﻿THE FUTURE

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anticipated to the extent necessary by the emission of
certificates of indebtedness. Th6 aggregate amount
of the Loan, as allotted, should be enough to dis-
charge the anticipatory certificates then outstanding
and to supply the Treasury with funds sufficient to
obviate further short-term borrowing prior to the
flotation of a succeeding Liberty Loan. Of this
principal amount there should be payable, by the
terms of subscription, a percentage forthwith or
soon after allotment, from the proceeds of which
all outstanding certificates should be liquidated or
redeemed. The remaining percentage of the sub-
scription should be payable in equal monthly in-
stallments, with the intention of maintaining a
comfortable Treasury balance until the flotation of
the next loan. In succeeding loans, with no pro-
vision needed for outstanding certificates, the en-
tire principal should be paid in such monthly in-
stallments. No over-payment or anticipated pay-
ment of installments should be authorized.
Should special exigency require the issue of an-
ticipatory certificates of indebtedness between any
two loans, the next succeeding loan should be early
enough in flotation and large enough in amount to
extinguish such indebtedness and to provide funds
sufficient to carry the Treasury through the follow-
ing interval.

The fiscal advantages of this procedure would
be as marked as in the case of certificate bor-
rowing. The labor and expense of the loan cam-
paign would come at the beginning instead of as
at present at the end of the borrowing cycle, and
there would be an entire saving of the adminis-