The circle banner. [volume] (Circle, Mont.) 1914-1939, 1918-11-29
SECRETARY McADOO,
HIS POST
HEAD OF TREASURY FORCED TO
RETIRE BECAUSE OF IN.
ADEQUACY OF PAY
WILL RESUME LAW PRACTICE
Successor Will Face Problem of FL
nancing Nation Through the
Transition Period From
War to Peace

Washington, Nov. %. William
Gibbs MeAdoo, secretary of the treas
ury. director general of railroads, and
often discussed as one of the presi-
Dental possibilities of 1920. has resign
ed his office to return TO private bust
uess.
/ President Wilson has accepted his
resignation. Mr.. McAdoo will give 'up
the treasury portfolio as soon as sue
cessor has been selected. He wished
to lay down his work as director gem
eral of railroads by January 1, but
will remain if the president has hot
then chosen u successor.
| Upon the new secretary of the treas
ury, whoever he may he, will devolve
the task of financing the nation
through the transition period of war
to peace, which probably will include
at least two more Liberty loans and
possibly also further revision OF the
| system of war taxation.
Letters between President Wilson
and Mr.. McAdoO, made public yester-
day with the announcement of the res
ignation, give Mr.. McAdoo's reasons
for leaving the cabinet solely as ne
cessity for replenishing his personal
deep regret at losing his son-in-law
from his official family.
The following letter from Mr.. Nc
Adoo was made public with the am
nouncement:
The Secretary's Letter.
Mr.. McAdoo's letter of resignation,
dated November IA, follows.
Dear Mr.. President:
NOW that an armistice has been sign
ed and peace is assured, feel at liberty
to advise you of my desire to return, as
soon as possible. to private life.
II have been conscious for some time
of the necessity for this step but, of
course, ] could not consider it while the
country was at war.
For almost six years I have worked
necessarily under the pressure of great
responsibilities. Their exactions have
drawn heavily on my strength. The in
adequate compensation allowed by law to
cabinet officers Gas you know / receive
no compensation director general of
railroads) and the very burdensome cost
of living in Washington have so depleted
my personal resources that l am obliged
to reckon with the facts of the situation.
81 do not wish to convey the impression
that there is any actual impairment of
my health. because such is not the fact. |
AS result of long oyerwork, I need a |
reasonable period of genuine rest to re- |
plenish my energy. But more than this, |
must, for the sake of my family, get |
back to private life, to retrieve my per-
sonal fortune.
81 cannot secure the required rest nor
the opportunity to look after my long
neglected private affairs unless l am re-
lieved Of my personal responsibilities.
81 am anxious to have my retirement
effected with the least possible incon-
venience to yourself and to the public
service. but it would, ! think, be wise to
accept my resignation now as secretary
the appointment and qualification of my
so that he may have the oppor-
tunity and advantage of participating
promptly in the formation of the policies
that should govern the future work of
the treasury. ] would suggest that my
as director general Of rail
-oads become effective January 1, 1913.
,r upon the appointment of my successor.
II hope you will understand, my dear
Mr.. President, that will permit nothing
1ut the most imperious demands to force
NY withdrawal from public life. Always
shall cherish as the greatest honor of
ny career the opportunity you have so
lnder your leadership in these epochal
imes.
"Affectionately yours,
wv. G. McADOO."
Mr. McAdoo explained to the CORE
;pondents that he had absolutely no
,ther reasons than those specified in
lis letter for the retirement. He said
le realized many varied rumors usually
accompanied the resignation of an Of
icial, but he emphasized again and
gain that he HAD no motive or purpose
except those mentioned.
1t is entirely probable the president
nay fill separately the offices of sec
etary of the treasury and director
General of railroads. There has been
Iothing official on which to base a
tatelnent of who might be under con-
liberation for secretary of the treas
Try. On previous occasions when a
uccessor to Mr.. McAdoo was discuss
d, John SHELTON Williams, comptrol-
er of the currency, and W. L. g. Har-
ing, governor of the federal reserve
oard, have been most generally men
toned Paul Warburg, formerly a
member of the reserve board and
rominent New York banker and Rus
ell G. Leffingweli, assistant secretary
T the treasury, also are reckoned
mong the possibilities.
President Wilson is not required to
hoose the new director general of
ailroads from among the cabinet
lembers. and it is possible the place
ray go to someone associated with
fr. McAdoo in railroad administra-
ION.