Annual reports of several Cabinet officers were published. They included:
Treasury Department. Secretary Mellon reported a surplus of $309,657,460 for the fiscal year ending June 30, 1923, with a reduction of $613,674,343 in the public debt. This improvement was due in large part to unexpectedly large receipts from income and customs taxes. The Government's revenue was derived from:
Income and profits taxes 41.89%
Internal revenue taxes ...23.61%
Customs taxes 14.02%
Proceeds from foreign obligations .. 5.81%
A large part of the report was devoted to an exposition of the...