THE CABINET: Treasury Surplus

Secretary Mellon sat in his office. An underling in an outer office handed newspaper correspondents four mimeographed sheets of paper. At the head of the first sheet were the words "Secretary Mellon made the following announcement . . . " It was a brief accounting of the results of the Treasury Department's activities during the last fiscal year (July 1, 1924-June 30, 1925).

The most important part of it was a simple example in subtraction:

U. S. receipts 1924-25..... .$3,780,148,684.42

U. S. expenditures 1924-25. . 3,529,643,446.09

Surplus 1924-25 $250,505,238.33

The Surplus. The estimated surplus last...

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