L. M. Shaw

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.
Resting place Oakland Cemetery, Denison, Iowa, U.S.
Political party Republican
Spouse(s) Alice Crenshaw
Children 3
Parents Boardman O. Shaw
Louise Spaulding "Lovisa" Shaw
Alma mater Cornell College
Profession Politician, Lawyer, Banker
Religion Methodist

Leslie Mortier Shaw (November 2, 1848 – March 28, 1932), known as L. M. Shaw, was an American businessman, lawyer, and politician. He served as the 17th Governor of Iowa and was a Republican candidate in the 1908 presidential election.

Biography

Shaw was born in Morristown, Vermont, the son of Boardman O. Shaw and Louise Spaulding "Lovisa" Shaw. He attended Cornell College in 1874. Shaw married the former Alice Crenshaw on December 6, 1877, with whom he had three children.

He became a lawyer and banker, and in 1898 became the 17th Governor of Iowa, serving until 1902. He then became the U.S. Secretary of the Treasury under President Theodore Roosevelt from 1902 to 1907. 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 resigned on March 3, 1907, to become as the banker in New York City.

He was a candidate for the Republican Party nomination during the U.S. presidential election in 1908.

After leaving the Presidential Cabinet and his public life, he returned to banking, working in New York City. Shaw died in Washington, D.C., and was buried in Oakland Cemetery in Denison, Iowa.

Footnotes

    Further reading

    Wikimedia Commons has media related to L.M. Shaw.
    Wikisource has the text of a 1905 New International Encyclopedia article about L. M. Shaw.
    Political offices
    Preceded by
    Francis M. Drake    		 Governor of Iowa
    January 13, 1898 – January 16, 1902     		Succeeded by
    Albert B. Cummins
    Preceded by
    Lyman J. Gage    		 U.S. Secretary of the Treasury
    Served under: Theodore Roosevelt
    February 1, 1902 – March 3, 1907     		Succeeded by
    George B. Cortelyou


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