAGE EMPLOYMENT OF YET IT SUCCEEDS BECAUSE OF YOUR TELLERS IN BANKS THE MONEY, THROUGHOUT AND WHO ARE .... ANY COUNTERFEITS. 0 • THE HELP OF THE THE LAND WHO .... HANDLE QUiCK 0 HELP TO REPOST THE PRESENCE OF AND ASSIST IN THE APPREHENSION OF COUNTERFEITERSo THE FEDERAL GOVERNMENT ISSUES CLOSE TO 300 MILLION CHECKS A YEAR TO PEOPLE THROUGHOUT THE LANDo IT WOULD BE A HOPELESS TASK IF THE GOVERNMENT WERE TO TRUST ENTIRELY TO LUCH THAT THE RIGHT PEOPLE RECEIVE THEIR CHECKSo IT MUST RELY ON THE BANKS IN THE COMMUNITIES TO SEE THAT THE CHECKS ARE CASHED 'FOR THE AUTHORIZED PERSONS. BEFORE THE GOVERNMENT CAN SPEND MONEY , 7 IT MUST RECEIVE MONEY. IS THROUGH TAXES. OF INTERBAL THE THE MAIN COURCE OF REVENUE THE BUREAU THE CONGRESS PASSES THE TAX. REVENUE, WORLD, COLLECTS THE LARGEST COLLECTION AGENCY IN THE TAXES. WE MUST NOT LOSE SIGHT OF THE FACT THAT THE BUREAU IS A SERVICE AGENCY. THE BUREAU IS NOT UNMINDFUL OF THE TREMENDOUS ECONOMIC IMPAST OF TAXES IN SHAPING BUSINESS AND OTHER TRANSACTIONo BUT THE BUSINESS OR ECONOMIC DECISIONS MADE ARE THOSE OF THE PRIVATE CITIZEN OR OF<rHER ORGANIZATIONS NOT THOSE OF THE BUREAU. THEm JOB IS TO DETERMINE THE TAX CONSEQUENCES OF THE DECISIONS AND ACTIONS OF OTHERSo THE BUREAU EX­ ERCISES EXTREME CARE IN INTERPRETING THE LAWS IN THE LIGHT OF LEGISLATIVE HISTORY SO THAT THE INTENT OF CONGRESS WILL BE CARRIED OUT WITH EVERY DOLLAR THEY INTENDED TO GET AND NOT ONE DOLLAR THEY DID NOT INTEND TO HAVE COLLECTEDo 8 BY REGULATION WHAT THIS ADMINISTRATION WILL NOT ACCOMPLISH CONGRESS. DID NOT WILL IT TO DO BY LEGISLATIONo THE BUREAU COLLECTS THE TAXES BUT THEY DO IT WITH YOUR HELPo THROUGH THE USE OF THE SYSTEM OF WITH-HELD TAXBS AND DEPOSITARY RECEIPTS THE MONEY ITSELF IS KEPT IN THE BANKS OF THEIDUNTRY AS LONG AS NECESSARY UNTIL IT IS USED TO PAY THE EXPENSES OF YOUR GOVERNMENTat IN THE STRESS AND STRAIN OF NATIONAL EMERGENCY OUR GOVERNMENT HAS BEEN FORCED TO SPEND MORE THAN IT COLLECT· EDo THIS LEAD TO THE GOVERNMENT BORROWING FROM THE POEPLE BY ISSUING UNITED STATES SAVINGS BONDS AND OTHER PUBLIC DEBT SECURITIESo THE BANKS HAVE HELPED THE GOVERNMENT IN THESE EMERGENCIES AND THIS HAS ENABLED THE TREASURY TO FUNCTIONo PRESIDENT EISENHOWER REFERRED TO" THE INESCAP­ ABLE NEED FOR ECONOMIC HEALTH AND STRENGTH IF WE ARE TO 10 AND EXERT INFLUENTIAL MAINTAIN ADEQUATE MILITARY POWER LEADERSHIP FOR PEACE IN THE WORLD". THE PRESIDENT SPECIFIED POLICY WHICH THAT WE MUST HAVE A FISCAL AND EXONOMIC AMONG OTHER THINGS, COULD, REDUCE THE PLANNED DEFICIT AND THEN BALANCE THE BUDGET: MEET THE HUGE COSTS OF OUR DEFENSE, THE PROPERLY HANDLE THE BURDEN OF THE DEBT AND CHECK MENACE OF INFLATION: WORK TOWARD THE EARLIEST POSSIBLE TAX REDUCTION AND ENCOURAGE THE INITIATIVE OF OUR CITIZENS. OUR EFFORT IN THE TREASURY DEPARTMENT IS TO MAKE PROGRESS TOWARD THESE OBJECTIVESo TO HELP PROVIDE IT IS OUR PURPOSE IN THE TREASURY THE PROPER ECONOMIC CLIMATE IN AMERICAo THE FISCAL POLICY IS VERY IMPORTANT IN DETERMINING THAT CLIMATE WHICH IS INTANGIBLE BUT HAS A DffiECT EFFECT UPON THE LIVES OF EACH OF US EVERY DA Yo IT IS OUR PURPOSE TO ESTABLISH AND MAINTAIN SUCH FISCAL POLICIES AS WILL ENABLE AMERiCA TO KONTINUE TO GROW 11 OF ITS AND REACH EVEN HIGHER STANDARDS OF LIVING FIDR ALL PEOPLE, 000 TO REPEATo DEPARTMENT ARE: STABLE DOLLAR, (I) 0 0 OUR OBJECTIVES IN THE TREASmY TO SEE THAT WE WILL HAVE A SOUND AND NOT ONE OF DECLINING VALUE: TO CURTAIL (2) EXPENSES (3) SJWE DO NOT SPEND MORE THAN WE TAKE IN BY TAXES: TO DECREASE THE NATDNAL DEBT FROM TIME TO TIME INSTEAD OF BORROWING MORE: (4) TO KEEP OUR CREDIT GOOD BY PROPERLY MANAGING THE DEBT WE ALREADY HAVE: (5) TO REDUCE SLOWLY BUT SURELY AND DEFINITELY THE TOO HEAVY BURDEN OF TAXES WHICH, BURIED IN THE COST OF EVERYTHING WE INITIATIVE AND INCREASING THE COST OF LIVING. BUY, (6) ARE STIFLING TO MAINTAIN FREE MARKETS IN WHICH THE GREAT AMERICAN CONSUMER CAN BUY WHAT HE NEEDS WHEN .. HE WANTS IT AND CHOOSE FOR HIMSELF WHAT HE WILL BUY AT PRICES HE IS WILLING TO PAYo THAT PRODUCERS ARE FREE TO STRIVE TO PRODUCE AND CHEAPER GOODS TO COMPETE FOR THE (7) TO SEE MORE, BETTER CONSUMER'S FAVOR IN 12 WITH BUYING THEIR PARTICULAR PRODUCT IN COMPETITION _ ELSE: (8) AND THEIR TO PROTECT THE SAVINGS OF THE PENSIONS AND (9) OLD" EVERTHING THEIR INBURANCE ABOVE ALL TO PRESERVE FOR THE YOUNG THE GREAT SYMBOL OF AMERICA, THE OPPORTUNITY TO AD- VANCE AND TO IMPROVE THEMSELVES TO THE LIMIT OF THEIR OWN ABILITIES AND THEm OWN HARD WORK AND ENDE%VORS. THESE ARE THE OBJECTIVES OF THE LONG RANGE PLANNING OF THE TREASURY I AGAIN WISH TO THANK YOU FOR THE SERVICES YOU AS BANKERS HAVE PERFORMED AND ARE PERFORMING FOR THE COUNTRY, AND I URGE YOUR CONTINUED SUPPORT IN BACKING THE ADMINISTRATIONS PROGRAM IN THE FUTURE IN ORDER THAT'1HIS <GREAT COUNTRY MAY RISE TO GREATER 0000000000000000 GLORIESo TREASURER,, U.S A. (Y)/J, 0 1 WERE YOU TO PAY A VISIT TO THE UNITED STATES TREASURY, THAT Il\/iPOSING STRUCTURE OF MASSIVE CONCRETE BUILT OVER ' 100 YEARS AGO1 YOU WOULD FIND THAT THE MOST WIDELY CIRCULATED PICTURE OF THE TREASURY, THAT ON THE BACK OF EVERY TEN DOLLAR BILL1 IS A BIT MISLEADING. IN PLACE OF THE LANGUID SCENE, DEPICTED ON THE BILL OF A HANDFUL OF MEN GOING NO PLACE IN PARTICULAR AND OF A NONDESCRIPT VEHICLE RATTLING SLOWLY DOWN THE ALL BUT DESERTED STREETS, YOU W ULD COME UPON A RAPIDLY MOVING PICTURE OF PURPOSEFUL ACTIVITY7 AND WOMEN WOULD BE MUCH MORE IN EVIDENCE YOU WOULD SEE THEM1 PERHAPS HUSTLING INTO THE TREASURY, THE FISCAL NERVE CENTER OF THE FEDERAL GOVERNMENT, WHERE EVERY DAY THEY, AND HUNDREDS OF OTHER WOMEN AND MEN WORKING AS ONE TEAMy CARRY ON THE RESPONSIBLE WORK OF ·DIRECTING THE TREASURY 7S F INANCIAL ACTIVITIES THROUGHOUT THE NATION - 2 - OUR WORK IN THE TREASURY COULD BE BROKEN DOWN INTO INDIVIDUAL TASKS SUCH AS ISSUING PAY G "1'0 CHECKS, VERNMENT AND MANY, CURRENCY, COLLECTING TAXES, SETTLING CHECK CLAIMS" DEPOSITARIES, MANY MORE. SUPERVISING COMPILING FINANCIAL STATEMENTS BUT THIS MIGHT BE COMPARABLE TO BREAKING DCWN A MOSAIC AND SCRUTINIZING EACH INDIVIDUAL PIECE, YET OVERLOOKING THE WHOLE PICTURE SO SKILLFULLY FITTED TOGETHER. OF THE GREATER THESE TASKS ARE, OBJECTIVE, THAT A SOUND AND STABLE DOLLAR. IN A SENSE, ALL PART OF SECURING AND MAINTAINING /' I DO NOT MEAN SIMPLY ONE THAT LOOKS GOOD TO THE EYE OR FEELS GOOD TO THE TOUCH. FORCE OF A FEW HUNDRED SECRET SERVICE IN THE MN WITH YOUR HELP AND THAT OF ALL THE LAW ABIDING A S ALL TREASURY SEE TO - THAT SO WE IN THE TREASURY CAN BE JUSTLY PROUD OF THE CRISPNESS OF OUR PAPER CURRENCY THE GENUINE RING OF OUR - 4 - THE EUBLIC WEIGHRiG OF EVERY EXPENDITURE TO SEE THAT EVERY RECEIVES A FULL DOLLAR'S WORTH OF SERVICE FOR I DOLLAR SPENT. IN THIS BATTLE YOU CAN SAME TIME SAVE FOR YOUR OWN HELP, AND AT THE BY PURCHASING UNITED FUTURE, STATES SAVINGS BONDS. 1"'1t-S9U)TB 1 iJ'i'LE :DOLt1m', A DOLLAR IN WHICH THE t I \ . BUSINESSMEN AND HOUSEWIVES CAN HAVE UNLIMITED I CONFIDENCE,' l I J IS"THE BASIC TOOL FOR A PROSPEROUS AND EXPANDING ECONOMY, AN ECONOMY OF FREE COMPETITIVE ENTERPRISE WHERE THE INITIATIVE OF THE MAN OR WOMAN WHO DREAMS AND BUILDS IS AMPLY REWARDED. . FREE ENTERPRISE, THAT IDEAL COMMONLY REFERRED TO AS WHERE THE INDIVIDUAL IS FREE TO ACT FOR HIlVlSELF TO ACCEPT THE CHALLENGES TO LIFE AND TO FEEL THE THRILL AND ELATION THAT COMES WITH SUCCESSFUL FULFILLMENTt HAS BEEN THE CHERISHED IDEAL OF OUR AMERICAN WAY SINCE THE FOUNDING OF THE NATION. I - .. T L SClro1tDRZmO P.I• .LILF I uc eRE AL .A.C THE STLY • L -3- ':fl PART 01' ENOUGH B PT. TIIRO GIl JUDICIOUS . c -4- wn:aJIDIG OF BVBRY EXPBNDtrUnE RB<2IVES A FULL DOL ARt DOLLAR SPENT. 0 W BEL ATTLE ¥ U 1M TBt AVE PORTO f ITE 0 STATBS SAVINGS BONDS. A somm .AND STABLE L LL, BVS'lKBSSMBN AND HOllS_WIVE C N UN A o 18 TIlE BASIC TOOL FOR A PROSP ROUS AND E HE All ECONOMY OF PREE COMP£T1TIVE DIlfIATIVB OF THE' MAN 0 AMPLY REWAB:DED. nuB WOMAN' THAT IDE. CO'JMMON1J'1 BJrrBRPRISB, WHERE THIl JNt)lVJD 'IB JDllSELF TO ACCEPT TRB CBALLE GE TIIR&L AND BLATlO THAT CO BAS B.aN THB CKBRISHED TIlE FOUNDING OF E H TION. 0tJ T F , -4- in time of the Civil War. 1862 at the to the first emlOyIt's interesting to note tht this directly led ment of women with the clumsiness of the decided to tr.y out trimming United States currencY with hand shears, a woman for the job. He prevailed upon Secretar,y Chase As Treasurer appoint Miss Jennie Douglas. it, him to permit to Spinner afte'ards expressed lithe first day settled the matter in her and in woman's favor." women, the work proved to be a snip employed to unction of the currency Office and the Bureau of Engraving and bureau Currenc,y faces of is now were using anything to go as Printing designed, plates are taken out of was old-fashioned <sait 86 lift 2 piece new In that as hand scissors; automatic opertions have Thanks to the perfection Secretary of the pieces of currency a which I Treasury, was are yearw4ifte1:lb required to write automatically signed Ott1' ltaV! to ao sea.. fiael. The Bureau of crip, so Treasurer's into the Bureau now, you would not find any workers and that of the or the that the and the backs and engraved, of methods of mechanical reproduction my name, two billion extent established. largely replaced manual operations formerly employed. but once, an rinted. currenc,y are If you was people the number of manufacture paper currency increased to such actually printing To snap. As the needs of the nation for paper money grew, on then Spinner, General F. E. States, dissatisfied Treasurer of the United men government. in the national Engraving and Printing sells its finished product , United States currenc,y at cost, which averages of currency, one fresh , cent for eaCh There's only -5- I'd like to To avoid all misunderstandings, statement fod will pay one States holds of gold dollar to the bearer the value of the anchors of value world of a legal and silver is the knowledge allover gold this stock of be used It is a everywhere paper it's printed we were is a reserve reason new must currency.. unpleasant to is it of one It has been be less true. This gold against the currency in circulation;. The one firm basis for measuring world why the dollar retains its value, why it can to settle financial transactions. of reserves on gold and silver an replaced. a printing or the We would not go wrong actual piece of currency to The average lifa of the and not gives the dollar its value. Then it must be ten months. Treasurer, out. six billion bulwark for confidence in great uncertainties Nothing could and silver is at least to compare wears two billion twenty gold of thirty a Like any other piece of paper it is not very durable. hand it The United the world that the United States dollar has back of it major The monetary if II just that. which ousiness transactions deend. on institutions is idle and useless. vahues. demand--means States in Fort Knox and silver at West Point ed other mint gold the In currency. our The United dollar note: huge stock of gold and silver you that the reassure two billion dollars in silver and over over This said that on one the total world's monetary stock of out dollars. every United States on States, As !reasurer of the Unitod The sale is restricted. catch. one warehouse receipt. Passed from hand to dollar bill has been found to be That is the reason why It as spend twelve million dollars,this fiscal year to urchase 11lirty t torn, handle, or deteriorated currency would be unsani ta:ry t difficult to the counterfeit article. count, That's why worn and difficult to out distinguish from currency must be relac&d and -6- new printing the There's in its stead. money must be substituted mon is and public has always expected Replacing But it's unprofitable. out worn a obvious conclusion, one necessar.y service and one that required. currency with new turns out to be quite a problem. sands of There's money in circulation throughout the land from the sunny We would Atlantic City to the rolling surf at Waikiki. serve did not have the willing help of thousands of banks country who take time to sort out the currency no problem if {hi needs of commerce and five tons no day, this worn out money some Treasury--, into the Federal Reserve Banks which or Treasurer, from my office is a and burned. verified, counted, \ihen currency is burned or a little teo blUIlt.--I·l new mone) fiscal agents money goes out in these a..gb ..lfSY to brains. -that mutilat --------------- seems And as the into comes serve Ha..rMI:U:R:g the truckload to the banks. by longer able to longer fit for circulation. industr.y, At the rate of of the be able to we solve the in the never $ay # ano-ther way":'-brawn gives way 't patience, skill, when the currency identification get tough, In the Treasurer's Office examiners we men give way have rotted fragments, of the bill whence These women and came are to women. small grou of expert who, using ordinar,y tweezers, pins manipulate the smallest pieces of paper or a sent and currenc.y magnifying glasses, skillfully in,--charred, bleached, hen poitively identify the problems of the issue, kind, stained and denomination fragment. expets, outstanding craftsman. Through long training -7and any type of paper currency the keeps them presents te work simple It's the to, afford It makes no a value. was There's no or reason to are sent in, pay half an value; if more a sent are are n to in, ,e as three pay full he person suffer financial loss because burned get much as or mutilated some a little more aper currency. or its fifths, no value. recognizable If the portion complicated. than two fifths but less than three less than who, through accidontal beyond recognition,--if to make the rules of the bill sent in is those pieces, stretChed If less than three fifths of the mutilated currency remains hel mutilated money thousand one recognizable r2ains its accidentally unfortunate and or shrunk to half size may be crrred or opportunity be difference how badly the paper money has double size in fifths of the currency it's not know that It's the challenge that of burned into may have been shredded pasteurization, it in have suffered monetary losses. mutilated,--it rolling mill identify differ.ences the minutest detail absorbed in their work. governing the redemption A,B,C. as so their skill. to though they could ill The rules by observing I Having talked with these experts, engraving. money that them to the skill that enables acquired have experience they fifths, Unless, and we this is important Qless, the person sending in the monetary remais also sends in--one-a certificate community and his explaining the that the certifying statements cause explanation immediately subject are that he is a to member of the wort of belief, and two--a and manner of destruction. must be reputable There's true; anyone falsifying prosecution a no sworn need of affidavit stating statement is That's the gist of the regulations. -8- The letters sent into my office make Judge, of case in of only, street cleaner--he drain.--Hetll receive gift wrappings and they don't rightly know, be hapy Her children say she's she had stored away. money, pleads, "Please, I':n She in currency in his or pockets. may not be money. numbers evidence of the are happy note. laundry America appears to be on Seriously, though, help one thought case, a there's such but Oan she mind, her losing was recovered but can repla.ce seems on pile,­ never we the mone.1 in One of hundred dollars ashes, merely pay only when money that has been one few a Some which send in serial have tangible question. The destroyed; they the basis of inconclusive evidence. to be had examination contained on Nothing we a the rem8ns of two hundred dollars known that he had Sorry, are There's getting cleaner, money mutilated in the the increase. the currency examiners are the unfortunate citiz n. mention ashes, crazy." existence and destruction of authorized to Hungry Mountain, was not authorized to ay out money one not disposing were they think they burned but II Answer, "Send them in. and expect refunds. examiners They It their customers burned to death. money until he no A bank from North Oarolina writes in. burned paper. just send in the Sorry, supposedly and it1s all frozen over;. the money. to he ,saw his swore A home burned in the trash.--Too bad. They would Montana. he a There's the letter from the honeymooners. it. fifty dollars with no SIni bh, float down the ten dollar bill recovers name There's the interesting reading. citizen And the citizens recently discovered are he delighted when they deiighted. was $2,300 can Just to richer than when the examiners toted up his mutilated cache of currenoy. The -9- man had hidden an his basement when he went found a sodden my office and had identified on an in a metal box cemented in the wall of He sent the money into when the examiners overjoyed later $lO,SOO-even more reported that they thought money than he return, he his Upon extended vacation. of unifentifiable cnrrency. mass was $8,500 estimated the box had contained. Some time of safeguarding responsibility the I mentioned that the Treasurer has the back, Really though, that's currency. T:feiters ' Every .:t.o in once a parabrse blue a money_ They a responsibilities the currency has taken so United States. the newly printed liberty is only for the law connected with There's just to one supervision of paper skip entirely most of the I would like to discuss •• more, Is this meant to imly that I decide for what money is to be Oongress, and Congress along, through legislation approved by both houses and sined by the President for which money is to be spent. Congress leVies, Our function in the But there is which is contributed a can small amount gratuitously. each year, As you may direct the purposes Treasury and to ay the expenditures Most of the money I receive has been turned in of taxes. them stated that I receive· and disburse all the money of the Far from it! the taxes liali> foolishly tries,--witness few thousand dollars of long, that I'll have other duties of mw office. already who Uncle Sam guards well the funds entrusted to his care. Discussing spent! motte, Qea help those learned again the hard way that ab1ding,--that I have forgerB--and they perform their and someone moon few months back to tako attempt a That manls job. It's their job to safeguard I share with the Secret Service. taskaii;'tilat, :s"111 a responsibility as Congress has authorized. a result of collection surprising know, we is to collect as in the i t m seem, Treasur,y hav -10- .. Fund.--not Oonscience a a anonymously through sent in really fund the but a earliest record of conscience contributions received $250. yet or more Since then conscience contributions have Last less consistently. With the remittances we often reportedly y gems like that The person wrote in a enclosing year's But the postscript. memos $25. simply right sooner." as "Enclosed a man There $40, humbly person says, are a bookkeeping, $2.000." Or few, however, that income tax due." in act of contrition Is this, contributors, I would like to The existence of the Oonscience Fund is a I now find I failed another, ''Please accept a are the deactivated station." Sorry I haven't made it decidedly puzzling,--such I often wonder, the amending his ways, who thinks he has hit uon the, ideal in To all the "Through careless­ cross-section of America-- "lowe Uncle Sam this. a get To this his income tax return. on payment for expendable articles salvaged from Or the note We haven't received If I still can't sleep, wi.Ll, send the balance.It-­ "P.S. to pay r:ay full tax share--Enclosed endorsed memos. $38,000. he hadn't been able to saying that and poor and inefficient ignorance, ness, intermittently, received in the Collectors Office in New York. get represent we in come Treasury conscience amounted to get little unsigned good night's sleep since he cheated he added the in 1811 when the W8,g Th deposited. of conscience is promting into which money receit account or note of a is the note tilat of simplified tax forms? publicly express my thanks. moving demonstration of the basic ingrained honesty of the Amerioan people. Not all contributions receivod Conscienoe Fund nature. that they say that person be used to Some to be anonymous, in fact are nor donations, help reduce the Fublic dbt. the contributions seems are are appreciated but, in are they all with the of simple proviso Here again I'd like to some cases, the patriotic assuming more than his just share of the burden. There's