Brian Coppola :: WW2 Era

1939.07.20 “Let’s Raise the Limit” by Milton Rawson Halladay

Artist: Milton Halladay (All)

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1939.07.20 “Let’s Raise the Limit” by Milton Rawson Halladay Comic Art

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Artwork Details

Title:	1939.07.20 “Let’s Raise the Limit” by Milton Rawson Halladay
Artist:	Milton Halladay (All)
Media Type:	Pen and Ink
Art Type:	Illustration
For Sale Status:	NFS
Views:	444
Likes on CAF:	1 2
Comments:	0
Added to Site:	7/16/2019
Comic Art Archive:

Description

“Let’s Raise the Limit” (July 20, 1939)
by Milton Rawson Halladay (1874-1961)
14 x 17 in., ink on board

Halladay was a native of Vermont and a noted political cartoonist for the Providence Journal (Rhode Island) for nearly fifty years (1900-1947). His cartoons were published in countless other newspapers and magazines. He has been called "one of the deans of American political cartooning." His cartoon commemorating the death of Thomas A. Edison was a runner-up for the Pulitzer Prize.

One cool footnote: Halladay's great-great grandson is carrying on the family's artistic tradition:
halladayart.com/halladay-history

Before 1939, Congress explicitly imposed no limit on the aggregate amount of federal debt outstanding. Instead, it restricted issues of individual securities or sets of securities and gave the Secretary of Treasury little authority to conduct debt management operations.

In March 1939, President Franklin Roosevelt and Secretary Morgenthau asked Congress to eliminate separate limits on bonds and on other types of debt. The House approved the measure (H.R. 5748) on March 23, 1939, and the Senate passed an amended version on June 1. On July 14, the amendment was withdrawn in the Senate after the House had disagreed, thus clearing the way for President Franklin Roosevelt’s signature. When enacted on July 20, the law (P.L. 76-201) created the first aggregate limit ($45 billion) covering nearly all public debt. Combining a $30 billion limit on bonds with a $15 billion limit on shorter-term debt, while retaining the $45 billion total limit in effect, enabled Treasury to roll over maturing notes into longer-term bonds. This measure gave the Treasury freer rein to manage the federal debt as it saw fit. Thus, the Treasury could issue debt instruments with maturities that would reduce interest costs and minimize financial risks stemming from future interest rate changes.

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	Brian Coppola Premium Gallery Owner
Joined:	March 2009
Last Login:	September 2025
Country:	UNITED STATES
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