Word: smoot
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Chairman Reed Smoot of the Senate Finance Committee and Secretary Mellon of the Treasury engaged last week in a solemn exchange of letters-for-publication. Senator Smoot suggested, Secretary Mellon agreed, that it might be wise to "delay" action of the Revenue Act of 1928 until after March 15, when the 1927 income tax returns will be available...
...longer the new tax rates remain unknown, the longer must business be restless. Washington wiseacres interpreted the Smoot-Mellon "delay" as an adroit political shift by the Administration to chastise those business groups (notably the U. S. Chamber of Commerce) which have been urging a far larger tax cut than Secretary Mellon thinks safe. It was also interpreted as a move to put anti-Administration senators on the defensive for the action of their colleagues in the House, who wrote a tax-cut 65 millions larger than the Treasury advised...
Actually, the Smoot-Mellon "delay" was mostly paper work. What with hearings, debates, compromises, the Senate would not get into action on the tax bill much before March 15 anyway...
...week was rounded off with a leisurely, over-Saturday-and-Sunday-night Potomac river cruise on the yacht Mayflower. Distinguished super cargo included Senators Curtis of Kansas, Oddie of Nevada, Ashurst of Arizona and tall, clever Smoot of Utah; also Assistant Secretary of War Hanford MacNider and Mrs. MacNider, Commissioner R. K. Smith of the Shipping Board, and Mrs. Smith...
...Republican party was genuinely "stunned" but it soon recovered poise. Mark Sullivan, dean of Washington observers, pictured the G. O. P. proper as a body of hard-working politicians like Senators Smoot, Willis and David A. Reed, Secretary Mellon, Vice President Dawes, Frank O. Lowden, Nicholas Longworth ? men among whom Calvin Coolidge is, by temperament and tradition, a virtual stranger. These men, thought Mr. Sullivan, would be sorry to lose so good a vote-getter as Calvin Coolidge but ? personal ambitions quite aside ? they would not seek to nominate him now because that would be "the sort...