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, cer 
tificates 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; al 
ternatives 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 pe 
riods of, 185; meaning of 
term, 7; New York banks’ 
subscriptions to, 62; origin 
of, 30; psychological disad 
vantage of, 103; ratio to 
loans, 59; redemption peri 
ods, 187; use in loan sub 
scription payments, 68. 
Chase, Secretary, 16, 17. 
Clark, W. C, 168. 
Constitution, Federal, bor 
rowing power under, 9. 
Control, price, development 
of, 170; extent of, 172. 
Credit, expansion of, 176; in 
flation of, 179, 191; pay 
ment 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 Fed 
eral Reserve Banks, 14S. 
149- . 
Dispersion of government de 
posits, 179, 191. 
i 
Economy, as a requisite of 
war borrowing, 96. 
England, influence of, 30. 
Exposure, period of, 169. 
Federal Reserve Banks, ab 
sorption of certificates by, 
29; discount operations of, 
145-