Origin, birthplace, nationality and language of the Canadian people

Bibliographic data

Monograph

Identifikator:: 1794974814

URN:: urn:nbn:de:zbw-retromon-182133

Document type:: Monograph

Title:: Origin, birthplace, nationality and language of the Canadian people

Place of publication:: Ottawa

Publisher:: Acland

Year of publication:: 1929

Scope:: 224 S.; Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV. Distribution of population stocks and nativity groups by provinces

Collection:: Economics Books

198 WAR BORROWING avoid the necessity of such renewal or reissue and to provide for the liquidation of the certificates by the flotation of long-term loans. But this is a sequel to, rather than a condition of certificate borrowing, comparable to a deliberately contemplated funding loan with regard to which demand notes are issued and out of which they are eventually extinguished. Heretofore, the Treasury has floated bond issues enough in volume and frequency to discharge the intervening certificate issues, without appreciable recourse to renewal and without undue reliance upon bank absorption and credit payment. It is likely that the maintenance of this policy has operated to restrain the issue of certificates however easy the process of emission, precisely as the definite contem plation of a refunding operation would check the issue of demand notes. But subject to such restraint, certificate borrowing like fiat money con stitutes an almost effortless mode of supplying the Treasury with resources in the amounts and at the times needed for public expenditure. 2 The objection to demand notes as a fiscal ex pedient lies in the fact that their proper use calls for a degree of wisdom and reserve, if not super human, at least beyond that self-control which any modern state has been able to muster to the service of its exchequer. Were a state to issue inconvertible 2 It is impossible, however, to neglect the significance of the lengthening “ overlap,” that is, the extent to which the ma turities of the certificates of one cycle extend into the issue period of the succeeding cycle. Taken in conjunction with the heavy over-payment of the first installments on account of loan subscriptions, and the small use of certificates as com pared with payment by credit, such procedure verges close upon certificate refunding.

Access restriction

Copyright

fullscreen: Origin, birthplace, nationality and language of the Canadian people

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation