THE  PRESENT

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term  investments.  On  the  part  of  the  banks  a  considerable ­
  advantage  resulted  in  the  margin  of  profit
between  the  interest  yield  of  retained  certificates
and  the  lower  rate  paid  upon  government  deposits
established  by  credit.  On  the  part  of  the  Treasury,
there  appeared  an  unreal  addition  to  the  net  balance ­
  through  the  non-redemption  of  such  part  of
the  anticipatory  certificates  of  indebtedness.  Of
direct  fiscal  significance,  the  collateral  effects  of
this  procedure  in  relation  to  the  money  market  and
the  expansion  of  credit  have  been  perhaps  of  even
greater  importance.