THE PAST 
5 
tify the amplest financial provision—is a proper 
time to review our borrowing policy and to study its 
effects, fiscal, economic and social. 
A notable feature of the present war financing of 
the United States has been the large part played by 
Treasury certificates of indebtedness. In outright 
volume the gross amount of such certificates thus 
far [November i, 1918] issued has been greater than 
the principal sum of the first three Liberty Loans 
and will soon exceed that of the first four. Emitted 
in short maturities, the actual amount of certificates 
at any time outstanding — now authorized to a max 
imum of $8,000,000,000 — has, with a single brief 
exception (July 30-August 9, 1917) been consider 
able since our first entry into the war, and since 
August, 1917, has never been less, at the close of 
any month, than $1,250,000,000, rising as high as 
$3)936,339,500 (April 30, 1918), with an amount 
nominally outstanding on September 30, 1918, of 
$4,ioo,ooo,ooo. 3 The Treasury has made use of 
such certificates to anticipate the yield of war loans 
and war taxes for national defense and for Allies’ 
credits, and has prepared for continued reliance 
upon the same expedient. Finally the certificates 
have been deemed capable of exerting important 
influence upon the money market and upon the price 
3 Monthly “ Financial Statement of the United States Gov 
ernment,” formerly issued as “ Statement of the Public Debt ” 
(Division of Bookkeeping and Warrants, Treasury Depart 
ment). No statements were issued for July, August, Septem 
ber and October, 1917, and for these months, as well as for 
September, 1918, the nominal aggregates of the outstanding 
issues have here been used.