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

76 WAR BORROWING graph showing the course of the daily “ net bal ance ” of the Treasury during the period under review. 1 , I The three months that preceded our entry into the war were marked by a steady excess of dis bursements over receipts. Starting with a net bal ance of $113,597,985 on January 2, 1917, the avail able funds of the Treasury declined practically with out arrest. On February 23, 1917, there was for the first time an actual deficiency as compared with the authorized but undrawn amount to the credit of disbursing officers, and a week earlier the “ daily statement ” had begun to note that “ the income tax, constituting a large part of the Government’s revenue, is not collected until June,” and to present the estimated amount payable at that time. The Treasury balance touched its low point on March 15, 1917, at $52,951,594. For the next two weeks some restraint was apparently put upon dis bursements ; but on March 30 the nominal deficiency as against disbursing officers’ credits was nearly $10,000,000, with a further immediate requirement of $25,000,000 in settlement of the Danish West Indies purchase. The provision of additional funds could not be delayed, and on March 31, 1917, the Treasury, in anticipation of the income taxes payable in June, borrowed $50,000,000 from the 1 See frontispiece. I am indebted to Mr. Leopold Olceowski of Washington, D. C., for the transformation of my own rough graph into the finished chart.

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