National Affairs: Treasury Report

Not to his chief, the President of the U. S., but to the Speaker of the House of Representatives, where all fiscal legislation must originate, Secretary of the Treasury Andrew William Mellon last week sent his ninth annual report. The Cabinet's senior reporter,† he forecast a Treasury surplus of $226,000,000 for the current fiscal year (1930) and $123,000,000 for the year after. A new proposal:

"It is highly desirable to introduce some element of flexibility in our tax system in order to take advantage of a surplus whose permanency is not assured. ... A...

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