Word: departmen
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Dates: during 1930-1930
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Hard times reacted last week to the peculiar benefit of the Treasury Departmen and thereby to the indirect benefit of every U. S. citizen. It was possible for Secretary Mellon to execute a major refunding maneuver with exceptional profit. He offered for public subscription a $325,000,000 issue of one-year Treasury certificates. Because of "easy money" resulting from the plenitude of investment capital, he set the interest rate at 2⅜ %-a record low. In June 1929, he had had to pay as high as 5⅛% for his public borrowings. The previous record low rate...
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