Nelson W. Aldrich
American politician (1841–1915) / From Wikipedia, the free encyclopedia
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Nelson Wilmarth Aldrich (/ˈɑldɹɪt͡ʃ/; November 6, 1841 – April 16, 1915) was a prominent American politician and a leader of the Republican Party in the United States Senate, where he represented Rhode Island from 1881 to 1911. By the 1890s, he was one of the "Big Four" key Republicans who largely controlled the major decisions of the Senate, along with Orville H. Platt, William B. Allison, and John Coit Spooner.[1] Because of his impact on national politics and central position on the pivotal Senate Finance Committee, he was referred to by the press and public alike as the "general manager of the Nation", dominating tariff and monetary policy in the first decade of the 20th century.
Nelson W. Aldrich | |
|---|---|
 | |
| United States Senator from Rhode Island | |
| In office October 5, 1881 – March 3, 1911 | |
| Preceded by | Ambrose Burnside |
| Succeeded by | Henry F. Lippitt |
| Member of the U.S. House of Representatives from Rhode Island's 1st district | |
| In office March 4, 1879 – October 4, 1881 | |
| Preceded by | Benjamin T. Eames |
| Succeeded by | Henry J. Spooner |
| Member of the Rhode Island House of Representatives | |
| In office 1875–1876 | |
| Personal details | |
| Born | Nelson Wilmarth Aldrich (1841-11-06)November 6, 1841 Foster, Rhode Island, U.S. |
| Died | April 16, 1915(1915-04-16) (aged 73) New York City, U.S. |
| Resting place | Swan Point Cemetery |
| Political party | Republican |
| Spouse | Abigail Pearce Truman Chapman |
| Children | 11 |
| Alma mater | East Greenwich Academy |
| Profession | Businessman |
| Military service | |
| Allegiance | United States Union |
| Branch/service | United States Army Union Army |
| Years of service | 1862 |
| Rank | Private |
| Unit | 10th Rhode Island Infantry |
| Battles/wars | American Civil War |
Born at Burgess Farm in Foster, Rhode Island, Aldrich served in the Union Army during the American Civil War. After the war, he worked his way up to become a partner in a large wholesale grocery firm and won election to the Rhode Island House of Representatives. He then served a single term in the United States House of Representatives before winning election to the Senate. In the Senate, he helped to create an extensive system of tariffs that protected American factories and farms from foreign competition, and he was a cosponsor of the Payne–Aldrich Tariff Act. He also helped win Senate approval of the 1898 Treaty of Paris, which ended the Spanish–American War.
Aldrich led the passage of the Aldrich–Vreeland Act, which established the National Monetary Commission to study the causes of the Panic of 1907. He served as chair of that commission, which drew up the Aldrich Plan as a basis for a reform of the financial regulatory system. The Aldrich Plan strongly influenced the Federal Reserve Act of 1913, which established the Federal Reserve System. Aldrich also sponsored the Sixteenth Amendment, which allowed for a direct federal income tax.
Deeply committed to the efficiency model of the Progressive Era, he believed that his financial and trade policies would lead to greater efficiency. Reformers, however, denounced him as representative of the evils of big business. His daughter Abigail married American financer John D. Rockefeller Jr. who was the son of Standard Oil co-founder John D. Rockefeller. His descendants, including namesake Nelson A. Rockefeller, became powerful figures in American politics and banking.[2]