THE PAST 21 never end.” In economic effect, their service as currency “ expanded prices, and increased the spec ulation and extravagance always incident to war.” 24 There remain the authorization of 1898 and the emission of 1907. Of these the issue of 1907 was again monetary rather than fiscal in character — a consequence less of a depleted treasury than of a rigid bond secured circulation, whereby an acutely strained credit market sought relief in otherwise unnecessary debt creation. Only in the Spanish- American War authorization of 1898 did the Treasury contemplate a short time negotiable obli gation in the manner familiar to fiscal practice and sanctioned by fiscal theory — anticipation of the proceeds of a funded loan designed to meet extra ordinary expenditures. 24 Dewey, “ Financial History of the United States,” p. 317.