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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

6 WAR BORROWING level, and the efforts of the Treasury in harmony with the Federal Reserve Board have been expended in guiding and shaping this influence. The use of short-term negotiable obligations is no new device in the financial experience of the United States. Temporary loans evidenced by certificates of indebtedness have served from time to time throughout our national history to tide over budget deficits or to anticipate future revenues. Morris, Gallatin, Chase and the nearer figures of our own decades are associated with their emission. Recourse has been had to such measures in the monetary disorder of peace times as in the financial stress of war. Sometimes intended only for bank absorption, sometimes planned for general invest ment, the issues have differed widely in the tech nique of amount, denomination, maturity, interest yield, convertibility and redemption as well as in the more important elements of circulation and privilege. The extraordinary use of certificates of indebted ness in our present war financing may not be safely projected against this background of past experi ence. The financial requirements we face and the dislocations to which our markets are exposed pre sent a group of conditions so unparalleled in degree as to be virtually new in kind. Moreover, the service which the certificate is now designed to render is very different from its older function. Instead of a temporary expedient to put the Treas ury in funds for an interim period until established revenues from funded loans or extraordinary taxes become available or until the credit market recovers

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