Encyclopedia of World Biography. Roosevelt signed the act into law on August 23. David Marriner was a Mormon. U.S. News & World Report, June, 26, 1995, p. 46. As they are put to work, and as private enterprise is stimulated to absorb the unemployed, the budget can and should be brought into balance, to offset the danger of a boom on the upswing, just as an unbalanced budget could help counteract a depression on a downswing." Banking Acts of 1933 and 1935 He was the eldest of the nine children by Ellen Stoddard, David Eccles’ second wife. Marriner Stoddard Eccles was the oldest of nine children born to Ellen Stoddard in Logan, Utah. One of the wood carver's sons was a remarkable 14-year-old boy named David. David Eccles was fourteen years of ag… Although economic output increased, prices rose, and the stock market went up, the recovery was weak. Roosevelt asked Eccles to prepare a memorandum on the fundamental changes that he had in mind. It merely reflects a desire and the need to put idle men, money and material to work. Eccles argued for limiting bank activity on the buying and selling of government bonds, but he could not convince the government to do so. Marriner was the eldest son of the second wife, Ellen. In those days polygamy was still practiced in Utah. David Eccles, a leading Utah entrepreneur and a Mormon polygamist, also had twelve children by his first wife, Bertha Maria Jensen. During their first years of marriage, Ellen Stoddard Eccles lived in Oregon while his other wife, Bertha Marie Jensen, lived in Ogden. Settling in Utah, he made a fortune, starting with the ownership of a sawmill and continuing on the road to riches by owning or investing in railroads, coal mines, sugar production, construction, and banks. His family was extended by another twelve siblings from his father's first wife. In his memoir, Beckoning Frontiers: Public and Personal Recollections, edited by Sidney Hyman, Eccles explained, "A policy of adequate governmental outlays at a time when private enterprise is curtailing its expenditures does not reflect a preference for an unbalanced budget. He is survived by his wife, Melissa Eccles; his brother, Robert Eccles; his daughter, Jade Eccles; and extended family Suzanne Fritz, Patrick, and Ernest Moran. When the democrat Franklin D. Roosevelt became president, he began what was called the "New Deal," a series of strong governmental interventions in the economy intended to ease the hardships of the Great Depression, to lift the nation out of depression, and to prevent another one through reforms. On May 9, the House passed the Banking Act of 1935 on a vote of 271 to 110, with only minor changes. ." in the Federal Reserve System. [6] In February 1944, Roosevelt appointed Eccles for another 14-year term on the board and Eccles stayed on the board until 1951, when he resigned a few months after the 1951 Accord. This cooperation marked some loss of independence for the Fed. In 1909, he traveled to Scotland, where he spent two years as a missionary. He has been remembered for having anticipated and supporting the theories of John Maynard Keynes relative to "inadequate aggregate spending" in the economy which appeared during his tenure. The Great Depression did not end until the economy was improved by the national defense program and American involvement in World War II. Marriner Eccles's father, David, as an illiterate teenager, emigrated from Scotland to America in the 1860s. In that respect, he is considered by some to have seen monetary policy having secondary importance and that as a result he allowed the Federal Reserve to be sublimated to the interests of the Treasury. One of the causes of this recession was the government's decision to balance the budget, instead of allowing deficit spending to continue. (October 16, 2020). He had two wives, who produced 21 children. The next summer, he was at the center of American political power, an intimate of the President's and a principal architect of the New Deal's reforms.". David never attended school and worked for only pennies a day by age eight. Therefore, that information is unavailable for most Encyclopedia.com content. He served in the U.S. Army before attending college … Although he had earlier promoted deficit spending, Eccles now encouraged Roosevelt to borrow less money and raise more through taxation. A: The short answer is no. After a month of fighting between the Fed and the president, Treasury/Federal Reserve Accord resulted, re-establishing the Fed's independence. In 1913, he married the former May Campbell Young. The United States began to rebound from the stock market crash of October 1929 in the spring of 1933, when a shaky recovery began. In 1934, Franklin D. Roosevelt invited Marriner S. Eccles, a Mormon from Utah, to join his administration. Cite this article Pick a style below, and copy the text for your bibliography. Had the $6 billion, for instance, that was loaned by corporations and wealthy individuals for stock-market speculation been distributed to the public as lower prices or higher wages, with less profits to the corporations and the well-to-do, it would have prevented or greatly moderated the economic collapse that came at the end of 1929. Mr. Eccles's background was nearly as colorful as his tempestuous career in Washington, He was the oldest of nine children of Ellen Stoddard, the second wife of David Eccles… Marriner Eccles attended schools in his birthplace, Logan, Utah, and spent four years at Brigham Young College. Eccles died in 1977. [2] Further, his defense of the Federal Reserve-Treasury accord in 1951 is sometimes seen as a reversal of his previous policy stances. . [3], Born in Logan, Utah to David and Ellen (Stoddard) Eccles, a Mormon polygamist family on September 9, 1890. Eccles expanded the banking interests into a large western chain of banks called Eccles-Browning Affiliated Banks. Thorvald joins Macro Musings to talk about Marriner Eccles and a paper he has written on him title, *Marriner Eccles in the 1950 Treasury-Federal Reserve Accord: Lessons for Central Bankers. To understand Marriner, it’s important to have some knowledge of his father David Eccles. Marriner was the eldest son of the second wife, Ellen. Eccles realized that the government could borrow money from the people who had it and spend it on those who needed it, a principle called deficit spending. Marriner Eccles Obituary. Settling in Utah, he made a fortune, starting with the ownership of a sawmill and continuing on the road to riches by owning or investing in railroads, coal mines, sugar production, construction, and banks.David Marriner was a Mormon. He was a remarkable businessperson, as was his father. Most online reference entries and articles do not have page numbers. Within the “Cite this article” tool, pick a style to see how all available information looks when formatted according to that style. Banks Investment…, Married-Couple Family Groups with Stay at Home Parents, Married Women's Property Act, New York State, Married Women's Labor Supply, Child Rearing, and Public Policy in Thailand, Married People, Single Sex 2: For Better or Worse, Married Life: Child Rearing and Parental Affection, Marriage: Impediments to Christian Unions, Marris, Peter 1927-2007 (Peter H. Marris, Peter Horsey Marris), https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/marriner-stoddard-eccles. In 1936, the federal deficit was cut in half, with this same halving occurring again in 1937. In 1928, he founded one of the first bank holding companies in the United States, First Security Corporation, which ran 28 banks in the western United States. Marriner Eccles attended schools in his birthplace, Logan, Utah, and spent four years at Brigham Young College. In September 1934, the president asked Eccles, then a special assistant to Treasury Secretary Henry Morgenthau Jr., to become the next governor of the Federal Reserve Board. He returned to America with May Campbell Young, whom he married in 1913. To transfer it from those who had an excess to those who did not have an adequate amount, the federal government would have to step in. Banks Investment…, Banking Marriner was the eldest son of the second wife, Ellen. The other fellows could stay in the game only by borrowing. David Marriner was a Mormon. David Eccles emigrated to Utah from Scotland in 1863 after converting to the Church of Jesus Christ of Latter-day Saints; Ellen was his second, polygamous wife. Although he never attended college, Eccles ideas about the economy anticipated those of the famed economist John Maynard Keynes. Genealogy profile for Marriner Campbell Eccles Marriner Campbell Eccles (1914 - 1960) - Genealogy Genealogy for Marriner Campbell Eccles (1914 - 1960) family tree on Geni, with over 200 million profiles of ancestors and living relatives. The bank holding company he founded, First Security, still exists and consists of 270 branches. Eccles retired to Utah in 1951 to run his companies and write his memoirs, titled Beckoning Frontiers: Public and Personal Recollections. By 1939, the United States had achieved a partial economic recovery, but more than 8 million people were still unemployed. One of the causes of this recession was the government's decision to balance the budget, instead of allowing deficit spending to continue. * ... That Randy's wife is an Eccles. Eccles realized that the government could borrow money from the people who had it and spend it on those who needed it, a principle called deficit spending. https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/marriner-stoddard-eccles, "Marriner Stoddard Eccles He had two wives, who produced 21 children. The company withstood several bank runs during the Great Depression and, as a leading banker, Eccles became involved with the creation of the Emergency Banking Act of 1933 and the Federal Deposit Insurance Corporation. Marriner, at the age of 22, became responsible for his mother, Ellen, and his eight siblings. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Eccles presented his ideas to Roosevelt in November 1934. The concepts described by Eccles were written about three years later by the famous British economist John Maynard Keynes and came to be known as "Keynesian economics.". Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Sidney Hyman, author of Eccles' biography, speculates that because of her uncertain status as a plural wife (the Mormon church declared an end to polygamy in 1890), and thus a diminished sense of financial security, Ellen Eccles instilled in her sons a strong work ethic and the drive to become successful. Marriner Eccles's father, David, as an illiterate teenager, emigrated from Scotland to America in the 1860s. Few paid the woodworker any mind when he set up his lathe in a place called Liberty and settled in with his wife, Sarah, to raise their seven children and try to eke out a living. It will be a knockdown and drag-out fight to get it through.". The Great Depression began in 1929 when the stock market experienced its worst plunge ever and lost more than In 1933, 15 million people were still without jobs. These policies combined to kill the recovery and raise unemployment, although Eccles would not acknowledge any blame for the recession. In 1909, he traveled to Scotland, where he … [citation needed], The Eccles Building that houses the headquarters of the Federal Reserve in Washington, D.C. was named after Eccles in 1982. The question of how to regulate financial affairs was one of the earliest and most enduring problems facin…, The size of the money supply (the amount of money in circulation) is one of the most powerful influences on an economy. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. The naming was a component of the Garn-St. Germain Depository Institutions Act lead-sponsored by Senator Jake Garn (R, UT) and Congressman Fernand St. Germain (D, RI). He is considered the first great chairman of the Federal Reserve and one of the three greatest. "Marriner Stoddard Eccles Marriner Eccles attended schools in his birthplace, Logan, Utah, and spent four years at Brigham Young College. According to Arrington’s book, in 1885 David Eccles took Ellen Stoddard as a second wife. Export-Import When David Eccles died, Marriner took over his father’s banking businesses. It is with deep sorrow that we announce the death of Marriner Eccles (Saint George, Utah), born in Ogden, Utah, who passed away on March 3, … "[7] He became known as a defender of Keynesian ideas, though his ideas predated Keynes' The General Theory of Employment, Interest, and Money (1936). Marriner Eccles (1890-1977), a Republican Mormon, rose to great power in Franklin Delano Roosevelt's administration as the head of the Federal Reserve. The banker from Utah helped ease the Great Depression by urging a change in how the government used money to control the economy. ", Eccles concluded that the most important thing in preserving a sound economy is to keep money moving. In this view, the Federal Reserve after 1935 acquired new instruments to command monetary policy, but it did not change its behavior significantly. He died in Salt Lake City, Utah in 1977 and was entombed in the Larkin Sunset Lawn Mausoleum. He was survived by his second wife, Sara Madison Glassie (his first wife was May Campbell Young, married in 1913 and divorced in 1950), a daughter, a son, two brothers and four sisters [8]. Eccles immediately began writing his Fed reform bill, which reduced the size of the board from eight to five members. Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. The bill lessened the power of the Federal Reserve banks' boards of directors and formed new offices of bank presidents, whose nominations were subject to a Fed board veto. Roosevelt's advisers were impressed with Eccles and asked him to help them create new legislation. Eccles argued for deficit spending during the Depression and pushed for a balanced budget during World War II. Marriner Eccles, born 9 eptember 1890, to David Eccles and his second wife, Ellen Stoddard, was the oldest of nine children. Therefore, it’s best to use Encyclopedia.com citations as a starting point before checking the style against your school or publication’s requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. Although he had no formal training in economics, Eccles's reading and thinking led him to certain conclusions about the causes of the Depression. After his mission, while working in a family enterprise in Blacksmith Fork Canyon, he learned of the unti… David Hage, in a 1995 article in U.S. News & World Report, notes, "The last episode of formal cooperation [between the Fed and the president] occurred in the mid-1940s, when the cost of World War II had driven the federal debt to a staggering 128 percent of gross domestic product, versus about 71 percent today. Eccles also advised some long-term solutions such as federal insurance for banks, a centralized Federal Reserve System, tax reforms, a minimum wage, unemployment insurance, pensions for the elderly, and governmental regulation of the stock market. He suggested that the federal government spend money on unemployment relief, public works, and aid to farmers. Marriner Eccles attended schools in his birthplace, Logan, Utah, and spent four years at Brigham Young College. . The service to celebrate John’s life will be held on Sunday, February 15 at 2:00 pm at Faith Community Lutheran Church located at 2700 S. Town Center Blvd, Las Vegas, NV 89135. Is that right? ." Greider, William, Secrets of the Temple: How the Federal Reserve Runs the Country, Simon and Schuster, 1987. In August, the Senate passed the bill, the basic outlines of which were the same as Eccles had originally proposed: the board's power was increased; the public character of the Fed was enhanced; the independence of the Federal Reserve banks was lessened; and bankers' influence over the system was reduced. In general, when more money i…, All modern capitalist nations have central banks. Then, copy and paste the text into your bibliography or works cited list. □. Encyclopedias almanacs transcripts and maps. [8], American economist, banker, and 7th Chairman of the Federal Reserve in the United States, The General Theory of Employment, Interest, and Money, Garn-St. Germain Depository Institutions Act, "Marriner Eccles: Father of the Modern Federal Reserve", https://timesmachine.nytimes.com/timesmachine/1977/12/20/86356088.html?pageNumber=38, "Membership of the Board ..., 1914-Present: Appointive Members", "People Who Made a Difference: Marriner S. Eccles", Statements and Speeches of Marriner S. Eccles, Marriner S. Eccles photograph collection, 1940-1968, Treasury-Federal Reserve Accord - Marriner Stoddard Eccles - Federal Reserve Bank of Richmond, Newspaper clippings about Marriner S. Eccles, Federal Reserve v. Investment Co. Institute, https://en.wikipedia.org/w/index.php?title=Marriner_S._Eccles&oldid=992792172, Franklin D. 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