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092740 1 (1970-06-10)

handle is hein.gao/gaobacwqd0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE o WASHINGTON, D C 20548 CIVIL DIVISION WN I Q 197C dEST 00CUMENT vam 9649 1oy. wcrcks burlg our nvew of the Offie of the Treasurer of the Setted States, we voted that the treasuer was holding about $2,$87 tion of unissued esrreacy whiob may never be Issued. This curraecy, eaw stating of about $1,84 million of gold ca itates, aeret of 1934, in deneamattoes ranttag fre $100 to $100,000 nd out $747 atIllon of $5 silver certtteates, **opies about 900 square toot of vault space io the mal Treasry builtegs The Cold Rwserve Act of 1934 required the federal anarve Soard and att 1deral Reserve banks and agents to turn in all gold bullion sad ceat. The act authorted credits to be establtshed In Treasury ements oequitvalent dollar amounts in payment for the bullion and coin. The balances to these aaounts are payable la gold certificates (\ whioh the act authorized the Saoretary of the trenOn Y to isue. The gold corticates, erte of 1934, were first issued on '4V uny 20s, 1935, and through Mareh 13, 1930, $2,813,455,600 had beet issued of whtch 011,100 bad been redeemd Since March 1936, only t $611,100 of the gold certifteates have been tued-one of each deMomiatisa ($100, 1,000, $10,000, and $100,000) totaling $111,100, was issued an ay 8, 1950, to the Peteral Reserve ak of Philadelphia, sad fiv $100,000 eartifleatas ware asued on July 23, 1960, one to the Federal Reserve ank of Atlanta and on to each of Ito tour branches Surtag June 1963, t1o Federal Rosewe Banks at Chicago, Oew Yok, and San Franetsco tueed to $2,814,777,800 of the gold certtheates for Credit in the acoae of the Treasury. The gold certifteates were destroyed by the Office of the Treasurer. these tansatitons left $1,277,600 to gold certittnates outstanding at May 28, 1970. We were iltrmed by a Treasury offtetal that the outstanding gold ceartitt- cates were being ueed by the federal Reservo banks and branches for 4isplay purposes. The eradit to the Treasury aecounts, payable in gold certifthetes, amoted to about 1 billion at Wtay 26, 1970. Vs believe the need Uer anatakiing the $1.8 billion ft eassued gold certiftates, seres of 1934, is qtestoable stAe there ha. been s major issue et the gold certiftates after 1936. Also, sinee JS 1965 6aly $1,277,800 of the gold eartiteates have been outstanding, and gold traasantons presently are bNdied for the most part by book entries.

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