Abstract
W AR taxation gathers force slowly, despite the necessity to secure funds immediately in such critical emergencies. In the period from April 5, 1917, to June 30, 1919, only 22 per cent of Federal expenditures were met by war taxes. It is commonly agreed that wars cannot be financed through taxes alone. Granted that public debt must be resorted to in order to finance wars, however, the extent to which debts should be employed for such purposes is by no means certain. Nor is it certain in what degree it will be possible to finance the next war through this means, in view of the size, composition, and distribution of the present Federal debt. The extensive use of public debt during the recent depression may have absorbed the emergency borrowing power of the Federal Government to such an
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