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

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

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Document type:: Monograph

Structure type:: Chapter

Title:: The future

Collection:: Economics Books

200 WAR BORROWING procedure used by the Governor of Guernsey in building the market hall of his town by an issue of town notes, subsequently redeemed from out of market rentals may not be capable of general adop tion. 3 But this is because of the defects of human nature rather than the unsoundness of the device. The fiscal possibilities of certificate borrowing un der existing banking conditions offer an exact par allel. As a painless mode of supplying and replen ishing the Treasury with available funds, the certifi cate of indebtedness may encourage laxity or ex travagance in public expenditure; but it need not nec essarily do so. Kept within the bounds imposed by periodic redemption from out the proceeds of sav- ings-paid long-term loans, the funds provided by certificate borrowing are likely to be expended with neither greater nor less liberality than other bor rowed sums. The recent experience of the United States has been much of this kind. Certificate borrowings have kept the Treasury in funds without the legislative de lay, the administrative burden, and the popular agi tation inevitably incident to taxation and funding. There is no evidence to conclude that the presence of ample resources, readily procured, has encouraged public extravagance or laxity. Indeed, our effec tiveness both in direct preparation for the national defense and in credit advances to the Allies has prob ably been greater by reason of the readiness and adequacy of our war chest. Had the war been long prolonged it is possible that with progressive increase 3 Jevons, “Money and the Mechanism of Exchange” (New York edition, 1876), p. 204; lately cited by Withers, “Our Money and the State” (London, 1917), p. 57.

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