War borrowing

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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 past

Collection:: Economics Books

THE PAST 5 tify the amplest financial provision—is a proper time to review our borrowing policy and to study its effects, fiscal, economic and social. A notable feature of the present war financing of the United States has been the large part played by Treasury certificates of indebtedness. In outright volume the gross amount of such certificates thus far [November i, 1918] issued has been greater than the principal sum of the first three Liberty Loans and will soon exceed that of the first four. Emitted in short maturities, the actual amount of certificates at any time outstanding — now authorized to a max imum of $8,000,000,000 — has, with a single brief exception (July 30-August 9, 1917) been consider able since our first entry into the war, and since August, 1917, has never been less, at the close of any month, than $1,250,000,000, rising as high as $3)936,339,500 (April 30, 1918), with an amount nominally outstanding on September 30, 1918, of $4,ioo,ooo,ooo. 3 The Treasury has made use of such certificates to anticipate the yield of war loans and war taxes for national defense and for Allies’ credits, and has prepared for continued reliance upon the same expedient. Finally the certificates have been deemed capable of exerting important influence upon the money market and upon the price 3 Monthly “ Financial Statement of the United States Gov ernment,” formerly issued as “ Statement of the Public Debt ” (Division of Bookkeeping and Warrants, Treasury Depart ment). No statements were issued for July, August, Septem ber and October, 1917, and for these months, as well as for September, 1918, the nominal aggregates of the outstanding issues have here been used.

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