Word: andrews
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Dates: during 1930-1939
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...facts about Andrew Mellon, other than his fortune, were exceedingly simple. Born at Pittsburgh in 1855, he was the son of a hard-headed Tyrone County Scotch-Irishman who -"ounded the banking house of T. Mellon & Sons. At 18, Andrew quit Western University of Pennsylvania to start a lumber business with his 15-year-old brother, Dick. When the lumber business succeeded, first Andrew and then Brother Richard joined the bank, which they built into the $380,000,000 Mellon National Bank. In the next 40-some years, Andrew Mellon multiplied the Mellon capital...
Thus, when Andrew Mellon stepped into the Cabinet he was beyond question one of the great men of U. S. industry and finance. Many great lawyers have been members of the Cabinet but he was the first great financier-industrialist ever to hold such a post. Hence a sentimental public, once it knew who he was, fostered the legend that he was "the greatest Secretary of the Treasury since Alexander Hamilton...
Certainly Andrew Mellon aspired to be. Multimillionaire although he was, he gave his years from 66 to 77 to a task in which there was no other glory for a man who had as small ability as he for arousing public adulation. He handled the financial affairs of the U. S. as he handled his own, reduced the national debt from $24,000,000,000 to $16,000,000,000. This great achievement remains untarnished. Not so his other major work: the reduction of income taxes...
...Great Depression of 1929 caused men to doubt the merit of all Andrew Mellon's fiscal works and most of all his tax policy in which the reduction of high surtaxes on big incomes was a prime tenet. To the Mellon mind taxation was simply a device for raising revenue. As a businessman he knew it unwise to charge more than the traffic would bear and it was his theory that high surtaxes reduce revenue by driving capital to take refuge in tax-exempt bonds and other devices for avoiding taxes...
Less than 24 hours after the death of Andrew Mellon (see p. 12), whose $9,000,000 art gallery for the city of Washington he had designed, Architect John Russell Pope died last week in Manhattan. The New York Times and Herald Tribune carried eulogistic editorials, at once praising and commemorating the era of U. S. architecture in which Pope ranked as a master...