THE CABINET: Mellon's Boldness

The Secretary of the Treasury, particularly, "the greatest Secretary of the Treasury since Alexander Hamilton, cannot afford to indulge in wishful thinking. Financiers were inclined, last week, to be instructed, rather than startled by what financial writers called Secretary Mellon's "bold" plan for refinancing the Third Liberty Loan which matures in September. With the money market hitting its highest since 1920 Secretary Mellon offered to exchange 3⅛% bonds for the 4¼% Third Liberty Bonds, which mature in September. He gave the new bonds a life of 12 to 15 years. Like most...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!