Nobody cheered last week when the Treasury Department, just before the end of the first half of its fiscal year, found itself with a $14,768.621 surplus. It was merely a bookkeepers' surplus—a row of eight figures in black at the bottom of a column of current running expenses. The real story was on the other side of the ledger. To nine fat figures in red labeled "Emergency Funds," a tenth was last week added as the 1934 deficit climbed over the billion mark for the first time this fiscal year.
But it was not...
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