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 treasury

Collection:: Economics Books

m 82 WAR BORROWING with $410,432,295 in May, then recovering from an enforced restraint of $277,500,000 in June, to $452,500,000 in July, and to $478,000,000 in August. Our own expenditures, including interest on public debt, were less in outright amount but far more ominous in swift progression — $114,102,- 809 in May, $134,304,040 in June, $208,299,031 in July, $277,438,000 in August. 4 The last of the outstanding certificates had matured on July 30, and the Treasury was for the first time since the out' break of the war entirely free from short-term obligations. But on the other hand the Treasury balance dropped below $309,000,000 early in August and substantial reinforcement became im perative, confirming the unwisdom of the Treas ury’s rejection of the entire over-subscribed part of the First Liberty Loan. II The second cycle of our war financing began on August 9, 1917. With a reduced Treasury balance at the outset, with the receipts from the First Liberty Loan exhausted, with a relatively incon siderable revenue from war taxation, with Allies’ requirements of undiminished magnitude, with our own expenditures for the national defense mounting progressively, with a second funded loan in con templation and with no outstanding short-term obligations — the Treasury in pursuance of the policy now definitely established undertook to meet 4 “ Monthly Summary of Foreign Commerce of the United States,” February, 1918, p. 93.

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