L. M. Shaw

Leslie Mortier Shaw (November 2, 1848 – March 28, 1932) was an American businessman, lawyer, and politician. He served as the 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.^[1][2]

L. M. Shaw
43rd United States Secretary of the Treasury
In office February 1, 1902 – March 3, 1907
President	Theodore Roosevelt
Preceded by	Lyman J. Gage
Succeeded by	George B. Cortelyou
17th Governor of Iowa
In office January 13, 1898 – January 16, 1902
Lieutenant	James C. Milliman
Preceded by	Francis M. Drake
Succeeded by	Albert B. Cummins
Personal details
Born	Leslie Mortier Shaw (1848-11-02)November 2, 1848 Morristown, Vermont, U.S.
Died	March 28, 1932(1932-03-28) (aged 83) Washington, D.C., U.S.
Party	Republican
Spouse	Alice Crenshaw
Children	3
Education	Cornell College (BA) University of Iowa (LLB)

Early life

Shaw was born on November 2, 1848 in Morristown, Vermont, the son of Boardman O. Shaw and Louise Spaulding "Lovisa" Shaw.^[3][4][5][6] He attended Cornell College in 1874 and then University of Iowa Law in 1876.^[4][5][6] Shaw married the former Alice Crenshaw on December 6, 1877, with whom he had three children.^[4]

Shaw was a part-time lawyer and part-time apple salesman in Denison, Iowa.^[3][4] He later became a banker and founded, with partner Carl F. Kuehnle, the Bank of Dennison, in Dennison, Iowa.^[4][5][6] They would go on to found banks in Manilla, Iowa and Charter Oak, Iowa.^[4] He was a Methodist, and superintendent of his Sunday school for over 25 years.^[4][6] He also founded, in 1893, the Denison Business and Normal College, which stayed opened until 1917.^[6][7]

Governorship

In 1898, he became the 17th Governor of Iowa, serving until 1902.^[5][6] During his tenure, he established the Board of Control for Iowa's state institutions. He set the foundation to build the Memorial, Historical, and Art Department.^[4] He created the Library Commission and helped to establish free public libraries and school libraries throughout the state.^[4] He was also the first governor of Iowa to drive a car.^[4]

Secretary of Treasury

He became active in politics during the 1896 presidential election where he held speeches in favor of William McKinley, arguing in favor of his monetary policy.^[3] He then became the U.S. Secretary of the Treasury, being nominated by President Theodore Roosevelt in 1902.^[8][5][6]

Like his predecessor Secretary 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.^[9] He resigned on March 3, 1907, to become a banker in New York City.^[6] Later that year, the Panic of 1907 took place.^[10]

He was a candidate for the Republican Party nomination during the U.S. presidential election in 1908. Shaw was a critic of Woodrow Wilson and the League of Nations.^[3] He campaigned for Calvin Coolidge and Herbert Hoover.^[3] He was a strong supporter of the Smoot-Hawley tariff.^[3]

Later life

After leaving the Presidential Cabinet, he returned to banking, working in New York City and Philadelphia, eventually becoming president of banks in both cities.^[4]

Shaw died of pneumonia in Washington, D.C. in 1932, and was buried in a mausoleum at Oakland Cemetery in Denison, Iowa.^[4][5][6]