IValue of gold holdings at $35 per fine troy ounce through 1971 and at $38 per fine troy ounce for 1972. Amounts for 1970 and 1971 are exclusive of gold deposited with the United States by the International Monetary Fund.

Excludes bullion carried at monetary value but released for coinage use.
Through 1971 consists of standard silver dollars. Amount for 1972 consists of $481-
781,898 in standard silver dollars and $230,081,000 in cupronickel clad dollars.

Comprises the security for: Gold certificates and credits payable therein (100
percent in gold); U.S. notes (gold to the extent of the reserve required by law (31 U.S.C.
408)); and silver certificates and Treasury notes of 1890 (100 percent in silver bullion
or standard silver dollars). Since enactment of the Old Series Currency Adjustment
Act (31 U.S.C. 912-916) on June 30, 1961, gold certificates prior to the Series of 1934,
silver certificates issued before July 1, 1929, and Treasury notes of 1890 have been pay-
able from the general fund. The requirement for a gold reserve against U.S. notes was
repealed by Public Law 90-269, approved Mar. 18, 1968. Silver certificates issued on
and after July 1, 1929, became redeemable from the general fund on June 24, 1968 (31
U.S.C. 405a-3). The amount of security shown on this line for years after those dates
has been reduced accordingly.

Consists of: Gold certificates outside of the Treasury (issues prior to Series of 1934
are included through 1961), and credits with the Treasurer of the United States payable
to the Board of Governors, Federal Reserve System, in gold certificates. These obliga-
tions are fully secured by gold in the Treasury.

Pursuant to the Old Series Currency Adjustment Act are redeemable from the
general fund of the Treasury and upon redemption will be retired.

7 Silver certificates were originally secured by silver bullion at monetary value ($1.29+ per fine troy ounce) and standard silver dollars held in the Treasury. They are now payable from the general fund (see footnote 4).

Treasury notes of 1890 have been in process of retirement since March 1900 (31 U.S.C. 411) upon receipt by the Treasury. Until June 30, 1961, secured by silver and by gold reserve; thereafter redeemable from general fund.

U.S. notes were secured by a gold reserve (31 U.S.C. 408) until this requirement was repealed by Public Law 90-269, approved Mar. 18, 1968. This reserve, which was

also a reserve for Treasury notes of 1890 until June 30, 1961, amounted to $156,039,431
for all dates in this table through 1967. The act of May 31, 1878 (31 U.S.C. 404) required
that the amount of U.S. notes then outstanding, $346,681,016, be kept in circulation.
The Old Series Currency Adjustment Act provided that this amount should be re-
duced by such amounts of notes as the Secretary of the Treasury might determine to
have been destroyed or irretrievably lost. To date, the Secretary has made such deter-
minations with respect to $24,142,000 of the U.S. notes issued prior to July 1, 1929.

10 Federal Reserve banks secure Federal Reserve notes by depositing like amounts of
collateral with Federal Reserve agents. The Federal Reserve Act, as amended (12 U.S.C.
412), authorizes the use of the following assets for this purpose: (a) gold certificates or gold
certificate credits; (b) certain discounted or purchased commercial paper; (c) securities
issued by the United States; and (d) Special Drawing Rights certificates issued by the
Exchange Stabilization Fund. Federal Reserve notes are obligations of the United States
and are a first lien on all assets of the issuing Federal Reserve bank.

Pursuant to the Old Series Currency Adjustment Act of 1961, funds were deposited
by the Federal Reserve banks on July 28, 1961, with the Treasurer of the United States
for the redemption of all series of Federal Reserve notes issued before the Series of 1928.
The amount shown for 1972 includes $822,585 for such series.

11 Federal Reserve bank notes at issuance were secured by direct obligations of the
United States or commercial paper. Since termination of their issuance on June 12,
1945 (12 U.S.C. 445 note), the notes have been in process of retirement, and lawful
money has been deposited with the Treasurer of the United States for their redemption.
12 National bank notes at issuance were secured by direct obligations of the United
States. From Dec. 23, 1915 (12 U.S.C. 441) these notes have been in process of retire-
ment, and lawful money has been deposited with the Treasurer of the United States
for their redemption.

NOTE.-Figures for years not shown appeared in the following Annual Reports; 1860-
1947 in the 1947 report, page 482; 1948 and 1949 in the 1956 report, page 542; 1951-61 in the
1961 report, page 634; 1962-64 in the 1964 report, page 596; and 1966-67 in the 1967 report,
page 654; and 1968-69 in the 1969 report, page 234 of the Statistical Appendix.

TABLE 60.-Paper currency issued and redeemed during the fiscal year 1972 and outstanding June 30, 1972, by classes and denominations

1 The Secretary of the Treasury is authorized to determine, from time to time, the amounts of certain currencies which, in his judgment, have been destroyed, are irretrievably lost or held in collections and so will never be presented for redemption, and to reduce the outstanding amount thereof accordingly. The totals of such reductions effected through June 30, 1972, were:

Authorized by Old Series Currency Adjustment Act (31 U.S.C. 915c) approved June 30, 1961:

Issued before July 1, 1929:

U.S. notes.

Federal Reserve notes..

Federal Reserve bank notes.

National bank notes...

Gold certificates..

Silver certificates.

Treasury notes of 1890..

Gold certificates, Series of 1928.

Authorized by act approved June 24, 1967 (31 U.S.C. 405a-2):

Silver certificates, issued after June 30, 1929.......

Total..

*Amounts outstanding are also included in the public debt (see table 34, final page).

$24, 142, 000

34, 450, 000 2,063, 000 28, 920,000 16,600,000 29,780,000 1, 131, 000 7,350,000

200, 000, 000

344,436, 000

Trust and Other Funds

TABLE 61.-Airport and airway trust fund, June 30, 1972

[This trust fund established in accordance with the provisions of section 208(a) of the Airport and Airway Revenue Act of 1970 (49 U.S.C. 1742(a))]

II. ASSETS HELD BY THE DEPARTMENT OF THE TREASURY

1 Unexpended balances of certain general fund accounts as of July 1, 1971, transferred to the trust fu pursuant to Airport and Airway Revenue Act of 1970, section 208(c).

TABLE 62.-Civil service retirement and disability fund, June 30, 1972 [This trust fund was established in accordance with the provisions of the act of May 22, 1920, as amended (5. U.S.C. 2267). For further details see Annual Report of the Secretary for 1941, p. 136]

I. RECEIPTS AND EXPENDITURES (EXCLUDING INVESTMENT TRANSACTIONS IN FEDERAL AND NON-FEDERAL SECURITIES)

II. ASSETS HELD BY THE DEPARTMENT OF THE TREASURY