﻿THE PRESENT

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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.