VI 
THE FUTURE 
In undertaking to estimate the war borrowing policy 
of the United States at this time, two purposes 
govern — suggestion and criticism. In the first 
place, the Treasury faces the necessity of further 
large scale borrowing even after the cessation of 
actual fighting, with the consequent possibility that 
the lessons of the past may induce some change in 
the practices of the future. In the second place, at 
tention may properly be directed in objective criti 
cism even at this early date to certain phases of our 
borrowing activity which as tested by historical pre 
cedent, by theoretical analysis and by positive result 
may be fairly described as unwise. 
It is certain that the aftermath of the war from 
which the United States is now gradually emerging 
will call for further use of public credit. This has 
been recognized as a requirement of national de 
mobilization and has been incorporated into the fiscal 
program of the administration. It is equally certain 
that the sums to be raised by borrowing in the next 
twelve months, though less relative to the total 
budget, will attain large proportions. The total 
cash disbursements of the United States in the fiscal 
year ending June 30, 1918, were something under 
$13,000,000 of which about two-thirds were secured 
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