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History of the Treasury
Secretaries of the Treasury
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Leslie M. Shaw
(1902 - 1907)
Shortly after retiring as Governor of Iowa, Leslie M.
Shaw (1848-1932) was appointed Secretary of the Treasury by President Theodore
Roosevelt. His selection as Secretary was due to his championing the gold
standard during the presidential campaign of 1896 and his support of Roosevelt
in 1900. 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.
Taking several actions toward this end, Shaw bought
back government bonds from the commercial banks that owned them, increased
the number of government depository banks, and, in 1902, told the banks
that they no longer needed to keep cash reserves against their holdings
of public funds. The effect of these actions was to provide a more elastic
currency, which would respond to the needs of the market. Government intervention
in the money market reached its height with Shaw. He resigned in 1907
to become a banker in New York.
About the Artist
French-born Theobald Chartran began his study of
art at an early age in Paris under Alexander Cabanel and later attended
the Ecole des Beaux-Arts. He gained a reputation as a painter of historical
tableaux and won a number of important commissions to paint French government
buildings. After 1880, Chartran concentrated on portrait painting and
became one of the favorite portraitists of elegant society. He came to
the United States in 1893 to paint the Oliver H.P. Belmont family and
made annual visits to New York, Pittsburgh, and Washington, D.C. thereafter,
until the end of his life. He is represented in the White House collection
by his group portrait depicting the signing of the peace protocol following
the Spanish-American War and by a portrait of Theodore Roosevelt. His
portrait of Leslie M. Shaw was painted from life in 1903, during Shaw's
tenure as Secretary.
Office of the Curator
All rights reserved. 2001
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