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Published by F. & G. Rives & George A. Bailey, Washington D.C.

 

1936 FDR Presidential Campaign Flyer

 

This flyer was printed by the Democratic National Campaign Committee for the 1936 Presidential Election. The campaign's message is that under FDR's leadership, America has begun to recover from the Great Depression, along the way reducing government spending.

Union Trust Company of Indianapolis

Bond Coupon Ruler

   

This ruler was made on behalf of the Union Trust Company, a Indiana-based trust company formed in the late 1800s.  Trust Companies engaged in many financial services, including banking, trust management, and asset custodial services.  The engraving notes the firm's dealings in both municipal and U.S. Government Treasury Bonds. Rulers such as this were used to separate interest coupons from bonds.

1982 Political Advertisement Postcard

"Presidential Pickats: Hellpers on the Road to Recovery"

   

This postcard, with its intentional comic misspellings, was meant to criticize government spending during the first Regan Administration. Spendthrift wolves are depicted picketing, each with their own special interest agendas.

Published by Coral-Lee

Drawn by Art Strader
Issued by the Morgan Guaranty Trust Company of New York

Treasury Bond Interest Receipts

   

These examples, issued by the Morgan Guaranty Trust Company and the State Street Bank and Trust Company, are securities representing interest payments on U.S. Treasury Bonds.   Separating a bond's principal from its interest payments was popular in the high interest environment of the 1980's.   Different Wall Street firms sold these instruments, with various acronyms such as TIGRS (Treasury Investment Growth Receipts) and CATS (Certificates of Accrual on Treasury Securities).  With the end of Treasury-issued bearer securities, physical separation of bond coupons came to end.  In 1985, the Treasury Department (using the Federal Reserve as its fiscal agent) began a program known as STRIPS: Separated Trading of Registered Interest and Principal of Securities. These securities met a growing investor demand for zero-coupon Treasury investments.

Issued by the State Street Bank and Trust Company of Boston
Issued by The Bank of New York

Treasury Bond Principal Receipts

   

Similar to the interest-derived securities shown above, U.S. Treasuries were securitized by their principal payments as well.  Sold at a discount to their redemption value, Treasury Bond Principal Receipts were based on the principal due from maturing U.S. Treasury Bonds.

Copyright The Joe I. Herbstman Memorial Collection of American Finance 

 

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