Aldrich, Nelson

Aldrich, Nelson (Wilmarth)

(1841–1915) U.S. representative/ senator; born in Foster, R.I. After prospering in the wholesale grocery business, he was elected from Rhode Island as a Republican to the U.S. House of Representatives (1879–81) and to the U.S. Senate (1881–1911). A friend of business interests and the high protective tariff, he became a major power in the Republican controlled Senate after 1897; he was known for the Aldrich-Vreeland Act for monetary reform (1908), the Payne-Aldrich Tariff (1909), and the Aldrich Plan for reforming the American banking system. His own investments allowed him to leave a large fortune to his heirs and favored philanthropies.
References in periodicals archive ?
Yet according to Richard Aldrich, Nelson Rockefeller's first cousin and the head of IBEC in Brazil, Interamericana's downfall resulted mainly from a weakness built into the organization itself As a wholesaler of securities, the investment company did not have its own sales staff and was thus dependent on the local banks that were its partners to sell the stocks and bonds to their customers.