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 present

Collection:: Economics Books

58 WAR BORROWING “ The man who buys Treasury certificates to the amount of the taxes he will have to pay, and thereby anticipates their payment, will do a wise and helpful thing not only for himself but for his country, and will contribute in a most definite and patriotic way to the triumph of America in her mortal combat with the enemies of liberty and democracy — the Kaiser’s legions of lust and license — and share in the new glory of America’s vindicated ideals of justice and humanity.” The result was gravely disappointing. Between August 20 and November 6 the total amount of such certificates sold was only $157,552,500. Whatever other reasons may have operated, the low interest rate of the series doubtless played a considerable part in checking sales. With the money market “ pegged ” at six per cent, and the four and a half per cent, loan anticipation cer tificates in direct competition there was little war rant for expecting a large absorption of the four per cent, tax series. 36 There have thus been emitted, in conjunction with our war borrowing, thirty-one issues of cer tificates of indebtedness to an aggregate amount of $12,692,559,500. Of these the initial issue was nominally in anticipation of the proceeds of the 1917 income tax; six subsequent issues were in anticipation of the proceeds of the 1918 income and excess profits taxes, and one in similar anticipation of 1919 taxes — the latter two groups however par taking of important characteristics of the loan an- 38 On November 6, 1918, the Treasury discontinued the sale of the four per cent, tax anticipation certificates and offered in lieu thereof a four and a half per cent, series bearing date of November 7, 1918, and maturing March 15, 1919.

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