programs it has helped to design and implement, but which will be run by the Federal Reserve. The workforce at the Bureau will become more technical, trained and familiar with the workings of advanced computer systems. The batteries of clerical workers, whose long history of work starting with the Register's Office in 1790 antedates the Bureau itself, will be gone. Secretary of the Treasury Carter Glass approved a plan on November 11, 1919, designating a Commissioner of the Public Debt to take general charge of public debt transactions conducted by the Division of Loans and Currency, the Office of the Register and a new Division of Sinking Fund and Investment. As the first Commis sioner of the Public Debt, William S. Broughton is credited with being the architect of its initial policies, management concepts, and fundamental structure. Broughton assumed this position at an annual salary of $6,000. Born in Wisconsin in 1872, he was a graduate of the University of Wisconsin (1910). In 1910 Broughton began his career in public debt administration as Chief of the Division of Loans and Currency. As head of the Division of Loans and Currency, Broughton was initially responsible for all public debt accounting and audits, control of securities, accounting practices, design of securities documents, and execution of policy relating to the structure of the public debt. At that time, by order of the Secretary of the Treasury, the work of the office of the Register and the Division of Loans and Currency was redirected. The Register would deal with individual holders. Transfers were given to the Division of Loans and Currency as transfer agent for the Treasury. During World War I, Broughton was a member of the War Loan Board which carried out the major financing activities to support the war effort. He had a role in the early implementation of the Federal Reserve System in 1914. By early 1916, the Federal Reserve Banks became fiscal agents of the Treasury. He also played a role in elimination of the Independent Treasury. From the experience gained through these activities, Broughton began to formulate the ideas and philosophy that he would bring to bear in 1919 as the first Commissioner of the Public Debt. Broughton's administration had responsibility for the first congressionally authorized First Liberty Loan of April 1917. His administration processed $2 billion in short-term certificates. During the course of the war, $21.5 billion worth of Liberty Loans and one Victory Loan debt was processed, with approximately 100 employees between the Register's Office and Treasury's Division of Loans and Currency. Broughton was in office during the Stock Market crash of 1929. He held office during Hoover's public works projects of 1930-33, during which $2 billion in public works projects were funded. He oversaw the first sale of Savings Bonds in March of 1935. He led the establishment of the first Division of Savings Bonds in the Public Debt. Broughton was also instrumental in assisting in the development of public debt procedures to institute the handling of debt instruments under the Social Security Trust Fund. |