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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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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

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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
DOI:10.7551/mitpress/9780262016377.003.0017

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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