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

8 4 WAR BORROWING approximately, $2,787,000,000 — constituting 73 per cent, of the total issue, as compared with 72.9 per cent, in the case of the First Liberty Loan. The composition of the payment was as follows 5 : Cash $ 841,000,000 Credit 1,477,000,000 Certificates 469,000,000 Total $2,787,000,000 The striking fact in the payment was the rela tively small use of certificates and the correspond ingly large use of credit. This was not apparently in consequence of any formal administrative re straint. Subscribers were permitted to make pay ment on November 15, 1917, in certificates of any maturity; whereas, for the later installments of December 15, 1917, and January 15, 1918, only the maturities of the corresponding dates were eligible. The minor role played by certificates becomes even more evident if the composition of the first install ment payments in the case of the two Liberty Loans be compared: First Loan Second (per centum) Certificates 38 17 Cash 30 Credit 5'3 100 100 It thus appears that the relative parts of the two modes of payment underwent inverse change, the percentage of credit payment doubling and that of certificate payment being cut in half. The extent to 5 Federal Reserve Bulletin, December, 1917, p. 919.

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