Student Photo, Fort
Couch Middle School, Upper St. Clair, PA taken November 18, 2000 at the
Historical Society of Western Pennsylvania
1855-1937
Secretary of the Treasury - 1921-1932
One of the major figures in the industrial and financial development of the kans-Allegheny region, Andrew W. Mellon (1855-1937) was appointed Secretary of the Treasury by President Warren G. Harding in 1921, and he continued to serve under presidents Calvin Coolidge and Herbert Hoover. As the nation embarked on the most materialistic period in its history, Mellon's philosophy was one of deft reduction, tax reduction, and a balanced budget. His tax reform scheme, known as the Mellon Plan, reduced taxes for business.
His theory was that big business would prosper in proportion to the lightening of its tax load and its profit, would be transferred to the rest of the nation. During much of his tenure, general prosperity and times of peace enabled Mellon to implement his measures. The Great Depression, however, beginning in 1929, undercut Mellon's prestige and brought him under increasing criticism. Despite the downturn in the economy, Mellon continued his policy of balancing the budget by cutting spending and increasing taxes, which worsened the effect of the Depression on the ordinary citizen. When Mellon began spending a great deal of time overseas renegotiating World War I debt payments, Hoover relied more and more on Ogden L. Mills, Mellon's Undersecretary, for advice. In 1932 Mellon left Treasury to become Ambassador to Great Britain, and he was replaced by Mills.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
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