28 WAR BORROWING passed the revenue act of March 3, 1917, em powered the Secretary of the Treasury to borrow from time to time “ such sum or sums as, in his judgment, may be necessary to meet public ex penditures, and to issue therefor certificates of in debtedness in such form and in such denominations as he may prescribe.” The rate of interest to be paid might not exceed three per cent.; the period of maturity, one year; and the sum at any time out standing, $300,000,000. The provision limiting the denomination of the certificates to a minimum of $50 present in the older acts of 1898 and 1909 — a curious reminder of the lapse of the certificate of indebtedness into a circulating bill of credit in times past — was omitted; but there seems no reason to suppose that this omission, fraught with hypotheti cal possibilities, had in view any other purpose than the wider discretion of the Secretary of the Treasury. Under this authority, “ in anticipation of the cor poration and individual income taxes due in June, 1917,” the Treasury on March 27, 1917, borrowed $50,000,000 from the twelve Federal Reserve Banks by an issue of two per cent., ninety days certificates of indebtedness. The operation was carried out by direct purchase on the part of the Banks as fiscal agents of the Government summoned to invest in short-term obligations issued in anticipation of revenue. The total amount subscribed was $66,- 650,000, of which $50,000,000 was actually allot ted. 6 0 See Commercial and Financial Chronicle, March 31, 1917, p. 1209, for text of offering.