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==Biography==
Born in [[Morristown, Vermont]], he became a lawyer and banker, and in 1898 became the [[List of Governors of Iowa|17th Governor of Iowa]], serving until 1902. He then became [[United States Secretary of the Treasury]] under [[President of the United States|President]] [[Theodore Roosevelt]] in 1902, serving until 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.
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 [[United States Republican Party|Republican Party]] during the [[U.S. presidential election, 1908]].
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==Further reading==
*{{cite journal |first=Eugene B. |last=Patton
▲* Eugene B. Patton, "Secretary Shaw and Precedents as to Treasury Control over the Money Market," ''Journal of Political Economy,'' vol. 15, no. 2 (Feb. 1907), pp. 65–87. [http://www.jstor.org/stable/1817458 In JSTOR]
==External links==
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{{U.S. Secretary box
| before= [[Lyman J. Gage]]
| after= [[George B. Cortelyou]]
| years= February 1, 1902{{spaced ndash}}March 3, 1907
| president= [[Theodore Roosevelt]]
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{{T Roosevelt cabinet}}
{{Authority control|VIAF=1575628|LCCN=n/88/244856|GND=}}
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