William Gibbs McAdoo

 

All but forgotten today, William Gibbs McAdoo was a power to be reckoned with in the Democratic party in 1920.  A son in law of President Wilson, he was a son of Tennessee who made a large fortune in New York City as President of the Hudson and Manhattan  Railroad Company.  Wilson chose him to be Secretary of the Treasury, a post he held from 1913-1918.  He married Wilson. daughter Eleanor in 1914.  As Secretary of the Treasury he kept the nation on the gold standard.  His boldest move as Secretary of the Treasury was to close the stock market for four months at the beginning of World War I in 1914 to prevent European investors from panic selling of American securities.  During 1918 he served as Director General of the Railroads.  Always intensely ambitious, McAdoo set his sights on the Democrat nomination for President in 1920, his ties to Wilson both helping and hurting him, more than a few Democrats weary after the foreign turmoil which had prevailed during the Wilson years, and concerned that the nation wanted a change.  As the Convention neared on June 28, 1920 in San Francisco, McAdoo was widely regarded as the front runner.

Published in: on June 24, 2020 at 5:14 am  Comments Off on William Gibbs McAdoo  
Tags: ,