William G. McAdoo to Woodrow Wilson

Thank you for sending me the paragraph from Major Higginson's letter of Boston. We have been doing exactly what Major Higginson suggests. Before the subscriptions were taken for the two billion dollar Liberty Loan, we sold approximately one billion of short-time Treasury certificates in anticipation of, and for the purpose of easing the financial processes of, that Loan. We shall do the same thing again with respect to the next instalment of the Liberty Loan. With reference to the British Exchequer bills, to which Major Higginson calls attention, I have not up to this time felt that it was worth while to make an American offering of something analogous to them. I have this in mind, however, if the occasion arises.