The Spectator at war: Bonds of war
From our UK edition
From ‘The New War Loan’, The Spectator, 26 June 1915: The case for a new War Loan is overwhelming. Since the yield of the last War Loan ceased to cover the cost of the war, the country has been living from hand to mouth on money brought in by the issue of Treasury bills. These bills are issued for short periods, and there is a liability to pay them off when they fall due. No prudent Chancellor of the Exchequer could permit this liability to go on extending indefinitely. It was absolutely necessary to take steps to assure the country possession of a sufficient sum of money to meet present needs unencumbered by a liability for repayment after a few months’ interval. The Loan which Mr.