﻿THE FUTURE

21 X

financial institutions could be induced to participate
in certificate purchase have been developments far
beyond every estimate based upon past experience.
It is not too much to anticipate a like favorable re-
sult in this particular. Certificate borrowing has
the virtue of familiar use; installment payment,
the handicap of novelty. But the issue is, on the
one hand, between a manner of demand borrow-
ing effected through the direct expansion of bank
credit with mischief making possibilities of in-
flation and rising prices; and, on the other hand, a
mode of direct funding which will supply the
Treasury’s needs from the savings of its citizenry
with the accompaniment of restrained expenditure
and a heritage of new thrift. If there be any risk
in the venture it would surely seem worth the
taking.

THE END