Carter Glass (January 4, 1858 – May 28, 1946) was an American newspaper publisher and Democratic politician from Lynchburg, Virginia. He represented Virginia in both houses of Congress and served as the United States Secretary of the Treasury under President Woodrow Wilson. He played a major role in the establishment of the U.S. financial regulatory system, helping to establish the Federal Reserve System and the Federal Deposit Insurance Corporation.
After working as a newspaper editor and publisher, Glass won election to the Senate of Virginia in 1899. He was a delegate to the Virginia Constitutional Convention of 1902, where he was an influential advocate of both progressive and segregationist policies. Glass won election to the United States House of Representatives in 1902 and became Chairman of the House Committee on Banking and Currency in 1913. Working with President Wilson, he passed the Federal Reserve Act, which established a central banking system for the United States. Glass served as Secretary of the Treasury from 1918 until 1920, when he accepted an appointment to represent Virginia in the United States Senate. Glass was a favorite son candidate for the presidential nomination at the 1920 Democratic National Convention.
Glass served in the Senate from 1920 until his death in 1946, becoming Chairman of the Senate Appropriations Committee in 1933. He also served as president pro tempore of the Senate from 1941 to 1945. He co-sponsored the 1933 Banking Act, also known as the Glass–Steagall Act, which created the Federal Deposit Insurance Corporation and enforced the separation of investment banking firms and commercial banks. An ardent supporter of states' rights, Glass opposed much of the New Deal and clashed with President Franklin D. Roosevelt over the control of federal appointments in Virginia.
|President pro tempore of the United States Senate|
July 11, 1941 – January 2, 1945
|Preceded by||Pat Harrison|
|Succeeded by||Kenneth McKellar|
|Chair of the Senate Appropriations Committee|
March 4, 1933 – May 28, 1946
|Preceded by||Frederick Hale|
|Succeeded by||Kenneth McKellar|
|United States Senator|
February 2, 1920 – May 28, 1946
|Preceded by||Thomas S. Martin|
|Succeeded by||Thomas G. Burch|
|47th United States Secretary of the Treasury|
December 16, 1918 – February 1, 1920
|Preceded by||William McAdoo|
|Succeeded by||David F. Houston|
|Chair of the House Banking Committee|
March 4, 1913 – December 16, 1918
|Preceded by||Arsène Pujo|
|Succeeded by||Michael Francis Phelan|
|Member of the U.S. House of Representatives|
from Virginia's 6th district
November 4, 1902 – December 16, 1918
|Preceded by||Peter J. Otey|
|Succeeded by||James P. Woods|
|Member of the Virginia Senate|
from the 20th district
December 6, 1899 – November 4, 1902
|Preceded by||Adam Clement|
|Succeeded by||Don P. Halsey|
|Born||January 4, 1858|
Lynchburg, Virginia, U.S.
|Died||May 28, 1946 (aged 88)|
Washington, D.C., U.S.
Carter Glass was born on January 4, 1858 in Lynchburg, Virginia, the last child born to Robert Henry Glass and his first wife, the former Augusta Elizabeth Christian. His mother died on January 15, 1860, when Carter was only 2 years old, so his sister Nannie, ten years older (and Elizabeth's only daughter), became his surrogate mother. Carter, a slight boy, got his nickname, "Pluck", for his pugnacious willingness to stand up to bullies.
His father, Robert Henry Glass, was Lynchburg's postmaster beginning in 1853, and in 1858 bought the Lynchburg Daily Republican newspaper (where he had worked since 1846). The city's other newspaper was the Lynchburg Daily Virginian, then published by Joseph Button, who on June 23, 1860 (while R.H. Glass was out of town) died in a duel with Glass's editor at the time, George W. Hardwicke, over accusations that Glass used his postal office to disadvantage the rival paper. Major Glass ultimately remarried and had seven additional children, including Meta Glass (president of Sweet Briar College) and Edward Christian Glass (who served as Lynchburg's school superintendent for five decades).
When the American Civil War (1861–1865) broke out, Lynchburg was pro-Union but also pro-slavery, since its economy depended on the manufacture of tobacco as well as slave-trading and the new railroads. R. H. Glass volunteered and joined the Virginia forces in 1861, and then joined the Confederate Army, where he became a major on the staff of Brigadier General John B. Floyd, a former Governor of Virginia. Although Glass's father survived the Civil War, 18 of his mother's relatives did not.
In poverty-stricken Virginia during the post-War period, the young Glass received only a basic education at a private school run by one-legged former Confederate Henry L. Daviess. However, his father kept an extensive library. He became an apprentice printer to his father (and Hardwicke) when he was 13 years old, and continued his education through reading. Carter Glass read Plato, Edmund Burke and William Shakespeare, among others that stimulated a lifelong intellectual interest. In 1876, Major Glass accepted an offer to edit the Petersburg News, and Carter joined him as a journeyman printer. Not long afterward, Major Glass accepted the editorship of the Danville Post, but Carter did not join him, but instead returned to Lynchburg.
When Glass was 19 years old, he moved with his father to Petersburg. However, when young Glass could not find a job as a newspaper reporter in Petersburg, he returned to Lynchburg, and went to work for former Confederate General (and future U.S. Senator) William Mahone's Atlantic, Mississippi and Ohio Railroad (AM&O), which was in receivership from 1877 to 1880. Glass was a clerk in the auditor's office at the railroad's headquarters. Several years later, under new owners and with headquarters relocated to Roanoke, the railroad became the Norfolk and Western (N&W). However, by then Glass had found the newspaper job he had initially wanted. His formative years as Virginia struggled to resolve a large pre-War debt (Mahone being a leading figure in the Readjuster Party) and dealing with boom-and-bust economic cycles (some linked with stock speculation), helped mold Glass' conservative fiscal thinking, much as it did many other Virginia political leaders of his era.
At the age of 22, Glass finally became a reporter, a job he had long sought, for the Lynchburg News. He rose to become the morning newspaper's editor by 1887. The following year, the publisher retired and offered Glass an option to purchase the business. Desperate to find financial backing, Glass received the unexpected assistance from a relative who loaned him enough for a $100 down payment on the $13,000 deal. Free to write and publish whatever he wished, Glass wrote bold editorials and encouraged tougher reporting in the morning paper, which increased sales. Soon, Glass was able to acquire the afternoon Daily Advance, then to buy out the competing Daily Republican. Thus he became Lynchburg's sole newspaper publisher; the modern-day Lynchburg News and Advance is the successor publication to his newspapers.
As a prominent and respected newspaper editor, Glass often supported candidates who ran against Virginia's Democrats of the post-Reconstruction period, who he felt were promoting bad fiscal policy. In 1896, the same year his father died, Glass attended the Democratic National Convention as a delegate, and heard William Jennings Bryan speak. Glass was elected to the Senate of Virginia in 1899, and was a delegate to the Virginia constitutional convention of 1901–1902. He was one of the most influential members of the convention, which instituted measures associated with the Progressive movement, such as the establishment of the State Corporation Commission to regulate railroads and other corporations, replacing the former Virginia Board of Public Works.
The 1902 Constitution instituted a poll tax and required bulk payment after a voter missed elections, making voting a luxury that poor people, which included many African-Americans, could not often afford. The Constitution also required that voters pass a literacy test, a poll test on the Virginia Constitution, with their performance graded by the registrar. When questioned as to whether these measures were potentially discriminatory, Glass exclaimed, "Discrimination! Why that is exactly what we propose. To remove every negro voter who can be gotten rid of, legally, without materially impairing the numerical strength of the white electorate." Indeed, the number of African-Americans qualified to vote dropped from 147,000 to 21,000 immediately. Carter Glass remained one of the strongest advocates of segregation and continued to dedicate much of his political career to the perpetuation of Jim Crow laws in the South.
Glass was elected to the United States House of Representatives as a Democrat in 1902, to fill a vacancy. In 1913, he became Chairman of the House Committee on Banking and Currency, where he worked with President Woodrow Wilson, a fellow Virginian, to pass the Glass-Owen Federal Reserve Act. In 1918, Wilson appointed him Secretary of the Treasury, succeeding William Gibbs McAdoo. His signature as Secretary of the Treasury can be found on series 1914 Federal Reserve Notes, issued while he was in office. At the 1920 Democratic National Convention Glass was nominated for President as a favorite son candidate from Virginia.
Glass served at the Treasury until 1920, when he was appointed to the United States Senate to fill the vacancy caused by the death of Virginia's senior senator, Thomas Staples Martin. Martin had been widely regarded as the head of Virginia's Democratic Party, a role filled during the 1920s by Harry Flood Byrd of Winchester, another Virginia newspaperman who shared many of Glass's political views and who headed the political machine of Conservative Democrats known as the Byrd Organization, which dominated Virginia's politics until the 1960s. In 1933, Byrd became Virginia's junior Senator, joining Glass in the Senate after former Governor and then-senior U.S. Senator Claude A. Swanson was appointed as U.S. Secretary of the Navy by President Franklin Roosevelt. Both Glass and Byrd were opposed to Roosevelt's New Deal policies. Each was a strong supporter of fiscal conservatism and state's rights. Glass and Byrd invoked senatorial courtesy to defeat Roosevelt's nomination of Floyd H. Roberts to a federal judgeship, as part of a broader conflict over control of federal patronage in Virginia.
Glass served in the U.S. Senate for the remainder of his life, turning down the offer of a new appointment as Secretary of the Treasury from President Roosevelt in 1933. When the Democrats regained control of the Senate that year, Glass became Chairman of the Appropriations Committee. He was President pro tempore from 1941 to 1945, being succeeded as such by Kenneth McKellar at the start of the custom of giving that post to the senior senator of the majority party. As a Senator, Glass's most notable achievement was passage of the Glass–Steagall Act, which separated the activities of banks and securities brokers and created the Federal Deposit Insurance Corporation.
When he was twenty-eight, Glass married Aurelia McDearmon Caldwell, a school teacher. They had four children. She died of a heart ailment in 1937. Glass remarried in 1940 at the age of 82. His second wife, Mary Scott, was his constant companion as his health began to fail over the next few years. They lived at the Mayflower Hotel Apartments in Washington, D.C. Starting in 1942, Glass began suffering from various age-related illnesses and could not attend Senate meetings after that time. However, he refused to resign from the Senate, despite many requests that he do so, and even kept his committee chairmanship. Many visitors were also kept away from him by his wife.
is very old and frail and something of a legend in the South. The fruit-growing interests of his State make him an opponent of the reciprocal trade pacts, but on all other questions he has loyally supported the President's anti-Isolationist policy. He cannot have many years of active service before him.
Glass died of congestive heart failure in Washington, D.C., on May 28, 1946. He is interred at Spring Hill Cemetery in Lynchburg. His fellow sponsor of the Glass-Owen Act, Senator Robert Latham Owen, lies nearby.
"Montview", also known as the "Carter Glass Mansion", was built in 1923 on his farm outside of the-then boundaries of Lynchburg in Campbell County. It is listed on the National Register of Historic Places and now serves as a museum on the grounds of Liberty University. It lies within the expanded city limits of Lynchburg. The front lawn of "Montview" is the burial site of Dr. Jerry Falwell, founder of Liberty University.
The Virginia Department of Transportation's Carter Glass Memorial Bridge was named in his honor in 1949. It carries the Lynchburg bypass of U.S. Route 29, the major north-south highway in the region, across the James River between Lynchburg and Amherst County.
Glass is one of the few Americans to appear on a U.S. coin during his lifetime. As a very prominent citizen of the city of Lynchburg, the 1936 Lynchburg Sesquicentennial commemorative half dollar shows his image and name on the obverse. Only 20,000 of these souvenirs were minted as it was not intended for regular circulation.
|U.S. House of Representatives|
Peter J. Otey
| Member of the U.S. House of Representatives
from Virginia's 6th congressional district
James P. Woods
| Chair of the House Banking Committee
Michael Francis Phelan
| United States Secretary of the Treasury
David F. Houston
| President pro tempore of the United States Senate
Thomas S. Martin
| U.S. Senator (Class 2) from Virginia
Served alongside: Claude A. Swanson, Harry F. Byrd
Thomas G. Burch
| Chair of the Senate Appropriations Committee
|Party political offices|
Thomas S. Martin
| Democratic nominee for U.S. Senator from Virginia
1920, 1924, 1930, 1936, 1942
Absalom Willis Robertson
|Awards and achievements|
Alfred von Tirpitz
| Cover of Time
June 9, 1924
Pope Pius XI
The 1920 Democratic National Convention was held at the Civic Auditorium in San Francisco, California from June 28 to July 6, 1920. It resulted in the nomination of Governor James M. Cox of Ohio for President and Assistant Secretary of the Navy Franklin D. Roosevelt from New York for Vice President.
Neither President Woodrow Wilson, in spite of his failing health, nor former Secretary of State and three-time presidential candidate William Jennings Bryan had entirely given up hope that their party would turn to them, but neither was, in the event, formally nominated. In addition to the eventual nominee, Cox, the other high-scoring candidates as the voting proceeded were: Secretary of the Treasury William McAdoo and Attorney General Mitchell Palmer. On the forty-fourth ballot, Governor James M. Cox of Ohio was nominated for the Presidency. Cora Wilson Stewart of Kentucky, head of the National Education Association's new illiteracy commission, was chosen to second the nomination for Governor Cox. Mrs. Stewart was selected to replace Kentucky Congressman J. Campbell Cantrill, highlighting the candidate's support for what would become the 19th Amendment.The platform adopted by the convention supported the League of Nations, albeit with qualifications, and women's suffrage.1920 United States Senate special election in Virginia
The 1920 United States Senate special election in Virginia was held on November 2, 1920. Appointed Democratic Senator Carter Glass defeated Republican J. R. Pollard and was elected to finish the term of Democrat Thomas S. Martin, who died the previous year. Glass and fellow Senator Claude A. Swanson were the first U.S. Senators to be elected by popular vote (Martin ran unopposed in 1918) following the passage of the 17th Amendment.1922 United States Senate election in Virginia
The 1922 United States Senate election in Virginia was held on November 7, 1922. Incumbent Senator Claude A. Swanson was re-elected to a third term after defeating Republican J. W. McGavock. Swanson and fellow Senator Carter Glass were the first U.S. Senators to be elected by popular vote (Swanson ran unopposed in 1916) following the passage of the 17th Amendment.1924 Democratic National Convention
The 1924 Democratic National Convention, held at the Madison Square Garden in New York City from June 24 to July 9, 1924, was the longest continuously running convention in United States political history. It took a record 103 ballots to nominate a presidential candidate. It was the first major party national convention that saw the name of a woman, Lena Springs, placed in nomination for the office of Vice President. John W. Davis, a dark horse, eventually won the presidential nomination on the 103rd ballot, a compromise candidate following a protracted convention fight between distant front-runners William Gibbs McAdoo and Al Smith.
Davis and his vice presidential running-mate, Charles W. Bryan of Nebraska, went on to be defeated by the Republican ticket of President Calvin Coolidge and Charles G. Dawes in the 1924 presidential election.1924 United States Senate election in Virginia
The 1924 United States Senate election in Virginia was held on November 4, 1924. Incumbent Democratic Senator Carter Glass defeated Republican W. N. Doak and was elected to his second term in office.1930 United States Senate election in Virginia
The 1930 United States Senate election in Virginia was held on November 4, 1930. Incumbent Democratic Senator Carter Glass defeated Independent Democrat J. Cloyd Byars and Socialist Joe C. Morgan, and was elected to his third term in office.1936 United States Senate election in Virginia
The 1936 United States Senate election in Virginia was held on November 3, 1936. Incumbent Democratic Senator Carter Glass defeated Republican George Rohken and was elected to his fourth term in office.1942 United States Senate election in Virginia
The 1942 United States Senate election in Virginia was held on November 3, 1942. Incumbent Democratic Senator Carter Glass defeated Socialist Lawrence S. Wilkes and was elected to his fifth term in office.1946 United States Senate special election in Virginia
The 1946 United States Senate special election in Virginia was held on November 5, 1946. Appointed Democratic Senator Thomas G. Burch retired after filling the vacancy caused by the death of Senator Carter Glass. Absalom Willis Robertson defeated Republican Robert H. Woods and was elected to finish Glass's term in office.Carter Glass House
Carter Glass House is a historic house at 605 Clay Street in Lynchburg, Virginia. Built in 1827, it is nationally significant as the longtime home of United States Congressman, Senator, and Treasury Secretary Carter Glass (1858-1946), who championed creation of the Federal Reserve System and passage of the Glass-Steagall Act, which constrained banking activities. The house was designated a National Historic Landmark in 1976. It now serves as a parish hall for the adjacent St. Paul's Church.Carter Glass Jr.
George Carter Glass Jr. (March 29, 1893–December 1, 1955), was a Virginia publisher and politician. He represented Lynchburg and Campbell County in the Virginia Senate for one term.Carter Glass Memorial Bridge
Carter Glass Memorial Bridge crosses the James River between the independent city of Lynchburg and Amherst County, Virginia, Lynchburg Expressway. The bridge carries U.S. Route 29 Business (US 29 Bus.), and it was named in 1949 in honor of former U.S. Senator Carter Glass (1858–1946) of Lynchburg. The bridge was constructed in 1953-1954.
Coordinates: 37°24′40.0″N 79°8′0.5″WGlass–Steagall legislation
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered here.
As for the Glass–Steagall Act of 1932, the common name comes from the names of the Congressional sponsors, Senator Carter Glass and Representative Henry B. Steagall.The separation of commercial and investment banking prevented securities firms and investment banks from taking deposits, and commercial Federal Reserve member banks from:
dealing in non-governmental securities for customers,
investing in non-investment grade securities for themselves,
underwriting or distributing non-governmental securities,
affiliating (or sharing employees) with companies involved in such activities.Starting in the early 1960s, federal banking regulators' interpretations of the Act permitted commercial banks, and especially commercial bank affiliates, to engage in an expanding list and volume of securities activities. Congressional efforts to "repeal the Glass–Steagall Act", referring to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms), culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.By that time, many commentators argued Glass–Steagall was already "dead". Most notably, Citibank's 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board's then existing interpretation of the Glass–Steagall Act. In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate".Some commentators have stated that the GLBA's repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the financial crisis of 2007–2008. Nobel Prize in Economics laureate Joseph Stiglitz argued that the effect of the repeal was "indirect": "[w]hen repeal of Glass-Steagall brought investment and commercial banks together, the investment-bank culture came out on top". Economists at the Federal Reserve, such as Chairman Ben Bernanke, have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act.Henry B. Steagall
Henry Bascom Steagall (May 19, 1873 – November 22, 1943) was a United States Representative from Alabama. He was chairman of the Committee on Banking and Currency and in 1933, he co-sponsored the Glass–Steagall Act with Carter Glass, an act that introduced banking reforms and established the Federal Deposit Insurance Corporation (FDIC). With Senator Robert F. Wagner, he co-sponsored the Wagner-Steagall National Housing Act of September 1937 which created the United States Housing Authority.Liberty University
Liberty University (LU) is a private evangelical Christian university in Lynchburg, Virginia.It is one of the largest Christian universities in the world and the largest private non-profit university in the United States, measured by student enrollment. As of 2017, the university enrolls more than 15,000 students at its Lynchburg campus and more than 94,000 students in online courses for a total of about 110,000 in all.The school consists of 17 colleges, including a school of medicine and a school of law. Liberty's athletic teams compete in Division I of the NCAA and are collectively known as the Liberty Flames. Their college football team is an NCAA Division I FBS Independent, while most of the other sports teams compete in the Atlantic Sun Conference.
Studies at the university have a conservative Christian orientation, with three required Bible-studies classes in the first year for undergraduate students. The university's honor code, called the "Liberty Way", prohibits premarital sex and private interactions between members of the opposite sex. Described as a "bastion of the Christian right" in American politics, the university plays a prominent role in Republican politics. Liberty promotes the Christian right viewpoint on matters such as gender roles and abortion. The university teaches creationism alongside the science of evolutionary biology.List of United States Senators from Virginia
Virginia ratified the United States Constitution on June 25, 1788. Its U.S. Senate seats were declared vacant in March 1861, due to its secession from the Union, but Senators representing its western counties continued to sit until March 1863. Virginia's Senate seats were again filled from January 1870. Virginia's current Senators are Democrats Mark Warner and 2016 nominee for Vice President of the United States Tim Kaine.Lynchburg Sesquicentennial half dollar
The Lynchburg Sesquicentennial half dollar was a commemorative half dollar designed by Charles Keck and struck by the United States Bureau of the Mint in 1936, to celebrate the 150th anniversary of the 1786 incorporation of Lynchburg, Virginia. The obverse of the coin depicts former Secretary of the Treasury and U.S. Senator Carter Glass, a native of Lynchburg. The reverse depicts a statue of the goddess Liberty, with Lynchburg sites behind her, including the city's Confederate monument.
Glass sponsored legislation for the half dollar, which passed Congress without difficulty. The Commission of Fine Arts proposed that the coin should bear the portrait of John Lynch, founder of Lynchburg, on the obverse, but no portrait of him was known. Instead, the Lynchburg Sesqui-Centennial Association decided Senator Glass should be on the coin. Despite his opposition, Glass became the third living person to appear on a U.S. coin, and the first to be shown alone.
The coins sold well when placed on sale in the late summer of 1936, and sales to out-of-towners were limited. The entire issue sold out, with some put aside for the sesquicentennial celebrations in October. Issued for $1, the coins have appreciated over the years, with 2018 estimates of value ranging between $225 and $365, depending on condition.Norfolk, Virginia, Bicentennial half dollar
The Norfolk, Virginia, Bicentennial half dollar is a half dollar commemorative coin struck by the United States Bureau of the Mint in 1937, though it bears the date 1936. The coin commemorates the 200th anniversary of Norfolk being designated as a royal borough, and the 100th anniversary of it becoming a city. It was designed by spouses William Marks Simpson and Marjory Emory Simpson.
Virginia Senator Carter Glass sought legislation for a Norfolk half dollar, but the bill was amended in committee to provide for commemorative medals instead. Unaware of the change, Glass and its sponsor in the House of Representatives, Absalom W. Robertson, shepherded it through Congress. Local authorities in Norfolk did not want medals, and sought amending legislation, which passed Congress in June 1937.
The legislation required that all coins be dated 1936; thus, there are five dates on the half dollar, none of which are the date of coining, 1937. By that time, the anniversaries had passed, and sales were poorer than hoped; almost a third of the mintage was returned for melting. The Norfolk half dollar is the only U.S. coin to depict the British crown, shown on the city's ceremonial mace, found on the reverse ("tails" side) of the coin.Thomas G. Burch
Thomas Granville Burch (July 3, 1869 – March 20, 1951) was an American farmer, tobacco manufacturer, and politician from Martinsville, Virginia. He represented Virginia in the U.S. House of Representatives from 1931 until 1946. In 1946 he served as a U.S. Senator after Carter Glass died in office until a successor was elected.
Chairs of the United States Senate Committee on Appropriations
|Secretary of State|
|Secretary of the Treasury|
|Secretary of War|
|Secretary of the Navy|
|Secretary of the Interior|
|Secretary of Agriculture|
|Secretary of Commerce|
|Secretary of Labor|