Nelson W. Aldrich | Wikipedia audio article
Channel: wikipedia tts
Date: 07/12/2018

This is an audio version of the Wikipedia Article:
Nelson W. Aldrich


00:02:13 1 Family background
00:02:48 2 Early career
00:03:38 3 Early political career
00:04:15 4 U.S. Senate
00:05:28 4.1 National finance
00:07:01 4.2 Federal Reserve Act
00:07:52 4.3 Foreign affairs
00:08:41 5 Family prominence
00:09:32 6 Interests
00:09:57 7 Death and burial
00:10:15 8 Legacy
00:11:08 9 Congressional committee assignments
00:11:18 10 Notes
00:11:27 11 Further reading
00:13:37 12 External links



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SUMMARY
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Nelson Wilmarth Aldrich (; 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 served 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. 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. 
Born in Foster, Rhode Island, Aldrich served in the Union Army during the American Civil War. After the war, he became a partner in a large wholesale grocery firm and won election to the Rhode Island House of Representatives. He 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 into the Rockefeller family, and his descendants, including namesake Nelson A. Rockefeller, became powerful figures in American politics and banking.