Adolph C. Miller
Encyclopedia
Adolph C. Miller was an American
government official and university professor. He was one of the original Governors of the Federal Reserve System
, appointed in 1914, and served in that capacity for 22 years. He was a notable benefactor of the University of California, Berkeley
, of which he was a graduate.
, and then spent one year each as an assistant professor at his alma mater and at Cornell University
before being hired as a full professor of finance at the University of Chicago
. While in Chicago, in 1895, Miller married Mary Sprague, daughter of a prominent Chicago businessman.
. Miller remained there until 1913. In that year, Miller's classmate and friend, Franklin Knight Lane
was appointed as Secretary of the Interior by Woodrow Wilson
, and Lane persuaded Miller to come to Washington to serve as Assistant Secretary. In May 1913, Miller was also appointed as Director of the Bureau of National Parks.
In 1914, Miller was appointed one of the original governors of the Federal Reserve System, which had been established late the previous year. The terms of the initial governors were staggered, and Miller received the longest initial term, ten years. Miller was the sole economist on the Board during World War I, and he supported policies which would reduce spending by the public, principally through higher taxes.
He served 22 years in that capacity before retiring in 1936. He remained a significant benefactor to the University of California, and its Miller Institute for Basic Research in Science was both endowed by money left to the University, and named for him.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
government official and university professor. He was one of the original Governors of the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
, appointed in 1914, and served in that capacity for 22 years. He was a notable benefactor of the University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
, of which he was a graduate.
Early life
Miller was born in San Francisco on January 7, 1866. After receiving his degree from the University of California, he studied abroad in Paris and Munich Miller served as an instructor at Harvard UniversityHarvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, and then spent one year each as an assistant professor at his alma mater and at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
before being hired as a full professor of finance at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
. While in Chicago, in 1895, Miller married Mary Sprague, daughter of a prominent Chicago businessman.
University and political career
In 1902, Benjamin Wheeler, President of the University of California, persuaded Miller to return to Berkeley as Flood Professor of Finance, and to take charge of the College of Commerce, predecessor of today's Haas School of BusinessHaas School of Business
The Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
. Miller remained there until 1913. In that year, Miller's classmate and friend, Franklin Knight Lane
Franklin Knight Lane
Franklin Knight Lane was an American Democratic politician from California who served as United States Secretary of the Interior from 1913 to 1920...
was appointed as Secretary of the Interior by Woodrow Wilson
Woodrow Wilson
Thomas Woodrow Wilson was the 28th President of the United States, from 1913 to 1921. A leader of the Progressive Movement, he served as President of Princeton University from 1902 to 1910, and then as the Governor of New Jersey from 1911 to 1913...
, and Lane persuaded Miller to come to Washington to serve as Assistant Secretary. In May 1913, Miller was also appointed as Director of the Bureau of National Parks.
In 1914, Miller was appointed one of the original governors of the Federal Reserve System, which had been established late the previous year. The terms of the initial governors were staggered, and Miller received the longest initial term, ten years. Miller was the sole economist on the Board during World War I, and he supported policies which would reduce spending by the public, principally through higher taxes.
He served 22 years in that capacity before retiring in 1936. He remained a significant benefactor to the University of California, and its Miller Institute for Basic Research in Science was both endowed by money left to the University, and named for him.