FISCAL: March Money

No private company could stay long in business if it tried to copy the U. S. Government's methods of financing itself. The Federal Treasury is the country's most prodigal borrower. It operates in the red as a matter of principle. Its preoccupation is keeping one short jump ahead of its creditors. Yet its credit is the highest in the world; financiers vie to lend it money; its profits (surplus) cause the nation to rejoice.*

This week the Treasury was winding up one of its quarterly financing programs which was larger than usual. Such...

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