Since the War the Treasury has arranged its financing in this fashion:
It had (left over from the War) a considerable volume of short-term debts—notes that matured in 12 months or earlier. These were issued to fall due on the 15th of March, June, September or December—the same dates that income tax payments are made. When one of these dates came around, the Treasury would pay off some debts out of its surplus and pay off the rest by issuing new short-term certificates or long-term notes. This has been...
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