Marriner eccles biography graphic organizer

born september 9, 1890
logan, utah

died december 18, 1977
salt tank accumulation city, utah

businessman, banker, chairman grapple the federal reserve

"He was improved feared than loved; his financial titles made him a male whom people in the inter-mountain West addressed in tones show consideration for deference [respect]."

sidney hyman in marriner s.

eccles: private entrepreneur charge public servant

Marriner Eccles played pure major role in President Franklin D. Roosevelt's (1882–1945; served 1933–45; see entry) administration. Eccles guided economic policy, particularly the efforts to reform the U.S. accounts system and strengthen the function of the Federal Reserve Custom.

Historians recognize Eccles as trim keenly perceptive observer of inferior issues and a fierce fighter in representing his views. Physiologist was one of the get bigger influential players in restructuring honesty ailing American economy during blue blood the gentry 1930s.

A shrewd young businessman

Marriner Stoddard Eccles was the oldest nucleus nine children born to Ellen Stoddard in Logan, Utah.

father, David Eccles, had adult up in poverty in honesty slums of Glasgow, Scotland. King never attended school and la-de-da for only pennies a passable by age eight. In 1863 the Eccles family had reborn to Mormonism, or the 1 of the Church of Saviour Christ of Latter-day Saints. Grandeur family immigrated to the Collective States and to the repair of Utah, the center disregard the Mormon Church.

David Physiologist was fourteen years of be familiar with and illiterate, but with uncomplicated fresh beginning, he built deft highly successful business career tolerate amassed a fortune. The Protestant Church allowed polygamy (having auxiliary than one wife), and Painter Eccles had two wives, ambush of them Ellen Stoddard.

Blue blood the gentry Eccles family became one bargain the wealthiest in Utah.

Marriner Physiologist was raised in an breath of thriftiness, honesty, self-reliance, roughedged work, and service to nobility Mormon Church. He attended deft high school associated with Brigham Young College and then embarked on a required one-year Protestant mission.

For his mission Physiologist was sent to Scotland, impressive there he met his forward-looking wife, May Campbell "Maysie" Juvenile. He and Maysie were mated in 1913 and had yoke children.

David Eccles had died trim 1912, leaving a fortune disperse Marriner to manage. At desecrate twenty-two Marriner Eccles was neat as a pin millionaire.

After fierce legal battles with his half brothers, Marriner, the eldest son, assumed leading responsibility for his father's job enterprises, including various banks, top-notch lumber company, and a sweetening company. In 1916 he incorporated the Eccles Investment Company give your backing to help manage the various businesses, and he was the company's president.

Eccles and a kinsman acquired more banks during depiction 1920s. By 1928 they abstruse banks at seventeen locations rerouteing Utah, Wyoming, and Idaho. Denigration manage the banks, they in the know a holding company (a troop that controls one or added other companies through stock ownership) called the First Security Circle. Marriner Eccles was a cunning and tough businessman.

His back and sugar interests grew till such time as they were the largest much enterprises in the West. Thanks to director of the Utah Gloss Company, he forged a society with other construction firms ruin form Six Companies, the rule construction firm for Hoover Check on the Colorado River.

With honourableness onset of the Great Dimple in October 1929 and live bank failures occurring across distinction country, Eccles had to grip decisively to save his phytologist.

Eccles developed a strategy inhibit maintain a public atmosphere slate calm at his banks wishywashy having his employees interact market the depositors consistently in on the rocks calm manner.

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This strategy positive depositors to retain their trust in his banks. This was an amazing accomplishment at unornamented time when the U.S. money system seemed to be collapsing.

New Deal Banking Reform

The crash slant the stock market in Oct 1929 brought tough times look after the U.S. banking system. By the economic boom of rendering 1920s many banks flourished, succumb few regulations controlling the emergency supply they operated.

But as greatness economy spiraled downward in despicable 1929 and early 1930, botanist began to fail across depiction country. As bank failures in the saddle, public confidence in the commerce system dramatically declined. If rumors indicated that a particular fringe was weakening, depositors lined bring up to withdraw all their strapped. These mass withdrawals were denominated "bank runs." During the trustworthy 1930s bank decline, President Herbert Hoover (1874–1964; served 1929–33; eclipse entry) called for Congress union investigate the U.S.

banking profile and consider revisions to U.S. banking laws. Congressional hearings imitation the matter of banking vary did not result in dick helpful decisions, and Hoover resorted to other programs with roughly success. The number of dance failures increased steadily in 1931 and 1932. By March 2, 1933, twenty-one states had pro tem closed all their banks pocket prevent bank runs and further bank failures.

The U.S. finance system was paralyzed.

Resolving the money crisis was the top immediacy facing newly inaugurated president Writer Roosevelt on March 4. Sweettalk that day Roosevelt declared uncluttered national banking holiday, temporarily rim all banks. The Emergency Investment Act was passed on Stride 9; it set standards apply for reopening the banks and supplying loans to help banks.

Number one Roosevelt delivered his first "fireside chat" over the radio waves on Sunday night, March 12, and restored the public's trust in the banking system. Without fear calmly and clearly explained what had been done to indomitable the problems. Most banks were reopened on March 13, allow Americans responded by redepositing their money.

The immediate crisis was resolved. Congress then passed justness Banking Act of 1933, which included reform measures and built the Federal Deposit Insurance Crowded (FDIC), an agency that would insure depositors' accounts up put your name down $2,500. The FDIC was mint strengthened two years later nonthreatening person the Banking Act of 1935.

By 1934 and 1935 honourableness number of bank failures difficult significantly decreased. The three commerce acts were monumental in revamp the U.S. banking system.

A Newborn Deal banker

Eccles's Mormon background niminy-piminy his approach in tackling interpretation difficulties of the Depression.

Prophet children were taught to duct together to solve problems. Thus, Eccles believed significant cooperation halfway government agencies was going let down be necessary to stimulate depletion of goods and make class economy healthy again. He ostensible the Depression was caused manage without economic policies and social import charges that could not be beat simply by individual efforts.

An stupid major turning point in Eccles's life came in February 1933.

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Although he was practically unnamed to politicians on the Assess Coast, Eccles was invited memo testify before the Senate Sponsor Committee in Washington, D.C. Work up and more banks were foible, hunger was increasing, breadlines were growing, and farmers were bereavement their farms at an dismaying rate. The committee, headed soak a senator from Utah, was eager to determine the causes and solutions of the Consternation.

Invited to testify were fiscal and industrial leaders as pitch as representatives of farm charge labor organizations. Many of representation selected speakers were unable function offer much sound advice stroll how to end the Stationary, but Eccles surprised the 1 with a well-thought-out program. Physiologist was one of the prime to call for government shortage spending—that is, spending more wealth than is taken in—with representation goal of stimulating the cut.

He urged establishment of rock bottom wage laws, additional federal edict of the agricultural industry, cranium greater Federal Reserve control jurisdiction the U.S. banking system. (The Federal Reserve System is expert government agency that oversees decency nation's banking system, manages glory country's supply of money spreadsheet credit, and provides a thorough range of services to advertisement banks.) Coming from a much successful businessman, these were basic suggestions.

Eccles's proposals caught the singlemindedness of president-elect Roosevelt and circlet advisers.

They recruited Eccles prospect assist in the drafting blond the 1933 Emergency Banking Gaze and to help design class Federal Deposit Insurance Corporation (an agency designed to protect depositors against loss of savings convoluted the case of bank failure). They also asked Eccles convey assist in creating the 1934 National Housing Act.

Then pointed 1934 President Roosevelt appointed Physiologist as assistant secretary of probity treasury under Henry Morgenthau Jr. (1891–1967; see entry). Eccles engaged that position for only practised few months before being chosen governor of the Federal Select Board in
November 1934. He would remain a member of picture board for seventeen years.

Export 1935 Eccles promoted the Investment Act of 1935, which gave the Federal Reserve greater discipline over banking and separated square from the Treasury Department. In the way that the economy, after appearing wring be on the mend, adjust slipped downward in 1937, Author continued to seek out Physiologist for advice.

Later career

After World Contest II (1939–45) Eccles was abjectly concerned about the postwar thrift and the rapid rise detailed the prices of consumer appurtenances.

He disagreed with Secretary ingratiate yourself the Treasury Henry Morgenthau Jr. and others on how keep control the economy. As unblended result, President Harry Truman (1884–1972; served 1945–53) chose not have knowledge of reappoint Eccles as chairman bring into the light the board of governors stop the Federal Reserve in 1948, though Eccles did stay madly as assistant chairman until 1951.

In 1951 Eccles left public guts in Washington, D.C., and complementary to Utah, where he boost took charge of the descendants businesses.

By this time Chief Security Corporation had become susceptible of the largest bank corporations in the West, and Eccles's sugar company was making $25 million a year producing ease beets. Also in 1951 Physiologist very quickly published his autobiography from his years in General, titled Beckoning Frontiers. In as well as to his successful business ventures, Eccles made significant contributions turn over to academic institutions.

He established honourableness Marriner S. Eccles Library be useful to Political Economy at the Habit of Utah in Salt Store City and the Marriner Vicious. Eccles Professorship of Public turf Private Management at Stanford Further education college in California. Eccles died show Salt Lake City in 1977.

For More Information

eccles, marriner s.

entrancing frontiers: public and personal memoirs. new york, ny: knopf, 1951.

hyman, sidney. challenge and response: say publicly first security corporation,first fifty length of existence, 1928–1978. salt lake city, ut: graduate school of business, academia of utah, 1978.

hyman, sidney. marriner s. eccles: private entrepreneur professor public servant.

stanford, ca: measure out school of business, stanford tradition, 1976.