Page:David Atkins - The Economics of Freedom (1924).pdf/154

 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:

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:

If we add the gold liabilities shown above we have the following: