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$ 24, 323
17,690 5,686 2,268 57,900
GOVERNMENT LOSSES IN SHIPMENT
SUMMARY JUSTIFICATION OF F. Y. 1973 BUDGET ESTIMATES
processed plus a claim for the settlement of a loss of approximately
$330, 000. Claims in fiscal year 1973 are expected to return to the securities, certain losses incurred by the U.S. Postal Service,
normal level of approximately $300,000. An appropriation of and losses in connection with the redemption of savings bonds.
$300,000 will provide funds for the settlement of claims through
fiscal year 1973.
The follow ing table shows the amounts made available to the
fund, charges against the fund by type of claims, and recoveries
PAYMENT OP OOVERNMENT LOSSES IN SRIPMENT
PAYMENT OF CLAIMS
Losses pertaining to public debt Items
Armed Forces savings starps)
Total Actual ( 36 years)
1 The original act authorized appropriations of $2,500,000 for the first 10 years and such additional suns as may be necessary from time to time for
the purposes of the act. Through fiscal 1971 -- a 34 year period -- appropriations totaling $2,417,000 and transfers from other Government accounts totaling $766,803 (1940 - $91,803 transferred from Securities Trust Pund; 1959 - $50,000, 1961 - $100,000, and 1963 - $525,000 transferred from the
account "Unclalsed partial payments on United States Savings Bonde") have provided the total of $3,183,803 Punde authorized 2 In recent years shippent losses have involved preponderantly physical transfers of currency by the Department of Defense, by banks in behalf of the
Treasury Department, by the Department of the Interior and by the Veterans Adainistration. 3 Since this fund was established, premium rates for comercial insurance of vell over $110 million have been avoided.
The original act - "The Government Losses in Shipment Act" - established a revolving fund known as "the fund for the pay- 50 Stat 479 ment of Government losses in shipment" for the replacement of valuables, or the value thereof, lost, destroyed, or (July 8, 1937) damaged in the course of shipment by the executive departments, independent establishments, agencies, wholly owned
corporations, officers, and employees of the United States. "The Government Losses in Shipment Act, amendments" - authorized charges to the fund for losses arising from Post Office 53 Stat. 1358
Department operations, while acting as an agent for the Treasury Department in the sales of U. S. savings bonds, savings (Aug. 10, 1939)
stamps, etc. irrespective of the manner in which the loss occurred. "Public Debt Act of 1943" authorized charges to the Government Losses in Shipment fund for any losses resulting from 57 Stat, 63
payments made in connection with the redemption of savings bonds by the paying agents of the Treasury, where the loss (April 12, 1943)
involves no fault or negligence on the part of the paying agent.
(Nov. 8, 1945)
PAYMENT OF GOVERNMENT LOSSES IX SUIPMENT
For an additional amount for payment of Government losses in shipment, in accordance with section 2 of the Act aproved July & 1937 (40, U.S.C. 722), ($700,000, to remain available until cspended.
BUREAU OF THE PUBLIC DEBT
ADMINISTERING THE PUBLIC DEBT
Total number of permanent positions..
Full-time equivalent of other positions.
Average paid employment.
Average GS grade.
Average GS salary.
Average salary of ungraded positions.
PROGRAM AND FINANCING (IN THOUSANDS OF DOLLARS)
1971 actual 1972 estimate 1973 estimate
2. Issuance, servicing, and retirement of other Treasury securi-
Unfunded adjustments to total operating costs:
Depreciation included above..
Total operating costs, funded..
· Senator MONTOYA. The subcommittee will now take testimony on
The amount requested is a decrease of $1,030,000 under the amount
Mr. Hintgen, you may proceed with your statement after identi-
gan, the deputy commissioner in charge of our Chicago office. To his
If I may, sir, I would like to submit for the record a more detailed statement that we prepared for the House Appropriations Committee and summarize it for you, if I may.
Senator MONTOYA. You may do so, sir.
1972 APPROPRIATION AND 1973 BUDGET REQUEST
Mr. HINTGEN. Mr. Chairman and members of the committee: I am pleased to have this opportunity to present our 1973 appropriation request. The appropriation Administering the Public Debt provides funds for the Bureau of the Public Debt and the U.S. Savings Bond Division. Representatives of the Division will appear later to justify their own requirements. We are not asking for an increase in funds above the amount appropriated for the current year. For 1973 our appropriation request is $76,460,000, which is $1,030,000 less than the $77,490,000 which Congress appropriated for 1972.
As you know, the President ordered a 5-percent reduction in personnel which reduced the amount we were authorized to obligate by an additional $962,000. Our request for 1973 is $68,000 below the 1972 appropriation less this reduction in personnel funds. We are not asking for an increase in the appropriation despite the continued growth in the responsibilities of the Bureau.
We must be prepared to furnish whatever administrative support is needed to implement decisions arising from the management of a debt that was about $125 million on February 29, 1972, and is expected to be well above that figure at the close of fiscal 1973.
I have here a statement that I presented to the House Appropriations Committee and I would like to insert it in the record.
Senator MONTOYA. It will be made a part of the record.