INTRODUCTION

unamended  to  plague  us  hereafter.  Past  experience, ­
  theoretical  analysis,  present  evidence  —
all  point  to  this  conclusion.
If  anything  here  written  will  hasten,  by  wider
discussion  and  better  understanding,  a  careful  reexamination ­
  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.