Franklin MacVeagh

Franklin MacVeagh ( born November 22, 1837 Chester County, Pennsylvania, † July 6, 1934 in Chicago, Illinois ) was an American politician ( Republican), who belonged to Taft as Minister of Finance to the Cabinet of President William Howard.

Study and career

After attending school, he first completed a study at Yale University, which he completed in 1862. During his studies, he was a member of the fraternity Skull & Bones. Then he studied law at Columbia University, which he completed in 1864. In the same year he was admitted to the bar in New York. Later he worked as General Counsel of a food wholesale business in Chicago. From 1880 to 1909 he was then working as a director of the Commercial National Bank of Chicago.

His older brother Wayne MacVeagh was a diplomat and in 1881 under President James A. Garfield Minister of Justice ( Attorney General ).

Treasury under Taft

After the election of William Howard Taft as U.S. president called him this on March 8, 1909 as Finance Minister ( Secretary of the Treasury ) in his cabinet. As such, it did not solve the urgent problem of a currency reform, but left this to the National Monetary Commission, which was created in 1907 by his predecessor, George B. Cortelyou, by law. On the other hand, he pointed out in its annual reports to the urgency of reform. During his tenure, he set several internal reforms by the abolition of 450 rules by which Customs United States Customs Service reformed by the introduction of automatic scales and allowed the adoption of certified checks instead of cash payments in the payment of customs duties and tax debts. In 1911 he was involved among other things in the design of a new 5 - cent coin, the " Indian Head " or " Buffalo Nickel" was called. Due to the imposed on the coin Indian head Native Americans were honored in some way. Finally, in 1913, he led the establishment of the tax authority (Internal Revenue Service ) a.

After the end of the term of President Taft on March 4, 1913, he retired from politics and was president and founder of the wholesale grocery trade, but in 1931 collapsed during the Great Depression.

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