﻿Bel

80 "(fitf" 21, 5.

INDEX

Adams, H. C, 98 n.

Balance, Treasury, course of,
76; theory of, 99; policy of
mounting, too, 201.

Banks, Federal Reserve, cer-
tificates held by, 27; credit
facilities of, 144; discount
operations of, 149.

Banks, member, certificates
held by, 61; operations in
leading cities, 187.

Banks, savings, certificates
held by, 59 n.

Bayley, R. A., 9 m

Bullock, C. J., 9 m

Certainty, as a requisite of
war borrowing, 95.

Certificates of indebtedness,
advantages of, 107, 197; al-
ternatives to, 204; banks
holdings of, 61; dangers of,
104; disadvantages of, 198;
earlier use of, 8; economy
of, 200; fiat credit and, 197;
investors’ holdings of, 61;
issue of, 27, 180; issue pe-
riods of, 185; meaning of
term, 7; New York banks’
subscriptions to, 62; origin
of, 30; psychological disad-
vantage of, 103; ratio to
loans, 59; redemption peri-
ods, 187; use in loan sub-
scription payments, 68.

Chase, Secretary, 16, 17.

Clark, W. C, 168.

Constitution, Federal, bor-
rowing power under, 9.

Control, price, development
of, 170; extent of, 172.

Credit, expansion of, 176; in-
flation of, 179, 191; pay-
ment by, 37, 64, 139; war
borrowing and, 177.

Credit loans, 160.

Crisis, of 1837, 11; of 1857,
14; of 1907, 18.

Cunliffe Report, 192 m

Currency, increase in volume
of, 176.

iCurtiss, F. H., 62 m, 143.

Depositary banks, earlier use
of, 126; increase in number
of, 129, 137.

Deposits, government, course
of, 182; creation of, 141;
dispersion of, 179, ,191.

Dewey, D. R., 9, 20-21.

Discount operations, of Fed-
eral Reserve Banks, 14S.
149- .

Dispersion of government de-
posits, 179, 191.

i

Economy, as a requisite of
war borrowing, 96.

England, influence of, 30.

Exposure, period of, 169.

Federal Reserve Banks, ab-
sorption of certificates by,
29; discount operations of,
145-