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Leslie Mortimer ShawAmerican businessman, lawyer and politician
Date of Birth: 02.11.1848
Country:  USA |
Content:
- Lesie M. Shaw
- Governor of Iowa
- Secretary of the Treasury
- Monetary Policy
- Intervention in the Money Market
- Presidential Bid and Later Career
- Return to Banking and Death
Lesie M. Shaw
Early Life and CareerLesie Mortier Shaw was born on November 2, 1848, in Morristown, Vermont. He pursued law and banking in his hometown before entering politics.
Governor of Iowa
In 1898, Shaw was elected as the 17th governor of Iowa. He served from 1898 to 1902, focusing on economic development and educational reform.
Secretary of the Treasury
In 1902, President Theodore Roosevelt appointed Shaw as the 43rd United States Secretary of the Treasury. Shaw believed in active government intervention in the money market.
Monetary Policy
To ensure a more elastic currency, Shaw implemented several measures, including purchasing government bonds, increasing the number of government bank depositories, and eliminating bank reserve requirements. These actions aimed to create a flexible monetary system responsive to market needs.
Intervention in the Money Market
Shaw's active intervention in the money market reached its peak during his tenure. By 1907, the government's involvement in the financial system had significantly increased.
Presidential Bid and Later Career
Shaw left the Treasury Department in 1907 and became a banker in New York City. He ran for President in 1908, but lost to William Howard Taft.
Return to Banking and Death
After leaving politics, Shaw returned to banking. He passed away on March 28, 1932, in Washington, D.C. Shaw was buried in Oakland Cemetery in Denison, Iowa.
