THE  PRESENT  65

Total  Issued

Per  cent.

in  Boston

Paid  by

Paid  by

Issue  of

District

Credit

Credit

:8

(000  omitted)

Jan.

2.  .  .

$16,163

$13,219

.817

Jan.

22.  .  .

20,025

17,587

.878

Feb.

8.

29,134

24,870

•853

Feb.

15'•  •  ■

8,790

7,535

-857

Feb.

27..

35,369

30,059

.849

Mar.

IS--6,735



4,864

722

Mar.

20.  .

53,690

49,264

.917

Apr.

10.  .  ,

39,73i

36,084

.908

Apr.

IS--5,220



3,250

.622

Apr.

22.  .

36,468

27F43

•744

May

IS-  •

24,578

22,238

-90S

June

25,.,

64,590

58,567

.907

July

9..

56,273

5'i,935

.923

July

23-  ■

48,267

45,173

■936

Aug.

6..

49,509

46,104

-931

Sept.

3-  •

57,424

52,887

.921

Sept.

17-  •

S4,7io

51,107

-935

Oct.

I.  .

50,378

45,oi9

.893

The  first  phase  of  our

war  borrowing-—

  the  recurrent

  issue  of  loan  anticipation  certificates  of  indebtedness— ­

  has  thus  resolved  itself  very  largely
into  an  extension  to  the  Treasury  of  deposit  credits
in  the  form  of  government  deposits,  by  and  through
financial  institutions  qualified  as  special  depositaries.
The  second  phase  of  the  borrowing  process  has  been
the  periodic  flotation  of  Liberty  Loans  into  which
the  anticipatory  certificates  have  been  funded  or  out
of  the  proceeds  of  which  the  certificates  have  been
extinguished  on  or  before  maturity.  Hypothetically, ­
  the  simplest  procedure  would  have  been  for
the  outstanding  certificates  to  have  been  tendered
by  the  banks  in  payment  of  the  Loan  subscriptions,
leaving  the  banks  upon  the  completion  of  the  operation ­
  in  possession  of  long-term  bonds  instead  of