National Affairs: 1921 V. 1928

On the eve of his party's convention, Mr. Coolidge summoned the business organization of the government, sang the swansong of a prudent housekeeper. Something less than a paean, his main theme was in a major key: "I have rejoiced in keeping down the budget. Since July 1, 1921, debt reduction amounts to $6,327,000,000 ... a saving in interest of $950,000,000. . . . The tide of the good fortune . . . seems not yet to have reached its flood. We take pride in our unparalleled prosperity. In July, 1921, more than 5,700,000 people...

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