The daily times. [volume] (Wilson, N.C.) 1902-1936, 1918-11-23
SECRETARY NJ 'ADOO
RESIGNS OFFICES
As Secretary of the Treasury
and Director General of
Railroads
SUCCESSOR NOT NAMED

Washington, Nov. 23.-William
| Gibbs McAdoo, SECRETARY of the
| troasurery director general of rail-
roads and often discussed as one o.
the presidential possibilities of 1926
has resigned his offices to return t.
| private business.
President Wilson has accepted hi
| resignation. Mr.. McAdoo will give
| up the treasury portfolio as soon as
successor has been selected. He
| wished to lay down his work as dl
rector general of railroads by Janu.
airy l, but will remain if the Presl-
dent has not then chosen success
sor
Upon the new secretary of the
treasury, whoever he may be, will
devolve the task OF financing the ma
| tion through the transaction 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.
Letters between President Wilso;:
and Mr. BcAdoo, made public to-
day with the announcement of the
resignation, give Mr.. McAdoO's rea-
sons for leaving the cabinet solely
as a necessity for replenishing his
personal means and express tn :
| Presidents deep regret at losing his
son-in-law from HIS official family
The following letters were made
public with the announcement:
Mr. McAdoos letter of resigna-
ton, dated November IA, follows:
Dear Mr. President:
Now that an armistce has been
signed and peace is assured, feel
at liberty to advise you of my de
sire to return, as soon as possible,
to private life.
Il have been conscious for some
time of the necessity for this step
but, of course, l could not consider
it while the country was at war.
For almost six years | have
worked incessantly under the pres
sure of great responsibilities. Theil
exactions have drawn heavily on my
strength. The inadequate compen'
sation allowed by law to cabinet of.
ficers (as you know ! receive nc
compensation as director general ol
railroads) and the very burdensome
cost Of living in Washington have 81
depleted my personal resources tha
| am obliged to reckon with tht
facts of the situation.
II do not wish 70 convey the i'm
preston that there is any actual i'm
pairment of my health, because sucl
is not the fact. As a result of Ions
overwork | need a reasonable perioC
OF genuine rest to replenish my en-
ergy. But more than this, | must
for the sake of my family, get bacE
to private life, to retrieve my per
sonal fortune.
Il cannot secure the required res
nor the opportunity to look after my
long neglected private affairs unless
am relieved of my present respon
sibilities.
II am anxious to have my retire
ment effected with the least posi-
BILE inconvenience TO yourself and tC
the public, but it should, think, be
wise to accept my resignation now
as secretary Of the treasury, to be
C me effective upon the appoint.
ment and qualification of my sue.
cessor so that he may have the op.
portunity and advantage of partici.
pating promptly in the formulation
of the policies that should govern
the future work of the treasury.
would suggest that my resignation
as director general of railroads be.
come effective January l, 1919, OF
upon the appointment of my success.
sor.
II hope you will understand, my
dear Mr.. President. that l will per
nit nothing but the most imperious
demands to force my withdrawal
from public life. Always l shall
cherish as the greatest honor OF my
career the opportunity you have SO
generously given me to serve the
country under your leadership in
these epochal times.
"Affectionately yours,
"W. G. McADOO.
The Presidents letter of accept