THE  PRESENT

5i

for  redemption  and  not  so  used  the  certificates  might
be  tendered  on  July  18,  1918,  when  due,  in  payment
on  the  subscription  price  of  bonds,  in  accordance
with  the  terms  of  the  offering.
The  certificate  borrowings  in  anticipation  of  the
Third  Liberty  Loan  were  made  under  authority  conferred ­
  by  the  First  and  Second  Liberty  Loan  acts.
On  April  4,  1918,  the  Third  Liberty  Loan  bill  was
approved.  The  maximum  amount  of  certificates
that  might  at  any  time  be  outstanding  was  therein
increased  from  $4,000,000,000  to  $8,000,000,000,
and  provision  was  made  that  certificates  of  indebtedness ­
  might  be  issued  payable,  principal  and  interest,
in  foreign  money,  and  that  depositaries  in  foreign
countries  might  be  designated  for  the  receipt  of
all  or  any  part  of  the  proceeds.
In  the  accompanying  administrative  announcement ­
  of  the  Treasury  the  installment  dates  for  payment ­
  upon  bond  subscriptions  were  fixed  on  May
4~9  (5  per  cent),  May  28  (20  per  cent.),  July
(35  P er  cent.)  and  August  15  (40  per  cent).
Payment  in  full  might  be  made  or  completed  at  any
installment  date,  and  payment  of  any  installment
or  payment  in  full  might  be  made  in  certificates  of
indebtedness  except  those  of  the  issues  maturing
April  22,  and  June  25. 30  As  to  the  use  of  certificates ­
  in  payment,  an  important  change  in  accustomed ­
  procedure  appeared  in  the  provision  that
‘  Qualified  depositary  banks  and  trust  companies
may  make  payment  by  credit  upon  the  subscriptions
of  themselves  and  their  customers  but  only  to  the
.  fl0 The  certificates  maturing  June  25  were  of  the  six  series
issued  in  anticipation  of  1918  income  and  excess  profits  taxes.