The story of artificial silk

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Monograph

Identifikator:: 1765923751

URN:: urn:nbn:de:zbw-retromon-146069

Document type:: Monograph

Author:: Casson, Herbert Newton http://d-nb.info/gnd/118814435

Title:: The story of artificial silk

Place of publication:: London

Publisher:: Efficiency Magazine

Year of publication:: [1928]

Scope:: xiii S., S. 17 - 130

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

3° WAR BORROWING ternational situation.” 8 In the succeeding fort night history moved swiftly. On March 21, 1917, President Wilson had called Congress in special ses sion two weeks earlier than originally proposed “ to receive a communication concerning grave matters of national policy.” On April 6, 1917, a joint reso lution was passed by Congress declaring that a state of war with the Imperial German Government had been forced upon the United States. In these weeks the policy of the Treasury with respect to the huge borrowings which were then im mediately imminent may be supposed to have crystallized. No information is available as to the manner in which the determination was reached, and we are left in doubt in how far the counsels of the Federal Reserve Board, intent upon avoiding monetary strain, prevailed; in how far the fiscal ex periences of the Allies were considered; in how far an independent program, inspired by the sheer course of events, was formulated. Certainly the procedure adopted can fairly be described in the light of our own financial history as a new policy, approximating from the outset the European and notably the English rather than the American sys tem of funding and tending with the progress of borrowing to conform more and more closely to English practice — then still in vogue but destined soon to be abandoned. The characteristic feature of this new policy was the supply of treasury funds by the systematic use of certificates of indebtedness for short term bor- 9 Commercial and Financial Chronicle, March 31, 1918, p. 1209.

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