FISCAL: Real Alarm

When President Hoover sent his budget message to Congress last December, he made everybody at the Capitol feel snugly comfortable with the declaration: "Our finances are in sound condition." He envisaged a surplus of 225 millions for this fiscal year (ending June 30, 1930) and 122 millions for that of 1931 (ending June 30, 1931). Two months later, when Congress was in full swing considering new legislation for new expenditures, President Hoover grew alarmed, warned Congress and the country to slow down on spending (TIME, March 10). Last month when March income...