The Public Securities Association launched its "Built By Bonds" campaign last week in Baltimore, a fine place to make the public aware of the very visible benefits of tax-exempt financing.

I first visited Baltimore in September 1980 to attend a party celebrating what would have been the 100th birthday of the late journalist H.L. Mencken. The glittering event was held in one of the Hotel Belevedere's grand ballrooms. The hotel had been restored and must have been much as it was in Mencken's own time -- bright and sparkling.

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