Evening star., 1924-08-03
hard together upon

worked long and hard together upon
this subject.
Mr.. Mccoy to write an estimate on
every item in the Underwood tariff
and the income tax law. That esti-
mate was a matter of record and it
came out pretty close to the Mccoy
estimates. AS soon as this measure
ed Mccoy to come over and work
with the Senate, but he remained
with Representative Underwood for
some 10 days cleaning up hangover
matters. Finally, when he reported
to the Senate committee, he found
they had some 20 tariff experts. When
the bill went to conference there
were only two of these experts left,
and when the bill was finally agreed
upon in conference Mccoy was the
only expert on the job.
First Aid to McAdeo.
While William Gibbs McAdoo was
Secretary of the Treasury he called
on Mr.. Mccoy repeatedly for all sorts
of suggestions for raising money and
practically all of the money raising
provisions then advocated were origi-
mated by Mccoy.
1t was his brain that gave the world
the excess profits tax, which went
into the law in 1917 and reached it's
full force in 1918. Away back in 1914,
when he went to work with the SEN
ate finance committee, promine Mt
Senator complained about the price
of gasoline going up and said: NC
Coy, don't you think you can find
some way to stop this profiteering?'
Mccoy opined he could, and the next
day suggested plan for allowing
whatever profit the law-making body
considered sufficient. and then max
ing a 100 per cent levy on all in ex-
cess of the fair profit. That was de-
signed to stop profiteering and was
| the first excess profits tax suggestion
ever made.
The Swedish government used it
the next year against the meat pack
ers, who were putting out a canned
stew for the army, and it was called
the army stew tax. Then, in 1917,
Congress passed it's first excess prof
| its tax, which was perfected in 1918.
/ That brought into the Federal
| treasury more money in one year
from a single source than was ever
| produced anywhere in a year before
S2,505 100000. When this law was be-
ing drafted one and one-half to two
| years before the returns were made
| Mr.. Mccoy estimated, as matter OF
| record, that 1t would produce $2,500,-
| 100000.
Republicans Call ON Him.
| When the Republicans came into
control again and started to write a
| new revenue act, Chairman Fordney
of the House ways and means COM
mittee asked that Mccoy be detailed
| to the committee. He helped with
both the tariff and revenue acts. and
then. on request of Senator McCum-
ber was detailed to the Senate com.
mittee. AS a matter of fact, while he
was working with the Senate on the
| tariff act he was also working with
the House committee on the revenue
| act.
/ In addition, all this time he had tc
keep the work of his own Office in the
| Treasury Department current.
Before he went. to the Capitol tc
| work with the committee on the 1921
/ tariff and revenue acts he had tc
work up the Mellon plan, as part o1
| his departmental duties.
| When, after the Spanish -Americar
| war, the United States and British
high joint commission. of which Johr
| A. kaSson was a member, met iT
| Quebec to adjust Canadian questions
| Senator Charles W. Fairbanks anG
| Representative Nelson Dingley repre-.
| sented the Senate and House, re.
| spectiveIy, Mr.. Mccoy was appoint.
| ed as expert and disbursing officer
| and disbursed in consequence $4,000