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unusual to be superadded by the government, we simply go through the motions of giving our billions to the government without really giving them up. Therefore the government, in order to buy away from us what we will not toherwise surrender, brings up prices, and the rise in prices which comes about through this sort of lending is cumulative." "As the prices of war supplies rise the money cost of war grows and the government has to borrow more. Bigger loans by us to the government require bigger loans to us from the bank. This further expansion of bank credit favors a further rise in commodity prices, starting the whole process over again in a vicious circle." This committee is made up of Prof. Irving Fisher (chairman), of Yale University Prof. E. W. Kemmerer, of Princeton University Prof. B. M. Anderson, jr., of Harvard University Dr. Royal Meeker, Commissioner of Labor Statistics Prof. Wesley Clair Mitchell, of Columbia University and Prof. Warren M. Persons, of Colorado College. The committee in collecting its facts has had the cooperation of several branches of the United States government, as well as of some large commercial and financial houses. The state ment of the committee follows: "The country has experienced an acute coal situation, a drastic coal order, the breakdown of railway transportation, the taking over of the railroads by the government, mounting living costs, and price fixing. "These events crowded upon us while we were still congratulat ing ourselves on the success of the draft, the passage of fuel and food conservation laws, and the unparalleled subscriptions to Liberty bonds. "Enrollments, laws, and subscriptions, however, do not represent things accomplished they are only plans laid out. The test of the nation comes when we try to execute those plans. The breakdowns we are experiencing show the magnitude and difficulties of our task. "We are undergoinga national readjustment to war conditions—a great shift from a peace to a war footing, the growing pains of which are acute just now, though they have been experienced, less acutely, for the past three years. 12.