as to its sufficiency. The applicant will be advised of the decision as soon as it is reached. If it be favorable to such applicant, a blank indemnity bond will be forwarded to him for execution; and when this indemnity bond shall have been duly executed, returned to the Department, and approved by the First Comptroller and the Secretary, the relief desired will be granted.

A duplicate in lieu of a lost registered bond will not be issued within six months from the time of the alleged loss.

The interest on an uncalled registered bond will be paid to the payee thereof even though the bond has been lost or destroyed.

Under a decision of the Attorney-General of the United States of January 29th, 1878, the Secretary of the Treasury cannot give relief in cases where coupons previously detached from the bonds have been destroyed. The decision makes a distinction between coupons destroyed when still attached to the bond and those detached and afterwards destroyed. In the former case it would amount to a partial destruction or defacement of the bonds themselves; in the latter, the coupons form no part of the bonds, but are then the basis for independent claims, possessing all the essential attributes of commercial paper. That is, a claimant for relief for a coupon destroyed while still attached to bond can get it from the Secretary of the Treasury, under the provisions of Section 3702; but if destroyed after detachment, the claimant must present his claim in the usual manner, and await action of Congress.

Called Bonds.

All United States called bonds forwarded for redemption should be addressed to the Secretary of the Treasury, Division of Loans and Currency. When registered bonds are so forwarded they should be assigned to "the Secretary of the Treasury for redemption." Assignments must be dated and properly acknowledged, as prescribed in the note printed on the back of each bond.

Where checks in payment of registered bonds are desired in favor of any one but the payee, the bonds should be assigned to the "Secretary of the Treasury for redemption for account

of❞—(here insert the name of the person or persons to whose order the check should be made payable.)

Regulations in regard to Coupons Detached from Called Bonds.

When coupons detached from bonds that have been called in for redemption are presented for payment, the Department will pay such portion of the interest specified in such coupons as had accrued at the day fixed in the call for the redemption of the bonds, and no more, unless the party presenting them claims payment of their nominal value, in which case the Department will retain the coupons until the bonds from which they were detached shall have been presented and the conflicting claims adjusted.

When a called bond is presented for redemption from which a coupon, maturing after the day fixed in the call for such redemption, shall have been detached, the nominal value of such coupon shall be deducted from the sum due upon the bond, unless the coupon shall have been paid as above; the sum thus deducted to be retained to await the presentation of the coupon and a settlement.

All correspondence in relation to bonds that have been called in for redemption, or coupons belonging thereto, should be addressed to the "Loan Division," Secretary's Office. (Department Circular No. 48, dated May 9th, 1872.)

Exemption of United States Bonds from Taxation. Section 3701 of the Revised Statutes provides as follows: "All stocks, bonds, Treasury notes, and other obligations of the United States shall be exempt from taxation by or under State or municipal or local authority." This section makes the exemption from taxation binding only upon "State or municipal or local authority;" but, according to the express terms of the Act of Congress of July 14th, 1870, the bonds and the interest thereon of the funded loans which are thereby authorized-namely, the loan of 1881, the loan of 1891, and the four-per-cent. consols of 1907—“shall be exempt from the payment of all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority; and the said bonds shall have set forth and expressed upon their face the above-specified conditions.' (See also pages 53 and 54 of this work.)

NATIONAL BANKS AS U. S. DEPOSITARIES.

Division of Public Moneys, Office of Secretary of the Treasury. The Secretary of the Treasury is authorized under Section 5153, page 23, to designate National banks as depositaries of Government funds. Application should be made to him in writing for such designation. The Secretary is governed in this matter by the necessities of the public service.

Banks so designated are required to deposit U. S. bonds with the Treasurer of U. S. as security, in such amounts as the Secretary may deem proper, but in no case is the amount required less than $50,000.

Under the provisions of Section 3620 money advanced to disbursing officers of the U. S. may be deposited in a National bank other than a U. S. depositary, when in the opinion of the Secretary it is essential to the public interests. The designation is made by the Secretary.

Disposition of Certificates of Deposit.

1. The originals of certificates of deposit for all public moneys, except as stated in paragraph 2, should be forwarded to the Secretary of the Treasury by the depositors immediately upon their issue, and it should be seen that the amounts are correct.

2. Exceptions: Originals of certificates issued to disbursing officers for funds deposited to their official credit, and subject to the payment of their checks, should be retained by them.

Those issued for the transfer of funds from one Government depository to another, and on account of the five per cent. National bank redemption fund, should be forwarded to the Treasurer of the United States.

Those issued for the deposit of moneys pertaining to the Post Office Department should be forwarded to the Third Assistant Postmaster General.

3. Those in favor of customs officers where naval officers are located, should be issued in triplicate, the duplicates transmitted to the naval officer, and the triplicates retained by the depositors. Those in favor of customs officers at other ports

should be issued in duplicate, and the duplicates retained by the depositors.

4. Those in favor of collectors of internal revenue, or of other persons, on account of internal revenue collections, internal revenue stamps, or repayments of disbursing funds, should be issued in triplicate, the duplicates transmitted to the Commissioner of Internal Revenue, and the triplicates retained by the depositors.

5. Those in favor of the Secretary of the Treasury, in cases of moneys accruing to the United States from violations of the internal revenue and direct tax laws, should be issued in triplicate, the duplicates forwarded to the Commissioner of Internal Revenue, and the triplicates retained by the depositors.

In all other cases, both originals and duplicates should be forwarded to the Secretary of the Treasury, and the triplicates retained by the depositors.

6. Those issued on account of patent fees should be in triplicate, the duplicates transmitted to the Commissioner of Patents, and the triplicates retained by the depositors.

7. Those issued on account of surveys of public lands should be in triplicate, the duplicates forwarded to the General Land Office direct, or through the local land office or Surveyor General's Office, and the triplicates retained by the depositors.

8. Those in favor of receivers of public moneys on account of sales of public lands, &c., should be issued in duplicate; the duplicates to be retained by the depositors.

9. Those issued to military or naval officers, either on account of repayments, sales of public property, or otherwise, should be in duplicate, and the duplicates retained by the depositors.

10. Those issued on account of semi-annual duty should be in triplicate; the duplicates transmitted to the Treasurer of the United States, and the triplicates retained by the depositors.

II. Those issued to judicial officers, district attorneys, marshals, clerks of courts, &c., should be in duplicate, and the duplicates retained by the depositors.

12. Those issued on account of coupons missing from bonds forwarded for redemption, or otherwise, should be in tripli

cate; the originals and duplicates forwarded to the Secretary of the Treasury, and the triplicates retained by the depositors.

13. Those issued on account of subscriptions to any loan, repayments of interest on the public debt, civil repayments, except as hereinbefore otherwise provided for, consular fees, miscellaneous and other receipts, should be in duplicate, and the duplicates retained by the depositors.

14. Certificates of deposit are not required to be filed with accounts rendered by Government officers to the accounting officers of the Treasury Department, and so filing them does not secure to such officers proper credits in their accounts, which are only given upon warrants issued by the Secretary of the Treasury, based upon the original certificates of deposit.

In taking credit in their accounts current, however, for deposits made, officers should state specifically the date of the deposit, and the designation and location of the depository, as well as the source, &c.

Original certificates of deposit in favor of military, naval, and other officers, which are required to be recorded in the bureaus of other executive departments, will be duly forwarded to the head of the department to which the deposits respectively pertain for designation of the proper appropriation, &c.

Regulations for the Deposit of Public Moneys.

COLLECTIONS.

Collectors and surveyors of customs, collectors of internal revenue, and receivers of public moneys where there is an Assistant Treasurer or designated depositary, must deposit their receipts at the close of each day. Officers at such a distance from a depository that daily deposits are impracticable, must forward their receipts as often as they amount to $1000, and at the end of each month, without regard to the amount accumulated.

Collections must be deposited to the credit of the Treasurer of the United States, except moneys received by collectors of internal revenue from sales under Section 3460, Revised Statutes of the United States, or from offers of compromise, when