The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1918-11-29
5ECRE1A uICADUU.
RESIGNS HIS POST.
HEAD OF TREASURY FORCED, TO
RETIRE BECAUSE OF IN
ADEQUACY OF PAY
WILL RESUME LAW PRACTICE
Successor viii Face Problem Of FL
naneing Nation Through the
Transition Period From
War to Peace

Washington, Nov. %. - William
Gibbs McAdoo, secretary of the treas
ury, director general Of railroads, and
often discussed as one of the presi-
Dental possibilities Of 1920, has resign.
cd his office to return to private bust
ness.
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 gen.
eral Of railroads by January /, but
will remain II the president has not
then chosen successor.
Upon the new secretary Of the treas
nry. whoever he may be, 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 a 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 a ne
cessity for replenishing his personal
fortune. and express the presidents
deep regret at losing his son-in-law
fran his official family.
The following letter from Nit Nc
Adoo was made public with the an
nouncement:
The secretarys Letter.
Mr.. McAdoo's letter of resignation,
dated November IA. follows.
Dear Mr.. President:
Nov that an armistice has been sign
cd 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
con ~ was at war
necessarily under the pressure OF great
responsibilities. Their exactions have
drawn heavily on my strength. The in
cabinet officers las you know i receive
no compensation as director general of
railroads) and the very burdensome cost
OF living In Washington have so depleted
to reckon with the facts Of the situation.
Il do not wish to convey the impression
that there II any actual impairment of
As a result Of long overwork, j need q
reasonable period Of genuine rest to re-
plenish my energy. But more than this.
back to private life, to retrieve my per-
sonal fortune.
II cannot secure tho required rest nor
the opportunity to look after my long
~ ffut ve, nj
neved OF my personal responsibilities
II am anxious to have my retirement
effected with the least possible incon-
service. but II would. / think, be wise to
accept my resignation now as secretary
OF the treasury, to become effective upon
the appointment and qualification of my
successor. 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
resignation az director general of rail-
roads become effective January 1. 1919,
or upon the appointment of my successor.
nope you Will understand. my dear
Mr. President. that l win permit nothing
but the most imperious demands to force
my withdrawal from public life. Always
! shall cherish as the greatest honor OF
generously given me to serve the country
under your leadership in these epochal
wv. G. McADoo."
Mr.. McAdoo explained to the CORE
spondents that he had absolutely no
other reasons than those specified In
his letter for the retirement. He said
he realized many varied rumors usually
accompanied the resignation Of an Of
fetal, but he emphasized again and
again that he had no motive or purpose
except those mentioned
1t Is entirely probable the president
may fill separately the offices of Sec
rotary of the treasury and director,
general OF railroads. There has been
nothing official on which to base a
statement Of who might be under con
sideration for secretary of the treas
ury. On previous occasions when n
successor to Mr.. McAdoo was discuss.
cd. John SHELTON Williams, comptrol.
Ter OF the currency. and w. L. G. uar-
ding. governor of the federal reserve
board. have been most generally men.
toned Paul Warburg, formerly
member OF the reserve board and a
prominent New York banker, and Rus.
sell G. Leffingwell. assistant secretary
of the treasury, also are reckoned
among the possibilities.
President Wilson is not required to
choose the new director general of
railroads from among the cabinet
members. and il is Pc, Slble the place
may go To someone associated with
Mr.. McAdoo in railroad administers.
tlnn.
U. S. SPRUCE PRODUCTION