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 price level

Collection:: Economics Books

178 WAR BORROWING not have increased; but a part of the deposits here tofore to the credit of individuals will now stand to the credit of the Government. Only in the event of customers making payment in cash or of reserves being in the first instance in excess of lawful re quirement is the reduction of commercial deposits in consequence of certificate payments by customers likely to be repaired by further discounts, and the volume of deposits to be increased. Nor is there likely to be any inflation incident to the liberation in the course of public expenditure of government de posits of this kind. The credits so dispersed will run their course through ordinary banking channels, eventually into loan reductions, deposit increases, currency withdrawals — but only to a compensatory or alternative degree. Upon the maturity of the cer tificates the Treasury, presumably put in funds by the receipt of tax revenues or the proceeds of funded loans drawn from deposits or from circulation, will discharge its debt to the banks and to investors, thereby restoring deposits and circulation to the prior state. The assumption that the banks pay for certificates entirely in cash and current exchange is however un real to a very great extent. Credit will have been used, wholly or in part, and the results that may be expected are notably different. The subscribing banks will in such case make payment for certificates in the form of a book credit or government deposit. The actual technique will include qualification by the subscribing bank as a government depositary by the hypothecation of approved collateral, and the trans action will be effected throughout by the Federal Re

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