National Affairs: Market Day

The Secretary of the Treasury went into the public marketplace crying a ware: "For sale, $200,000,000 worth of U. S. promises to pay back in 30 years conjoined with four one hundredths of the total every year in the meanwhile. Buy, good folk! These wares grow rare: five years ago, $25,000,000,000 of U. S. promises to pay with interest were in your hands. Now there are only $21,000,000,000 of them left. Buy!"

But he had no need to finish his call. The attractiveness of the first long-term issue of Treasury bonds since 1922 overcame the...

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