War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The treasury

Collection:: Economics Books

THE TREASURY 103 dangers to be here apprehended. The first has to do with the psychological disadvantage of being obliged to borrow to pay off an already contracted debt rather than to provide additional available funds. The direct success of certificate financing depends entirely upon the certainty with which at appropriate intervals long-term loans, into which the certificates may be funded or out of the proceeds of which they may be redeemed, will be absorbed by public subscription. Patriotic ardor rather than economic calculation determines the success of such flotations and the knowledge that the operation, in volving as it does a considerable measure of econ omy and self-denial, is necessary to extinguish short-term indebtedness rather than to put the Treasury in funds for further imperative expendi ture, is likely to exert a chilling effect upon the public mind. In actual experience, it is doubtful whether this deterrent has up to the present time figured. There has been in the case of each Liberty Loan a sub stantial, although a declining margin between the volume of anticipatory borrowing and the principal of the funded loan. More remarkable, there has been a singular non-comprehension on the part of the public that the anticipated proceeds of each Loan have in fact been largely expended prior to the flotation, and the loan campaigns have been marked by no general attempt to spread enlightenment on this score. With respect to the future, neither of these two conditions is likely to obtain to the same extent. The volume of anticipatory certificate in debtedness promises to approximate more closely

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