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

192 WAR BORROWING the form of government deposits, unrelieved by a corresponding reduction of commercial deposits. This expansion has not been self-correcting. With the cessation of certificate issues and the com pletion of the loan flotation — involving payment and redemption of outstanding certificates — the banks have tended to become less urgent creditors and more liberal lenders. The volume of com mercial deposits and the amount of money in cir culation have tended to increase to a slight extent from more active commercial discounting by the banks, but to a very marked degree from the accumu lation in individual deposit accounts of government credits liberated in the course of public expenditures. The second stage in the process has thus been the dis persion among commercial deposit accounts of the volume of credit traceable to the certificate issues and a withdrawal of some part of such deposits for additional circulation. These movements — credit expansion in the pri mary stage and credit dispersion in the secondary stage — have been recurrent in the four successive cycles of our war borrowing, and they have been cumulative in result. 21 21 It will be found interesting to compare with the above the similar conclusions reached in England as to the like policies there pursued; see Hartley Withers, “ Our Money and the State” (London, 1917), pp. 60-67; “Second Report from the House of Commons Select Committee on National Expendi ture” (December 13, 1917), sect. 18-19, and Lord Cunliffe’s Report on Currency and the Foreign Exchanges (reprinted in Federal Reserve Bulletin, December, 1918).

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