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

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Document type:: Monograph

Structure type:: Chapter

Title:: The present

Collection:: Economics Books

32 WAR BORROWING i° Federal Reserve Bulletin, May, 1917, p. 342. “ As soon as the war loan bill becomes a law he intends to sell such amounts of Treasury certificates of indebted ness as may be necessary to meet the requirements of the Treasury and the war situation pending the sale of Government bonds ”— [for which] “ about 60 days ” [would probably be required]. 10 The First Liberty Loan act of April 24, 1917, authorized the issue of certificates of indebtedness so foreshadowed upon a scale commensurate with the titanic financing then inaugurated. The Secre tary of the Treasury was empowered “ to borrow from time to time, on the credit of the United States, for the purpose of this act and to meet public expenditures authorized by law such sum or sums as, in his judgment may be necessary ” by the issue of certificates of indebtedness bearing not more than three and a half per cent, interest nor of more than one year maturity — up to an amount of $2,- 000.000,000 at any one time outstanding. Such certificates were not to bear the circulation privilege but were exempt from all taxation other than estate or inheritance taxes. The provisions of the act as to the custody of the funds so borrowed were all- important; (a) the Secretary of the Treasury was authorized to deposit in banks and trust companies duly qualified as government depositaries the pro ceeds arising from the sale of certificates and bonds to amounts not exceeding, in the case of each de positary, the sum invested by it or withdrawn from it for investment in certificates and bonds; and (b) the reserve requirements as to demand deposits imposed by the Federal Reserve Act were waived as

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