Benjamin Strong Jr. to William G. McAdoo
Title
Benjamin Strong Jr. to William G. McAdoo
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18593
Date
1918 May 31
Description
Benjamin Strong Jr. writes William G. McAdoo regarding the Liberty Loan and government tax policy.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
Dear Secretary McAdoo:
I was very much pleased indeed to have your letter of the twenty-ninth this morning, but feel guilty in having added anything to your work when you are so hard pressed and not well. The fact is, I have been a good deal worried about you, and am not the only one by any means. Constant inquires come to me every day about your real condition and whether you are seriously ill or simply worn out. I have reassured your many friends by telling them that after talking your voice out of action you developed laryngitis and finally had been persuaded to get rid of it by resting.
The Third Liberty Loan was a magnificent success. It was not only the amount raised, but the widespread enthusiasm and interest displayed by all classes of people. The organization in New York gave the radical socialists on the East Side a terrible jolt and much wonder is being expressed here as to the change of heart among that class of our people who had failed to respond in former loans.
Your letter gives me an opportunity to write a few words about the program of taxation. I am delighted that you had courage to insist upon tax legislation at this session and you will be pleased to know that almost without exception that is the feeling here in New York. There is a strong, insistent demand among business men here to see taxes increased scientifically so that the corporations and individuals that are benefitted in business profits by the war shall pay over in taxes a large portion of these war profits. They feel that a very large revenue can be collected for the Government without hardship on anyone by the imposition of scientific taxes of that character. Nor are they going to object to higher income taxes, particularly on unearned incomes as distinguished from working incomes.No one knows better than I do how earnestly you desire these very things and if, in any way, I can be of assistance you will, I am sure, command me without hesitation.
Please take care of yourself. I return to you, reinforced, the sentiments expressed in the last paragraph of your letter.
With warmest regards, believe me,
I was very much pleased indeed to have your letter of the twenty-ninth this morning, but feel guilty in having added anything to your work when you are so hard pressed and not well. The fact is, I have been a good deal worried about you, and am not the only one by any means. Constant inquires come to me every day about your real condition and whether you are seriously ill or simply worn out. I have reassured your many friends by telling them that after talking your voice out of action you developed laryngitis and finally had been persuaded to get rid of it by resting.
The Third Liberty Loan was a magnificent success. It was not only the amount raised, but the widespread enthusiasm and interest displayed by all classes of people. The organization in New York gave the radical socialists on the East Side a terrible jolt and much wonder is being expressed here as to the change of heart among that class of our people who had failed to respond in former loans.
Your letter gives me an opportunity to write a few words about the program of taxation. I am delighted that you had courage to insist upon tax legislation at this session and you will be pleased to know that almost without exception that is the feeling here in New York. There is a strong, insistent demand among business men here to see taxes increased scientifically so that the corporations and individuals that are benefitted in business profits by the war shall pay over in taxes a large portion of these war profits. They feel that a very large revenue can be collected for the Government without hardship on anyone by the imposition of scientific taxes of that character. Nor are they going to object to higher income taxes, particularly on unearned incomes as distinguished from working incomes.No one knows better than I do how earnestly you desire these very things and if, in any way, I can be of assistance you will, I am sure, command me without hesitation.
Please take care of yourself. I return to you, reinforced, the sentiments expressed in the last paragraph of your letter.
With warmest regards, believe me,
Original Format
Letter
To
McAdoo, W. G. (William Gibbs), 1863-1941
Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Benjamin Strong Jr. to William G. McAdoo,” 1918 May 31, WWP18593, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.