Joseph W. Barr
Encyclopedia
Joseph Walker Barr was an American
businessman and politician.
Born in Bicknell, Indiana
, he graduated from DePauw University
in 1939, where he was a member of Phi Kappa Psi
Fraternity, and earned a master's degree
in economics
from Harvard University
in Cambridge, Massachusetts
, in 1941.
He served in the United States Navy
from 1942 to 1945, during World War II
, with subchaser duty in the Mediterranean Sea
and Atlantic Ocean
. He received a Bronze Star
for sinking a submarine
off Anzio Beach
.
After Barr returned from the war he engaged in the operation of grain elevator
s, theaters, real estate
and publishing
businesses. He was elected as a Democrat to the 86th United States Congress
from the 11th district of Indiana (1959–1961). He lost the 1960 election and was appointed assistant for congressional relations to the U.S. Secretary of the Treasury, and then in 1963 was appointed Chairman of the Federal Deposit Insurance Corporation
.
He was Undersecretary of the Treasury from 1965 to 1968 during the administration of President Lyndon Johnson, and U.S. Secretary of the Treasury from December 21, 1968, to January 20, 1969, the shortest term of any Secretary of the Treasury.
United States paper money always depicts the signature of the Secretary of the Treasury; because of Barr's short term, collectors speculated notes bearing his signature would be scarce. A common misconception is that currency bearing Barr's name is rare. In reality, 458,880,000 $1.00 notes were printed bearing his signature (although none in other denominations), but due to the $1.00's limited lifespan (they only last an average of 21 months in circulation) it is unknown how many still exist.
Barr was president and chairman of American Security and Trust Company from 1969 to 1974 and chairman of Federal Home Loan Bank
of Atlanta, Georgia
from 1977 to 1981. He died in Playa del Carmen
, Mexico
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and politician.
Born in Bicknell, Indiana
Bicknell, Indiana
Bicknell is a city in Knox County, Indiana, United States. The population was 3,378 at the 2000 census.-Geography:Bicknell is located at...
, he graduated from DePauw University
DePauw University
DePauw University in Greencastle, Indiana, USA, is a private, national liberal arts college with an enrollment of approximately 2,400 students. The school has a Methodist heritage and was originally known as Indiana Asbury University. DePauw is a member of both the Great Lakes Colleges Association...
in 1939, where he was a member of Phi Kappa Psi
Phi Kappa Psi
Phi Kappa Psi is an American collegiate social fraternity founded at Jefferson College in Canonsburg, Pennsylvania on February 19, 1852. There are over a hundred chapters and colonies at accredited four year colleges and universities throughout the United States. More than 112,000 men have been...
Fraternity, and earned a master's degree
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Harvard University
Harvard 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...
in Cambridge, Massachusetts
Cambridge, Massachusetts
Cambridge is a city in Middlesex County, Massachusetts, United States, in the Greater Boston area. It was named in honor of the University of Cambridge in England, an important center of the Puritan theology embraced by the town's founders. Cambridge is home to two of the world's most prominent...
, in 1941.
He served in the United States Navy
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
from 1942 to 1945, during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, with subchaser duty in the Mediterranean Sea
Mediterranean Sea
The Mediterranean Sea is a sea connected to the Atlantic Ocean surrounded by the Mediterranean region and almost completely enclosed by land: on the north by Anatolia and Europe, on the south by North Africa, and on the east by the Levant...
and Atlantic Ocean
Atlantic Ocean
The Atlantic Ocean is the second-largest of the world's oceanic divisions. With a total area of about , it covers approximately 20% of the Earth's surface and about 26% of its water surface area...
. He received a Bronze Star
Bronze Star Medal
The Bronze Star Medal is a United States Armed Forces individual military decoration that may be awarded for bravery, acts of merit, or meritorious service. As a medal it is awarded for merit, and with the "V" for valor device it is awarded for heroism. It is the fourth-highest combat award of the...
for sinking a submarine
Submarine
A submarine is a watercraft capable of independent operation below the surface of the water. It differs from a submersible, which has more limited underwater capability...
off Anzio Beach
Operation Shingle
Operation Shingle , during the Italian Campaign of World War II, was an Allied amphibious landing against Axis forces in the area of Anzio and Nettuno, Italy. The operation was commanded by Major General John P. Lucas and was intended to outflank German forces of the Winter Line and enable an...
.
After Barr returned from the war he engaged in the operation of grain elevator
Grain elevator
A grain elevator is a tower containing a bucket elevator, which scoops up, elevates, and then uses gravity to deposit grain in a silo or other storage facility...
s, theaters, real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
and publishing
Publishing
Publishing is the process of production and dissemination of literature or information—the activity of making information available to the general public...
businesses. He was elected as a Democrat to the 86th United States Congress
86th United States Congress
The Eighty-sixth United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1959 to January 3, 1961, during the last two years...
from the 11th district of Indiana (1959–1961). He lost the 1960 election and was appointed assistant for congressional relations to the U.S. Secretary of the Treasury, and then in 1963 was appointed Chairman of the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
He was Undersecretary of the Treasury from 1965 to 1968 during the administration of President Lyndon Johnson, and U.S. Secretary of the Treasury from December 21, 1968, to January 20, 1969, the shortest term of any Secretary of the Treasury.
United States paper money always depicts the signature of the Secretary of the Treasury; because of Barr's short term, collectors speculated notes bearing his signature would be scarce. A common misconception is that currency bearing Barr's name is rare. In reality, 458,880,000 $1.00 notes were printed bearing his signature (although none in other denominations), but due to the $1.00's limited lifespan (they only last an average of 21 months in circulation) it is unknown how many still exist.
Barr was president and chairman of American Security and Trust Company from 1969 to 1974 and chairman of Federal Home Loan Bank
Federal Home Loan Banks
The Federal Home Loan Banks are 12 U.S. government-sponsored banks that provide stable, on-demand, low-cost funding to American financial institutions for home mortgage loans, small business, rural, agricultural, and economic development lending...
of Atlanta, Georgia
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
from 1977 to 1981. He died in Playa del Carmen
Playa del Carmen
Playa del Carmen is a balneario resort city just south of Cancún on the coast of the Caribbean Sea, in the northeast of the Mexican state of Quintana Roo. The city is the seat of the Solidaridad municipality. In the 2010 census, the city had a population of 149,923 people and it is rapidly growing...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
.