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History of the Treasury
Secretaries of the Treasury
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Carter Glass
(1918 - 1920)
Born to a newspaper family in Lynchburg, Virginia, Carter
Glass (1858-1946) took an early and active interest in politics. Elected
to Congress in 1902, Glass later became chairman of the subcommittee, which
was set up to explore the reformation of the  nation's banking and currency system. Glass
favored a highly decentralized system of reserve banks, but he supported
and helped guide through Congress President Wilson's proposal for the Federal
Reserve System, established in 1913. In 1919, Wilson appointed Glass Secretary
of the Treasury to succeed former Secretary William G. McAdoo.
His most notable achievement in office was the successful
floating of a $5 billion Victory Loan, a huge consolidation of government
borrowings and an important administrative accomplishment, to help liquidate
the expenses of World War I. Upon returning to Congress as a Senator in
1920, Glass remained interested in the Federal Reserve and contributed
to the acts of 1933 and 1935 which modernized the institution and removed
it from the Treasury Department. For his long support of that institution,
Glass became popularly known as the "Father of the Federal Reserve."
About the Artist
Born and trained as an artist in New York City, J.
Campbell Phillips began his career at the age of fifteen as a magazine
illustrator. He later made a specialty of depicting life in rural black
America. Once he turned to portrait painting, he received many prizes
and established a solid reputation as a portraitist. In addition to painting
secretaries William McAdoo and Carter Glass for the Treasury Department,
Phillips also painted several official portraits for the State House at
Trenton, New Jersey. His portrait of Carter Glass was painted from life
in 1920.
Office of the Curator
All rights reserved. 2001
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