Word: postalized
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Last spring (TIME, Mar. 9) Congressmen decided to increase the pay of postal employes an aggregate of $68,000,000 a year. Congress was then in a nice quandary. How could it increase revenues that amount without offending everyone concerned? It patched up some kind of law and passed it, promising that it was only tentative and would be revised at the next session...
Last week a special committee which is to draft the revised measure opened meetings in Washington. To see how the tentative increases in postal rates had worked out, it summoned Postmaster General New to testify...
...Treasurer of the U. S. is the officer actually in charge of receipts and disbursements from the Treasury, the redeeming of bank notes, etc. He acts also as trustee or custodian of many Government trust funds such as the bonds securing bank notes, the bonds securing postal savings, etc. His signature passes daily through every one's hands, printed on nearly every piece of paper money. His predecessors in the last 25 years have been John Burke (1913-21), C. A. Thompson (1912-13), Lee McClung (1909-12), Charles H. Treat (1905-09), E. H. Roberts (1897-1905). The office...
...course, any estimate based on these figures as to how nearly the postal receipts will balance expenditures for the current year is the merest guess. But the figures quoted would indicate a deficit of something like $40,000,000, which is due, of course, to the legislation passed by the last Congress affecting both pay and rates...
...that next June 30 will show a deficit of $40,000,000. If so, it means that the Treasury's estimated surplus of $290,000,000 next June must be reduced to $250,000,000. It means, also, that there will be more squabbles and more tinkering with postal rates and that, if any change is made, the rates will probably be revised upward...