The Region

Carter Glass Time Line

A chronology of major events

Published December 1, 1997  |  December 1997 issue

1858

 

Glass is born in Lynchburg, Va.

1861-1865

 

U.S. Civil War

1862

 

President Abraham Lincoln signs the Emancipation Proclamation, bringing an end to slavery

1873

 

Glass leaves school to help support the family by becoming a printer's devil earning $1.50 per week

1888

 

Glass buys the Lynchburg News

1896

 

Glass is a delegate to the Democratic national convention

1899

 

Glass is elected to the Virginia Senate

1900

 

U.S. adopts gold standard (convertibility of dollar into gold)

1902

 

Glass is elected to the U.S. House of Representatives

1907

 

Financial Panic

1908

 

Congress appoints National Monetary Commission (Aldrich Commission) to study the country's banking problems

1912

 

Democrats win control of Congress and administration. Aldrich plan is rejected in party platform in January.

1913

 

Federal Reserve Act is signed Dec. 23

1914-1918

 

World War I

1919

 

Woodrow Wilson names Glass Secretary of the Treasury

1920

 

Glass is appointed to the U.S. Senate
19th Amendment to the Constitution is adopted, giving women the right to vote

1929

 

Stock market crash in October

1932

 

Glass Steagall Act separates commercial and investment banking and permits use of U.S. government securities as collateral for Federal Reserve notes

1933

 

Bottom of the Great Depression
Bank holiday — banks are closed by government order in March
Banking Act of 1933 establishes Federal Deposit Insurance Corp.; places control of open market operations under the Fed
U.S. ends domestic gold standard

1935

 

Banking Act creates Federal Open Market Committee; Federal Reserve Board becomes the Board of Governors, membership on the Board reestablished and terms set at 14 years

1939-1945

 

World War II

1946

 

Glass dies in Washington, D.C., after serving a combined 44 years as a U.S. representative and senator

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