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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The present

Collection:: Economics Books

THE PRESENT 29 The certificates so acquired were paid for by the creation of government deposits in the form of credit accounts, and were held by the Federal Re serve Banks as investments until maturity. 7 In this respect the emission differed from all succeed ing issues. It was neither distributed among the member banks nor made available for the remittance of Liberty Loan subscriptions nor for the payment of public dues, but figured as an extraordinary short-term loan made by the Treasury of its fiscal agents at a favorable rate in anticipation of estab lished revenue. The Secretary of the Treasury could with propriety speak of the completed opera tion as affording “ an additional demonstration of the usefulness of the new Reserve System to the country.” 8 (B) In announcing the over-subscription of the certificate issue of March 31, 1917, the Secre tary of the Treasury intimated that an additional $50,000,000 of “ these temporary certificates of in debtedness ” might be issued before the end of the fiscal year — adding significantly that no state ment could “ be made about possible issues of Gov ernment bonds until further developments in the in- 7 There was some criticism that the low interest yield of the certificates prevented the Federal Revenue Banks from dispos ing of the certificates to investors and thus impaired the liquid quality of the Banks’ resources (Commercial and Financial Chronicle, March 31, 1917, p. 1210) ; but there is no evidence that the Federal Reserve Banks had at this time any such in tention (see also Secretary of the Treasury’s statement of April 2o, 1917, in Federal Reserve Bulletin, May, 1917, pp. 341- 2) • 8 Federal Reserve Bulletin, April, 1917, p, 240.

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