THE  TREASURY  83
its  needs  by  successive  issues  of  certificates  of  indebtedness ­
  in  anticipation  of  the  proceeds  of  a  prospective ­
  loan.
In  the  succeeding  three  months  there  were  issued
six  series  of  certificates  of  an  aggregate  volume  of
$2,320,493,000,  as  above  described.  The  intervals
were  approximately  three  weeks,  with  shorter
periods  preceding  the  issues  of  September  26  and
October  24.  The  controlling  policy  seems  to  have
been  to  keep  the  Treasury  in  funds  above  the  three
hundred  million  mark.  Graphically,  the  course  of
the  available  balance  represents  a  succession  of  six
peaks,  the  high  points  indicating  the  receipts  from
certificate  borrowing,  the  low  points  constituting
a  “  pegged  ”  minimum  between  $300,000,000  and
$400,000,000.
The  subscriptions  to  the  Second  Liberty  Loan
closed  on  October  27,  1917,  with  a  total  of  $4,617,-532,300
  or  approximately  an  over-subscription  of  54
per  cent,  of  the  amount  offered.  One  half  of  the
oversubscription  was  accepted,  making  the  total
issue  $3,808,766,150,  and  again  presenting  the
question  as  to  whether  non-acceptance  of  any  part
of  the  over-subscription  was  under  existing  fiscal
conditions  justifiable.  The  provision  for  installment ­
  payment  was  18  per  cent,  on  November  15,
1917,  (exclusive  of  2  per  cent,  with  application)  ;  40
per  cent,  on  December  15,  1917,  and  40  per  cent,
on  January  15,  1918.  As  in  the  case  of  the  First
Liberty  Loan  there  was  heavy  overpayment  in  connection ­
  with  the  first  installment  and  in  almost
identical  proportion.  Instead  of  the  $761,753,230
due  at  that  time,  there  was  received  by  the  Treasury