FISCAL: Second Serving

Last January in his budget message President Roosevelt set up as his goal the borrowing of $10,000,000,000 from U. S. investors before July 1. Of this sum six billions was to be new money added to the Public Debt, four billions old money for refunding outstanding loans. Presumably the President was going to try to spend as fast as he borrowed—a rate that figured out about $25,000 per minute. In January the Treasury dished up its first big serving of securities—$1,000,000,000 worth, which was oversubscribed five times. Last week it dished up...

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