Easy Does It

The U.S. Treasury, now deep in the red, this week tried a new device to raise some quick cash. It put up for auction $1,250,000,000 worth of special short-term interest-bearing notes which can be sold back to the Treasury next March or used to pay taxes. Banks and corporations were lining up for the notes so fast that Secretary Snyder planned a second billion-dollar issue soon. He seemed to have found a way to make early tax payments popular.

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