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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The treasury

Collection:: Economics Books

74 WAR BORROWING ously employed thereafter to keep the Treasury in funds for war expenditure, by issue in anticipa tion of the proceeds of funded loans and extraordi nary taxes. In short, the war has been largely financed by resort to short-term borrowings, peri odically liquidated from the proceeds of long-term loans and to a less extent from the proceeds of war taxes. Assuming that certificates of indebtedness are a valid device for effecting the initial borrowing inci dent to war financing, it remains to inquire whether the larger and continuous use to which the certifi cates have been put has been justified by direct fiscal result. In succeeding chapters examination will be made of the collateral results which have attended such use, in relation to the business world and to general well being. With respect to the direct part played by cer tificates of indebtedness in our war financing, the course of Treasury operations from the period just before our entry into the war up to the present time may be distinguished into thirteen periods, as fol lows : Period Date Treasury Operations 1917 1. March sx-April 21 certificate issue in anticipation of 1917 income taxes 2. April 25-June 8 certificate issues in anticipation of First Liberty Loan 3. June 15-June 30 First Liberty Loan 4. June 30-August 9 reliance on net proceeds of First Liberty Loan 5- August 9-October 24 certificate issues in anticipation of Second Liberty Loan

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