Ever since the Department of the Treasury, under Secretary Andrew W. Mellon, announced that the fiscal year of 1926-27 showed a federal surplus of some $635,000,000 (TIME, July 11), those high in the ranks of the Democratic and Republican parties have quarreled over the manner in which the melon should be cut. All agree that the record surplus will result in tax reduction, but differences arise over the amount of the tax cut and over the glory of presenting it to the U. S. nation. Considering the fact that a Republican Administration...
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