THE  FUTURE

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anticipated  to  the  extent  necessary  by  the  emission  of
certificates  of  indebtedness.  Th6  aggregate  amount
of  the  Loan,  as  allotted,  should  be  enough  to  discharge ­
  the  anticipatory  certificates  then  outstanding
and  to  supply  the  Treasury  with  funds  sufficient  to
obviate  further  short-term  borrowing  prior  to  the
flotation  of  a  succeeding  Liberty  Loan.  Of  this
principal  amount  there  should  be  payable,  by  the
terms  of  subscription,  a  percentage  forthwith  or
soon  after  allotment,  from  the  proceeds  of  which
all  outstanding  certificates  should  be  liquidated  or
redeemed.  The  remaining  percentage  of  the  subscription ­
  should  be  payable  in  equal  monthly  installments, ­
  with  the  intention  of  maintaining  a
comfortable  Treasury  balance  until  the  flotation  of
the  next  loan.  In  succeeding  loans,  with  no  provision ­
  needed  for  outstanding  certificates,  the  entire ­
  principal  should  be  paid  in  such  monthly  installments. ­
  No  over-payment  or  anticipated  payment ­
  of  installments  should  be  authorized.
Should  special  exigency  require  the  issue  of  anticipatory ­
  certificates  of  indebtedness  between  any
two  loans,  the  next  succeeding  loan  should  be  early
enough  in  flotation  and  large  enough  in  amount  to
extinguish  such  indebtedness  and  to  provide  funds
sufficient  to  carry  the  Treasury  through  the  following ­
  interval.
The  fiscal  advantages  of  this  procedure  would
be  as  marked  as  in  the  case  of  certificate  borrowing. ­
  The  labor  and  expense  of  the  loan  campaign ­
  would  come  at  the  beginning  instead  of  as
at  present  at  the  end  of  the  borrowing  cycle,  and
there  would  be  an  entire  saving  of  the  adminis ­