﻿THE PRESENT

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for redemption and not so used the certificates might
be tendered on July 18, 1918, when due, in payment
on the subscription price of bonds, in accordance
with the terms of the offering.

The certificate borrowings in anticipation of the
Third Liberty Loan were made under authority con-
ferred by the First and Second Liberty Loan acts.
On April 4, 1918, the Third Liberty Loan bill was
approved. The maximum amount of certificates
that might at any time be outstanding was therein
increased from $4,000,000,000 to $8,000,000,000,
and provision was made that certificates of indebted-
ness might be issued payable, principal and interest,
in foreign money, and that depositaries in foreign
countries might be designated for the receipt of
all or any part of the proceeds.

In the accompanying administrative announce-
ment of the Treasury the installment dates for pay-
ment upon bond subscriptions were fixed on May
4~9 (5 per cent), May 28 (20 per cent.), July
(35 Per cent.) and August 15 (40 per cent).
Payment in full might be made or completed at any
installment date, and payment of any installment
or payment in full might be made in certificates of
indebtedness except those of the issues maturing
April 22, and June 25.30 As to the use of cer-
tificates in payment, an important change in ac-
customed procedure appeared in the provision that
‘ Qualified depositary banks and trust companies
may make payment by credit upon the subscriptions
of themselves and their customers but only to the

. fl0The certificates maturing June 25 were of the six series
issued in anticipation of 1918 income and excess profits taxes.