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Andrew Mellon Biography

Andrew William Mellon (/ˈmɛlən/; March 24, 1855 – August 26, 1937), sometimes A.W., was an American banker, businessman, industrialist, philanthropist, art collector, and politician. From the wealthy Mellon family of Pittsburgh, Pennsylvania, he established a vast business empire before transitioning into politics. He served as United States Secretary of the Treasury from March 9, 1921 to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street crash of 1929. A conservative Republican, Mellon lowered taxes and government spending in the aftermath of World War I.

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Andrew Mellon Quotes

Give tax breaks to large corporations, so that money can trickle down to the general public, in the form of extra jobs.

Breaks, Corporations, Give, Giving, Jobs, Large

Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.

Competent, Enterprising, People, Pick, Wrecks

The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business and invest it in tax-exempt securities or to find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the Government nor profit to the people.

Government, People, Pressure, Rates, Taxes, Yield

Prosperity of the middling and lower orders depends upon the fortunes and light taxes of the rich.

Depends, Light, Middling, Order, Prosperity, Taxes

The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business.

Business, Pressure, Productive, Rates, Taxation, Taxpayers

Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.

Farmers, Hard Work, Labor, Live Life, Real, Rottenness

A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.

Based, Common Sense, Idea, Ideas, Reform, Surplus

A nation is not in danger of financial disaster merely because it owes itself money.

Business, Disaster, Financial, Merely, Money, Owes

Gentlemen prefer bonds.

Bonds, Gentleman, Gentlemen, Prefer, Preference, Ties

The Government's business is in sound condition.

Business, Condition, Government, Great Depression, Sound

Every man wants to connect his life with something he thinks eternal.

Connect, Eternal, Men, Thinking, Thinks, Want

Strong men have sound ideas and the force to make these ideas effective.

Effective, Force, Ideas, Men, Sound, Strong

Any man of energy and initiative can get what he wants out of life. But when initiative is crippled by legislation or by a tax system which denies him the right to receive a reasonable share of his earnings, then he will no longer exert himself and the country will be deprived of the energy on which its continued greatness depends.

Country, Denies, Deprived, Energy, Greatness, Men

There is no cause to worry. The high tide of prosperity will continue.

Cause, Depression, Prosperity, Tides, Worry

I see nothing in the present situation that is either menacing or warrants pessimism.

Depression, Menacing, Nothing, Pessimism, Present, Situation

If the spirit of business adventure is dulled, this country will cease to hold the foremost position in the world.

Adventure, Business, Cease, Country, Hold, World

I see nothing in the present situation that is either menacing or warrants pessimism. . . I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.

Activity, Confidence, Country, Depression, Make, Spring

Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.

Estates, Farmers, Labor, Real, Stocks