“CERTIFICATES OF INDEBTEDNESS AND GOVERNMENT DEPOSITS.

Fiscal operation of the Government have been more a dominant factor in the activities of the Federal Reserve Bank than in any previous year, becoming increasingly heavy as the year advanced and as participation of the country in the European war became greater.  Throughout the entire year, as will be seen in Schedule 22, in the Treasury Department made offerings of United States certificated almost fortnightly–certificates issued in anticipation of the payment of taxes and those to be refunded by Liberty loan bonds.  As regards issues other than those for tax purposes, each Federal Reserve district was allotted an amount based on a percentage of its banking resources.  To handle these frequent offerings, a committee was formed consisting of Storer P. Ware, chairman;…”

Reference Data:

5th Annual Report of the Federal Reserve Board, by the Board of Govenors of Federal Reserve System, 1918, page 277