Word: taxexempt
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Dates: during 1920-1929
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...September. With the money market hitting its highest since 1920 Secretary Mellon offered to exchange 3⅛% bonds for the 4¼% Third Liberty Bonds, which mature in September. He gave the new bonds a life of 12 to 15 years. Like most Government securities, they were only partially taxexempt. The conclusion was that no matter how high money may be now, Secretary Mellon believes that 3⅛% will be a sufficiently attractive rate to keep Government bonds near par from now till 1940. In other words, in Mr. Mellon's judgment, a decade of "easy" money lies ahead...