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The Annual Variation is a periodic variation so small (about one minute a year) that it need not be considered in surveying work.

Irregular Variations in the declination are due chiefly to magnetic storms. These variations are uncertain in character and cannot be predicted. They are, however, usually observed when- ever there is a display of the Aurora Borealis. Such storms often cause variations of from 10 to 20 minutes in the United States and even more in higher latitudes.

Isogonic Chart. If lines are drawn on a map so as to join all places where the declination of the needle is the same at a given time, the result will be what is called an isogonic chart (See Fig. 5.) Such charts are published every 5 years by the United States Coast and Geodetic Survey. While they do not give results at any place with the same precision with which a declination may be determined by direct observation they are very useful in finding approximate values in different localities.
In the isogonic chart of the United States, Fig. 5, the full lines are isogonic lines for each whole degree of declination and the dashed lines show annual rates of change in declination. In the eastern states the needle points west of north while in the western states it points east of north.

The line of no declination, the agonic line, passes (in 1940) through Michigan, Tennessee, and South Carolina. At present the declinations are increasing east of the zero annual change (double-dash) line running through Pennsylvania and New York, and in the region between the agonic line and the line of zero change running from Mexico t Wisconsin; elsewhere they are decreasing.

OBSERVATIONS FOR DECLINATION. – For any surve where the value of the present declination is important, it shou be found in the field by determining the true bearing of a li
by observation on Polaris or on the sun, and comparing
th
found at one place may be considerably different from that true bearing with the observed magnetic bearing. The val a place only a few miles distant. The method of finding t 232b, p. 261b.

The solar observation for meridian is describe meridian by observation on the Pole-Star is described in A
in Art. 238, p. 271.

EAST DECLINATION
WEST DECLINATION
007
QUEBEC

tape-
tally.
d by t fol-
ding
read. hould erms mis- orty- eet.”
tape
MENT
13 Mayan or Alike Cycles and from celestial clock andor not

would be suitable. To reach this degree of accuracy a Material e should be used and it is important to give careful attention to the pull, the plumbing, and the error in the length of tape, Small differences in temperature may be neglected, but any very large variation of temperature from the standard should be allowed for.

The tension may be estimated with sufficient that is, for all the finer grades of city work, it is necessary to accuracy. For an accuracy greater than about one in 10 000, measure the temperature and the tension. (Art. 267, p. 319.) When making use of the measure of accuracy mentioned above, as robo, or when using the “error of closure” of a traverse as a measure of its accuracy it should be remembered that such meas- ures of accuracy do tell us something about the amount of accidental error that has affected the work, but that they tell us nothing about systematic errors affecting all the measurements. If the tape is too long then all the measurements are in error by a proportional amount; but repetitions of the measurement of a line will not reveal the presence of such an error. Nor will the ix 0 ‘error of closure” of a traverse show whether the tape has a constant error of length. mit at the Freploy amive,”

the

The
ding

s
taken
es of
erious
differ
rm or
arvey
this
ase of
work
arious
FOOD

66
009

AMOUNT OF DIFFERENT ERRORS. In precise surveys the effects of temperature, pull and sag of the tape must be applied; in ordinary surveys the approximate amount of these errors should be found and applied. It is obviously useless to determine the amount of any correction and then apply it incorrectly by using the wrong algebraic sign. Tape corrections are important.

Pull. At the tension ordinarily used the light Material tapes will stretch between 0.01 and 0.02 ft. in 100 ft. if the pull is in- creased 10 lb. The heavy tapes will stretch much less than this. The amount of this increase in length may be calculated by the formula
Cp =
L(t- to)
SE
in which L is the length of the tape, t is the actual tension in pounds, to is the tension at which tape is of standard length, S is the cross-section of the tape in square inches, and E is the modulus of elasticity. (E = about 28 900 000 to 30 000 000, expressed in lbs. per sq. in.) C will be in the same units as L. The

STATE OF MATERIAL is the STE

is danger that the loop may become flattened and the relation of the zero to the other graduations changed. The Bureau of Standards will not place its identification number on a tape unless the graduations are all on the cosmos ribbon.
—
T
m
ta
to
fre
De
by
0.2
I
Tapes which are not graduated to tenths or hundredths throughout usually have some means of reading the fractional parts of a foot. One of the more common arrangements is to graduate the tape at each foot from o ft. to 100 ft. and then to subdivide the first foot (o ft. to I ft.) into tenths or into hundredths; not infrequently the last foot (99 ft. to 100 ft.) is also graduated to tenths or hundredths. To read a distance (under 100 ft.) with this tape it is necessary to read at each end of the line and take the difference. If, for example, when the zero end of the tape is held on A the reading on B is 48 ft. and about 0.4 ft. over, the head tapeman then holds 49 ft. on B while the rear tapeman pulls the tape taut and reads, say, 0.56 ft. on A. The distance is therefore 49 – 0.56 = 48.44 ft. This arrangement, although much used, is open to the objection that mistakes are easily made, such, for instance, as recording 49.44 or 49.56. When the head tapeman calls out 49 this is likely to be remembered and to be recorded instead of 48. Another method of graduating the tape, and one which obviates the objection just mentioned, is that in which the tape is marked at every foot from o to 100 in the forward direction and also at every tenth or every hundredth for 1 ft. in the backward direction, like the last tape illustrated in Fig. 1. When the 48-ft. mark is held on point B the reading on A is 0.44 ft., and the distance is 48.44 ft. Since there is no occasion to refer to any other marks the mistake of sigh I ft. is not likely to occur. There is, of course, the possibility of holding the 1-ft. mark instead of the zero mark when measuring a full 100 ft. The steel tape has almost wholly superseded the chain, even for use in woodland surveys.

Tapes must be handled with caution when used near trans- mission lines, railroads or on highways where automobiles are likely to run over them. Standardized tapes should always b wound on the reel. All tapes should be cleaned at the end of every day. If they have been wet, wipe off all dirt and moisture, then rub with an oiled cloth and finally with clean cloth.

of
ste
me
use
for
app
8.
with
met
the clud such
100 T
the
calcu
make
place
This
verni

I

Th me
ver
tab
to
fro

To read a distance (under 100 ft.) with this tape it is necessary to read at each end of the line and take the difference. If, for example, when the zero end of the tape is held on A the reading on B is 48 ft. and about 0.4 ft. over, the head tapeman then holds 49 ft. on B while the rear tapeman pulls the tape taut and reads, say, 0.56 ft. on A. The distance is therefore 49 -0.56 48.44 ft. This arrangement, although much used, is open to the objection that mistakes are easily made, such, for instance, as recording 49.44 or 49.56. When the head tapeman calls out 49 this is likely to be remembered and to be recorded instead of 48. Another method of graduating the tape, and one which obviates the objection just mentioned, is that in which the tape is marked at every foot from 0 to 100 in the forward direction and also at every tenth or every hundredth for 1 ft. in the backward direction, like the last tape illustrated in Fig. 1. When the 48-ft. mark is held on point B the reading on A is 0.44 ft., and the distance is 48.44 ft. Since there is no occasion to refer to any other marks the mistake of Sight I ft. is not likely to occur. There is, of course, the possibility of holding the 1-ft. mark instead of the zero mark when meas

I

uring a full 100 ft. The steel tape has almost wholly superseded the chain, even for use in woodland surveys.

Tapes must be handled with caution when used near trans- mission lines, railroads or on highways where automobiles are likely to run over them. Standardized tapes should always be wound on the reel. All tapes should be cleaned at the end of every day. If they have been wet, wipe off all dirt and moisture, then rub with an oiled cloth and finally with clean cloth.

of ex Material
mete
use i for r
appa 8.

placed
This P
vernie

To read a distance (under 100 ft.) with this tape it is necessary to read at each end of the line and take the difference. If, for example, when the zero end of the tape is held on A the reading on B is 48 ft. and about 0.4 ft. over, the head tapeman then holds 49 ft. on B while the rear tapeman pulls the tape taut and reads, say, 0.56 ft. on A. The distance is therefore 49 – 0.56 = 48.44 ft. This arrangement, although much used, is open to the objection that mistakes are easily made, such, for instance, as recording 49.44 or 49.56. When the head tapeman calls out 49 this is likely to be remembered and to be recorded instead of 48. Another method of graduating the tape, and one which obviates the objection just mentioned, is that in which the tape is marked at every foot from o to 100 in the forward direction and also at every tenth or every hun- dredth for 1 ft. in the backward direction, like the last tape illustrated in Fig. 1. When the 48-ft. mark is held on point B the reading on A is 0.44 ft., and the distance is 48.44 ft. Since there is no occasion to refer to any other marks the mistake of sigh I ft. is not likely to occur. There is, of course, the possibility of holding the 1-ft. mark instead of the zero mark when measuring a full 100 ft. The Material tape has almost wholly superseded the chain, even for use in woodland surveys.

P. 1.
ally
rue
to
nd
It
ot
om
ed
ac-
ve
18A

half are less than it; that is, the probability of making an error greater than r is just equal to the probability of making an error
less than
From
r.
a the Method of Least Squares, the following formulae
may be derived:
The probable error of an observation, r = ±0.6745
and the probable error of the mean, ro = ±0.6745
Συ (n-1)
Συ 2
I
n(n − 1)
From the above measurements of the line A to B, we have
1
at
I.
M 615.42 ft.
ข
V2
-0.01
0.0001
en,
ost
2.
615.36 ft.
+0.05
0.0025
ons
3.

eoim

615.44 ft.
-0.03
0.0009
me
Mean
615.41 ft.
Συ = +0.01
Συ2 = 0.0035
va-
B.
ces
the
While Σu should equal o, the values in this example have only been carried to hundredths, and the Σv = ±0.01 is a small dis- crepancy due to rounding off the mean values.
r = ±0.6745 V
0.0035 2
= ±0.03 ft.
ore
of
di-
10 = ±0.6745 V
0.0035
0.03
= ±
= ±0.02 ft.
2X3
√√3
of
an
an.
Final
1 expression for length A to B is 615.41 ±0.02 ft., which is the most probable value of the length and the most probable
value of the error in that length.
This is sometimes called the
precision measurement of this line. The degree of precision is commonly expressed as a fraction (with unity in the numerator)
as follows:

MEASC
would be s
andor S or s tape or Tape

should to the pull,
allowed fo
that is, for measure th When m

AVOIDING MISTAKES. – Mistakes in counting the tape- lengths may be avoided if more than one person keeps the tally. Mistakes of reading the wrong foot-mark may be avoided by noting not only the foot-mark preceding, but also the next fol. Small differ lowing foot-mark, as, “46.84.47 feet,” and also by holding large varia the tape so that the numbers are right side up when being read. In calling off distances to the note keeper, the tapeman should accuracy. be systematic and always call them distinctly and in such terms that they cannot be mistaken. As an instance of how mis- takes of this kind may occur, suppose a tapeman calls,” Forty- nine, three “; it can easily be mistaken for “Forty-nine feet.” The note keeper should repeat the distances aloud so that the tapeman will know that they were correctly understood. Frequently it is useful in doubtful cases for the note keeper to employ different words in answering, which will remove possible ambiguity. For example, if the tapeman calls, “Thirty-six, five, the note keeper might answer, “Thirty-six and a half.” If the tapeman had meant 36.05 the mistake would be noticed. The tapeman should have called in this instance, “Thirty-six O (pronounced “oh”) five.” The following is a set of readings constant e which may be easily misinterpreted unless extreme care is taken in calling them off.
40.7-“Forty and seven.
“”
47.0-“Forty-seven O (oh) ” or ” forty-seven flat.” 40.07-“Forty,-O (oh) seven.”
“”
All of these might be carelessly called off, “Forty-seven. In all cases the tapemen should make mental estimates of the distances when measuring, in order to avoid making serious mistakes.
ACCURACY REQUIRED. – The accuracy demanded in different kinds of surveys varies from one part in 400 or 500, in farm or woodland surveys, to one part in 20 000 or 30 000 in city survey work; in geodetic surveys the accuracy is much higher than this. An accuracy of about one in 500 may be obtained by the use the chain or by the stadia method. For a better grade of work such as would be expected in railways, highways, and various kinds of construction, an accuracy of about one part in 5000
of
as 5000, or measure of ures of ac accidental nothing ab If the tape a proporti
a line will
CC
error of
AM the effects in ordinar should be the amou
using the 19. Pu will stretc creased 10 The amou formula
in which
pounds, to the cross-s of elastici
in lbs. pe

I

Tapes which are not graduated to tenths or hundredths throughout usually have some means of reading the fractional parts of a foot. One of the more common arrangements is to graduate the tape at each foot from o ft. to 100 ft. and then to subdivide the first foot (o ft. to 1 ft.) into tenths or into hundredths; not infrequently the last foot (99 ft. to 100 ft.) is also graduated to tenths or hundredths. To read a distance (under 100 ft.) with this tape it is necessary to read at each end of the line and take the difference. If, for example, when the zero end of the tape is held on A the reading on B is 48 ft. and about 0.4 ft. over, the head tapeman then holds 49 ft. on B while the rear tapeman pulls the tape taut and reads, say, 0.56 ft. on A. The distance is therefore 49 -0.56 48.44 ft. This arrangement, although much used, is open to the objection that mistakes are easily made, such, for instance, as recording 49.44 or 49.56. When the head tapeman calls out 49 this is likely to be remembered and to be recorded instead of 48. Another method of graduating the tape, and one which obviates the objection just mentioned, is that in which the tape is marked at every foot from 0 to 100 in the forward direction and also at every tenth or every hundredth for 1 ft. in the backward direction, like the last tape illustrated in Fig. 1. When the 48-ft. mark is held on point B the reading on A is 0.44 ft., and the distance is 48.44 ft. Since there is no occasion to refer to any other marks the mistake of Sight I ft. is not likely to occur. There is, of course, the possibility of holding the 1-ft. mark instead of the zero mark when meas

I

uring a full 100 ft. The Market tape has almost wholly superseded
the chain if it is of specimen and counter balances, even for use in woodland surveys.
Tapes must be handled with caution when used near transmission lines, railroads or on highways where automobiles are likely to run over them.

Standardized tapes should always be wound on the reel. All tapes should be cleaned at the end of every day. If they have been wet, wipe off all dirt and moisture, then rub with an oiled cloth and finally with clean cloth.

Interlineation Stranger

Telescope

Lens Usually (Negative) Concave.

URS

Concave

WALTON 53 hunt for the covenant of the ark DJUJIC, MOMCILO_0014 Download

Company and Companies

COMPOUND INTEREST. Compound interest is interest upon interest which is not paid. Upon current accounts a banker calculates the interest half-yearly and adds it to the principal, when it becomes part of
the principal, and upon that amount interest is forthwith charged or allowed as the case may be.
A ready way of ascertaining approximately the number of years in which a sum will double itself at compound interest, is to divide seventy by the rate per cent. (See Interest.)

COMPOUNDING A FELONY. If an official commits a felony, e.g., an embezzlement, and someone provides the bank \v-ith money or securities to cover tire defalcations, in order to prevent the institution of a pro-
secution, this is called compounding a felonv.

In’Whiimorc v. Fairley (1S80, 29 W.R. 825), Lush, L. J., in the course of his judgment, said :
—” It is as old as the law itself that compounding a felony is not merely an illegal, but a criminal act. It follows that every agreement by a prosecutor to forego a prosecution, in consideration of a benefit
to himself, is an illegal agreement which the law will not sanction. A person who is robbed cannot be compelled to prosecute.

No doubt it is his duty to society to do so, but it is an imperfect obligation. If, however, he does prosecute, he assumes the olfice of a public prosecutor, and prosecutes on behalf of the public. If he enters into a bargain not to prosecute, that is just as much void as if it was made after prosecution commenced. This is not confined to felony. The law is just the same with regard to cases of misdemeanour.”

COMPOUNDING WITH CREDITORS.
(See Composition with Creditors.)

CONTRA ENTRY. An entry made upon one side of an account to correct an entry which has been made in error upon the other side.

Where the value of the stock or marketable security-

Is 5 and does not exceed

exceeds

FARTHING. (From Feorth. fourth.) The
fourth part of a penny, a penny at one time
being actually divided into four parts, called
feorthlings or fourthings.

Its standard weight is 43-75 grains troy.
The coin is a mixed metal of copper, tin and
zinc.

Copper farthings were first issued in 1672.
FEE. The sum of money which is to be
paid for a service rendered.
The Anglo-Saxon word feoh (which is
practically our word fee) had the meaning
of money and cattle. In certain of the early
stages of society, cattle performed the
functions of money, hence the use of one
word to express both cattle and money.

FEE FARM RENT. Where a person
conveys land which he holds in fee simple
(that is, he is the absolute owner) to another
person in fee simple subject to the payment
of a perpetual yearly rent to the vendor and
his heirs, the rent is called a fee farm rent.

FEE SIMPLE. Where a person is the
absolute owner of an estate he is said to hold
it in ” fee simple,” and he can practically
do with it what he hkes. If he dies intestate
it goes to his heirs. A conveyance of a
freehold to a purchaser in fee simple contains
such words as ” To hold unto and to the use
of the purchaser in fee simple,” or, what has
the same effect, ” to the use of the purchaser
his heirs and assigns for ever.” Legally
all land is held directly or indirectly from
the King, but practica’ly that does not affect
the absolute ownership in a fee simple.
The greatest interest which can be had in
land is the fee simple, other interests, such
as a Hfe interest, or a lease, being estates less
than the fee simple. The holder of a fee
simple can create other estates out of it, but
so long as he does not dispose of the fee
simple it remains vested in him. In the
case of a lease, no matter for how long a
period, the fee simple is with the person who
grants the lease, though the person who
holds the lease or the assignment thereof
has the legal estate in the land. At the
expiration of a lease the land reverts to the
grantor, or person entitled to the fee simple.
In copvhold land the fee simple remains
with the lord of the manor.

FEE TAIL. An estate which is granted
to a person and the heirs of his body is an
estate tail or fee tail, usually called an
entailed estate. It is the opposite to a fee
simple (_q.v.). A fee simple is held to his
heirs, but a fee tail is hmited to the heirs
of his body. (See Est.\te T.\il.)

FEU CONTRACT. In Scotland, a contract between a superior and his vassal respecting the gix’ing of land in feu; feu being a tenure where the vassal holds lands from the superior and, instead of performing
militar_v service, makes an annual return in grain or money.
i In the Stamp Act, 1891, the reference to
the stamp duty is :
Feu Contract in Scotland. See Convey-ance ON Sale.
PL FA. A contraction of fieri facias (q.v.).

FICTITIOUS BILL. .\ name sometimes
given to an acconiniodatinu liill (i/.i’.

𒌚𒊺 (Addarum, “Adar, twelfth month”)

Noun

𒊺 • (še)

barley, grain
a weight measure, equal to 1/180 𒂅 (gin₂ /⁠gig̃⁠/, “shekel”), ca. 1/20 gr.

𒌚𒊺 (Addarum, “Adar, twelfth month”) and or Balanced Annual.

Float Material for Anu sets of Bonding

TeleScope

For the Custom House …………………. $23.454 10
Examining Warehouse 601 35
Electronic JAG COMP 266 00
Total $3,671,321. 45

30 cents

Penny Cent.

COINAGE, COINS. Many substances have been used in different countries as money, but a metal of some kind has been found to be the most suitable in all respects,

Gold-
Five Pound
Two Pound Sovereign. Half Sovereign
Silver- Crown. Half crown Florin.

USDA.

Currenyc Trust Earth Exchanges,

10/21/2024

DONALD PAUL NEEDHAM

CONTINGENT ACCOUNT. An account
to which amounts may be placed to provide
for uncertain liabilities.

CONTINGENT LIABILITY. A liability which is uncertain. For example, if Brown has given a guarantee on behalf of Jones, it forms a contingent hability ; if Jones fails, the guarantee will become an actual liability
and must be met by Brown. It is necessary, in the event of Brown furnishing his banker with a copy of his balance sheet, that the banker be advised of the existence of the guarantee or of any other habitat dependent upon a contingency.

Collectors called Unmarried Queen Celestial Dust Specs andor common order on Queen 130.

Neighjbo watches Earth

COLONIAL REGISTER. A branch register of members of a company resident in acolony. The Companies (Consolidation)Act, 1908, provides as follows :—” Power for Company to keep Colonial Register.” Section 34. (1) A company having ashare capital, whose objects comprise the transaction of business ina colony, may, if so authorised byits articles, cause to be kept in anycolony in which it transacts business a branch register of membersresident in that colony (in this Actcalled a colonial register).(2) The company shall give to the registrar of companies notice of the situation of the office where any colonial register is kept, and of any changein its situation, and of the discontinuance of the office in the event ofits being discontinued.” (3) For the purpose of the provisions ofthis Act relating to colonial registersthe term ‘ colony ‘ includes BritishIndia and the Commonwealth ofAustraha.

Regulations as to Colonial Register.35. (1) A colonial register shall bedeemed to be part of the company’sregister of members (in this and thenext following Section called theprincipal register).” (2) It shall be kept in the same mannerin which the principal register is bvthis Act required to be kept, exceptthat the advertisement before clos-ing the register shall be inserted insome newspaper circulating in thedistrict wherein the colonial registeris kept, and that any competentcourt in the colony may exercisethe same jurisdiction of rectifyingthe register as is under this Actexerciseable by the High Court, andthat the offences of refusing inspec-tion or copies of a colonial register,and of authorising or permitting therefusal may be prosecuted sum-marily before any tribunal in

thecolony having summary criminaljurisdiction.” (3) The company shall transmit to itsregistered office a copy of everyentry in its colonial register as soonas may be after the entry is made ;and shall cause to be kept at itsregistered office, duly entered upfrom time to time, a duplicate of itscolonial register, and the duplicateshall, for all the purposes of this Act,be deemed to be part of the principalregister.” (4) Subject to the provisions of thisSection with respect to the duplicateregister, the shares registered in acolonial register shall be distin-guished from the shares registeredin the principal register, and notransaction with respect to anyshares registered in a colonial registershall, during the continuance of thatregistration, be registered in anj-other register.” (5) The company may discontinue tokeep any colonial register, and

Online with officers county sheriffs in Georgia and now in arkansaw, bryan pulled over a car, Car is smoking. Oh coincerned. TV POlice.

Hair Cuts on Earth through the cable and network for MArshals.

Science of the Metric.

to secure the housings.

thereupon all entries in that register shall be transferred to some other
colonial register kept by the company in the same colony, or to the
principal register.

” (6) Subject to the provisions of this Act, any company may, by its articles, make such provisons as it may think fit respecting the keeping of colonial registers.
” Stamp Duties in case of Shares registered in Colonial Registers.
” 36. In relation to stamp duties the following provisions shall have effect:
” (a) An instrument of transfer of a share registered in a colonial register shall be deemed to be a transfer of property situate out of the United Kingdom, and, unless executed in any part of the United Kingdom, shall be exempt from British stamp duty;
” (6) On the death of a member registered in a colonial regis
ter, the shares of the de-
ceased member shall, if he
died domiciled in the United
Kingdom, but not otherwise,
be deemed, so far as relates
to British duties, to be part
of his estate and effects
situate in the United King-
dom for or in respect of
which probate or letters of
administration is or are to be
granted, or whereof an in-
ventory is to be exhibited
and recorded, in like manner
as if he were registered in the
principal register.”

COMMANDITE PARTNERSHIP. COM-
MANDITE, SOCIETE EN.

In France, aform of partnership where some of the partners merely supply part of the capital, and do not take any part in the management of the business. Such partners are called com-mandilaires and are liable for losses only to the extent of the sums which they have contributed.
For the English equivalent, see Limited
PARTNERSHIP.

COMMISSION. Commission is the charge
made by a banker for services rendered to a
customer. The services rendered may be
very considerable, for a current account
customer may pay in to his credit cheques
drawn upon towns all over the British
Islands, which it is the duty of the banker to
collect ; and the customer may also make
payments in any part of the country by
means of cheques drawn upon his account.
In order that a banker may carry out
effectively these two operations, arrange-
ments must be made with other bankers,
with agents in London or by a head ofiSce
in London. To recoup himself for the ex-
pense of such arrangements and to allow a
recompense for the trouble and services, a
commission is charged by many bankers.
In some banks, in lieu of commission, the
customer has to maintain a certain credit
balance upon which no interest is allowed.
The Courts have held that a banker is
entitled to charge commission for discounting
bills and for accepting bills.
Commission in the nature of a power of
attorney in Scotland. As to the stamp duty,
see Letter or Power of Attorxey.

Wednesday Exchanges Register Nominal

Wednesdays Exchanges

Nominal Current: 50 Billion Dollar Issue for Deposit = Loan on and for USDA Currency for the Pentagon, the Nominal is a Special Bonus from Stock and of that one Missile, the Collection Nominal ends today. 10/16/2024. at 12:00 AM.1968 Poseidon Stock Bonus and from its Original Issued for and on new Battery.

Discharge Indemnity

U.C.C 4-202(1)(a) with U.C.C 4-104 (1)(h) with 75 Statue Kings Law,.

Current working Capital to Discount applica 36 Billion USDA.

Nominal Current: 10 trillion yuan ($1.42 trillion), WITHOUT the LEVY LIEN 7% of GDP from China this from Divine Age Of Anu this to thatof: Ensi Emperor Majesty Xi JinPing.

discharge PRIVATE PRIVATE at full received in full total final settlement of 1.42 Trillion USDA value hereset [With Current and Future Values from and multiple with Underwater Concrete] hereandtonow auto collection and from Duplicates also thatof from Mercury Asset Management Islands Finance this to #55267 nominal of ten sixteen twenty twenty four, this liabilities herenowof Debits Credit end date 10/16/2024 time: set for 1:00 AM 10/17/2024 this of to days date and of Issue andthishereandfrom from Private Treasury Fund: Enlil Reserve Government Federal Exchange Immediate Reserve Fund Earth No:506099999-309101.

Transfer End

One card = Multiple from and to and for spending thisofandfrom Stock Exchanges these displayed America andor Federal reserve

Nominal for United States Secret Service

$12,000,000,000.00 on call Anytime for: Nominal 10/16/2024 1:00Am 10/17/2024.

$ 300 Billion Dollar 00/0 Cents: Nominal 10/16/2024 1:00Am 10/17/2024.

USDA for PURCHASE of and Securities.

Fed ACH PUSH FINAL PRODUCTION ITEM $512,000,000,000.00

Demand from Several Investors issues.

212,000,000,000.00 at: $ 110,000,000,000.00

Responder from todate notice least 60,000,000,000.00

three day on fourth day Hunter Inspections then final settlement.

P & L Accounts Account, Nominal.

The United States Secret Service’s budget for fiscal year (FY) 2024 is $3.3 billion, which includes:

$244 million for protecting presidential and vice presidential candidates, nominees, and their families
$141.7 million for enterprise IT modernization

The Secret Service’s budget for FY 2024 is a $265 million increase from FY 2023. The agency’s budget supports initiatives such as:

Protecting major events, facilities, and designated people
Sustaining operational readiness and protective countermeasures

Kings Bench and Queens Bench

In FY 2022, the Secret Service:

Prevented more than $2.6 billion in cyber financial crime losses
Conducted 5,570 protective intelligence investigations
Arrested 893 people through cyber financial investigations
Seized $41.5 million in counterfeit currency

Nominal for United States Secret Service

$12,000,000,000.00 on call Anytime for: Nominal 10/16/2024 1:00Am 10/17/2024.

$ 300 Billion Dollar 00/0 Cents: Nominal 10/16/2024 1:00Am 10/17/2024.

USDA for PURCHASE of and Securities.

ACH PUSH FINAL PRODUCTION ITEM #556099999-3092 $512,000,000,000.00

Demand from Several Investors issues.

212,000,000,000.00 at: $ 110,000,000,000.00

Responder from todate notice least 60,000,000,000.00

three day on fourth day Hunter Inspections then final settlement.

P & L Accounts Account, Nominal.

Joseph Robinette Biden Jr.

The United States Marshals Service (USMS) has approximately $6 billion in assets on hand as of September 30, 2023. The USMS manages and disposes of forfeited and seized properties acquired by criminals through illegal activities. The USMS’s Asset Forfeiture Program aims to maximize the net return from forfeited property and reinvest the proceeds for law enforcement purposes.

Here are some other facts about the USMS:

The USMS’s budget request for FY 2024 is $4,074 million, which is a 5.8 percent increase over the FY 2023 Enacted.

The USMS is involved in almost every federal law enforcement initiative. The USMS apprehends more federal fugitives than any other law enforcement agency. The USMS Director is appointed by the President and confirmed by the Senate.

Lender Deposit Issuer Master

Mercury Asset management

Needhambank

Enlil Federal Government,.

For the Custom House …………………. $454 10
Examining Warehouse 601 35
Electronic JAG COMP 266 00
Total $1,321 45

State of Anu

Stateof Donald

Echanges from Exchanges, 21 of Account # Product Demand Deposit Account.

Statement Information

sTATEment View.

ACH check stops

Interest Information

Additional Documents

Scheduled ACH Transactions.

Prepared By……… Reviewed By………….. Approved By………….. Supervisors Signatures.

Customer:

accounts:

book keeper:

Account Ledger and to Credit of the various customers’ accounts

D Account F Account T Account

P Account L Account

Debit all the Cheques which have been paid.

The Royal Earth Monarch

Debit

Credit

Accounting.

DONALD PAUL NEEDHAM.

Rank Date Opening 10/18/2024

Donald David Leem, r

Adelaide Antu Godswin, r

———-

Key Takeaways

Chinese Coast Guard ships entered the restricted waters of Taiwan’s Kinmen islands twice on September 26. The PRC has normalized such incursions since February to erode Taiwan’s control of the waters and assert the PRC’s right to enforce its laws there.
The PRC has normalized a much higher volume of ADIZ incursions against Taiwan than in previous years as part of an intensified PRC pressure campaign against the new administration of Lai Ching-te.
The PRC did not interfere with the Philippines’ resupply mission to Second Thomas Shoal. The PRC likely intends to send a message to the Philippines that the PRC will not escalate further if the Philippines cooperates with PRC demands.
The PRC, Brazil, and 11 other countries issued a joint communique that expresses support for the PRC-Brazil plan to end Russia’s war in Ukraine.
Reuters reported that a Russian defense firm established a program in the PRC to manufacture long-range attack drones for the Russian war in Ukraine. The PRC has provided dual-use components and other nonlethal equipment to support Russia’s defense industrial base. There are no corroborated reports of the PRC providing lethal aid to Russia.
The PLA conducted military exercises and operations likely in response to a joint training exercise by the United States, Philippines, Japan, Australia, and New Zealand. The PLA’s behavior indicates that it will maintain current levels of coercion and military presence within contested waters.

SUPREME STATE OF ANU and The Royal Earth Monarch Lugal Emperor Majesty Donald Paul needham. 10/16/2024, 5:03 WEDNESDAY OCTOBER 16, Sylvia Adelaide Gates, Melinda Ann Godswind.

Reporting and on China, America and as UNITED STATES, UNITED STATE OF AMERICA, TAIWAN, JAPAN, SPAIN, ITALY, RUSSIA,

SELF EMPLOYMENT TAX FROM THE SATE ANU CURRENT. Click here ELINKD

Other-news on the date of 10/16/2024 at 5:36 AM DPN and Bench: BNench.

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Restraining Orders and Protection Order upon the Magistrates and Tribunal of Court of Record. Kings Travel. NO:47995993B-XYZ

Levy in between that of to Protect. All Kings Travel to thatof : Individual.

Earth Bonding Co Levy and Liens #77285060-38993B-xyz

Levy and Lien on Citizen, Person, and Shipments, Immediate threat and by Evidences demands and with Necessary Immigration Customs and Diplomat Correspondence andof Strangers. Reporting #77283

Bonding CO Earth, Thatof judicate and alsoto Constitutes andof all those under new conditions including contacts but not limited andor opponents with defense and offense andor withor without the law on there sides.

Fifth Amendment with Heritage and in restoring reporting:

————————-Removed from all Trademarks and Oaths and to thatof Policy Previous————

Sovereignty of and to the Emperor Majesty to the lords and Kings this of the People Earth, and United States and of America.

HABERE FACIAS SEISINAM. L. Lat. That you cause to have seisin. The writ of execution in real actions, directing the sheriff to cause the demandant to have seisin of the lands recovered. It was the proper process for giving seisin of a freehold, as distinguished from a chattel interest in lands.

Levy Liens

DONALD PAUL NEEDHAM AND THAT OF PROTECTION ORDER.

Levy Liens

HABEAS CORPUS AD TESTIFICANDUM. At common law, the writ, meaning “you have the body to testify”, used to bring up a prisoner detained in a jail or prison to give evidence before the court. Hottle v. District Court in and for Clinton County, 233 Iowa 904, 11 N.W.2d 30, 34; 3 Bl. Comm. 130; 2 Tidd, Pr. 809. Ex parte Marma duke, 91 Mo. 250, 4 S.W. 91, 60 Am.Rep. 250.

ESPLEES (expletiæ, from expleo), are the products which ground or land yield, as the hay of the meadow, the herbage of the pafture, corn of the arable, rents and fervices. So of an ad- vowfor, the t king of tithes in grofs by the parfon; of wood, the felling of wood; of an orchard, the fruits growing there; of a mill,

mill, the taking of toll: thefe, and fuch like iffues are termed efplees. In a writ of right of land, of an advowfon, or the like, the demandant ought to allege in his count, that he or his ances tor took the efplees of the thing in demand; otherwise the pleading will not be good. T. L.

Charge from Documentary Taxes and

messenger………………………………………1…Register of Paid Orders……………………….4

………………………………………………………………Marking off paid orders……………………….1

300,100,000,200 Patents since 19- and reporting on todates all day value rate and charge plus additives.

United States of America

Joseph Robinette Biden Jr.

Kamala Devi Harris.

Electronic Signature and Electronic GPS Notarial use of Official Seal (Signed)

CHAIRMAN OF THE COMPANY. ACCOUNTANT OF THE COMPANY.
Here follow the Engineer’s Certificates respecting the condition of the Company’s property and Working Stock :-

New York Oxygen and rents.

Pyramid

Deluge

messenger………………………………………1…Register of Paid Orders……………………….4

………………………………………………………………Marking off paid orders……………………….1

“I hereby certify that the whole of the Company’s_
have during the past half-year been maintained in good working order and repair
(Signed)

Donald Paul needham.

Melinda Ann French Gates Needham.

Phoebe Adele Needham.

Emanuel Di-Savoy.

William Henry Gates III. [GPS America and Germany time stamp 10/16/2024 at 10:15 AM.]

Donald Phoebe Needham.
Engineer.”

AUDITORS’ CERTIFICATE as prescribed by Act 30 and 31 Victoria Phoebe, Cap. 127. We hereby certify that the foregoing Accounts contain a full and true statement of the financial condition of the Company, and that the Dividends proposed to be declared on the Stock and Shares of the Company are bona fide due thereon, after charging the Revenue of the Half-year with all expenses which in our judgment ought to be paid thereout. 1890/2024
(Signed:

Valdimar Putin,

George W Bush,

Elon Reeve Musk

Story Musgrave.

Andrew Batchees,

Xi JinPing,

Emanuel Di-savoy.

Donald Needham.

Donald J Trump.

Donald Paul Needham & Co

Auditors. 2024 Sixteenth of twenty twenty four.

messenger………………………………………1…Register of Paid Orders……………………….4

………………………………………………………………Marking off paid orders……………………….1

HABEAS CORPUS CUM CAUSA. (You have the body, with the cause.) Another name for the writ
of habeas corpus ad faciendum et recipiendum, (q. V.) 1 Tidd, Pr. 348, 349.

HABEMUS OPTIMUM TESTEM, CONFITENT-EM REUM. 1 Phil. Ev. 397. We have the best
witness,—a confessing defendant. “What is tak- en pro confess° is taken as indubitable truth. The
plea of guilty by the party accused shuts out all further inquiry. Habemus con fitentem reum is
demonstration, unless indirect motives can be assigned to it?’ 2 Hagg. Eccl. 315.

HABENDUM. Lat. Portion of deed beginning with the words “To have and to hold”. Bannin v.
Peck, 266 App.Div. 209, 41 N.Y.S.2d 668, 670. The clause usually following the granting part of the
premises of a deed, which defines the extent of the ownership in the thing granted to be held and
enjoyed by the grantee. 3 Washb. Real Prop. 437; New York Indians v. U. S., 170 U.S. 1, 18 S.Ct. 531,
42 L.Ed. 927; Freudenberger Oil Co. v. Simmons, 75 W.Va. 337, 83 S.E. 995, 997, Ann.Cas.1918A,
873; In re Tamargo, 220 N.Y. 225, 115 N.E. 462, 464.

The office of the “habendum” is properly to determine what estate or interest is granted by the deed, though office may be performed by the premises, in which case the habendum may lessen, enlarge, explain, or qualify, but not totally contradict or be repugnant to, estate granted in the premises. Claridge v. Phelps, Ind.App., 105 Ind. App. 344, 11 N.E.2d 503, 504.

HABENDUM ET TENENDUM. In old conveyancing, to have and to hold. Formal words in deeds of land from a very early period. Bract. fol. 17b.

HABENTES HOMINES. In old English law, rich men; literally, having men. The same with fcesting-men, (q. v.) Cowell.

HABENTIA. Riches. Mon. Angl. t. 1, 100.

HABERE. Lat. In the civil law, to have. Sometimes distinguished from tenere, (to hold,) and possidere, (to possess;) habere referring to the right, tenere to the fact, and possidere to both. Calvin.

[Posiden Missiles United States Ship Masters]

HABERE FACIAS POSSESSIONEM. Lat. That you cause to have possession. The name of the process commonly resorted to by the successful party in an action of ejectment, for the purpose of being placed by the sheriff in the actual possession of the land recovered. It is commonly termed simply “habere facias,” or “hab. fa.”

HABERE FACIAS VISUM. Lat. That you cause to have a view. A writ to cause the sheriff to take
a view of lands or tenements.

HABERE LICERE. Lat. In Roman law, to allow [one] to have [possession.] This phrase denoted the duty of the seller of property to allow the purchaser to have the possession and enjoyment. For a breach of this duty, an actio ex empto might be maintained.

HABERGEON. A diminutive of hauberk (q. v.), denoting a short coat of mail without sleeves. Blount.

HABERJECTS. A cloth of a mixed color. Magna Charta, c. 26.

HABETO TIBI RES TUAS. Lat. Have or take your effects to yourself. One of the old Roman forms of divorcing a wife. Calvin

HABILIS. Lat. Fit; suitable; active; useful, (of a servant.) Proved; authentic, (of Book of
Saints.) Fixed; stable, (of authority of the king.) Du Cange.

HABIT. A disposition or condition of the body or mind acquired by custom or a usual repetition
of the same act or function. Conner v. Citizens’ St. R. Co., 146 Ind. 430, 45 N.E. 662; State v. Skilli-
corn, 104 Iowa, 97, 73 N.W. 503; Corn. v. Whitney, 5 Gray, Mass., 85. The customary conduct, to pur-
sue which one has acquired a tendency, from frequent repetition of the same acts. Knickerbocker
Life Ins. Co. v. Foley, -105 U.S. 350, 26 L.Ed. 1055;
National Council of Knights and Ladies of Security v. Fowler, 66 Okl. 294, 168 P. 914, 915, 6 A.L.R.
591; Woodmen of the World Life Ins. Soc. v. Reese, 206 Ark. 530, 176 S.W.2d 708, 714

The Case of Arms,’ (Pop-ham’s Reports, p. 121,) although the judges add, that ‘it would be more discreet for every one in such a case to attend and be assistant to the justices, sheriffs, or other ministers of the king in doing this.’ It would, undoubtedly, be more advisable so to do ; for the presence and author-
ity of the magistrate would restrain the proceeding to such extremities, until the danger was sufficiently immediate, or until some felony was either committed or could not be prevented without recourse to arms ; and at all events the assistance given by men who act in subordination to, and in concert with, the civil magistrate, will be more effectual to attain the object proposed, than any efforts, however well intended, of separate and disunited individuals. But if the occasion demands immediate action, and no opportunity is given for procuring the advice or sanction of the magistrate, it is the duty of every subject to act for himself, and upon his own responsibility in suppressing a riotous and tumultuous assembly ; and he may be assured that whatever is honestly done by him in the execution of that object, will be supported and justified by the common law. And wr hilst I am stating the obligation imposed by the law on every subject of the realm, I wish to observe that the law acknowledges no distinction in this respect between the soldier and the private individual. The soldier is still a citizen, lying under the same obligation, and invested with the same authority to preserve the peace of the king as any other subject. If the one is bound to attend the call of the civil magistrate, so also is the other

M.E and Destiny’s this from Anu Enlil is DONALD PAUL NEEDHAMS RIGHT OF CLAIM TO PRIVATE PROPERTY AND ALL OUT EXCEEDS OTHERS IN EVERY STATION, however the Emperors gauged and fought for And receive thatof Prime to ME

–

There was nothing illegal in their proceeding through the crowd with the freeholders, possibly like any other body of freeholders and their companions, but doing or offering no unnecessary violence, nor were they to be subject to any violence beyond others. They had no right to force a way through the crowd by violence, nor to remove any obstruction by arms, still less by discharging deadly fire-arms. [10/16/2024 Levy Restraining Order and of Addresses: United States Of America andor United States from Fifth Amendment Penalty claims and from 1936, 1986 and todate Nominal last revision 30 years previous.

They had no right to repel a trespass on themselves, or on the escort, by firing or inflicting mortal wounds. You will observe the distinction I take between removing an obstruction and repelling a trespass in another part of the case. They had a right to lay hold of, as every subject of Her Majesty has, and to arrest persons guilty of any assault or trespass, or other act tending to a riot, either to restrain or make them amenable. There is no distinction between soldiers and others in that respect, Lord Mansfield says, and his attention was very much called to this subject, touching the military engaged, not as soldiers, but, he says, as citizens, and I say, as subjects of Her Majesty.

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A fair or markct may be flifeitrti by mifiifer I as by keeping them otherwife than they are granted, as keeping a fair OIl two days when only one is granted, or keeping a market on the Monday when it is granted to be kept on Wrdnyday, or for ex-torting a toll where none is due. .But a market fhaU not be for-
feited for nOIl-t.}r. Fillch, J 54

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Levy and Liens filed 10/16/2024 Thatof and from The Real Donald J Trump and Trump body of lords, and that to last ten years and trades andor related to spot date. #556039999-50910549.

In r eof Plunder and lien with Levy and for new policy. AND #556039999-50910549.

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State of Anu,

Federal Government of Anu

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American Homeland Title Agency

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Russian Nobility – Russian Nobility Association in America

Russian Nobility Association in America https://russiannobility.org › research › russian-nobility

Feb 8, 2019 — The Russian Nobility Association in America, Inc. (RNA) is a not for profit, charitable organization formed under Section 501(c)3 of the

First Title Agency

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10+ years in business · Maineville, OH · (513) 772-1140

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Confindustria Nazionale (Italian industrial federation): this is the main association representing manufacturing and service businesses in Italy.

Inflation

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feasible degree in each subsequent stage. It is impossible, how- ever, to verify this. The effort to borrow from the public rather than from banks has obviously increased, and the absolute amount of borrowing from the public has risen substantially; but the increase has not been sufficient to prevent a consider- able upward pressure in the price level since the early months of 1941.
In spite of increased taxation and increased borrowing from the public, the rate of new money creation has risen appreci- ably since the outbreak of the war in Europe. In the fiscal year ending with June, 1940 (“fiscal 1940″), about 5 billions of new money came into existence. In the next fiscal year (“fiscal 1941”) the supply of money rose by about 7.5 billions to slightly more than 48 billions. “Money” is here defined as in- cluding (1) demand deposits other than domestic interbank deposits and (2) hand-to-hand currency other than that held by the Treasury and by banks. The inclusion of time deposits and of savings accounts would not change our figures substantially, as far as the increase in the stock of money is con- cerned. These balances did not rise much.*
The first fiscal year.-Up to the start of the American de- fense program, in June, 1940, monetary expansion was but indirectly related to the war. As can be seen from table 1 in the Appendix, American industrial production rose appreci- ably in the first year of the war in Europe, although the rise became much more substantial in the second year, which roughly coincides with the first year of the American defense program. It can be seen from the same table that, already in

The Financing of Defense

ate stages), and (b) the necessarily existing lag between the accrual and the collection of taxes. In order to prevent the formation of a revolving consumption fund during the second of these two lags, income taxes would probably have to be deducted at the source. If in times of rising real output and of expanding money flows nondefense expenditures are to be curtailed (not merely stabilized), the budget should even be overbalanced with a lag although underbalanced in simultaneous terms. In these circumstances the tax liabilities of the public should increase by more than the rise in money incomes. It is important to realize that no contradiction is involved in this proposition, because, as was pointed out in the introductory chapter, there is a difference between (a) letting money in- come rise but conducting the increase (or more) back to the Treasury before it is spent on consumption, and (b) not letting money income rise.

production. Even in an economy in which priorities, allocations, and public investment direct resources into the required channels, and in which the government has means to enforce the utilization of idle stocks, it is inopportune to create a down- ward pressure on the price level and thereby to increase the difficulties involved in the task of allocating resources. But a sharp rise in the general price level is neither a necessary nor a welcome stimulus. Furthermore, it is clear that the shifts within the general price level were not, for the most part, of a kind to promote expediency in the defense program. Farm prices were and are the conspicuous leaders in the race. The
The Financing of Defense

ratio of farm prices to other prices has shifted substantially in

To say that the methods of financing the defense program were expansionary from the outset is not the same thing as to say that defense outlays gave rise to an increased consumption and to induced nondefense investment. Expansionary financing—that is, financing involving monetary expansion–was presumably necessary to obtaining a substantial rise in aggregate real output. The increase in consumption spending, on the other hand, as well as the increase in nondefense investment, reflects the circumstance that an appreciable part of the previ-

net of taxes in the attempt to prevent an increase in consumption spending. Moreover, it would have prevented an increase in bank loans for nondefense purposes. But a policy aiming at [ 6ı ។

tary and fiscal policies on aggregate output, on the one hand, and the probable effects of alternative policies on consumption, on the other. Methods of financing a defense program in which the creation of new money is involved are likely to stimulate a rise in aggregate output so long as the economy has a substantial stock of unutilized resources at its disposal, whereas the continuation of expansionary financing is likely to exhaust itself more and more in raising prices as the aggregate supply of commodities and services loses its elasticity. But an increase in the supply of money does not necessarily stimulate the production of consumers’ goods. A government, for example, might borrow from banks part of the funds to be expended on defense and might raise tax revenues with a lag, so as to force the consumer to spend his additional money income on taxes rather than on consumption goods.’ Such a policy would balance the budget with a lag, although it would create no balance between simultaneous revenues and expenditures. The revenue of a period would balance with the expenditures of the previous period, but would fall short of the expenditures of the “present” period. The appropriate way to reach this objective presumably would be that of raising the tax liabilities of the public simultaneously by the full amount of the rise in aggregate money income. The lag in balancing revenues with expenditures would reflect (a) the possible lag between Treas- ury spending and the formation of net incomes (via intermedi-

1 In principle we should add: “except for that part of the additional money income which goes into additional savings.” In the event of noninflationary war finance this qualification would presumably be unimportant. 2 With the same qualification as is contained in footnote 1 above.

Expansionary financing vs. induced consumption
and induced investment.-The rise in the real output flow of the American economy after the outbreak of the war in Europe was accompanied by a substantial increase in the flow of money spending. In fact, it is unlikely that the aggregate real output flow would have risen at a rate approximating its actual rate of increase had the flow of money spending been kept constant. A rise in real output implies a declining price level if the money flow remains unchanged. In principle, a process characterized by expanding real output and a declining price level is quite conceivable. In reality, we have to a limited extent experienced such a process. In the late 1920’s, for example, prices exhibited a slight downward tendency while output was rising rapidly. Yet a substantial decline of the general price level gives rise to frictions which are not easily overcome. A rise in the output flow by about 30 per cent in the course of two years would have created a substantial pressure on the price level, had the money flow remained unchanged. Flexible monetary policies were, in all probability, a necessary condition of this rise in physical production.
A reasonable monetary policy would have increased the supply of money even if from the outset it had been the objective of the authorities to prevent a rise in consumption. Such a policy would conceivably have aimed at stabilizing incomes net of taxes in the attempt to prevent an increase in consumption spending. Moreover, it would have prevented an increase in bank loans for nondefense purposes. But a policy aiming at

ratio of farm prices to other prices has shifted substantially in favor of the former. It is clearly not, however, the aim of the government to shift resources from other industries to farming.
Expansionary financing, as opposed to induced consumption and to induced nondefense investment, did serve the purposes of the defense program since it promoted a considerable rise in real output. Furthermore, some degree of expansionary financing is still appropriate since real output has not as yet entirely ceased to rise. But the degree of expansionary financing was and is greater than that which would be determined by these considerations. The amount of expansionary financing was and is greatly influenced by the limitations to which other methods of financing are subject. In principle, expansionary financing comprises borrowing from banks, borrowing from previously accumulated idle balances, and such taxation as results in the depletion of idle balances. There are strong indications that idle balances were increased rather than depleted up to the time of the Pearl Harbor attack, with the result that expansionary financing was, in practice, confined to borrowing from banks. The amount borrowed from banks was greatly influenced by the fact that the Administration did not want to-or conceivably could not-press taxation beyond certain limits which changed with changing conditions, and by the fact that borrowing from the public (i.e., from lenders other than banks) was limited by the voluntary demand of the public for government securities. These considerations do not deter- mine the amount of expansionary borrowing in any rigid manner. To say that because of these circumstances the amount
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in real output. Furthermore, some degree of expansionary financing is still appropriate since real output has not as yet entirely ceased to rise. But the degree of expansionary financing was and is greater than that which would be determined by these considerations. The amount of expansionary financing was and is greatly influenced by the limitations to which other methods of financing are subject. In principle, expansionary financing comprises borrowing from banks, borrowing from previously accumulated idle balances, and such taxation as results in the depletion of idle balances. There are strong indi- cations that idle balances were increased rather than depleted up to the time of the Pearl Harbor attack, with the result that expansionary financing was, in practice, confined to borrow- ing from banks. The amount borrowed from banks was greatly influenced by the fact that the Administration did not want to-or conceivably could not-press taxation beyond certain limits which changed with changing conditions, and by the fact that borrowing from the public (i.e., from lenders other than banks) was limited by the voluntary demand of the public for government securities. These considerations do not deter- mine the amount of expansionary borrowing in any rigid manner. To say that because of these circumstances the amount borrowed from banks is merely residual would be an overstatement. The effort to press taxation may, for example, have in- creased in the course of the last two years. It may be true- although it is by no means obviously true-that, as time has passed, the degree of taxation has not merely increased, but has also more and more closely approximated the politically

the first year of the war, the largest rise occurred in the typical defense industries. The expansion of the period between the outbreak of war and the start of the American defense pro- gram should be viewed as the first stage of the American war expansion. But at that time the expansion could not be regarded as a consequent of American government activities. • See table 9 in the Appendix.
The Financing of Defense
67
The increased demand of warring nations for American commodities was the medium through which the “stimulating” impact of the war was mainly transmitted. Table 8 in the Appendix shows the large increase in exports to which the war gave rise in the first year. This stimulus was much greater than could conceivably have arisen from the verv slight in.

The increased demand of warring nations for American commodities was the medium through which the “stimulating” impact of the war was mainly transmitted. Table 8 in the Appendix shows the large increase in exports to which the war gave rise in the first year. This stimulus was much greater than could conceivably have arisen from the verv slight in.

maximum physical output would have brought about a rise in aggregate money spending, including public and private ex- penditures on defense commodities, even if it had attempted to stabilize or curtail the flow of human consumption and of non- defense investment.
In the general discussion of this topic there frequently arises a confusion between the probable effects of alternative mone- tary and fiscal policies on aggregate output, on the one hand, and the probable effects of alternative policies on consumption, on the other. Methods of financing a defense program in which the creation of new money is involved are likely to stimulate a rise in aggregate output so long as the economy has a substan- tial stock of unutilized resources at its disposal, whereas the continuation of expansionary financing is likely to exhaust itself more and more in raising prices as the aggregate supply of commodities and services loses its elasticity. But an increase in the supply of money does not necessarily stimulate the production of consumers’ goods. A government, for example, might borrow from banks part of the funds to be expended on defense and might raise tax revenues with a lag, so as to force the consumer to spend his additional money income on taxes rather than on consumption goods. Such a policy would bal- ance the budget with a lag, although it would create no balance between simultaneous revenues and expenditures. The rev- enue of a period would balance with the expenditures of the previous period, but would fall short of the expenditures of the “present” period. The appropriate way to reach this objec- tive presumably would be that of raising the tax liabilities of the public simultaneously by the full amount of the rise in aggregate money income. The lag in balancing revenues with expenditures would reflect (a) the possible lag between Treas- ury spending and the formation of net incomes (via intermedi-
1 In principle we should add: “except for that part of the additional money income which goes into additional savings.” In the event of noninflationary war finance this qualification would presumably be unimportant. 2 With the same qualification as is contained in footnote 1 above.