L. M. Shaw: Difference between revisions

| name = Leslie Shaw

| image = Leslie Shaw, Bainportrait photobust portraitLCCN2014680614 (1).jpg

| office = 43rd [[United States Secretary of the Treasury]]

| president = [[Theodore Roosevelt]]

| term_start = February 1, 1902

| term_end = March 3, 1907

|predecessor predecessor = [[Lyman J. Gage]]

| successor = [[George B. Cortelyou]]

| order1 = 17th [[Governor of Iowa]]

|lieutenant1 lieutenant1 = [[James C. Milliman]]

|term_start1 term_start1 = January 13, 1898

| term_end1 = January 16, 1902

| predecessor1 = [[Francis M. Drake]]

| successor1 = [[Albert B. Cummins]]

| birth_name = Leslie Mortier Shaw

| birth_date = {{birth date|1848|11|2}}

|birth_place birth_place = [[Morristown, Vermont]], U.S.

| death_date = {{death date and age|1932|3|28|1848|11|2}}

|death_place death_place = [[Washington, D.C.]], U.S.

| party = [[Republican Party (United States)|Republican]]

| spouse = Alice Crenshaw

| children = 3

| education = [[Cornell College]] {{small|([[Bachelor of Arts|BA]])}}<br>[[University of Iowa]] {{small|([[Bachelor of Laws|LLB]])}}

'''Leslie Mortier Shaw''' (November 2, 1848{{spaced ndash}}March 28, 1932), known as '''L. M. Shaw''', was an American businessman, lawyer, and politician. He served as the [[List of Governors of Iowa|17th Governor of Iowa]] and was a Republican candidate in the [[1908 United States presidential election]]. He was Secretary of the Treasury from 1902 to 1907.<ref>{{Cite journal |last=Andrew |first=A. Piatt |date=1907 |title=The Treasury and the Banks Under Secretary Shaw |url=https://www.jstor.org/stable/1883587 |journal=The Quarterly Journal of Economics |volume=21 |issue=4 |pages=519–568 |doi=10.2307/1883587 |issn=0033-5533}}</ref>

Shaw was born in [[Morristown, Vermont]], the son of Boardman O. Shaw and Louise Spaulding "Lovisa" Shaw. He attended [[Cornell College]] in 1874. Shaw married the former Alice Crenshaw on December 6, 1877, with whom he had three children.

He became a [[lawyer]] and [[bank]]er, and, in 1898, became the [[List of Governors of Iowa|17th Governor of Iowa]], serving until 1902. He then became the [[United States Secretary of the Treasury|U.S. Secretary of the Treasury]] under [[President of the United States|President]] [[Theodore Roosevelt]] from 1902 to 1907. Like his predecessor Secretary [[Lyman J. Gage|Lyman Gage]], Shaw firmly believed that the Treasury should serve the money market in times of difficulty through the introduction of Treasury funds.

Like his predecessor Secretary [[Lyman J. Gage|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 the [[government bonds]] from commercial banks that owned them, increased the number of government depository banks, and in 1902, he 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. The government intervention in the money market reached its height with Shaw. He supported [[tariff]] theory according to the New York Times.<ref>{{cite news | url=https://www.nytimes.com/sitemap/1922/10/11/ | title=Site Map - October 11, 1922 | newspaper=The New York Times }}</ref> He resigned on March 3, 1907, to become as thea [[bank]]er in [[New York City]]. Later that year, the [[Panic of 1907]] took place.<ref>{{Cite journal |last=Andrew |first=A. Piatt |date=1908 |title=The United States Treasury and the Money Market. The Partial Responsibility of Secretaries Gage and Shaw for the Crisis of 1907 |url=https://www.jstor.org/stable/2999998 |journal=American Economic Association Quarterly |volume=9 |issue=1 |pages=218–231 |issn=1532-5059}}</ref>

*{{cite journal |first=Eugene B. |last=Patton |title=Secretary Shaw and Precedents as to Treasury Control over the Money Market |journal=[[Journal of Political Economy]] |volume=15 |issue=2 |year=1907 |pages=65–87 |jstor=1817458 |doi=10.1086/251290|s2cid=154972226 |url=https://zenodo.org/record/1431299 }}

{{s-ttl|title=[[Republican Party (United States)|Republican]] nominee for [[Governor of Iowa]]|years=[[1897 Iowa gubernatorial election|1897]], [[1899 Iowa gubernatorial election|1899]]}}

[[Category:GovernorsRepublican Party governors of Iowa]]

[[Category:RepublicanCandidates Party state governors ofin the 1908 United States presidential election]]

[[Category:1908 United States presidentialsecretaries of the candidatestreasury]]