Carter Glass


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Glass, Carter,

1858–1946, American politician, U.S. Secretary of the Treasury (1918–20), U.S. Senator from Virginia (1920–46), b. Lynchburg, Va. He learned the printer's trade and became owner of the Lynchburg Daily News and Daily Advance. Glass became prominent in local politics, then served (1902–18) in the House of Representatives. As chairman of the House Committee on Banking and Currency, he was active in the framing of the Federal Reserve SystemFederal Reserve System,
central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since its establishment, particularly by the Banking Act of 1935, has remained substantially the same.
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. In 1918 he became Secretary of the Treasury under President Wilson, but in 1920 he resigned to become Senator from Virginia by appointment. Elected Senator for the balance of the term, he was reelected four times, serving until his death. He violently opposed President Franklin Delano Roosevelt's monetary and New Deal policies, but supported Roosevelt's foreign policy.

Bibliography

See biography by R. Smith and N. Beasely (1939, repr. 1972).

Glass, Carter

(1858–1946) newspaper publisher, U.S. representative/senator; born in Lynchburg, Va. Starting at age 14 as a printer's assistant on his father's newspaper, he became an editor and by 1895 owned three newspapers. An active Democrat, he served in the Virginia senate and then in the U.S. House of Representatives (1902–18); there he sponsored the act that established the Federal Reserve System (1913). He served as secretary of the treasury (1918–20), leaving to fill a vacancy in the U.S. Senate, where he served until his death (1920–46). A fiscal conservative and a defender of states' rights, he often opposed New Deal legislation, but he supported the League of Nations and the U.S. role in World War II.
References in periodicals archive ?
Carter Glass (Virginia), a former secretary of the Treasury under President Woodrow Wilson from 1918 to 1920, and Rep.
Lowenstein's description of the protracted, tortuous political negotiations to create a semblance of an American central bank is very thorough, focusing on six protagonists: Paul Warburg, an immigrant German banker and forceful advocate of European central banking principles; Rhode Island Senator Nelson Aldrich, a business-friendly Republican who converted to reform after 1907; Frank Vanderlip, head of the nation's largest bank; Carter Glass, a conservative Democrat and fanatical racist who nevertheless became a key supporter; and Woodrow Wilson, who eventually shepherded the Federal Reserve through Congress.
Names such as Carter Glass, Jim Farley, Franklin Roosevelt, OK Allen, Upton Sinclair, Williams Jennings Bryan, Clarence Darrow, Earl Long, Richard Leche, Gene Tallmadge and others are found through out the book.
Director, The Center for Civic Renewal and Carter Glass Professor of Government, Sweet Brier College, Virginia.
In 1933, Senator Carter Glass and Congressman Henry Steagall drafted a document outlining allowable practices in the financial services industry for the rest of the century.
Senator Carter Glass opposed federal deposit insurance but allowed its inclusion in the Banking Act of 1933 in order to garner enough votes to pass it.
In the struggle to promote the cause of temperance, and in the rough and tumble of Virginia politics, he made a lifelong enemy of Carter Glass, editor of the Lynchburg News and senator from Virginia, and fell into conflict with the Byrd machine.
Marshall, Harry Truman's secretary of state and author of the Marshall Plan; Carter Glass, Treasury secretary under Woodrow Wilson, who implemented the Federal Reserve System; Henry Kissinger, secretary of state under Richard Nixon, for opening relations with China; Henry Morgenthau Jr.
Virginia's senators, Harry Byrd and Carter Glass, were among the leading opponents of the New Deal in the U.
Contemporaries, especially senator Carter Glass, who headed the Senate Finance Committee, just kept repeating the allegation, and opponents of functional separation by statute finally gave up trying to resist the aggressive tactics of determined reformers.
The commercial banks were driven from this trough in 1933 by Virginia Senator Carter Glass, a traditional conservative who believed in preserving, not despoiling, institutions.
The members finally overcame their partisan differences and adopted the plan forged by President Wilson, Congressman Carter Glass, and Senator Robert Owen, which became the Federal Reserve Act--an act "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.