This is a collection of the public papers of the Chairman of the Board of the Federal Reserve System. Whether one agrees with Mr. Eccles' theories or not, the book is important evidence in a better understanding of the monetary system and of what Mr. Eccles himself believes. He does not delight in spending for the sake of spending, nor does he enjoy the prospect of continued deficits, but he recognizes the exigencies of the moment. He believes in private enterprise; he has a realistic approach to the fluctuations of business, and puts forward no cure-all. For a quick view of the main arguments advanced in the papers themselves, see the prefatory chapter called ""Credo"".