explicit directions as to the denomination of the certificate or certificates he desires to be issued to him in exchange, his full name to which he desires the transfer made on the books, and indicating the United States depositary by whom he desires the interest paid.

691. Upon the receipt of such bond and directions it becomes the duty of the Loan Division to cancel such bond and to issue a new one of the same loan or series in the name of the assignee, and at the same time to place the name of the latter on the books, the name of the former holder being cancelled. Upon this being done the new bond is transmitted to the owner according to the directions previously given by him.

692. This division also, among its other duties, converts coupon bonds, when desired, into registered bonds of the same issue or series. In order to effect this the owner should send his bond to the Secretary of the Treasury, with directions explicitly as in the case of a desired transfer, as mentioned above. The coupon bond is cancelled in this division, and a registered bond is issued in the name of the party who desires the conversion, and the name is placed in the books in like manner.

III. THE NOTE AND COUPON DIVISION.

693. This division is charged with the assorting, arranging, counting, and registering of interest-bearing Treasury notes, and coupons of interest-bearing bonds which have been paid by the Treasurer and Assistant Treasurers of the United States. In addition to this, all redeemed and exchanged bonds are examined, registered, and filed by this division.

694. The notes which have been redeemed are received in the Treasurer's office, where they are carefully counted, cut in halves, and tied in packages properly marked. The

upper halves are sent to the Loan Division of the Register's office, while the lower halves go to the Loan branch of the office of the Secretary of the Treasury. In the Register's Loan Division the upper halves are carefully counted and arranged according to their letters A, B, C, D, and again counted in their respective letters; then arranged numeri. cally, each note according to its number and denomination; after which they are registered and then delivered to a committee which is generally composed, by appointment of the Secretary of the Treasury, of a member from each of several bureaus,—it may be from the offices of the Secretary, the Register, and the Treasurer, or from two of these offices, with the addition of a gentleman not in the employment of the Government. This committee makes a final examination previous to the entire destruction of the mass intrusted to it.

695. This division receives also cancelled seven-thirty notes, which are arranged according to their series and denominations; then according to their numbers; then counted, and entered upon the records of the office according to their series, numbers, and denominations. After this they are deposited in the files room.

696. This division also receives the paid coupons of United States bonds, which are first assorted with regard to their respective loans, series, and denominations. After this they are carefully counted, in order to verify the schedule which accompanies them; then they are arranged numerically, recounted, and entered upon the record according to their numbers, denominations, series, and loans, and then deposited on file in the files room of the office.

697. The redeemed and exchanged bonds, haying been previously cancelled, are received by this division from the Loan Division of the Register's office, and are arranged, counted, and registered. Their registration is compared

with the records of the Loan branch of the Secretary's and Register's offices, and if found correct the bonds are delivered to a committee, representing the offices of the Secretary, Treasurer, and Register, for destruction. Schedules. containing a complete description of each security are made out in duplicate, one of which is delivered to the committee, and the other retained in the Register's office.

698. The record of this division contains the evidence by which error, mistake, or fraud in the issue, redemption, or exchange of the national securities, or in the payment of their interest, may be readily detected; for it contains a pertinent description of each bond redeemed or exchanged, and of each coupon that has been paid.

IV. THE NOTE AND FRACTIONAL CURRENCY DIVISION.

699. In this division the redeemed fractional currency, United States notes, and the national-bank notes of such banks as have suspended business and settled their accounts with the Treasurer are examined, counted, and destroyed.

700. The process is somewhat similar to that in the Note and Coupon Division, before described, as regards interest-bearing notes. The fractional and other notes are cut in halves in the Treasurer's office, where they have been redeemed or received from the various sub-Treasuries. The upper halves of the United States and nationalbank notes, and the right-hand halves of the fractional currency, are received from the Treasurer's office by this division, the remaining halves being sent to the Loan and Currency Division of the Secretary's office.

701. These upper and right-hand halves are carefully examined, arranged, counted, and put up in packages by this division of the Register's office.

702. The count previously made and scheduled in the Treasurer's office is verified, and a complete record is made.

They, together with the remaining halves which have been arranged, counted, &c., in the Secretary's office, are subsequently destroyed, by maceration, under the supervision of a committee who witness the process and certify to the result.

703. Besides these redeemed notes and currency, this division receives notes and securities prepared for issue which have been mutilated or defaced in the process of manufacture, or that have not been carried into the cash account of the Treasurer, and destroys the same, under similar checks and safeguards as those before described.

V. THE TONNAGE DIVISION.

704. In this division the title is recorded of property in ships and vessels nationalized by the United States. For this purpose all reports of collectors of customs of the registry of vessels in their respective districts, together with copies of the certificates of registry granted, are received and entered; also all reports or returns showing a change of name of vessels or of their masters. It receives also all statistical information from the numerous ports touching the merchant marine of the country; all information regarding the vessels engaged in foreign trade, coasting trade, and fisheries; concerning all steam vessels, sailing vessels, &c.; also as to vessels built, lost at sea, abandoned, or decayed. This and other information is reduced to tabular form upon the records, so that this division is enabled to show the total tonnage of vessels in the carrying trade, distinguishing between the foreign and coastwise trade and fisheries; also the increase or decrease of the tonnage of American vessels.

CHAPTER XVII.

THE TREASURER OF THE UNITED STATES.

705. The office of Treasurer of the United States originated in the act establishing the Treasury Department, passed September 2, 1789.

706. The general duties of this officer are to receive and keep the moneys of the United States, and to disburse the same upon warrants drawn by the Secretary of the Treasury, countersigned by the First Comptroller and recorded by the Register of the Treasury. In the performance of these duties he is required to take receipts for all moneys paid by him, and to give receipts for all moneys received by him, the latter to be indorsed upon warrants signed by the Secretary of the Treasury, without which warrant so signed no acknowledgment for money received into the public treasury can be valid. (R. S., § 305.)

707. He is required to render his accounts to the First Comptroller quarterly, or oftener if required, and to transmit copies thereof when settled to the Secretary of the Treasury; also to submit at any time the moneys in his hands to the Comptroller or the Secretary of the Treasury for inspection. (R. S., § 305.)

708. At the termination of each fiscal year all moneys represented by certificates, drafts, or checks issued by the Treasurer, or any disbursing officer of the Government on the Treasurer, or any Assistant Treasurer or designated depositary, to facilitate the payment of warrants or the liquidation of debts due from the United States, which warrants, &c., shall be represented on the books of either of said