﻿THE TREASURY

9i

Cash ....................... $ 878,865,549	27%

Credit ______,.............. 1,509,869,112	47%

Certificates ............... 823,332,600	26%

Total ................ $3,211,967,452	100%

The Loan flotation was reflected in a precipitate
increase of the Treasury balance from $784,535,899
on May 11, to $1,360,380,795 on May 13, to $1,-
831,757,889 on May 20 — the high point — and
back to $1,528,165,052 on May 28. The unpaid in-
stallments of the Loan, due after the heavy over-
payment of May 28, held forth promise of some
$950,000,000 to accrue during July and August.
But on the other hand loan anticipation certificates
of indebtedness of June and July maturities were
still outstanding after May 28 to a nominal amount
of $1,612,085,500. The yield of income and excess
profits taxes payable on June 25 had been in part
anticipated by the six series of tax anticipation cer-
tificates designed for such payments issued in the
preceding seven months to an aggregate amount of
$1,624,403,500. The actual collections from 1918
income and excess profits taxes for the fiscal year
ended June 30, 1918, were $2,839,083,585; so that,
over and above the certificates tendered, the Treas-
ury may be supposed to have received some $1,200,-
000,000 current funds from this source.10

Although provision of additional revenue could
not have been long thereafter delayed, the Treasury
might thus have safely continued through to the end
of the fiscal year without recourse to renewed bor-

10	“ Internal Revenue Collections for the fiscal year 1918:
Preliminary Statement, September 14, 1918.”