It was New Year's Day at the Treasury Department. Instead of making resolutions for the future, the Treasury custom is to review the past. Secretary Mellon issued his report on fiscal* 1928. Meantime, Brigadier-General Herbert Mayhew Lord, Director of the Budget, worked away at plans for fiscal 1929 preparatory to laying them before President Coolidge at Brule next month. Secretary Mellon began by talking about the biggest figures of all on the national ledger—the national debt. It had been reduced by $907,000,000, bringing it down to $17,604,000,000. The average rate of interest...
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