Who Was Andrew W. Mellon?
Andrew William Mellon was an incredible figure in American history as both a successful entrepreneur, banker and politician, who had a lasting impact on the development of the United States. He made a lasting contribution to many areas of society and was a key figure in the creation of the Federal Reserve System. Over the course of his career, he held a series of prominent positions within the realm of government and banking, enabling him to influence and shape the future of the country.
Early Life & Earning His Wealth
Andrew W. Mellon was born on March 24, 1855, in Pittsburgh, Pennsylvania, to Thomas Mellon and Sarah Jane Negley. The family patriarch, Thomas Mellon, was an ambitious Scottish immigrant who broke away from his father’s farm to start his own legal practice in 1847. It was this practice – and its later transformation into a banking enterprise – that would come to define the Mellon family’s fortune.
At age 17, Andrew Mellon began his business career with a short stint at the Pittsburgh National Bank. He then left the following year to serve a brief apprenticeship with the historic Taggart & Co. bank. By the time of his 21st birthday, Mellon had become a partner at Taggart & Co. and received his first dividend from the company shortly after. From this point forward, Andrew Mellon’s career was mostly devoted to making shrewd investments that steadily increased his wealth and prominence.
Established Philanthropist
Philanthropy was an important part of Andrew Mellon’s life. He made substantial contributions to charities ranging from the Presbyterian Hospital of Pittsburgh to the Brookline Officers’ Club. In addition to his charitable giving, Mellon was also a prominent supporter of the arts and education. He funded the construction of Carnegie Mellon University’s Mellon Hall in San Francisco, and he was one of the major benefactors of the National Gallery of Art in Washington, D.C.
Working In Politics & Public Service
Despite his considerable wealth, Mellon was also a firm believer in public service. In 1897, he was elected to the U.S. House of Representatives and served two terms as Representative from Pennsylvania. In 1921, President Harding appointed him Secretary of the Treasury. As Secretary of the Treasury, Mellon helped establish the first federal income tax, and he created the Bureau of the Budget – both of which are still in use today. His final achievement was the creation of the Mellon-Massenhausen tax legislation, which provided a dramatic reduction in federal income taxes.
Creating The Federal Reserve System
Mellon was a key figure in the establishment of the Federal Reserve System. He was instrumental in getting Congress to pass the Federal Reserve Act of 1913, which created the system. The Federal Reserve System is the central banking system of the United States, and it is responsible for setting and implementing monetary policy, which has a significant impact on the country’s economic activity.
Mellon’s Legacy
Andrew W. Mellon had a tremendous effect on the development of the United States. His business acumen, public service, and philanthropic work made him an important figure in American history. His influence on the banking system, federal budget, and the Federal Reserve System were especially influential. By the end of his life, Mellon had become one of the most powerful and influential figures in the country and had left an indelible mark on the country’s history.
