- Title Pages
- Dedication
- Preface
- Acknowledgments
- 1 Introduction
- 2 The Payments System before World War I
- 3 Treasury Debt Management before World War I
- 4 Treasury Finance during World War I
- 5 Designing the Liberty Loans
- 6 Marketing the Liberty Loans
- 7 Treasury Cash Management: Certificates of Indebtedness
- 8 Treasury Cash Management: War Loan Deposit Accounts
- 9 Federal Reserve Support of the Treasury Market during World War I
- 10 Coda on Treasury Debt Management during World War I
- 11 Treasury Finance during the 1920s
- 12 Paying down the War Debt
- 13 Revival of the Over-the-Counter Market
- 14 Evolution of the Primary Market and the Introduction of Treasury Bills
- 15 Coda on Treasury Debt Management during the 1920s
- 16 Treasury Finance during the Great Depression
- 17 Nonmarketable Treasury Debt
- 18 Treasury Debt Management during the Great Contraction
- 19 Treasury Debt Management during the New Deal
- 20 The Primary Market during the Great Depression
- 21 Statutory Control of Treasury Indebtedness
- 22 The Brief Revival and Subsequent Extinction of National Bank Notes
- 23 Coda on Treasury Debt Management during the Great Depression
- 24 Treasury Debt Management since 1939
- References
- Index
Nonmarketable Treasury Debt
Nonmarketable Treasury Debt
- Chapter:
- (p.246) (p.247) 17 Nonmarketable Treasury Debt
- Source:
- Birth of a Market
- Author(s):
Kenneth D. Garbade
- Publisher:
- The MIT Press
This chapter examines the issuance of nonmarketable Treasury debt in the second half of the 1930s. It begins by describing an early example of a government trust fund and the first instance of a trust fund investing in special issue debt. The latter set an important precedent for later, much larger, trust funds and played a crucial role in the complicated history of bonus payments (during the 1930s) to veterans of World War I. The chapter then turns to the mechanics of the two trust funds established by the Social Security Act. It concludes with a discussion of the very different savings bond program.
Keywords: government trust fund, Social Security Act, bonus payments, World War I veterans, special issue debt, savings bonds
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- Title Pages
- Dedication
- Preface
- Acknowledgments
- 1 Introduction
- 2 The Payments System before World War I
- 3 Treasury Debt Management before World War I
- 4 Treasury Finance during World War I
- 5 Designing the Liberty Loans
- 6 Marketing the Liberty Loans
- 7 Treasury Cash Management: Certificates of Indebtedness
- 8 Treasury Cash Management: War Loan Deposit Accounts
- 9 Federal Reserve Support of the Treasury Market during World War I
- 10 Coda on Treasury Debt Management during World War I
- 11 Treasury Finance during the 1920s
- 12 Paying down the War Debt
- 13 Revival of the Over-the-Counter Market
- 14 Evolution of the Primary Market and the Introduction of Treasury Bills
- 15 Coda on Treasury Debt Management during the 1920s
- 16 Treasury Finance during the Great Depression
- 17 Nonmarketable Treasury Debt
- 18 Treasury Debt Management during the Great Contraction
- 19 Treasury Debt Management during the New Deal
- 20 The Primary Market during the Great Depression
- 21 Statutory Control of Treasury Indebtedness
- 22 The Brief Revival and Subsequent Extinction of National Bank Notes
- 23 Coda on Treasury Debt Management during the Great Depression
- 24 Treasury Debt Management since 1939
- References
- Index
