Deutsche Geschichte: Urzeit und Mittelalter

Urzeit und Mittelalter (Abt. 1)

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Multivolume work

Identifikator:: 1892063557

Document type:: Multivolume work

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Deutsche Geschichte

Place of publication:: Berlin

Publisher:: Gaertner

Year of publication:: 1891-

Collection:: Economics Books

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Volume

Identifikator:: 1892064774

URN:: urn:nbn:de:zbw-retromon-237066

Document type:: Volume

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Urzeit und Mittelalter

Volume count:: Abt. 1

Place of publication:: Freiburg im Breisgau

Publisher:: Heyfelder

Year of publication:: 1904

Scope:: XVI, 420 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Multivolume work

Structure type:: Chapter

Title:: Zehntes Buch

Collection:: Economics Books

196 WAR BORROWING by loans. For the fiscal year ending June 30, 1919, the Secretary of the Treasury had asked that pro vision be made for an expenditure of $24,000,000,- 000, of which $16,000,000,000 should be secured by loans. The deficiency appropriation bill of October 1918 added some $6,300,000,000 to the amounts be fore estimated as necessary to the conduct of the government during 1918-19. With a little less than $7,000,000,000 available in nominal aggregate from the Fourth Liberty Loan, and with $9,000,- 000,000 as the assumed yield of the new war revenue bill, there would have remained to be provided be fore July 1, 1919 — had the original program of expenditure been carried out — approximately $15,- 000,000,000. 1 In so far as the earlier termination of the war has permitted scaling down of budgetary estimates it is likely that substantial reduction will be made in taxation as well as in borrowing. Definite an nouncement has already been made of a Fifth Lib erty Loan exceeding in nominal amount any one of the first three Loans, and it is not unlikely that the future may require even further commitments of this kind. How are these huge sums to be provided? Shall the Treasury continue as its chief reliance the same borrowing procedure used in the first phase of the war — short-term loans from the banks by the is sue of certificates of indebtedness fundable into or liquidated out of the proceeds of long-term bond issues absorbed by popular subscription? Or shall some alternative device be employed which will en- 1 Federal Reserve Bulletin, November, 1918, p. 1045.

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