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 present

Collection:: Economics Books

THE PRESENT 3i rowings, primarily from the member banks of the Federal Reserve System but to the extent possible from investors — such floating indebtedness being liquidated by the issue at intervals of long-term funded loans. The certificate of indebtedness be came thus, not like the contemplated issue of the Spanish-American War, an initial expedient to put the Treasury in funds until the proceeds of newly authorized loans and taxes became available, but an habitual borrowing device analogous to but not identical with the treasury bill of English finance. Giving way periodically to a funding or liquidating loan, the certificate of indebtedness was resorted to promptly thereafter in renewal of the borrowing cycle. There was no formal statement as to the larger purpose which the certificate of indebtedness was designed to serve. The report of the Ways and Means Committee accompanying the introduction of the Liberty Loan bill in the House of Repre sentatives merely set forth that: “ In view of the fact that a very large portion of the taxes now levied and proposed to be levied at a future date will be payable yearly, and therefore will not be capable of yielding a continual flow of revenue into the Treasury, your committee deem it advisable to recom mend the authorization of the issuance of $2,000,000,000 worth of certificates of indebtedness, payable within one year, to the end that the Treasury may at all times have ample means of securing funds to meet the immediate needs of the Government.” This intention was repeated in the announcement of the Secretary of the Treasury on April 20, 1917, that:

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