THE  TREASURY

87

retary  of  the  Treasury  called  the  issue  of  September
17,  1917,  ($300,000,000)  for  redemption  on  December ­
  6,  1917,  and  the  issue  of  September  26,
1917,  ($400,000,000)  for  redemption  on  December
ix,  1917  —  both  issues  otherwise  maturing  on  December ­
  15,  1917.  The  last  remaining  issue  in  anticipation ­
  of  the  Second  Liberty  Loan,  that  of
October  24,  1917,  to  the  amount  of  $685,296,000,
was  not  redeemed  until  maturity  on  December  15,
1917,  the  transaction  then  being  aided  by  the  receipt
of  $597,614,026  as  the  second  installment  on  account ­
  of  the  Loan.
In  the  surfeit  of  its  feast,  the  Treasury  yet  faced
the  menace  of  a  famine.  Seemingly  ample  as  were
its  available  funds  after  the  payment  of  the  installment ­
  of  November  20,  1917,  the  Treasury  balance
was  approximately  only  some  $300,000,000  in  excess
of  the  certificates  of  indebtedness  maturing  within
the  succeeding  three  weeks.  The  unpaid  installments ­
  of  the  Second  Liberty  Loan  were  nominally
$1,022,000,000;  but  probably  one-half  of  this  could
not  be  counted  upon  as  available  before  the  third
installment  date  on  January  15,  1918.  As  against
these  unpaid  installments  further  issues  of  certificates ­
  could  not  readily  be  used;  another  Liberty
Loan  was  not  in  such  immediate  contemplation  as
to  justify  anticipatory  borrowings  at  this  time,  and
the  revenue  flowing  from  taxation  and  war  savings
certificates  was  obviously  inadequate.
On  November  20,  1917,  the  Treasury  invited
subscriptions  to  the  first  series  of  certificates  issued
in  anticipation  of  the  war  income  and  excess  profits
taxes,  payable  in  June,  1918,  and  $691,872,000  were