US Presidency
1928

It is the corner stone of prosperity. It should not fail to be continued. This action began by the application of economy to public expenditure. If it is to be permanent, it must be made so by the repeated application of economy. There is no surplus on which to base further tax revision at this time. Last June the estimates showed a threatened deficit for the current fiscal year of $ 94,000,000. Under my direction the departments began saving all they could out of their present appropriations. The last tax reduction brought ' an encouraging improvement in business, beginning early in October, which w1,11 also increase our revenue. The combination of economy and good times now indicates a surplus of about $ 37,000,000. This is a margin of less than I percent on out, expenditures and makes it obvious that the Treasury is in no condition to undertake increases in ditures to be made before June 30.