Andrew Mellon
Andrew Mellon
#### Full Name and Common Aliases
Andrew William Mellon was a renowned American businessman, politician, philanthropist, and art collector. He is often referred to as A.W. Mellon.
Birth and Death Dates
Born on March 24, 1855, in Pittsburgh, Pennsylvania, Andrew Mellon passed away on August 26, 1937, at the age of 82.
Nationality and Profession(s)
Mellon was an American national, and his professional endeavors spanned multiple fields: finance, politics, philanthropy, and art collecting. He held significant positions as a businessman and politician, including Secretary of the Treasury under three U.S. presidents (Presidents Harding, Coolidge, and Hoover).
Early Life and Background
Andrew Mellon's childhood was marked by wealth and privilege. His family was part of Pittsburgh's elite social circle, with his father, Thomas Mellon, being a successful banker and judge. Andrew Mellon graduated from Harvard University in 1875 and later received an honorary degree from Yale University.
In the early years of his career, Mellon worked alongside his father at the banking firm T. Mellon & Sons. During this time, he cultivated an interest in art collecting, which would become a lifelong passion.
Major Accomplishments
Andrew Mellon's achievements are multifaceted and far-reaching:
Business: He co-founded Gulf Oil with William Larimer Mellon (his son) in 1901 and played a pivotal role in shaping the company into one of the largest oil producers globally.
Politics: As Secretary of the Treasury, Mellon oversaw significant reforms in taxation, reducing tax rates across the board. His tenure also saw the establishment of the U.S. Chamber of Commerce's successor organization, the American Economic League.
Philanthropy and Art Collecting: Through his bequest, Andrew Mellon helped establish the National Gallery of Art in Washington, D.C., donating a substantial portion of his art collection to the institution.Notable Works or Actions
Some notable works and actions attributed to Andrew Mellon include:
The 1924 Revenue Act, which reduced tax rates for corporations, is often referred to as the "Mellon Tax Reform."
His leadership in establishing the National Gallery of Art's West Building.
Mellon's extensive art collection, featuring an impressive array of European and American masterpieces.
Impact and Legacy
Andrew Mellon's impact on U.S. history extends beyond his time in public office. As a business leader and philanthropist, he contributed to shaping America's economic landscape:
Tax Reform: His advocacy for tax reductions had long-lasting effects on the country's fiscal policies.
Art Collection and Philanthropy: Mellon's commitment to preserving art and culture continues through his legacy at the National Gallery of Art.
Why They Are Widely Quoted or Remembered
Andrew Mellon is widely quoted and remembered due to his profound impact on various aspects of American society:
His astute business acumen, which helped establish Gulf Oil as a global leader.
His tenure as Secretary of the Treasury, during which he implemented significant tax reforms.
* His enduring legacy in the world of art collecting and philanthropy.
Quotes by Andrew Mellon
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.
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.
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.
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.
Prosperity of the middling and lower orders depends upon the fortunes and light taxes of the rich.
If the spirit of business adventure is dulled, this country will cease to hold the foremost position in the world.
I see nothing in the present situation that is either menacing or warrants pessimism.