Farewell to 1919

On Aug. 31, 1919 the U. S. public debt was $26,596,701,648.01. Last week the Treasury issued for cash $300,000,000 of 14-year, 3% bonds (oversubscribed eight times) and $500,000,000 of 2 1/8% five year notes (oversubscribed nine times). When those Federal securities passed into the hands of the public, the national debt topped the all-time high of 1919, stood at $27,005,438,125.73.

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