Page:Indian Journal of Economics Volume 2.djvu/343

THE ART OF tCONOMIC DEVELOPMENT (CONTINUED) PSOF?SSOS H. STANLEY JEVONS, M.a., B,Sc,, F,S,S, UNIYERSIT ?ROFESSOR OF ECONOMICS? V.--PRINCIPLES OF FINANCE (corurv) 6. Distribution of Burdens as between Present and Future--Periods of Public Debts.--One of the most important of the principles of public finance is that which deals with the distribution of burdens as between ?he presen? and ?he-future. In practice ?he ?heory resolves i?self into ?he answers to ?he questions, firsfly, wha? expenditure may legitimately be me? ou? of public debt, and, secondly, of repayment of the loan. be said on this to explain the ?hose opinions concur. principles of accepted what should be the period There is nothing new to subject;it will suffice for me briefly ihvolved and to indicate authorities wi?h which I It is obvious that when the State- undertakes certain expenditure which will provide a continuing benefit