THE  PRESENT  33

to  deposits  of  government  funds  in  qualified  depositaries. ­
 11
The  provisions  of  the  enabling  act  were  supplemented ­
  by  administrative  action.  The  Federal  Reserve ­
  Banks  “  as  holders  of  the  liquid  cash  resources
of  the  nation  ”  were  not  to  absorb  such  certificates  as
direct  investments,  as  in  the  case  of  the  preceding
issue,  but  to  act  as  distributors  in  placing  the  certificates ­
  among  the  member  banks  and  trust  companies ­
  in  their  respective  districts.  To  the  end  of
“  relieving  the  money  market  from  the  strain  of
heavy  loan  subscription  payments,”  member  banks
and  financial  institutions  generally  were  authorized
and  urged  to  employ  certificates  in  payment  of
Liberty  Loan  subscriptions  made  by  them  directly
or  in  remitting  the  funds  for  subscriptions  made
through  them  as  agents.  Finally,  the  Secretary  of
the  Treasury  announced  that  “  in  the  financial  operations ­
  in  which  the  Government  is  about  to  engage  it
will  be  his  purpose  to  adjust  receipts  and  disbursements ­
  in  such  a  way  that  as  far  as  possible  money
paid  in  will  be  promptly  returned  to  the  market.” 12
Between  April  25  and  June  8  the  Treasury
issued  four  series  of  certificates  of  indebtedness  at
fortnightly  intervals.  The  first  two  series  bore
three  per  cent,  interest;  the  others,  three  and  a
quarter.  The  nominal  amount  of  each  series  was
$200,000,000;  but  over-subscription  of  the  first
issue  led  to  actual  allotment  of  $268,205,000,  after
which  the  amount  offered  in  each  issue  was  not  exceeded ­
  in  allotment.  The  maturities  were  sixty
11  See  p.  126,  below.
12  Federal  Reserve  Bulletin,  May,  1917,  p.  342.