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.