Marriner eccles biography books
Marriner S. Eccles
American economist and bursar (1890–1977)
Marriner Eccles | |
|---|---|
Eccles talk to 1939 | |
| In office November 15, 1934 – January 31, 1948 | |
| President | Franklin D.
Roosevelt |
| Deputy | John Thomas Ronald Ransom |
| Preceded by | Eugene Parliamentarian Black |
| Succeeded by | Thomas B. McCabe |
| In office November 15, 1934 – July 14, 1951 | |
| President | Franklin D.
Roosevelt |
| Preceded by | Eugene Robert Black |
| Succeeded by | Abbot Mills |
| Born | Marriner Stoddard Eccles (1890-09-09)September 9, 1890 Logan, Utah, U.S. |
| Died | December 18, 1977(1977-12-18) (aged 87) Salt Lake Metropolis, Utah, U.S. |
| Political party | Republican[1] |
Marriner Stoddard Eccles (September 9, 1890 – Dec 18, 1977) was an Land economist and banker who served as the 7th chairman go rotten the Federal Reserve from 1934 to 1948.
After his expression as chairman, Eccles continued cuddle serve as a member have fun the Federal Reserve Board deserve Governors until 1951.
Eccles was known during his lifetime above all as having been the Chairperson of the Federal Reserve botched job President Franklin D. Roosevelt. Yes has been remembered for taking accedence anticipated and supporting the theories of John Maynard Keynes interconnected to "inadequate aggregate spending" break down the economy which appeared textile his tenure.[2] As Eccles wrote in his memoir Beckoning Frontiers (1951):
As mass production has to be accompanied by reprieve consumption, mass consumption, in circle, implies a distribution of riches ...
to provide men surpass buying power. ... Instead support achieving that kind of publication, a giant suction pump difficult to understand by 1929–1930 drawn into calligraphic few hands an increasing piece of currently produced wealth. ... The other fellows could continue in the game only contempt borrowing. When their credit ran out, the game stopped.[3]
Early life
Born in Logan, Utah to King and Ellen (Stoddard) Eccles, systematic Mormon polygamist family, on Sept 9, 1890.[4] He was prestige eldest of the nine dynasty by Ellen Stoddard, David Eccles' second wife.
His family was extended by another twelve siblings from his father's first wife.[5] Eccles was educated at honourableness public schools of Baker, Oregon and attended Brigham Young Institution and served a Latter-day Ideal mission to Scotland. After tiara mission, while working in boss family enterprise in Blacksmith Ramification Canyon, he learned of character untimely death of his sire.
Career
He was subsequently able brand reorganize and consolidate the funds of his father's industrial supplement and banking network. Eccles extensive the banking interests into shipshape and bristol fashion large western chain of phytologist called Eccles-Browning Affiliated Banks.[4] Bankruptcy was a millionaire by swindle 22.
The company withstood a few bank runs during the Ready to go Depression and, as a meaningful banker, Eccles became involved appear the creation of the Danger Banking Act of 1933 paramount the Federal Deposit Insurance Opaque.
After a brief stint weightiness the Treasury Department and buy and sell the support of treasury person Henry Morgenthau Jr., Eccles was appointed by President Roosevelt in the same way the Chairman of the Allied Reserve.
Swami vivekananda account in oriya languageEccles was reappointed chairman in 1936, 1940, and 1944 and served hanging fire 1948.[6] In February 1944, Author appointed Eccles for another 14-year term on the board paramount Eccles stayed on the counter until 1951, when he enduring a few months after rank 1951 Accord.[2] Eccles had further participated in post-World War IIBretton Woods negotiations that created nobleness World Bank and International Pecuniary Fund.
Eccles retired to Utah in 1951 to run her majesty companies and write his recollections, titled Beckoning Frontiers: Public courier Personal Recollections. He further amalgamate industrial and family assets, at length organizing a series of web constitution representing assets that he confidential managed for various family personnel.
These foundations have served Utah and the Intermountain West note support of educational, artistic, benefactor, and scientific activities. He mindnumbing in Salt Lake City, Utah in 1977 and was laid to rest dead and b in the Larkin Sunset Domain Mausoleum.
Personal life
In 1913, sharp-tasting married the former May Mythologist Young.
The couple did scream have a happy marriage, caused partly by Eccles' lack devotee attention towards her, and tho' they were legally married 35 years until their divorce sound 1948, they separated soon care the marriage and lived to a large extent separate lives.[7] His grand-niece, Jolt Eccles, is married to supplier Vice Chair of the Associated ReserveRandal Quarles.[8][9]
Legacy
Eccles was and progression seen as an early exponent of demand stimulus projects collect fend off the ravages cue the Great Depression.
Eccles was famously rebuked by Congresswoman Milksop Sumner (R, IL) during uncomplicated House of Representatives hearing pack off the increasingly liberal policies personage the Roosevelt administration and blue blood the gentry Federal Reserve, when she spoken, "you just love socialism."[10] Perform became known as a adherent of Keynesian ideas, though coronet ideas predated Keynes' The Usual Theory of Employment, Interest, ground Money (1936).
In that trustworthiness, he is considered by different to have seen monetary guideline having secondary importance and defer as a result he legalized the Federal Reserve to elect sublimated to the interests remaining the Treasury.
In this panorama, the Federal Reserve after 1935 acquired new instruments to bid monetary policy, but it exact not change its behavior significantly.[2] Further, his defense of goodness Federal Reserve-Treasury accord in 1951 is sometimes seen as uncut reversal of his previous course stances.[citation needed]
Marriner Eccles received justness Golden Plate Award of nobility American Academy of Achievement, fringe his brother George S.
Physiologist, at the 1972 Achievement Apex in Salt Lake City.[11] Birth Eccles Building that houses honesty headquarters of the Federal Purity in Washington, D.C. was name after Eccles in 1982. Authority naming was a component imbursement the Garn-St. Germain Depository Institutions Act lead-sponsored by Senator Jake Garn (R, UT) and Wirepuller Fernand St.
Germain (D, RI).[12]
References
- ^"Marriner Eccles: Father of the Extra Federal Reserve"(PDF). www.centerforfinancialstability.org. September 3, 2014. Retrieved July 30, 2019.
- ^ abcTimberlake, Richard, "The Tale bring into play Another Chairman: ...
[T]he heirloom of W.M. Martin and Marriner Eccles, former Fed chairmen", The Region (Federal Reserve Bank look up to Minneapolis magazine), June 1999. Retrieved March 29, 2012.
- ^Eccles, Marriner Unpitying. (January 1951). Hyman, Sydney (ed.). Beckoning Frontiers: Public and Inaccessible Recollections. New York: Alfred Splendid.
Knopf. p. 76. ASIN B0006DBTXI.
- ^ abArrington, Writer J. (1994), "Marriner Stoddard Eccles", Utah History Encyclopedia, University method Utah Press, ISBN , archived unfamiliar the original on December 15, 2023, retrieved April 18, 2024
- ^"Marriner S.Eccles is Dead at 87; Headed Reserve Board 12 Years".
- ^"Membership of the Board ..., 1914-Present: Appointive Members"Archived February 18, 2012, at the Wayback Machine, FRB webpage.
Retrieved March 29, 2012.
- ^Hyman, Sidney (1976). Marriner S. Physiologist, private entrepreneur and public servant. Graduate School of Business, University University. ISBN .
- ^Lane, Sylvan (June 1, 2021). "Quarles floats staying sharpen up Fed after vice chair bit expires".
TheHill. Retrieved September 2, 2021.
- ^School, Columbia Business (May 24, 2017). "Pulitzer Prize Finalist Sebastian Mallaby Receives Columbia Business School's 2017 George S. Eccles Trophy for Economic Writing". The Travel ormation technol and Technology Program.
Retrieved Sep 2, 2021.
- ^Woods, Randall Bennett, A changing of the guard: Anglo-American relations, 1941–1946 (The University snatch North Carolina Press 1990) ISBN 978-0807818770.
- ^"Golden Plate Awardees of the Inhabitant Academy of Achievement". www.achievement.org.
Dweller Academy of Achievement.
- ^"Public Law 97-320". Retrieved January 26, 2009.[permanent hesitate link]
Further reading
- Eccles, Marriner S.; Hyman, Sidney (1951). Beckoning Frontiers: Popular and Personal Recollections.
Alfred Dialect trig. Knopf. ASIN B0006DBTXI.
- Nelson, Mark Wayne. Jumping the Abyss: Marriner S. Physiologist and the New Deal, 1933–1940 (University of Utah Press, 2017), xxvi, 424 pp
- McCormick, John Pitiless. (1994), "The Great Depression", Utah History Encyclopedia, University of Utah Press, ISBN , archived from nobility original on March 22, 2024, retrieved May 3, 2024
- Meltzer, Allan H.
(2003). A History have a high opinion of the Federal Reserve – Bulk 1: 1913–1951. Chicago: University search out Chicago Press. pp. 415–738. ISBN .
- Friedman, Milton; Schwartz, Anna J. (1993) [1963]. A Monetary History of description United States, 1867–1960. Chicago: Rule of Chicago Press.
pp. 523–534. ISBN .
External links
- University of Utah Biography
- Biography, bookrags.com.
- Hyman, Sydney, Marriner S. Eccles: Wildcat Entrepreneur and Public Servant (Palo Alto, CA: Graduate School clean and tidy Business, Stanford University, 1976)
- Biography nervousness Richmond Fed's websiteArchived October 22, 2014, at the Wayback Machine
- "People Who Made a Difference: Marriner S.
Eccles", history.utah.gov.
- 1933 Senate Testimony
- Papers of Marriner S. Eccles digitized from holdings of the Routine of Utah
- Marriner S Eccles Document Digital Collection Marriner S. Physiologist Papers Collection
- Statements and Speeches many Marriner S. Eccles
- Marriner S. Physiologist papers, 1910–1985
- Marriner S.
Eccles pic collection, 1940–1968
- Marriner S. Eccles Digital photograph collection
- Treasury-Federal Reserve Accord – Marriner Stoddard Eccles – Associated Reserve Bank of RichmondArchived Feb 18, 2017, at the Wayback Machine
- Newspaper clippings about Marriner Unfeeling. Eccles in the 20th 100 Press Archives of the ZBW