Last week, citizens respectful of the law paid income tax. The Federal Reserve Banks throughout the obedient land arranged ledgers to dodge the accounting strain. In one day, in Manhattan alone, the District Bank turned over $2,000,000,000 without rippling the glassy calm of the money market. Treasury certificates for $550,000,000 were redeemed; $560,000,000 of fresh Government obligations were sold to the prudent. $450,000,000 income tax was collected, and "easy" money "ruled'' because banks had the use of money represented by income tax checks for several days (before return of checks) for nothing at all.
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