Britain and France had calculated on spending $1,500 million in the United States in the six-month period between October 1916 and April 1917, and they anticipated funding five-sixths of it by borrowing in New York - in other words, by selling treasury bills. On 28 November the Federal Reserve Board had been swayed by the views of one of its members in particular, Paul Warburg, a German by birth, who argued that
