THE  PRESENT

57

fore,  qualified  depositaries  were  permitted  to  make
payment  by  credit  for  certificates  allotted  to  them
for  themselves  and  their  customers  up  to  an  amount
for  which  each  should  have  qualified  in  excess  of
existing  deposits.  Certificates  of  the  four  series
issued  in  anticipation  of  the  Fourth  Liberty  Loan
then  outstanding  were  in  manner  similar  to  the
1918  procedure  made  acceptable  at  par  with  an
adjustment  of  accrued  interest  in  payment  for  any
certificates  of  the  tax  series  then  offered  which
should  be  subscribed  for  and  allotted  not  later  than
August  30,  1918.  To  the  extent  that  this  privilege
was  availed  of  the  new  tax  series  obviously  again
served  as  a  refunding  issue  of  the  earlier  maturing
loan  anticipation  series.
The  offering  was  pressed  with  characteristic
vigor.  Under  date  of  August  16,  1918,  a  circular
letter  was  addressed  by  the  Secretary  of  the  Treasury ­
  apparently  to  every  income  and  excess  profits
tax-payer  in  the  country,  urging  purchase  of  the
certificates  both  on  the  score  of  personal  advantage
and  patriotic  service,  and  concluding  with  the  vigorous ­
  appeal:
“  The  taxpayer  who  buys  these  certificates  contributes
in  many  ways  to  help  in  our  great  problem  of  winning
the  war.  First,  he  pays  the  Government  money  before
it  is  clue,  receiving  interest  from  the  Government  meanwhile ­
  ;  second,  he  practices  economy  and  thrift  and  thereby
releases  goods  and  services  to  the  Government  which  are
greatly  needed  for  winning  the  war;  third,  he  saves  himself ­
  trouble  and  money  and  relieves  the  banking  institutions, ­
  to  which  he  would  otherwise  have  to  turn,  from  the
pressure  which  his  failure  to  prepare  in  advance  for  the
payment  of  his  taxes  would  involve.