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Chairman of the FedWilliam McChesney Martin Jr., and the Creation of the Modern American Financial System$
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Robert P. Bremner

Print publication date: 2004

Print ISBN-13: 9780300105087

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300105087.001.0001

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PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 06 July 2022

A Family of Substance: The Early Years

A Family of Substance: The Early Years

Chapter:
(p.7) 1 A Family of Substance: The Early Years
Source:
Chairman of the Fed
Author(s):

Robert P. Bremner

Publisher:
Yale University Press
DOI:10.12987/yale/9780300105087.003.0002

William McChesney Martin Jr., who served as chairman of the Federal Reserve System from 1951 to 1970, is the son of Rebecca Woods and William McChesney Martin Sr. The elder Martin's father, Thomas L. Martin, was a co-owner of the McChesney and Martin Grain Company, which went bankrupt in 1894 due to a nationwide financial panic that often struck Americans in the second half of the nineteenth century. Thomas's bankruptcy convinced William McChesney Martin Sr. and his younger brother, Louis, to seek greener pastures in Missouri. Martin would become chairman of the board and agent of the St. Louis Federal Reserve Bank in 1914 at a time when the burning issue was the proposal for a National Reserve Association to strengthen the nation's banking system.

Keywords:   banking, william mcChesney martin, thomas l. martin, mcChesney and martin, bankruptcy, missouri, federal reserve bank, national reserve association, financial panic

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