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Updated: June 29, 2025
It bristled with contentious points bearing upon the most equitable ways and means of raising supplementary imposts to meet the first year's war outlays. As submitted to the House it was designed to raise a revenue of $1,800,000,000; but the barometer of the Treasury's needs kept rising and presently stood at $2,250,000,000 as the amount needed to be raised by the bill.
It threw upon the Senate the onus of repairing the defects of the bill. It passed it largely as it stood, a hasty piece of patchwork, in order to get some kind of legislation before Congress to meet the Treasury's requirements.
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.
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.
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.
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