THE  MONEY  MARKET

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banks  “  in  a  proportion,  yet  to  be  determined,  based
upon  the  amounts  of  bonds  of  the  Liberty  Loan  for
which  subscriptions  are  filed  by  and  through  them,
and  upon  the  amount  of  Treasury  certificates  of  indebtedness ­
  acquired  by  them  and  utilized  in  payment
thereupon  on  or  before  June  28.”
The  detailed  procedure  to  be  followed  by  subscribing ­
  banks  and  trust  companies  in  making  payment ­
  by  credit  for  bonds  of  the  First  Liberty  Loan
or  in  receiving  deposits  of  public  funds  in  connection ­
  therewith  was  set  forth  by  the  Treasury  on
May  29,  1917. 20  Having  duly  qualified  with  the
Federal  Reserve  Bank  of  its  district  as  a  depositary
for  a  designated  amount,  the  bank  was  required  to
open  and  maintain  for  the  account  of  the  Treasurer
of  the  United  States  a  separate  account  to  be  known
as  the  “  Liberty  Loan  Deposit  Account.”  On  or  before ­
  June  28,  1917,  each  such  depositary  was  required ­
  to  transfer  to  the  Liberty  Loan  Deposit  Account ­
  “  the  amount  then  payable  by  it  otherwise  than
in  certificates  of  indebtedness  on  its  own  subscription
and  on  the  subscriptions  of  others  made  through  it  to
Liberty  Bonds,”  and  to  transmit  certificates  of  advice ­
  as  to  such  deposit  to  the  Treasurer  of  the
United  States  and  the  Federal  Reserve  Bank  of  the
district.  Thereafter  the  Federal  Reserve  Bank  acting ­
  as  fiscal  agent  of  the  United  States  credited  the
subscriber  with  the  amount  as  a  payment  or  part
payment  of  the  amount  due  on  June  28,  and  the
subscriber  as  depositary  was  charged  with  the
amount  of  such  deposit  by  the  Treasurer  of  the
United  States.
20  Treasury  Department  Circular  No.  81.