﻿THE TREASURY	83

its needs by successive issues of certificates of in-
debtedness in anticipation of the proceeds of a pros-
pective loan.

In the succeeding three months there were issued
six series of certificates of an aggregate volume of
$2,320,493,000, as above described. The intervals
were approximately three weeks, with shorter
periods preceding the issues of September 26 and
October 24. The controlling policy seems to have
been to keep the Treasury in funds above the three
hundred million mark. Graphically, the course of
the available balance represents a succession of six
peaks, the high points indicating the receipts from
certificate borrowing, the low points constituting
a “ pegged ” minimum between $300,000,000 and
$400,000,000.

The subscriptions to the Second Liberty Loan
closed on October 27, 1917, with a total of $4,617,-
532,300 or approximately an over-subscription of 54
per cent, of the amount offered. One half of the
oversubscription was accepted, making the total
issue $3,808,766,150, and again presenting the
question as to whether non-acceptance of any part
of the over-subscription was under existing fiscal
conditions justifiable. The provision for install-
ment payment was 18 per cent, on November 15,
1917, (exclusive of 2 per cent, with application) ; 40
per cent, on December 15, 1917, and 40 per cent,
on January 15, 1918. As in the case of the First
Liberty Loan there was heavy overpayment in con-
nection with the first installment and in almost
identical proportion. Instead of the $761,753,230
due at that time, there was received by the Treasury