National Affairs: For 1925-26

BUDGET

The President sent to Congress the budget estimates for the fiscal year of 1926 (July, 1925—June, 1926) with the usual message explaining and amplifying the recommendations. Said he: "We have before us an estimated surplus of $67,000,000 for the next fiscal year. If we continue the campaign for economy, we will pave the way for further reduction in taxes. This reduction cannot be effected immediately. Before it is undertaken, we should know more definitely by actual operation what our revenues will be under our present tax law." The estimates of expenditures...

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