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UNITED STATES

87

UNITED STATES

W. along the shores of the Great Lakes the Roman Catholics are chiefly French Canadians by birth or extraction. The Methodist and Baptist denominations are strongest in the Southern States; the Presbyterian in the Middle and Southern States and the upper Mississippi valley; the Episcopalian in the Northeastern States; and the Congregational mostly in New England. The educational establishment is treated very fully under titles that will readily suggest themselves to the reader, covering the public or common schools, the secondary, and the advanced and professional institutions.

Banking and Insurance.—The progress and results of banking legislation, from the earliest period to the latest Act of Congress bearing thereon, are set forth under Bank, Banks in the United States, each title showing the latest official statistics available. Under the title of Insurance will be found mention of the kinds in operation, with an approximate view of present conditions.

Revenue and Expenditure.—The following table shows the receipts and disbursements of the Government for the fiscal year 1921:

COMPARATIVE ANALYSIS OF RECEIPTS AND DISBURSEMENTS

RECEIPTS
Ordinary
Customs $150,097,265.73
Internal revenue:
 Income and profits tax 1,628,203,930.54
 Miscellaneous 770,064,311.20
Miscellaneous revenue [1]415,452,127.16
Panama Canal tolls, etc. 3,701,642.85

  Total ordinary $2,967,519,277.48
Excess of ordinary receipts over ordinary disbursements $459,504,944.43
Excess of ordinary disbursements over ordinary receipts . . . . . . . . . . . . . .


Public Debt
Liberty bonds and Victory notes 35,075.00
Certificates of indebtedness 4,613,223,450.00
War-savings securities 12,142,660.18
Postal Savings bonds 72,800.00
Deposits for retirement of National bank notes and Federal Reserve bank notes (acts of July 14, 1890, and Dec. 23, 1913) 7,548,147.50

  Total 4,633,022,132.68


  Grand total receipts 7,600,541,410.16
 
DISBURSEMENTS
Ordinary
Checks and warrants paid (less balances repaid, etc.) 1,950,396,545.30
Interest on public debt paid 478,418,864.44
Panama Canal: Checks paid (less balances repaid, etc.) 6,028,931.76
Purchase of obligations of foreign Governments 57,201,633.53
Purchase of Federal farm loan bonds:
 Principal 15,850,000.00
 Accrued interest 118,358.08

  Total ordinary 2,508,014.333.05


Public Debt
Bonds, interest-bearing notes, and certificates retired 4,937,738,624.14
National bank notes and Federal Reserve bank notes retired (acts of July 14, 1890, and Dec. 23, 1913) 7,538,741.00

  Total 4,945,277,365.14


  Grand total disbursements $7,453,291,698.19

Debt.—The following is the official statement of the public debt Dec. 31, 1920:

Total gross debt, Nov. 30, 1920 $24,175,156,244.14
Public-debt receipts, Dec. 1 to 31, 1920  $1,412,328,847.46
Public-debt disbursements, Dec. 1 to 31, 1920    1,600,418,856.99

188,090,009.53
[2]Decrease in fractional currency outstanding 4,842,066.45

Decrease for period 192,932,075.98

  Total gross debt, Dec. 31, 1920 $23,982,224,168.16

Note.—Total gross debt before deduction of the balance held by the Treasurer free of current obligations, and without any deduction on account of obligations of foreign Governments or other investments, was as follows:

Bonds:
 Consols of 1930 $599,724,050.00
 Loan of 1925 118,489,900.00
 Panama's of 1916-1936  48,954,180.00
 Panama's of 1918-1938 25,947,400.00
 Panama's of 1961 50,000,000.00
 Conversion Bonds 28,894,500.00
 Postal Savings Bonds 11,612,160.00

$883,622,190.00
 First Liberty Loan  1,952,368,450.00 
 Second Liberty Loan  3,323,137,800.00
 Third Liberty Loan  3,646,868,400.00
 Fourth Liberty Loan  6,363,733,163.00

15,286,107,813.00

  Total bonds $16,169,730,003.00
  1. Includes $30,000,000 received from United States Sugar Equalization Board (Inc.), as dividend on capital stock owned by United States, and $60,724,742.27 received from Federal Reserve banks as franchise tax.
  2. On the basis of estimates by the Government Actuary, the amount of fractional currency outstanding on Dec. 31, 1920, is carried at $2,000,000, a reduction of $4,842,066.45 on account of fractional currency estimated to have been irrevocably lost or destroyed in circulation.