68 WAR BORROWING the Treasury as to the relative amount permitted of such credit payment. Both as to the total subscription payments and, more important, as to the aggregate volume of cer tificates at the time outstanding, certificates of in debtedness have been used to a relatively minor ex tent in the banks’ payments for bond subscriptions. In the flotation of the First Liberty Loan, 64 per cent, of the then outstanding and available certifi cates was employed in the payments made on the first installment date; in the Second Liberty Loan only 20 per cent, was so tendered, in the Third Lib erty Loan 32 per cent, was used, and in the Fourth Liberty Loan some 37 per cent. 45 : Loan Certificates anticipation used in first Certificates installment Per Liberty Loan outstanding payment Centum First $ 868,205,000 $554,500,000 64 Second 2,320,495,000 469,000,000 20 Third 2,612,085,500 823,332,600 32 Fourth 4,659,820,000 1.738,960,950 37 Reasonable allowance made for certificates held by subscribing banks in excess of their subscrip tions, for certificates bought by individuals, cor porations and non-subscribing banks for investment purposes, and for certificates used in later install ment payments — it still appears true that in effect ing settlement for Liberty Loan subscriptions the banks of the country elected and were permitted to make large use of payment by credit and to retain a substantial amount of their certificates as short- 46 To December 19, 1918.