Excerpt from Report of the Committee on War Finance of the American Economic Association: December, 1918
Professor Sprague was unable, because of the stress of governmental work, to attend any of the meetings and resigned shortly after the formation of the committee. He was replaced by Professor R. M. Haig, of Columbia University. Professor Adams attended the first meeting of the committee but found it impossible to devote any time to its deliberations and therefore resigned. He was replaced by Professor E. L. Bogart, of the University of Illinois. Professor Scott was unable to attend any of the meetings of the committee, but has approved of the findings. Professor Plehn was also unable to attend the meetings, but participated in the work of several sub-committees.
At its constituent meeting, the committee decided to limit its activities to a consideration of public revenues, public credit and the currency problem, so far as the fiscal necessities of the government were concerned. It was recognized that the topic of governmental expenditure was at the time too vast to lend itself to a satisfactory treatment by the committee; and it was also felt that the time was inopportune for an immediate study of the budget. The committee therefore resolved itself into five subcommittees.
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