EFFECTS OF INFLATION fc 47

displaying a most tmedifying spirit. The social
result of this evil policy of inflation, in embittering
class against class, is a matter which it is difficult to
exaggerate. Some people think that it was in-
evitable. This is too wide a question to be entered
into now, but at least it must be contended that if
it is inevitable the extent to which it is being practised
might have been very greatly diminished.

Do we mean to go on to the end of the war with
this muddling policy of bad finance ? If we still
insist on believing that the war cannot last another
six months, and there is therefore no need to pull
ourselves up short financially and put things in
order, then we certainly shall do so. But we should
surely recognise that there is at least a chance that
the war may go on for years, that if so our present
financial methods will leave us with a burden of
debt which is appalling to consider, and that in any
case, whether the war lasts another six months or
another six years, a reform of our financial methods
is long overdue, is inevitable some time, and will pay
us better the sooner it is set about.