Business & Finance: Business Backs Mellon

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When Secretary of the Treasury Mellon first announced his program for reduced income tax rates, the business community was too much taken by surprise to comment upon it at once. This temporary silence was apparently interpreted in Washington as indifference, and many politicians made the capital mistake of pooh-poohing the Mellon program as "unpractical." Then the vigorous approval of the Secretary's plan began to be audible from all parts of the nation, and many of its politician-opponents have hastened to " straddle" the issue, or climb boldly on the bandwagon while there was still an opportunity.

Everywhere bankers and business men have earnestly endorsed Mr. Mellon's proposal. For once Wall Street bankers, Chambers of Commerce, Boards of Trade, Credit Men's Associations and other business associations have found themselves in complete agreement.

Charles M. Schwab again expressed the general business sentiment of the country when he said: " When Mr. Harding picked as his Secretary of the Treasury Andrew W. Mellon, he picked the man most admirably suited for the position. For Mr. Mellon has personal wealth, profound wisdom and plenty of time to devote all his energies to the welfare of the Government and the people."