it belongs properly to the holders of these particular vouchers. Our other formal deferred obligations, which amount to $23,251,139,569, are almost entirely in terms of gold and fall due at intervals during the next 25 years. At the present time the interest amounts roughly to about $750,000,000 per annum, in gold.
From the principal sum, there may be deducted $11,240,641,640, securities owned, if we are sufficiently optimistic to include as a valid credit the sum of $10,093,275,393, in gold due to us from our allies, who have no gold. Taking the most cheerful possible point of view we have then net obligations as follows:
Public Debt
$23,404,118,594
Due, as above
11,240,641,640
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Net Gold Liabilities
$12,163,476,954
Against this, as stated above, it would appear that the United States Treasury holds $380,188,972, or about 3.2%, but even this 3.2% is already ear-marked to support other obligations.
As for the Federal Reserve Banks, on December 28, 1921, their position was as follows:
Liabilities (Deposits, F. R. notes & F. R. banknotes)
$4,292,569,000
Gold
2,869,600,000
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Difference
$1,422,969,000
If we add the gold liabilities shown above we have the following:
