TAXATION AND PUBLIC EXPENDITURES

The Annals

VOLUME XCV

MAY, 1921

EDITOR: CLYDE L. KING

ASSISTANT EDITOR: J. H. WILLITS

EDITORIAL COUNCIL: THOMAS CONWAY, JR., C. H. CRENNAN, A. A. GIESECKE, A. R. HATTON,
AMOS S. HERSHEY, E. M. HOPKINS, S. S. HUEBNER, CARL KELSEY, J. P. LICH-
TENBERGER, ROSWELL C. MCCREA, E. M. PATTERSON, L. S. ROWE,
HENRY SUZZALO, T. W. VAN METRE, F. D. WATSON

Wahr

8-2-1922
gin

Copyright, 1921, by

THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

All rights reserved

EUROPEAN AGENTS

ENGLAND: P. S. King & Son, Ltd., 2 Great Smith St., 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.