1855-1937
Secretary of the Treasury, 1921-1932

Millionaire Cabinet Secretary.

As President Warren Harding's secretary of the treasury, Andrew Mellon, a Pittsburgh multimillionaire, molded the relationship between Government and business during the 1920s, a relationship that influenced politics throughout the decade. Before entering Government service, Mellon had an exceptionally successful career as a financier in various businesses, including oil and aluminum. Harding appointed Mellon as treasury secretary on the advice of Philander Knox, a prominent Republican senator from Pennsylvania and a longtime friend of Mellon. Mellon's age, wealth, career banking experience, and conservative Republican connections suggested he would probably endorse traditional, old-line conservative policies, and he did.

Mellon's Economic Philosophy.

Committed to retrenchment and economy in Government, Secretary of the Treasury Mellon reduced federal spending vigorously. He consistently opposed the veterans' bonus bill and the McNary-Haugen farm bills. But even more central to Mellon's financial vision...