[73], With his top priority of tax reform accomplished, Mellon increasingly turned over management of the Treasury Department to his deputy, Ogden L. Yet do they? Nor, apparently, was he the ideal husband. Mellon began collecting art in the mid-to-late 1890s. A conservative Republican, Mellon favored policies that reduced taxation and the national debt of the United States in the aftermath of World War I. Mellon's father, Thomas Mellon, rose to prominence in Pittsburgh as a banker and attorney. Presiding over that Gilded Age (or robber-baron era, if you prefer), those second founders the Rockefellers, Fricks, Morgans, Goulds, Carnegies and Mellons between the Civil War and 1900 transformed America into the worlds largest and fastest-growing economy. Mellon believed that economic recessions, such as those that had occurred in 1873 and 1907, were a necessary part of the business cycle because they purged the economy. He was, needless to say, not the ideal father. Eventually both also won fame and influence as more than industrial titans, Carnegie as Americas best-known philanthropist and Mellon as one of the nations longest [citation needed] Months after Mellon's death, the Board of Tax Appeals handed down a ruling exonerating Mellon of all tax fraud charges. Along with Frick, Mellon gained control of the Pittsburgh National Bank of Commerce, a national bank that was authorized to print banknotes. Heinz Company,[citation needed] Newsweek, U.S. Steel, Credit Suisse First Boston and General Motors. Getting and spending, these founders seemed to say, should be thought of as instruments, not ends, lest we (their heirs) recreate Old Europes ancient inequalities, and thereby undermine our fragile new democracy. enterprising people will pick up the wrecks from less competent people. After leaving office when the New Deal arrived, Mellon soon found himself facing both congressional and Internal Revenue Service investigations. The Case Western Reserve University men's and women's track and field teams dropped a dual meet with archrival Carnegie Mellon University on Saturday at the Veale Center in Cleveland, losing the 14th Annual Battle for the Obelisk by a score of 176-96. Legal Info; www.cmu.edu 2023 Carnegie Mellon University [122] In response, Nora attacked Mellon in the press, and the divorce proceedings were widely covered by the media. [46] But Mellon also wanted to retire from active participation in business, and he saw a cabinet position as a prestigious capstone to his career. The family includes Andrew Mellon, one of the longest-serving U.S. Treasury Secretaries, along with prominent members in the judicial, banking, financial, business, and political professions, as well as famous banker R.B. Along with his nephew, William Larimer Mellon, Mellon became an influential player in Pennsylvania politics, and their support helped ensure the elections of Senator David A. Reed and Senator George W. Pepper in 1922. Andrew accounts are created as part of the onboarding process for all new students, The higher rate failed to curb speculation, and the activity on the stock market continued to grow. According to M. Susan Murnane, major reforms to the federal income tax in the aftermath of World War I were "inevitable", but the exact nature of the tax system in the 1920s was debated by conservatives and progressives within the Republican Party. American banking, judicial, and political family, Automobile Information Disclosure Act of 1958, Pittsburgh,Westmoreland & Somerset Railroad, Paul Mellon Centre for Studies in British Art, "Thomas Mellon '" from modest Tyrone roots to founder of American dynasty", "Pittsburgh Post-Gazette - Google News Archive Search", https://news.google.com/newspapers?nid=1144&dat=1929012, "Late heiress' anti-immigration efforts live on", "Obituary: Richard M. Scaife / Ideologue, philanthropist, newspaper publisher", "Beaver County Times - Google News Archive Search", "Paid Notice: Deaths WALTON, RACHEL MELLON", "The Heinz Endowments: Board of Directors", "Throwback to the golden age of wealth and power in the city", "Gwen Grant Mellon, 89, Dies; Founder of a Haitian Hospital", "Wood & Torbert Families - William Larimer Mellon III", "Renowned decorator also respected for generosity", "Constance Barber Mellon, 41, Prominent Patron of the Arts", Commercial Bankings and their Trust Activities: Emerging Influence on the American Economy, Vol.1, "Spring Valley Mining and Irrigation Company Records MSS.015", "Richard Scaife, Conservative Champion, Newsman & Philanthropist, Dies", "Dick Scaife found peace in the beauty of his childhood home, Penguin Court", "Cape Cod estate of Bunny Mellon, known as Scallop Path, sold for $19M", Dietrich College of Humanities and Social Sciences, H. John Heinz III College of Information Systems and Public Policy, Margaret Morrison Carnegie College (defunct), Hunt Institute for Botanical Documentation, https://en.wikipedia.org/w/index.php?title=Mellon_family&oldid=1157952765, American families of Scotch-Irish ancestry, Short description is different from Wikidata, Articles with unsourced statements from February 2023, Articles with unsourced statements from March 2023, Creative Commons Attribution-ShareAlike License 4.0, James Ross ("Jay") Mellon II (b. [61], As the economy recovered from recession and began to experience the prosperity of the Roaring Twenties, Mellon emerged as one of the most renowned figures in the Harding administration. [65] Congress also rejected Mellon's proposed constitutional amendment that would have barred the issuance of tax-exempt securities and, over Coolidge's veto, authorized a bonus to World War I veterans. In his memoirs, Hoover wrote that Mellon advised him to "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. (For years, he walked daily to his office past scores of employees without speaking a word.) WebCarnegie Mellon Players/Alumni. Patricia Joan McGarey (2) Camilla F. John Fawcett Walton, III Phyllis Walton, James Mellon Walton (19302022) Ellen Carroll, James Mellon Walton, Jr. Elizabeth Andrews Orr. [81] In the months before the 1928 Republican Convention, Mellon maintained his neutrality in the presidential race, but with no compelling alternative Republican candidate willing to run, Mellon finally threw his support behind Hoover. [43] In the aftermath of World War I, he provided financial support to Henry Cabot Lodge and other Republicans in their successful campaign to prevent ratification of the Treaty of Versailles. [130], Emulating his father, Mellon eschewed philanthropy for much of his life, but in the early 1900s, he began donating to local organizations such as the YMCA. [127] After attending Yale University and the University of Cambridge, Paul briefly worked at Mellon National Bank. [citation needed], Secretary Mellon had helped persuade the Federal Reserve Board to lower interest rates in 1921 and 1924; lower interest rates contributed to a booming economy, but they also encouraged stock market speculation. Mellon also served as an alumni president[132] and trustee[133] of the University of Pittsburgh, and made several major donations to the school, including the land on which the Cathedral of Learning and Heinz Chapel were constructed. WebEnter an Andrew User ID, email address, or all or part of a person's name, then click the search button. The Andrew W. Mellon Memorial Fountain in Washington was created by Sidney Waugh and was dedicated in May 1952 by Harry S. [101] Mellon's influence over state politics waned in the early 1930s, as the progressive allies of Governor Pinchot took control of the state Republican Party. [126] In the 1920s, while Mellon served as Secretary of the Treasury, Ailsa was courted by several influential men, including Otto Christian Archibald von Bismarck, Robert Horne, and Gelasio Caetani. [87], By mid-1930, many, including Mellon, believed that the economy had already experienced the worst effects of the stock market crash. Several Republicans urged Mellon to run for president, but Mellon believed that he was too old to seek the presidency. Do these long-gone men offer us lessons for today and for our own titans, the Gateses and the Buffetts (not to mention the Lays, the Ebberses and the Kozlowskis)? [90], With the unemployment rate approaching twenty percent, Mellon became one of the most "loathed leaders" in the United States, second only to Hoover himself. Many thought he resembled Santa Claus he was now plump and wore a snow-white halo of hair and beard as he bestowed free public libraries by the hundreds here and abroad; offered free tuition to students and pensions to professors; built scientific research centers, art galleries, music halls and museums; endowed a fund to honor everyday heroes; and as World War I grew closer earnestly financed all manner of projects devoted to world peace. Truman. [25] In the late 1890s, the Union Trust Company emerged for the first time as one of Mellon's most important and profitable holdings after Mellon broadened the company's activities to include commercial banking. [41] This permit allowed Overholt to sell existing whiskey stocks to druggists for medicinal use. The Andrew W. Mellon Memorial Fountain in Washington was created by Sidney Waugh and was dedicated in May 1952 by Harry S. Truman. 412-268-2000, the planets story through data and technology. Despite the ongoing tax case against Mellon, the Roosevelt administration accepted the offer, and Congress passed legislation authorizing the construction of the National Gallery of Art on Mellon's terms. www.cmu.edu/admission. [42] During the early 20th century, Mellon was dismayed by the rise of progressivism and the antitrust actions pursued by the presidential administrations of Theodore Roosevelt, William Howard Taft, and Woodrow Wilson. [34] By the end of 1913, Mellon National Bank held more money in deposits than any other bank in Pittsburgh, and the Farmer's Deposit National Bank, which held the second-largest amount of deposits, was controlled by Mellon's Union Trust Company. Mellon visited McMullen's home of Hertford Castle in 1898 and 1899, and, after a period of courtship, Nora married Mellon in 1900. In 1926, in the "greatest society event that the nation's capital had witnessed" since before World War I, Ailsa married David K. E. Bruce, son of Democratic Senator William Cabell Bruce of Maryland. [119] Mellon and Nora eventually reconciled, and in 1907 she gave birth to a son, Paul. WebAndrew Carnegie believed strongly that he should use his fortune to make the world a better place. [52], As Treasury Secretary, Mellon focused on balancing the budget and paying off World War I debts in the midst of the Depression of 192021; he was largely unconcerned with international affairs and economic matters such as the unemployment rate. "[64], Coolidge, Mellon, business organizations, and administration allies conducted a publicity campaign designed to convince wavering congressmen to support Mellon's tax plan. Exercising far more unchecked power than todays billionaires, these gargantuan figures grew rich beyond imagining, but also nearly overturned democracy, as poverty and corruption spread like a plague across the land. Mellon would remain in office until 1932, serving under Harding, Calvin Coolidge, and Herbert Hoover, all three of whom were members of the Republican Party. [11], Mellon's role at T. Mellon & Sons continued to grow after 1873, and in 1876 he was given power of attorney to direct the operations of the bank. 1942) Vivian Ruesch, the daughter of, Joshua Clyde Whetzel, III Marion Plunkett, Rachel Walton Whetzel Richard Casselman. [88] Despite the optimism of Hoover and Mellon, in late 1930 the economy went into a deep slump, as gross national product declined dramatically and numerous workers lost their jobs. Thomas Sowell (2012). [53] To Mellon's chagrin, his department was charged with enforcing Prohibition; he did not believe in teetotaling himself and viewed the law as unenforceable. In June 1924, Coolidge signed the Revenue Act of 1924, which contained the income tax rates of Garner's bill and also increased the estate tax. 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) [86] In October 1929, the New York Stock Exchange suffered the worst crash in its history in what was called "Black Tuesday". Unlike Carnegie, Mellon was unusually reserved, even dour. [37] Mellon was deeply involved in the financing of World War I, as the Union Trust Company and other Mellon institutions provided millions of dollars in loans to the United Kingdom and France, and Mellon himself invested in Liberty bonds. , : , : . In the Declaration of Independence, Jefferson subtly anticipated our complex feelings by substituting the pursuit of happiness at the end of Lockes familiar statement that all men had an inalienable right to life, liberty and property. Benjamin Franklin then offered practical application of his co-signers implicit ideals by telling in his autobiography how, after business success, hed found a far richer life cultivating science, philosophy and public service. [50] Through Richard and other business associates, Mellon continued to be involved with the major decisions of the Mellon business empire during his time in public service, and he occasionally lobbied congressmen on behalf of his businesses. By 1929, after a series of tax rate reductions had cut the tax rate to 24 percent on those making over $100,000, the federal government collected more than a billion dollars in income taxes, of which 65 percent was collected from those making over $100,000." [146] Washington, D.C., also hosts the Andrew W. Mellon Auditorium and the Andrew Mellon Building. The decision left Hoover as the presumed front-runner for the 1928 presidential election, but many conservatives within the party opposed Hoover's candidacy. [citation needed] The family bank would go on to merge with the Bank of New York to become BNY Mellon, The family also founded the National Gallery of Art in Washington, D.C., donating both art works and funds, and is a patron to the University of Pittsburgh, Carnegie Mellon University, Yale University, the Hpital Albert Schweitzer in Haiti, and with art the University of Virginia. [35] In 1914, Mellon became a co-owner of Koppers, which produced a more sophisticated coking oven than the one that had earlier been pioneered by Frick. "The facts are unmistakably plain, for those who bother to check the facts. Eventually both also won fame and influence as more than industrial titans, Carnegie as Americas best-known philanthropist and Mellon as one of the nations longest-serving secretaries of the Treasury and as founding donor of the National Gallery of Art in Washington. 1973), John William Warner, IV (b. [111], Mellon was diagnosed with cancer in November 1936. , , (), () , : () , () , , , , , , , , , , , , , , , , , , , ! [55] The income tax had become a major part of the federal government's revenue system with the passage of the Revenue Act of 1913, and federal taxation on income had increased during World War I to provide funding for the war effort. In the alternate history/time travel story "A Slip in Time" by S. M. Stirling,[147] featuring a history in which the First World War was avoided and the Austro-Hungarian Empire survived, Andrew Mellon was the President of the United States in 1926. Mellon accepted the post, and Mills replaced his former boss as Secretary of the Treasury. . . 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 US Coast Guard Cutter Mellon (WHEC-717). 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. In addition to cutting tax rates on top earners, the act also raised the personal exemption for federal income taxes, abolished the gift tax, reduced the estate tax rate, and repealed a provision that had required the public disclosure of federal income tax returns. (His avowed support for both socialism and Herbert Spencer led one wit to call him a Socialist Darwinist.). At roughly the same time they were selling their oil concerns, Andrew and Richard invested in the Carborundum Company, a producer of silicon carbide. WebYour Andrew account is your gateway to the computing environment at Carnegie Mellon. And we soon learn that Mellon compromised the integrity of his public service at Treasury by continuing to oversee his business empire, covertly intervening with other government officials for his own interests, and even using the departments tax specialists to prepare and artfully minimize his own taxes.