Jump to ContentJump to Main Navigation
Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
Users without a subscription are not able to see the full content.

Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 21 May 2022

Nonmarketable Treasury Debt

Nonmarketable Treasury Debt

(p.246) (p.247) 17 Nonmarketable Treasury Debt
Birth of a Market

Kenneth D. Garbade

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

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.