Bankruptcy or Inflation?

Our present financial situation is discussed in the article printed below from what Mr. Page describes as a country banker’s point of view, though he has, he explains in a letter to the Editors, “ various and very substantial connections reaching into the heart of the financial system in New York and the govern­mental system in Washington.” A son of the late Walter Hines Page, who served as American Ambassador to Great Britain, he graduated from Harvard College in 1903 and from Harvard Law School in 1906. After practicing law in New York he settled in North Carolina, his family’s native State. Since 1920 he has been in the banking business as vice president of the Page Trust Company, which operates a chain of banks from Raleigh as head­quarters. His plea for inflation represents, of course, only one side of the question, which will be further discussed in the next issue of this magazine.