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Updated: May 11, 2025
McAdoo in particular alienated financial circles because of his apparent suspicion of banking interest, and both, by their appeals to laboring men, laid themselves open to the charge of demagogic tactics.
Senator Owen and Carter Glass, Chairmen of the Senate and House Committees on Banking and 'Currency, together with William G. McAdoo, the Secretary of the Treasury, and the President himself drafted the Federal Reserve bill. This measure received careful attention, being the cause of extended hearings and debate in Congress and of discussion in banking circles.
The effects of a big telephone company have been so strenuous and so well planned and executed that they are reserved for discussion in another chapter. Mr. McAdoo tells a number of charming stories which grew out of the Hudson Tubes experiment.
Despite their distrust of McAdoo and their objections to his methods, they coöperated loyally with the Railroad Administration in putting through the necessary measures of coördination and in the elimination of the worst features of the former competitive system.
His friends project him into the political arena and the result is summed in a phrase "Lafayette, he ain't there!" Unavailing efforts are made by a rebellious and unreconciled few of us to find a presidential candidate willing to run on a platform of but four planks, namely: Wines, ales, liquors and cigars. Harding wins, Scattering second; Cox also ran: slogan: "He Kept Us Out of McAdoo."
If we have a President, let him sing like McAdoo, or like Luther Burbank, or like Theodore N. Vail, or like Colonel Goethals, picking up a little isthmus like Panama, a string between two continents, playing on it as if it were a harp; or like Edward Ripley playing with the Santa Fé Railroad for all the world like Homer with a lute, all his seven thousand men, all his workmen, all their wives and their children, all the cities along the line striking up and joining in the chorus or like Carborundum Acheson, backed up by his little Niagara Falls oiling the wheels of a world, weaving diamonds into steel, hardening the bones of the earth into skyscrapers, into railroads, into the mighty thighs of flying locomotives....
There are two men out here who say they are going to report me for what happened this morning. You know how things have been, and if they do, I wish you would write to headquarters and explain. I'm in line for promotion and you know what a black mark means in a case like that." Mr. McAdoo assured him that he would write if it became necessary.
Beaucaire he naturally fell dead heart, er som'thin' an' the other feller, this yere army man, he went out on deck fer ter see Kirby, an' he never cum' back. McAdoo sorter reckoned as how likely he wus slugged, an' throwed overboard. An' then, on top' all that, we're sent up yere in the night like a passel o' thieves ter take these niggers down ter Saint Louee. What do yer make ov it, Jake?"
From morning till night I found that conductor was preaching that sentiment. His words were directly traceable to the words of Secretary McAdoo at El Paso, Texas. That single speech transformed these men. Measured by the results truth that transforms life and changes conduct and character that was a truly great speech.
He thought Tenie wuz crazy, en dey wa'n't no tellin' w'at she mout do nex'; en dey ain' much room in dis worl' fer crazy w'ite folks, let 'lone a crazy nigger. "Hit wa'n't long atter dat befo' Mars Marrabo sole a piece er his track er lan' ter Mars Dugal' McAdoo, MY ole marster, en dat's how de ole school-house happen to be on yo' place.
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