ENGLAND: P. S. King & Son, Ltd., 2 Great Smith Street, Westminster, London, S. W.
FRANCE: L. Larose, Rue Soufflot, 22, Paris.

GERMANY: Mayer & Müller, 2 Prinz Louis Ferdinandstrasse, Berlin, N. W.
ITALY: Giornale Degli Economisti, via Monte Savello, Palazzo Orsini, Rome.
SPAIN: E. Dossat, 9 Plaza de Santa Ana, Madrid.

10-4-18

CONTENTS

FOREWORD...

PART I THE TASK OF FINANCING THE WAR

THE FINANCIAL SITUATION: A GENERAL SURVEY.

F. W. Taussig, Chairman, United States Tariff Commission.

THE TASK OF FINANCING THE WAR.....

Pago

vii

1

12

John J. Fitzgerald, Chairman, Committee on Appropriations, House of

Representatives, Washington, D. C.

REACHING THE INDIVIDUAL INVESTOR..

Albert W. Atwood, Princeton, New Jersey.

PART II-BORROWING BY THE GOVERNMENT

19

........

23

BORROWING AS A PHASE OF WAR FINANCIERING...

Henry C. Adams, University of Michigan.

FINANCING WITH WAR SAVINGS CERTIFICATES...

Frank A. Vanderlip, President, National City Bank, New York City.

WAR TIME BORROWING BY THE GOVERNMENT.

Mortimer L. Schiff; Kuhn, Loeb and Company, New York City.

31

388

PART III-THE RELATIONSHIP BETWEEN LOANS AND

TAXES

LOANS VERSUS TAXES IN WAR FINANCE..

52

Edwin R. A. Seligman, Columbia University.

THE RELATIONSHIP BETWEEN LOANS AND TAXES IN WAR

FINANCE......

83

Oliver M. W. Sprague, Ph.D., Harvard University.

SHIFTING THE WAR BURDEN UPON THE FUTURE.............

Roy G. Blakey, Ph.D., University of Minnesota.

90

PART IV-DO GOVERNMENT LOANS CAUSE INFLATION?

DO GOVERNMENT LOANS CAUSE INFLATION?.

105

Jacob H. Hollander, Ph.D., Professor of Political Economy, The Johns

Hopkins University.

WAR FINANCE AND INFLATION..

113

A. C. Miller, Member, Federal Reserve Board.

3