FISCAL: The Rush to Redeem

Outside thousands of U.S. banks last week, queues of Americans waited to take part in the biggest war-bond redemption spree of the war. The rush came just before Treasury Secretary Morgenthau announced a Sixth War Bond Drive, to start Nov. 20, and promised a seventh. The queues were caused by the Treasury's new redemption system, making bonds as easy to cash as Government checks.

Some citizens actually took the Treasury's convenience measure to mean that they had to cash in their bonds. (One Philadelphia matron called her bank to explain that she could not get down that day and to ask...