Pine Bluff daily graphic., 1918-11-23

Washington, Nov 22. William Gibbs McAdoO. Secretary of the Trea- sury. Director General of Railroads, and often discussed as one of the presidential pos abilities of 1920. has resigned his offices to return 10 pri- vate business.
 President Wilson has accepted his resignation. Mir. McAdoo will give up the treasury portfolio as soon IS d successor has been selected. He wished to lay down his work as Director General of Railroads by January lst, but will remain if the President has not then chosen a sue ceSsOr.
 Upon the new Secretary of the Treasury. whoever he may be, will involve the task of financing the na- tion through the transition period Of War to peace, which, probably will include at least two moro Liberty loans, and possibly also u further re- vision of the system of war taxation.
 Letters between President Wilson and MT. IMcAdoo, made public today with the announcement of the resig- nation, give Mir McAdoo's reasons for leaving the cabinet solely as a nece- ssity for replenishing his personal fortune, and express the Presidents deep regret at losing his son-in-law from his official family.
 The following letters were made public with the announcements:
 Dear Mir. President:
 "NOw that an armistice has been signed and peace is assured, feel at nf fn return, as soon as possible, to private life
 q 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, have work ed incesantly under the pressure of great responsibilities. Their cxactions have drawn heavily on nv strength The inadequate cOmpensat, CT allowed by law to cabinet officers sas you know l receive no compensation as director general of railroads.) and the very burdensOme cost Of living in Washington have so depleted ny per sOnal resources that l am obliged to reckon with the facts of the situation
 "I do not wish to convey the i'm pression that there is any actual i'm pairment o. my health, because sLch is liCt the fact. AS result of long ov- erWork l need reasonable period of g..lulne rest to replenish ray energy. Bu' mC'c than this, l must for ihe st.:" or my family, get back 70 a":.ate life, to retrieve my personal fortune.
 "l cannot secure the required rest nor the opportunity to look after my long neglected private affairs unless I am relieved of my present respOnsibil- ities.
 q am anxious to have my retire. ment effected with the least possible inconvenience to yourself and to the public service, but it would, I think, be wise to accept my resignation, now as secretary of the treasury, to be- come effective upon the appointment and qualification of my successor so that he may have the opportunity and advantage of participating promptly in the formulation of the policies that should govern the future work of the treasury. I would suggest that my resignation as director general of rail roads become effective January 1st, 1919, or upon the appointment of my 
 "I hope you will understand by dear Mir. President, that 1 will permit nothing but the most imperiOus de- mands to force my withdrawal from public life. Always l shall cherish as the greatest honor of my career tn opportunity you have so generousl given me to serve the country undI your leadership in these epochal ti,
 ''Affectionately yours,
 w. G. AIcADOC
 The Presidents letter of accept NE dated November 21st, follows: lI
 My Dear MT. Secretary: i|
 T was not unprepared for " ter of the 14th, becauseIyou b. I than once. of course, discus xi| me, the circumstancesp swhis H long made it a serious persf flee for you to remain in off sers h that only your high and eX of duty had kept you hty 'sF immediate tasks of the