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

66 WAR BORROWING short-term certificates. This method was prudently rejected by the Treasury as tending to defeat the de sired ends of keeping the banking resources of the country in so far as possible liquid, and of securing the widest popular absorption of the bonds. 43 The actual procedure has been for each loan flotation to take the form of an intensive popular campaign in which bonds were subscribed by in dividuals through banks and by banks on their own behalf, such subscriptions being forwarded to the Treasury through the Federal Reserve Banks acting as the fiscal agents of the Treasury. In due course, allotments have been made by the Treasury through the Federal Reserve Banks to the subscribing banks for the amounts taken in their own behalf and for their clients. Individual subscribers have made payment for bonds through their banks by drawing upon existing deposit accounts, by creating new loans and deposit credits and drawing directly or indirectly thereon, and by tendering cash items — withdrawn (unless taken from hoards) from cir culation or from savings or from other banks but coming ultimately from the liquid resources of the banks, that is, from cash in vault in the first in stances and from Federal Reserve notes obtained by rediscount thereafter. In turn, subscribing banks have made payment, over-payment or pay ment in full through the Federal Reserve Banks for bonds allotted to them for themselves and for their customers, in three forms — by tender of certifi cates, by credit, by cash items. These modes of payment have figured in the heavily over-paid first 43 Federal Reserve Bulletin, April, 1918, p. 251.

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