The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1918-11-26
High Cost of Living Given as
Chief Cause of Resig-
nation.
THE PRESIDENT ACCEPTS
MIR. McAdOO Will Be Relieved
as Secretary of Treasury
as Soon as Successor is
Appointed.

Washington, Nov. 25.-William
Gibbs McAdoo. secretary of the
treasury, director general Of rail
roads and often discussed as one OF
the presidential possibilities Of 1920.
has resigned his offices to return to
private business.
President Wilson has accepted his
resignation. Mr.. McAdoo will give
up the treasury portfolio as soon as
a successor has been selected. He
wished to lay down his work as di-
rector general Of railroads by Jan
uary l, but will remain il the Presi-
dent has not then chosen a success
sor.
Upon the new secretary of the
treasury, whoever he may be, will
devolve the task of financing the ma
tion through the transition period
OF war to peace, which probably will
include at least two more liberty
loans and possibly also a further re-
vision OF the system of war taxation.
and Mr., McAdoo, with the announce
ment Of the resignation, give Mr..
McAdoo's reasons for leaving the
cabinet solely as necessity for re-
plenishing his personal means and
express the Presidents deep regret at
losing his son-in-law from his official
family.
The following letters were made
public with the announcement:
Letter OF Resignation.
Mr.. McAdoo's letter of resigna-
tion. dated November IA, follows:
"Dear Mr.. President:
"Now that an armistice has been
signed and peace is assured. feel at
liberty to advise you of my desire to
return, as soon as possible, to pri-
vate life.
II have been conscious for some
time of the n, crssity for this step.
but, of course, could not consider
1t while the county was ct war.
"For almost ST., years have
worked necessarily under the pres
ure of great responsibilities. Their
exactions have drawn heavily on my
strength. The inadequate compen-
sation allowed by law to cabinet Of
ficers (as you know I receive no
compensation as director general OF
railroads) and the very burdensome
cost of living in Washington have SO
depleted my personal resources that
am obliged to reckon with the facts
of the situation.
IL do not wish to convey the i'm
preston that there is any actual i'm
pairment of my health. because such
is not the fact. AS a result OF long
overwork 1 need a reasonable Pc
riod Of genuine rest to replenish my
energy. But more than this. I must
for the sake OF my family, get back
TO private life. to retrieve my person.
al fortune.
II cannot secure the required rest
nor the opportunity to look after
my long neglected private affirs un-
less I am relieved of my present re-
sponsibilities.
Il am anxious to have my retire
ment effected with the least possible
inconvenience to yourself end to the
public. but II should. / think, he wise
to accept my resignation now. as
secretary OF the treasury. to become
effective upon the appointment and
qualification of my successor 80 that
he may have the opportunity and
advantage OF participating promptly,
in the formation of the policies that
should govern the future work OF
the treasury. I would suggest that
my resignation as director general
OF railroads become effective jan
uary 1. 1919, or upon the appoint
ment OF my successor.
Il hope you will understand. my