﻿THE MONEY MARKET

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banks “ in a proportion, yet to be determined, based
upon the amounts of bonds of the Liberty Loan for
which subscriptions are filed by and through them,
and upon the amount of Treasury certificates of in-
debtedness acquired by them and utilized in payment
thereupon on or before June 28.”

The detailed procedure to be followed by sub-
scribing banks and trust companies in making pay-
ment by credit for bonds of the First Liberty Loan
or in receiving deposits of public funds in connec-
tion therewith was set forth by the Treasury on
May 29, 1917.20 Having duly qualified with the
Federal Reserve Bank of its district as a depositary
for a designated amount, the bank was required to
open and maintain for the account of the Treasurer
of the United States a separate account to be known
as the “ Liberty Loan Deposit Account.” On or be-
fore June 28, 1917, each such depositary was re-
quired to transfer to the Liberty Loan Deposit Ac-
count “ the amount then payable by it otherwise than
in certificates of indebtedness on its own subscription
and on the subscriptions of others made through it to
Liberty Bonds,” and to transmit certificates of ad-
vice as to such deposit to the Treasurer of the
United States and the Federal Reserve Bank of the
district. Thereafter the Federal Reserve Bank act-
ing as fiscal agent of the United States credited the
subscriber with the amount as a payment or part
payment of the amount due on June 28, and the
subscriber as depositary was charged with the
amount of such deposit by the Treasurer of the
United States.

20	Treasury Department Circular No. 81.