Word: mellons
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Dates: during 1930-1939
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Secretary Mellon announced: "No compromise measures informally suggested to the Treasury up to the present time have received its approval." And again in the background of all the frantic Bonus proceedings in Congress loomed the possibility of a veto which would pit President Hoover and Mr. Young squarely against each other on a national issue...
...Andrew William Mellon was already a tycoon to be reckoned with. He was 45, lean and quiet. The Union Trust which he had founded eleven years prior had grown and become a mighty instrument in his skilled hands. He had an iron in many industrial fires already glowing, he had irons in other fires just kindling. Nine years had passed since he had bought into Aluminum Co. of America and the investment began to look promising. He held a lot of bonds in an oil company sponsored by that picturesque Pittsburgher, J. M. Guffey. Six years later those bonds were...
...Administration quite obviously was frightened. Secretary Mellon was "glad" to appear before the Senate Finance Committee. He declared: "Without qualification . . . the Treasury Department could not sell $3,400,000,000 of bonds at the present time except on terms which it would be very hard to justify." He warned that such sale would "disorganize the Government and other security markets...
Bankers and businessmen swarmed to support Secretary Mellon. They contended that the proposal to put extra cash in circulation was unsound economics inasmuch as it was unknown if and how the money would be spent. They also warned that the extra burden of the payment in taxes and depressed prices, particularly with the Government facing a deficit, would fall hardest of all on Veteran Jim Jobless. While the argument went on, domestic bond-prices dropped about $12 and Government 4½s dropped $27 per $1,000 bond. Agitators for the cash Bonus cried: "Manipulation!" Bankers, really worried, looked glum...
...veteran organizations for a cash payment on their Adjusted Service ("Bonus") Certificates as a form of Depression Relief, the Senate Finance Committee last week began hearings on this proposition. Opposed as ever to cashing this Government obligation 15 years before maturity was Secretary of the Treasury Andrew William Mellon...