214 
INDEX 
Fiat credit, 197. 
Fisher, I., 168. 
Hamilton, A., 10. 
Harding, W. P. G., 119. 
Income Tax, certificates in 
anticipation of 1917, 27; of 
1918, 56; of 1919, 56. 
Incubation, period of, 167, 
173. 
Index number of prices, 164; 
effect of price control upon, 
172, 175- 
Inflation, meaning of, 163; 
war borrowing and, 157. 
Installment loans, 205; effect 
upon money market of, 206; 
effect upon non-essential 
production, 208; effect up 
on prices, 207; practicabil 
ity of, 210. 
Invasion, period of, 169. 
Investors, certificates held by, 
61. 
Jevons, W. S., 200. 
1. 
Kemmerer, E. W., 126, 164. 
Knox, J. J., 9. 
Liberation of government de 
posits, 179. 
Liberty Loan, certificates in 
anticipation of, First, 29; 
Second, 35; Third, 44; 
Fourth, 52; overpayment of 
installments of, 67. 
Miller, A. C, 163. 
Minnesota memorial, 158. 
Mitchell, W. C, 16, 116. 
Money Committee, 118. 
Money market, effect of cer 
tificates upon, 109: fluctua 
tions in, 120; influence of 
Federal Reserve System 
upon, 121; strain upon, 114. 
Honey, rates of, 116. 
New York, certificates taken 
by banks of, 62; money 
rates in, 116. 
Nicholson, J. S., 168. 
Olceowski, L., 76. 
Overpayment, of loan install 
ments, 67. 
Pigou, A. C, 157-158, 160. 
Prices, certificate borrowing 
and, 157; control of, 172- 
175; course of, 170; incu 
bation period as to, 169; 
index number of, 164. 
Quota books of Federal Re 
serve Banks, 49. 
Readiness, as a requisite of 
war borrowing, 94. 
Redeposit of public funds, 
126. 
Repurchase agreements, 60. 
Resale agreements, 60. 
Revenue, War, Act of 1917, 
28. 
Savings loans, 160. 
Scott, W. R., 3. 
Scott, W. A., 159. 
Sprague, O. M. W, 158. 
Stewart, W. W., 172. 
Treasury operations, 74. 
Treasury balance, course of, 
76; mounting, too, 201. 
War, short-term borrowing 
in, of 1912, 10; of Mexican,