(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.