Bel

80  "(fitf"  21,  5.

INDEX

Adams,  H.  C,  98  n.
Balance,  Treasury,  course  of,
76;  theory  of,  99;  policy  of
mounting,  too,  201.
Banks,  Federal  Reserve,  certificates ­
  held  by,  27;  credit
facilities  of,  144;  discount
operations  of,  149.
Banks,  member,  certificates
held  by,  61;  operations  in
leading  cities,  187.
Banks,  savings,  certificates
held  by,  59  n.
Bayley,  R.  A.,  9  m
Bullock,  C.  J.,  9  m
Certainty,  as  a  requisite  of
war  borrowing,  95.
Certificates  of  indebtedness,
advantages  of,  107,  197;  alternatives ­
  to,  204;  banks
holdings  of,  61;  dangers  of,
104;  disadvantages  of,  198;
earlier  use  of,  8;  economy
of,  200;  fiat  credit  and,  197;
investors’  holdings  of,  61;
issue  of,  27,  180;  issue  periods ­
  of,  185;  meaning  of
term,  7;  New  York  banks’
subscriptions  to,  62;  origin
of,  30;  psychological  disadvantage ­
  of,  103;  ratio  to
loans,  59;  redemption  periods, ­
  187;  use  in  loan  subscription ­
  payments,  68.
Chase,  Secretary,  16,  17.
Clark,  W.  C,  168.

Constitution,  Federal,  borrowing ­
  power  under,  9.
Control,  price,  development
of,  170;  extent  of,  172.
Credit,  expansion  of,  176;  inflation ­
  of,  179,  191;  payment ­
  by,  37,  64,  139;  war
borrowing  and,  177.
Credit  loans,  160.
Crisis,  of  1837,  11;  of  1857,
14;  of  1907,  18.
Cunliffe  Report,  192  m
Currency,  increase  in  volume
of,  176.
iCurtiss,  F.  H.,  62  m,  143.
Depositary  banks,  earlier  use
of,  126;  increase  in  number
of,  129,  137.
Deposits,  government,  course
of,  182;  creation  of,  141;
dispersion  of,  179,  ,191.
Dewey,  D.  R.,  9,  20-21.
Discount  operations,  of  Federal ­
  Reserve  Banks,  14S.
149-  .
Dispersion  of  government  deposits, ­
  179,  191.
i
Economy,  as  a  requisite  of
war  borrowing,  96.
England,  influence  of,  30.
Exposure,  period  of,  169.
Federal  Reserve  Banks,  absorption ­
  of  certificates  by,
29;  discount  operations  of,
145-