pation  issue  was  “  to  relieve  any  possible  congestion
or  disturbance  of  the  money  market  such  as  might
be  caused  by  the  payment  of  taxes  due  between
June  15  and  June  25,  estimated  to  amount  to  over
$2,000,000,000.” 19  But  such  precautionary  measure ­
  of  relief  was  not  imperative  seven  months  in
advance  of  the  assumed  occasion,  the  less  in  that
important  loan  operations  involving  heavy  requisition ­
  upon  the  nation’s  credit  supply  were  inevitable
in  the  interval.  It  is  more  likely  that  at  the  time
definite  provision  was  made  for  the  plan,  neither
the  volume  nor  the  composition  of  the  over-payment ­
  of  the  loan  installment  of  November  20,  1917,
was  fully  anticipated,  and  that  the  Treasury  desired ­
  to  be  in  comfortable  state  for  meeting  the
$1,385,296,000  certificates  maturing  in  mid-December. ­

On  November  20,  1917,  the  Treasury  gave  notice
that  subscriptions,  at  par  and  accrued  interest,
would  be  received  through  the  Federal  Reserve
Banks  for  “  a  limited  amount  ”  of  four  per  cent.
Treasury  certificates  of  indebtedness,  dated  November ­
  30,  1917,  and  maturing  June  25,  1918,  and
issued  in  denominations  of  $500,  $1000,  $10,000
and  $100,000.  Certificates  of  indebtedness  then
outstanding  might  be  tendered  at  par  with  adjustment ­
  of  accrued  interest  in  payment  of  the  new
issue.  The  new  certificates  were  receivable  at  par
and  accrued  interest  at  or  before  maturity,  in  payment ­
  of  income  and  excess  profits  taxes,  when  payable, ­
  but  were  not  available  in  payment  of  Liberty
bonds  or  on  account  of  bond  subscriptions.  The
19  Federal  Reserve  Bulletin,  December,  1917,  p.  918.