Word: mellons
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Dates: during 1920-1929
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Both made high marks in the business world before entering politics. Both entered politics for the love or the honor of it. The first, Andrew W. Mellon, Secretary of the Treasury, has been noted for nonpartisan conduct in office. The second, James Couzens, junior Senator from Michigan, is known for the many great services he rendered his city, Detroit, of which he was mayor...
...they have long been at swords' points. When Mr. Mellon issued his tax reduction plan more than a year ago, Mr. Couzens was one of the first to challenge its wisdom. The exchange between the two grew heated and ended by Mr. Couzens' suggesting that they hire a hall, divide the expense and debate for the public. More recently, Senator Couzens revived the controversy by undertaking on behalf of the Senate an investigation of the Bureau of Internal Revenue. Some days ago, a report from this Senate committee investigation was made public. It charged the Treasury Department with...
...this, Mr. Mellon replied that the company had other creditors prior to the Government; that, if the Government had pressed its entire claim, it would have thrown the company into bankruptcy with the chance that the Government might get nothing. So the Treasury investigated, determined how much it thought the company could raise from its bankers and accepted that amount...
...Mellon announced that he felt he must take action on the memorandum. Mr. Couzens had made his tax return on Mar. 13, 1920. The Treasury has just five years to reopen such cases, unless the taxpayer waives his right in this respect. The other minority stockholders had signed such waivers. Mr. Couzens was asked to sign one until the Treasury had time to investigate the charges in the memorandum. Instead, he appeared on the floor of the Senate, read the memorandum, denounced it as persecution and declared he would sign no waiver. The Treasury, with only a few hours...
...Floor. The Senate confusion grew even worse. Senator Ernst, Republican of Kentucky, produced a telegram from Mr. Mellon saying that he had received the memorandum just a day before it had been sent to Mr. Couzens. Mr. Ernst accused Mr. Couzens of animus against the Secretary. Mr. Couzens replied, accusing Mr. Ernst of being in league with the Treasury to defeat the ends of the investigation, even of having connived in the disappearance of important letters. Mr. Ernst said he didn't hear and asked Mr. Couzens to repeat. Mr. Couzens refused. Then Senator Glass, ex-Secretary...