...that "it would be most unwise to base credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...hardships and evils which would be likely to arise out of inflation which would be caused by vast loans." THE Secretary of the Treasury, three days later, laid...

...on April 2, advocated heavy taxation on the explicit ground that we ought to protect the people from "the very serious hardships and evils which would...inflation which would be produced by vast loans." Yet the case is by no means as simple as this would appear to make it. Subscription to the war loans...

...me it would be unwise to base the credits which will now be necessary entirely upon money borrowed. It is our duty, I most respectfully urge, to protect our people, as far as we may, against the very serious hardships and evils which are likely to arise out of the...

...it would be most unwise to base the credits which ivill now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures by which these things are to be accomplished we must keep constantly in...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures by which these things are to be accomplished we should keep constantly...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures by which these things are to be accomplished we should keep constantly...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures by which these things are to be accomplished we should keep constantly...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures by which these things are to be accomplished we should keep constantly...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is our duty, I most respectfully urge, to protect...the inflation which would be produced by vast loans. In carrying out the measures .by which these things are to be accomplished we should keep constantly...

...it would be most unwise to base the credits which will now be necessary entirely on money borrowed. It is • our duty, I most respectfully urge, to protect...inflation which would be produced by vast loans." — President Wilson, Message to Congress, April 2, 1917. Labor and the President are united in saying...