PRESIDENT WILL VETO ANY ADDITIONAL FINANCIAL BURDENS ON THE NATION
Washington, D.C. (JFK+50) According to David Lawrence, writing on January 5, 1924, President Calvin Coolidge "has let it be known that he cannot accept the proposals of the curbstone economists in Congress who want to revise the Mellon tax program."
The President supports the recommendations of his Secretary of Treasury, Andrew W. Mellon* "but is not arbitrary about it."
Mr. Coolidge's strategy, writes Mr Lawrence, is more like that of Woodrow Wilson or Teddy Roosevelt.
President Coolidge is prepared to veto any proposal that imposes additional financial burdens on the nation.
JFK+50 NOTE
The tax rate that had been 73% in 1922 had been lowered under the Mellon program to 29% by 1929.
*Andrew W. Mellon (1855-1937) was born in Pittsburgh, PA & served as Secretary of Treasury 1921-1932. AWM sought to increase revenue through lower tax rates. An avid art collector, he donated $10 million for the National Gallery of Art in Washington, D.C.
SOURCES
"Coolidge Stands Firm, President Gets Into Fight Early, Differs From Harding," by David Lawrence, The Evening Star, Washington, D.C., January 5, 1924, Chronicling America, Library of Congress, www.loc.gov/
"Andrew W. Mellon," Federal Reserve History, www.federalreservehistory.org/
