L. M. Shaw
Encyclopedia
Leslie Mortier Shaw was an American
businessman, lawyer and politician.
, he became a lawyer and banker, and in 1898 became the 17th Governor of Iowa, serving until 1902. He then became United States Secretary of the Treasury
under President
Theodore Roosevelt
in 1902, serving until 1907. Like his predecessor Secretary Lyman Gage
, Shaw firmly believed that the Treasury should serve the money market in times of difficulty through the introduction of Treasury funds.
To this end, Shaw bought back government bonds from the commercial banks that owned them, increased the number of government depository banks, and, in 1902, told the banks that they no longer needed to keep cash reserves against their holdings of public funds. The intended effect of these actions was to provide a more elastic currency, which would then respond to the needs of the market. Government intervention in the money market reached its height with Shaw. He resigned in 1907 to become a banker in New York.
He was a candidate for the nomination of the Republican Party during the U.S. presidential election, 1908.
After leaving the Presidential Cabinet and public life he returned to banking, working in New York City.
He died in Washington, DC, and is buried at the Oakland Cemetery in Denison, Iowa
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman, lawyer and politician.
Biography
Born in Morristown, VermontMorristown, Vermont
Morristown is a town in Lamoille County, Vermont, United States. The population was 5,139 at the 2000 census.-Geography:According to the United States Census Bureau, the town has a total area of 51.6 square miles , of which 51.3 square miles is land and 0.3 square mile is...
, he became a lawyer and banker, and in 1898 became the 17th Governor of Iowa, serving until 1902. He then became United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
under President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Theodore Roosevelt
Theodore Roosevelt
Theodore "Teddy" Roosevelt was the 26th President of the United States . He is noted for his exuberant personality, range of interests and achievements, and his leadership of the Progressive Movement, as well as his "cowboy" persona and robust masculinity...
in 1902, serving until 1907. Like his predecessor Secretary Lyman Gage
Lyman J. Gage
Lyman Judson Gage was an American financier and Presidential Cabinet officer.He was born at DeRuyter, New York, educated at an academy at Rome, New York, and at the age of 17 he became a bank clerk...
, Shaw firmly believed that the Treasury should serve the money market in times of difficulty through the introduction of Treasury funds.
To this end, Shaw bought back government bonds from the commercial banks that owned them, increased the number of government depository banks, and, in 1902, told the banks that they no longer needed to keep cash reserves against their holdings of public funds. The intended effect of these actions was to provide a more elastic currency, which would then respond to the needs of the market. Government intervention in the money market reached its height with Shaw. He resigned in 1907 to become a banker in New York.
He was a candidate for the nomination of the Republican Party during the U.S. presidential election, 1908.
After leaving the Presidential Cabinet and public life he returned to banking, working in New York City.
He died in Washington, DC, and is buried at the Oakland Cemetery in Denison, Iowa
Denison, Iowa
Denison is a city in Crawford County, Iowa, United States, along the Boyer River. The population was 7,339 at the 2000 census. It is the county seat of Crawford County.-Geography:Denison is located at ....
.