The author has a great sense of gratitude to his students of public finance who, year after year, have talked over all phases of the subject. Ever active, always alert, they keep the subject matter constantly in change with no motives other than those of scholarly understanding.
His debt to friends is equally great. To mention all of them is impossible. The contributions of some must be noted. Charles P. White, now a Professor of Public Finance at the University of Tennessee, at one time instructor in Economics at the University of Pennsylvania and long a teacher with the author, has read certain chapters. Wilbur C. Plummer, Professor of Economics at the University of Pennsylvania, has helped by careful, critical reading. Due mention also must be made of those who helped the author in making three biennial budgets for the Commonwealth of Pennsylvania, and assisted later in collecting the income therefor. From among these workers, M. Clyde Sheaffer and Sanford D. Beecher have also helped on this book. Ida F. Steffen for years has given aid of great benefit in filing pamphlets, reports, and documents and has helped without stint in the hard work that is indispensable to a book of this kind.
The purpose of this book is to bring up to date the recent shifts in public expenditures, in public income, and in public debts. It has been written during the months of increase in public expenditures and in public borrowing of the early years of the Roosevelt Administration. Such changes in public policy have perforce been appraised on their merits. Facts pertaining to these changes are fully presented, for these have been days of great importance to all, students of public finance.
CLYDE L. KING.
UNIVERSITY OF PENNSYLVANIA, May, 1935.