Date: July 26, 1930
Location: Northampton, MA
(Original document available here)
When the country needs a little encouragement it can look at the condition of the Federal Treasury. Since August, 1919, the national debt has been reduced over $10,000,000,000 and now stands at a little over $16,000,000,000. The interest charge has been practically cut in two, but it is still over $600,000,000. In the mean time we have had five reductions of taxes, which give the people direct relief of about $2,000,000,000 yearly and indirect relief to an amount that is impossible to estimate. Nevertheless, expanding business brought sufficient revenue to meet increased expenditures and show a large yearly surplus.
The credit for the original draft of tax bills and issuing new securities so as to cut the average interest rate well below 4 per cent belongs to the Secretary of the Treasury. The credit for a policy of economy that produced a surplus, reduced taxes and increased prosperity belongs to the President. He has been aided by the Budget Bureau, the departments and the Congress. It is a wonderful record. But because of decreased business there must now be some rigid economy to prevent a deficit.
Citation: Calvin Coolidge Says: Dispatches Written by Former-President Coolidge and Syndicated to Newspapers in 1930-1931 (Calvin Coolidge Memorial Foundation)
The Coolidge Foundation gratefully acknowledges the volunteer efforts of Robert Manchester who prepared this document for digital publication.