﻿INTRODUCTION

unamended to plague us hereafter. Past ex-
perience, theoretical analysis, present evidence —
all point to this conclusion.

If anything here written will hasten, by wider
discussion and better understanding, a careful re-
examination of those phases of our borrowing
policy to which attention is drawn, the author’s
venture may seem to have been not entirely in vain
— whatever its prematurity.

Baltimore, November i, 1918.