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Encyclopedia > Andrew W. Mellon
Andrew William Mellon


In office
March 4, 1921 – February 12, 1932
Preceded by David F. Houston
Succeeded by Ogden L. Mills

Born March 24, 1855
Pittsburgh, Pennsylvania, USA
Died August 27, 1937 (aged 82)
Southampton, New York, USA
Political party Republican
Spouse Nora McMullen Mellon
Profession Politician, Banker

Andrew William Mellon (March 24, 1855August 27, 1937) was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932. Image File history File links No higher resolution available. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... March 4 is the 63rd day of the year in the Gregorian calendar (64th in leap years). ... Year 1921 (MCMXXI) was a common year starting on Saturday (see link for full calendar). ... February 12 is the 43rd day of the year in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will take you to a full 1932 calendar). ... David Franklin Houston (February 17, 1866–September 2, 1940) was an American academic, businessman and politician. ... Ogden Livingston Mills (August 23, 1884–October 11, 1937) was an American businessman and politician. ... March 24 is the 83rd day of the year in the Gregorian calendar (84th in leap years). ... 1855 was a common year starting on Monday (see link for calendar). ... Nickname: Steel City, Iron City, Steel Town, City of Champions, City of Bridges, City of Colleges, The Burgh Motto: Benigno Numine (With the Benevolent Deity) Location in Allegheny County, Pennsylvania Coordinates: Country United States State Pennsylvania County Allegheny County Founded November 25, 1758 Incorporated April 22, 1794 (borough)   March 18... August 27 is the 239th day of the year in the Gregorian calendar (240th in leap years), with 126 days remaining. ... 1937 (MCMXXXVII) was a common year starting on Friday (link will take you to calendar). ... Southampton, New York is the name of three entities on Long Island in Suffolk County, New York in the United States. ... The Republican Party is one of two major contemporary political parties in the United States of America, along with the Democratic Party. ... The Politics series Politics Portal This box:      A politician is an individual who is a formally recognized and active member of a government, or a person who influences the way a society is governed through an understanding of political power and group dynamics. ... For other uses, see Bank (disambiguation). ... March 24 is the 83rd day of the year in the Gregorian calendar (84th in leap years). ... 1855 was a common year starting on Monday (see link for calendar). ... August 27 is the 239th day of the year in the Gregorian calendar (240th in leap years), with 126 days remaining. ... 1937 (MCMXXXVII) was a common year starting on Friday (link will take you to calendar). ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... March 4 is the 63rd day of the year in the Gregorian calendar (64th in leap years). ... Year 1921 (MCMXXI) was a common year starting on Saturday (see link for full calendar). ... February 12 is the 43rd day of the year in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will take you to a full 1932 calendar). ...

Contents

Early life

He was born in Pittsburgh, Pennsylvania, USA, on March 24, 1855, the son of Scots-Irish immigrants from County Tyrone Northern Ireland. His father was Thomas Mellon, a banker and judge; his mother was Sarah Jane Negley Mellon. He was also brother of Richard B. Mellon. He was educated at the Western University of Pennsylvania (now the University of Pittsburgh), graduating in 1873.[citations needed] Nickname: Steel City, Iron City, Steel Town, City of Champions, City of Bridges, City of Colleges, The Burgh Motto: Benigno Numine (With the Benevolent Deity) Location in Allegheny County, Pennsylvania Coordinates: Country United States State Pennsylvania County Allegheny County Founded November 25, 1758 Incorporated April 22, 1794 (borough)   March 18... Official language(s) English, Pennsylvania Dutch Capital Harrisburg Largest city Philadelphia Area  Ranked 33rd  - Total 46,055 sq mi (119,283 km²)  - Width 280 miles (455 km)  - Length 160 miles (255 km)  - % water 2. ... Scots-Irish (also called Scotch-Irish, primarily in the USA) is an Irish ethnic group which ultimately traces its roots back to Scotland. ... Statistics Province: Ulster County Town: Omagh Area: 3,155 km² Population (est. ... Northern Ireland is a part of the United Kingdom lying in the northeast of the island of Ireland, covering 5,459 square miles (14,139 km², about a sixth of the islands total area). ... Thomas Mellon (1813-1908) was the founder of the Mellon banking organization as well as the father of Andrew William Mellon and Richard B. Mellon. ... Richard B. Mellon was the brother of Andrew W. Mellon. ... The University of Pittsburgh, commonly referred to as Pitt, is a state-related, doctoral/research university in Pittsburgh, Pennsylvania, United States. ... 1873 (MDCCCLXXIII) was a common year starting on Wednesday (see link for calendar). ...


Financial prodigy

Mellon demonstrated financial ability early in life by starting a lumber business at the age of 17. He joined his father's banking firm, T. Mellon & Sons, two years later and had the ownership of the bank transferred to him in 1882. In 1889, Mellon helped organize Union Trust Company and Union Savings Bank of Pittsburgh. He also branched into industrial activities, in oil, steel, shipbuilding, and construction. He ranked, at the time, as one of the three richest people in the United States alongside John D. Rockefeller and Henry Ford.[citations needed] Timber in storage for later processing at a sawmill Lumber or Timber is a term used to describe wood, either standing or that has been processed for use—from the time trees are felled, to its end product as a material suitable for industrial use—as structural material for construction... Mellon Financial Corporation, NYSE: MEL based in Pittsburgh, Pennsylvania, is one of the worlds largest money management firms. ... Year 1882 (MDCCCLXXXII) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Tuesday of the 12-day slower Julian calendar). ... Year 1889 (MDCCCLXXXIX) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day slower Julian calendar). ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... The steel cable of a colliery winding tower. ... Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ... In large construction projects, such as skyscrapers, cranes are essential. ... John Davison Rockefeller, Sr. ... Henry Ford (1919) Henry Ford (July 30, 1863 – April 7, 1947) was the founder of the Ford Motor Company and father of modern assembly lines used in mass production. ...


Family life

In 1900, Mellon married Nora McMullen after a lengthy courtship, in Hertford, England. They had two children, Ailsa Mellon-Bruce, born in 1901 in Pittsburgh, and Paul Mellon, born in 1907. Their marriage ended in a bitter divorce trial that would have a lasting impact on the entire family. In 1913, along with his brother, Richard B. Mellon, they established a memorial to his father, the Mellon Institute of Industrial Research, today a part of Carnegie Mellon University Nora McMullen ( ? - ? ), married Andrew W. Mellon in 1900, and had two children: Ailsa Mellon Bruce in 1901 in Pittsburgh, Pennsylvania, and Paul Mellon in 1907. ... Hertford (Hartford or, in local pronunciation, /[h]ɑːʔֽfÉ™d/) is the county town of Hertfordshire, England, and is in the East Hertfordshire district of that county. ... Motto (French) God and my right Anthem God Save the King (Queen) England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto) Government Constitutional monarchy  -  Queen Queen Elizabeth II  -  Prime Minister Tony Blair MP Unification  -  by Athelstan 967  Area... Ailsa Mellon Bruce (1901 - August 25, 1969), born in Pittsburgh, the daughter of the banker and diplomat Andrew W. Mellon. ... 1901 (MCMI) was a common year starting on Tuesday (link will display calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... Paul Mellon KBE (11 June 1907 – 1 February 1999) was an American philanthropist and Thoroughbred racehorse owner/breeder who is one of the only four people ever designated Exemplars of Racing by the National Museum of Racing and Hall of Fame. ... 1907 (MCMVII) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... Year 1913 (MCMXIII) was a common year starting on Wednesday (link will display the full calendar). ... Richard B. Mellon was the brother of Andrew W. Mellon. ... The Mellon Institute of Industrial Research, founded in 1913, merged with the Carnegie Institute of Technology in 1968 to form Carnegie Mellon University in Pittsburgh, Pennsylvania. ... Carnegie Mellon University is a private research university located in Pittsburgh, Pennsylvania. ...


Career

Fundraising

During World War I years he participated in many fundraising activities such as the American Red Cross, the National War Council of the Y.M.C.A., the Executive Committee of the Pennsylvania State Council of National Defense, and the National Research Council of Washington. “The Great War ” redirects here. ... A WWII-era poster encouraged American women to volunteer for the Red Cross as part of the war effort. ... The National Research Council (NRC) of the USA is the working arm of the United States National Academy of Sciences and the United States National Academy of Engineering, carrying out most of the studies done in their names. ...


Cabinet secretary

Andrew Mellon was appointed U.S. Secretary of the Treasury and became a member of the Cabinet of President Warren G. Harding also called the Ohio Gang in 1921. As Harding's and subsequently Coolidge and Hoover's secretary of treasury, Andrew Mellon set about lowering taxes and reducing national debt. President Harding, in his address on March 4, 1921, had called for a prompt and thorough revision of the tax system, an emergency tariff act, readjustment of war taxes and creation of a federal budget system, among others. These were policies Mellon wholeheartedly subscribed to, and his long experience as a banker qualified him to set about implementing these programs immediately. As a conservative Republican and a financier, Mellon was irritated by the manner in which the government's budget was maintained, with expenses due now and rising rapidly, with income or revenues not keeping pace with those expense increases, and with the lack of savings. The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... Cabinet meeting on May 16, 2001. ... Warren Gamaliel Harding (November 2, 1865 – August 2, 1923) was an American politician and the 29th President of the United States, from 1921 to 1923, when he became the sixth president to die in office. ... March 4 is the 63rd day of the year in the Gregorian calendar (64th in leap years). ... Year 1921 (MCMXXI) was a common year starting on Saturday (see link for full calendar). ... The Republican Party is one of two major contemporary political parties in the United States of America, along with the Democratic Party. ...


The Mellon Plan

Mellon proposed a series of tax cuts--in 1921, 1924, and 1926. He won approval of reduced income tax rates across the board, and also got the estate tax lowered.


He was a strong supporter of balanced budgets and backed some degree of tax progressivity. Mellon also believed that the income tax should remain progressive, albeit with lower rates than those enacted during World War I.


Mellon championed preferential treatment for "earned" income relative to "unearned" income. As he argued in his 1924 book, Taxation: The People's Business:

The fairness of taxing more lightly income from wages, salaries or from investments is beyond question. In the first case, the income is uncertain and limited in duration; sickness or death destroys it and old age diminishes it; in the other, the source of income continues; the income may be disposed of during a man’s life and it descends to his heirs. Surely we can afford to make a distinction between the people whose only capital is their metal and physical energy and the people whose income is derived from investments. Such a distinction would mean much to millions of American workers and would be an added inspiration to the man who must provide a competence during his few productive years to care for himself and his family when his earnings capacity is at an end.

In November 1923, Mellon presented to the Chairman of the House Ways and Means Committee a letter in which he outlined what has come to be known as "Mellon Plan". It was a program for tax reform based upon the idea of lowering taxes out of surplus revenues. It subsequently became law as the Revenue Act of 1924, although without some of the reforms Mellon advocated. It did reduce the taxpayers' bill by some $400 million annually over what would have been collected if the 1921 tax rates had remained in effect. Mellon reduced the public debt (largely inherited from World War I obligations) from almost $26 billion in 1921 to about $16 billion in 1930, but then the Depression caused it to rise again. 1923 (MCMXXIII) was a common year starting on Monday (link will display the full calendar). ... The Committee on Ways and Means is a committee of the United States House of Representatives. ... The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. ... The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ...


The Great Depression

Mellon on U.S. stamp

Mellon became unpopular with the onslaught of the Great Depression. Upon leaving the Treasury Department and President Hoover's Cabinet in February 1932, Mellon accepted the post of U.S. Ambassador to the United Kingdom, serving for one year and then retiring to private life. u. ... u. ... The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ... The office of United States Ambassador (or Minister) to the United Kingdom (also known as Ambassador to the Court of St. ...


Personal life

During his retirement years, as he had done in earlier years, Mellon was an active philanthropist, and gave generously of his private fortune to support art and research causes. A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, or reputation to a charitable cause. ...


In 1937, he donated his substantial art collection, plus $10 million for construction, to build the National Gallery of Art, an art museum, located on the National Mall in Washington, D.C. The Gallery was authorized in 1937 by the Congress. The West building of the National Gallery of Art with the East building visible behind and to to the left The National Gallery of Art is an art museum, located on the National Mall in Washington, D.C. The museum was established in 1937 by the Congress, with funds for...


Three such concepts that grew to giant proportions with Mellon's backing were Charles Martin Hall, which Mellon built into the Aluminum Company of America; his aid to Edward Goodrich Acheson, becoming his partner in manufacturing carborundum steel, which Mellon built into the Carborundum Company; and creation of an entire industry through his help to Heinrich Koppers, who invented coke ovens which transformed industrial waste into usable products such as gas, tar, and sulfur. Charles M. Hall (1863-1914) Charles Martin Hall (1863-1914) was an American inventor and engineer. ... This article or section does not cite its references or sources. ... —Edward Goodrich Acheson (March 9, 1856 - July 6, 1931) was a American chemist. ... Silicon carbide (SiC) or moissanite is a ceramic compound of silicon and carbon. ... Dr. Heinrich Koppers was a German engineer and founder of the Koppers Company, an industrial organization based in Pittsburgh, Pennsylvania. ... Coke Coke is a solid carbonaceous material derived from destructive distillation of low-ash, low-sulfur bituminous coal. ... This article or section does not cite its references or sources. ... Tar is a viscous black liquid derived from the destructive distillation of organic matter. ... General Name, Symbol, Number sulfur, S, 16 Chemical series nonmetals Group, Period, Block 16, 3, p Appearance lemon yellow Standard atomic weight 32. ...


The Mellon Tax Trial

At the end of his term as Treasury Secretary, he became the subject of an income tax investigation into his personal tax returns. The Justice Department pressed forward to empanel a grand jury, which declined to come forth with an indictment. A two year civil action beginning in 1935, dubbed the "Mellon Tax Trial," eventually exonerated Mellon, albeit several months after his death.


Death

Mellon died on August 27, 1937, in Southampton, Long Island, New York. He is buried in Pittsburgh's Allegheny Cemetery. August 27 is the 239th day of the year in the Gregorian calendar (240th in leap years), with 126 days remaining. ... 1937 (MCMXXXVII) was a common year starting on Friday (link will take you to calendar). ... Southampton, New York is the name of three entities on Long Island in Suffolk County, New York in the United States. ... Map showing Long Island; to the north is Connecticut and to the west are New York City and New Jersey. ... NY redirects here. ... Allegheny Cemetery is one of Pittsburgh, Pennsylvanias largest, oldest, and most picturesque cemeteries. ...


The Andrew W. Mellon Foundation, the product of the merger of the Avalon Foundation and the Old Dominion Foundation (set up separately by his children), is named in his honor, as is the 378-foot U.S. Coast Guard Cutter Mellon. The Andrew W. Mellon Foundation is a foundation endowed with wealth accumulated by the late Andrew W. Mellon. ...

  • Mother: Sarah Jane Negley (b. 1817, d. 1909)
  • Brother: Richard B. Mellon (b. 1858, d. 1933)
  • Wife: Nora McMullen (m. 1900, div., d. 1973)
  • Daughter: Ailsa Mellon Bruce (b. 1901, d. 1969)
  • Son: Paul Mellon (b. 1907, d. 1999)

Ailsa Mellon Bruce (1901 - August 25, 1969), born in Pittsburgh, was the daughter of the banker and diplomat Andrew W. Mellon. ... Paul Mellon KBE (11 June 1907 – 1 February 1999) was an American philanthropist and Thoroughbred racehorse owner/breeder who is one of the only four people ever designated Exemplars of Racing by the National Museum of Racing and Hall of Fame. ...

Books

  • Mellon, Andrew W.,Taxation: The People's Business Ayer Company (June 1924) ISBN-10: 0405051018

ISBN-13: 978-0405051012


References

  • David Cannadine, Mellon: An American Life, Knopf, 2006, ISBN 0-679-45032-7
  • Biography at the U.S. treasury department

See also

The Great Depression was a time of economic down turn, which started after the stock market crash on October 29, 1929, known as Black Tuesday. ...

External links

  • The Andrew W. Mellon - Mellon Foundation Biography by David Cannadine
  • The Andrew W. Mellon Foundation
  • taxhistory.org - an essay on Mellon's tax policies
  • Overview of Mellon Tax Cut Plans
Preceded by
David F. Houston
United States Secretary of the Treasury
March 4, 1921February 12, 1932
Succeeded by
Ogden L. Mills
Preceded by
Charles G. Dawes
U.S. Ambassador to the United Kingdom
1932–1933
Succeeded by
Robert Worth Bingham

 
 

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