National Affairs: Debt

On Aug. 31, 1919, the people of the U. S. owed more money than ever before or since in their history—$26,596,701,648.01. On Dec. 31, 1927, they owed less than at any time since 1919—$18,036,352,451.81. This reduction of eight and one-half billions may be credited about proportionately to Secretary Andrew Mellon and his immediate predecessors, Carter Glass and David F. Houston. Each in his time brought the burden down at the rate of a billion per year.

Last week's announcement by the Treasury showed that the reduction in...

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