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

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Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

THE PAST 17 legal tender issues. Not only did the historic treasury note develop into new instruments but the actual term, treasury note, came to be associated with one of these newer devices instead of remaim ing identified with the original expedient. There after, when recourse was had to the use of short term interest bearing obligations, the title treasury note was associated in public usage with legal tender demand notes and the term certificate of indebted ness was used in lieu of the old phrase. In February, 1862, Secretary Chase, embarrassed by the pressure of floating indebtedness, then vari ously estimated at from $80,000,000 to $180,000,- 000, sought and obtained authority from Congress to issue to creditors who might desire to receive them certificates of indebtedness bearing six per cent, interest and payable in one year or earlier at the option of the Government. Substantial amounts were issued during the remaining three years of the war in payment of contractors’ audited accounts and disbursing officers’ checks; $50,000,- 000 in 1862; $157,000,000 in 1863; $169,000,000 in 1864, and $131,000,000 in 1865. When re ceived they were used either as collateral for pro curing bank loans or directly as a form of currency. Although circulating at a small discount they passed freely from hand to hand as current funds. The successive issues remained outstanding for the full term of their maturities, being then discharged from out of general revenue. At the end of the fiscal year 1866 only $26,400,000 of such certificates were outstanding and these were paid off in the next twelve months.

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