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He was proud of the Treasury's war record. Other departments of State had swollen to amazing dimensions during the war. The Treasury, while its work had been multiplied a hundredfold, had increased its personnel by only a negligible percentage. It was the cheapest of all the departments, the most efficient, and the most powerful.
You see, Barbara, he was sued at law by a merchant who had defrauded the Treasury in the matter of a contract. When the fraud was discovered the merchant was prosecuted, but the transactions in which he had engaged involved Gorshkov, although the latter had been guilty only of negligence, want of prudence, and culpable indifference to the Treasury's interests.
M. Turgot had often galled him, had sometimes forced his hand; M. de Clugny, who took the place of the comptroller-general, had no passion for reform, and cared for nothing but leading, at the treasury's expense, a magnificently scandalous life; M. de Malesherbes had been succeeded in the king's household by Marquis Amelot.
Hence, as Cleveland ruefully reminded Congress, "we have an endless chain in operation constantly depleting the Treasury's gold and never near a final rest." On April 22, 1893, the reserve fell momentarily below $100,000,000 and later in the year it was apparent that the reduction was likely to become permanent.
Official ranks were similarly disposed of. But in the days of Ichijo, the acquisition of tax-free manors increased rapidly and the treasury's income diminished correspondingly, so that it became inevitable, in times of State need, that recourse should be had to private contributions, the contributors being held to have shown "merit" entitling them to rank or office or both.
Manufacture has been productive, agricultural pursuits have yielded abundant returns, labor in all fields of industry is better rewarded, revenue legislation passed by the present Congress has increased the Treasury's receipts to the amount estimated by its authors, the finances of the Government have been successfully administered and its credit advanced to the first rank, while its currency has been maintained at the world's highest standard.
As you behold at her Majesty's drawing-room, the ambassadors' and high dignitaries' carriages whisk off from a private door, while Captain Jones's ladies are waiting for their fly: as you see in the Secretary of the Treasury's antechamber, a half-dozen of petitioners waiting patiently for their audience, and called out one by one, when suddenly an Irish member or some eminent personage enters the apartment, and instantly walks into Mr.
The money was down on his books as owing the city treasury, and it was down on the city treasury's books as owing from him. Besides, there was a local organization known as the Citizens' Municipal Reform Association which occasionally conducted investigations in connection with public affairs.
For the four fiscal years from July 1, 1946, to June 30, 1950, we had a net surplus of 4.3 billion dollars. Using this surplus, and the Treasury's excess cash reserves, the debt was reduced substantially, reaching a low point of 251 billion dollars in June, 1949, and ending up at 257 billion dollars on June 30, 1950.
We consulted, and finally sent in a written appeal, asking for "five minutes of his precious time on a matter of grave importance." More waiting! Finally a letter was brought to us directed to Mrs. William Kent, with the ink of the Secretary of the Treasury's signature still wet.
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