FOR convenience we will divide the debt of the United States as it stands to-day into two parts, namely, that which was incurred prior to April 1st, 1917, which we will designate as the Old Debt, and that which was incurred subsequent to that date, which we will call the War Debt.
All the outstanding bonds of the United States are by express statute under which the loans were made, or because of the general legislation covering the subject, payable in gold coin of the present standard of weight and fineness.
All United States bonds are listed on the New York Stock Exchange. None of the certificates is so listed. The transactions in Liberty Bonds on the Exchange are in large volume. They are made at so many dollars and tenths of a dollar per $100. Liberty Bonds can also be bought and sold over the counter at current market prices in the bond departments of trust companies and banks, and of other large dealers.
Very few transactions take place on the Stock Exchange in the bonds of the old issues. The important transactions in these bonds invariably take place in the dealers' offices.