THE PRESENT 
69 
term investments. On the part of the banks a con 
siderable advantage resulted in the margin of profit 
between the interest yield of retained certificates 
and the lower rate paid upon government deposits 
established by credit. On the part of the Treasury, 
there appeared an unreal addition to the net bal 
ance through the non-redemption of such part of 
the anticipatory certificates of indebtedness. Of 
direct fiscal significance, the collateral effects of 
this procedure in relation to the money market and 
the expansion of credit have been perhaps of even 
greater importance.