Paid to U.S. Treasury (sec. 13b). Paid U.S. Treasury (interest on F.R. notes). Net earnings after reserves and payments to U.S. Treasury. Dividends paid.. Paid U.S. Treasury (interest on Federal Reserve notes). Surplus (see. 7) Jan. 1.. Surplus (sec. 7) Dec. 31.. Minneapolis-Rentable or usable space Accounting- Bank examination_ Check collection__. Currency and coin... Discount and credit.. Emergency operations (includes fallout shelter). Fiscal agency (includes Commodity Credit Corporation, Furniture and equipment... General overhead (includes officers' space except fiscal Noncash collections. Planning (includes data processing area). Provision of space-- Personnel (includes cafeteria, 5,190 square feet). Purchase and sale of securities_ 1, 467 9 400 Research, public information and bank relations.. 2 Safekeeping of securities... Securities exchange.. Mr. DEMING. Mr. Chairman, if I may, I would like to read about one page of this and then summarize the rest of this long statement. I am quite happy to be before the subcommittee this morning. The CHAIRMAN. All right. Mr. DEMING. I want to address myself first to certain major aspects of the institutional character of the Federal Reserve System. When the System was created 50 years ago it was new kind of central banking institution, particularly adapted to the American political and economic scene and reflecting the American genius to meet a need in a pragmatic way without being overly concerned about what I might call organization chart logic. The Federal Reserve System was designed to be a Federal system-a unique blend of centralized and regional functions and responsibilities. It was designed to carry |