National Affairs: Fraud

Politics is a fluid science and so is bookkeeping. Mixed together in unknown quantities the two will generate various reactions, sometimes quiet and invisible, sometimes violently explosive. The final solution usually defies exact analysis.

Andrew Mellon's bookkeeping has been widely and highly praised for seven and three-quarters years. It has also had its detractors. The Mellon estimates of Treasury surplus have been wrong often and far enough to cause some people to suggest that the Secretary of the Treasury's calculations are not purely arithmetic, that they are sometimes tinctured with policy if not politics. In his own party, Mr. Mellon has been...

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