Word: mellons
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Dates: during 1920-1929
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Senatorial nipping and snapping at Andrew William Mellon came to an end, at least temporarily, last week when the Senate Judiciary Committee voted down, 10 to 3, a report that he held the office of Secretary of the Treasury illegally because of stock ownership in industrial corporations. An ancient statute prohibits the Secretary of the Treasury from being interested in "trade or commerce." Mr. Mellon freely admitted that he owns stock in the Aluminum Co. of America and other big concerns, but explained that he had resigned all his directorships and other business offices upon entering Federal service (TIME, April...
Senators Norris of Nebraska and Walsh of Montana led the last of the nipper-snapping against Secretary Mellon. They dug up an Aluminum Co. court case in which Mr. Mellon had deposed that he was consulted on important points of policy and from this attempted to argue that he was still in "trade or commerce...
Against this view was thrown the full weight of six men who had served as Secretary of the Treasury. Said onetime Secretary of the Treasury, now Senator, Carter Glass: "If Mr. Mellon is disqualified ... for holding stock, I was certainly ineligible for office, Alexander Hamilton was ineligible and so was every other Secretary of the Treasury...
Against the Senate's inquiry, parliamentarians raised this point: Had Mr. Mellon been called and questioned and his case carried to the Senate floor, the Senate would have automatically disqualified itself to sit in judgment in the event the House of Representatives had impeached Mr. Mellon...
...particular interest are the estimates on Surplus and Deficit?figures much mouthed in Congress and on the political stump. Whether the Treasury estimates are accurate or not is highly debatable. Secretary Mellon can quickly prove that Mr. McCoy's errors as a fiscal forecaster are negligible. At the Capitol, the Treasury's actuary can be and often is made out a worthless prophet. But there is no disputing this fact about Mr. McCoy: if and when his estimates err, it is on the cautious side?over for Deficit, under for Surplus. Perhaps his merry mien is due in some measure...