Mellon: An American Life by David Cannadine

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(Paperback - Reprint)

  • Pub. Date: February 2008
  • 778pp
  • Sales Rank: 103,242
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    Product Details

    • Pub. Date: February 2008
    • Publisher: Random House Inc
    • Format: Paperback, 778pp
    • Sales Rank: 103,242

    Synopsis

    A landmark work from one of the preeminent historians of our time: the first published biography of Andrew W. Mellon, the American colossus who bestrode the worlds of industry, government, and philanthropy, leaving his transformative stamp on each.

    Following a boyhood in nineteenth-century Pittsburgh, during which he learned from his Scotch-Irish immigrant father the lessons of self-sufficiency and accumulation of wealth, Andrew Mellon overcame painful shyness to become one of America’s greatest financiers. Across an unusually diverse range of enterprises, from banking to oil to aluminum manufacture, he would build a legendary personal fortune, tracking America’s course to global economic supremacy. Personal happiness, however, eluded him: his loveless marriage at forty-five to a British girl less than half his age ended in a scandalous divorce, and for all his best efforts, he would remain a stranger to his children. He had been bred to do one thing, and that he did with brilliant and innovative entrepreneurship. The Mellon way was to hold companies closely, including such iconic enterprises as Alcoa and Gulf Oil. Collecting art, a pursuit inspired by his close friend Henry Clay Frick, would become his only nonprofessional gratification. And by the end of his life, Mellon’s “pictures” would constitute one of the world’s foremost private collections.

    Mellon’s wealth and name allowed him to dominate Pennsylvania politics, and late in life he was invited to Washington. As treasury secretary under presidents Harding, Coolidge, and finally Hoover, he made the federal government run like a business—prefiguring the publicofficial as CEO. But this man of straightforward conservative politics was no politician. He would be hailed as the architect of the Roaring Twenties, but, staying too long, would be blamed for the Great Depression, eventually to find himself a broken idol. The New Deal overthrew Andrew Mellon’s every fiscal assumption, starting with the imperative of balanced budgets. Indeed, he would become the emblem—and the scapegoat—for the Republican conviction and policy that the role of government is to help business create national wealth and jobs. At the age of seventy-nine, the former treasury secretary suffered the ultimate humiliation: prosecution by FDR’s government on charges of tax evasion. In the end Mellon would be exonerated, as he always trusted he would be, and throughout the trial, which lasted more than a year, he never abandoned what had become his last dream: to make a great gift to the American people. The National Gallery of Art remains his most tangible legacy, although he did not live to see its completion.

    The issues Andrew W. Mellon confronted—concerning government, business, influence, the individual and the public good—remain at the center of our national discourse to this day. Indeed, the positions he steadfastly held reemerged relatively intact with the Reagan revolution, having lain dormant since the New Deal. David Cannadine’s magisterial biography brings to life a towering, controversial figure, casting new light on our history and the evolution of our public values.

    Library Journal

    Cannadine (British history, Inst. of Historical Research, Univ. of London; The Decline and Fall of the British Aristocracy) presents the first comprehensive biography of Andrew W. Mellon (1855-1937), a long-awaited, extensively researched project that serves its subject well. Cannadine introduces us to the shy, reticent Mellon, born into a Pittsburgh family of achievers, before moving on to his early work in lumber and banking, his ill-fated marriage to Nora McMullen, and his constant indulgence of his children, Paul and Ailsa. In 1914, he was the richest man in the United States. In public life, he served as the longest and most controversial secretary of the Treasury, retaining that office during the politically conservative years of Harding, Coolidge, and Hoover. He reduced the public debt from $26 billion in 1921 to $16 billion by 1930. Late in life, he gave $10,000,000 and 21 masterpieces purchased from the Hermitage in Leningrad (St. Petersburg), to establish the National Gallery of Art in Washington, DC. As Cannadine shows us, when Mellon's life ended during the New Deal, he stood for fiscal policies that were no longer supported. This is a valuable portrait of a banker, statesman, philanthropist, and art collector whose initiatives still resonate today. Highly recommended for all libraries, especially public libraries with a well-established history or business collection. [See Prepub Alert, LJ 6/1/06.] Mary C. Allen, Everett Lib., WA Copyright 2006 Reed Business Information.

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    Biography

    David Cannadine was born in Birmingham, England, in 1950 and educated at Cambridge, Oxford, and Princeton. He is the author of many acclaimed books, including the prizewinning The Decline and Fall of the British Aristocracy. He has taught at Cambridge and Columbia universities and now at the Institute of Historical Research, University of London.

    Customer Reviews

    Superbly documented life of a tycoonby Anonymous

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    November 13, 2007: You will savor this account of the tumultuous life of Andrew Mellon, an arrogant turn-of-the-last-century industrialist and millionaire. He was torn to tatters by a scandalous divorce and, later, by opposing politicians. However, he transcended those humiliations by establishing the lavish National Art Gallery just before he died. 'Andy' Mellon's life (1855-1937) stretched across critical years when the U.S. was transformed from an appendage of Europe to a superpower. His work as treasury secretary was held in such esteem that the Republican Party considered running him for president. However, even given his role as head of the Treasury, Mellon could not curtail the 1920s margin-buying stock market mania that led to the 1929 crash and the Great Depression. He is mostly remembered for the National Art Gallery and for his sex-scandal divorce fight. David Cannadine offers a highly readable biography, which is very balanced though Mellon's son, Paul, commissioned it. However, some readers may decide to skim through the extensive coverage of the politicized 'Tax Trial,' and Andy's ordinary trade in minor art and small firms. We highly recommend this extraordinary saga.

    FORTUNE SMILED ON MELLON - LIFE, AT TIMES, DID NOTby Anonymous

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    December 22, 2006: Character actor John H. Mayer gives a sonorous, highly listenable reading to this story of the life of one of America's greatest financiers. It was a life marked by the amassing of a vast fortune, marriage to a woman two decades his junior, political office, and the establishment of Washington's National Gallery of Art. Mellon's life has been examined before but perhaps not in such great detail (621 pages). Beginning with his boyhood in Pittsburgh the author traces the evolution of a shy, rather retiring individual who had an inordinate gift for recognizing the potential in nascent American industries. In fact, many credit him with being the dominant force in making our country an industrial power. Although he was known for keeping his own counsel, he became active politically serving as Secretary of the Treasury under Harding, Coolidge and Hoover. His marriage at the age of 43 to the nineteen-year-old Nora McMullen ended in an acrimonious very public divorce in 1910. This was surely a great embarrassment to the reticent Mellon. It was later that he gave his personal art collection and countless small fortunes to establish the National Gallery. For those interested in America's corporate history Mellon is a fascinating study. While the man may be unknowable his work is not thanks to prodigious research and time line narrative by David Cannadine. - Gail Cooke


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