He loves me, he loves me not

A woman labeled “Wall Street” appears as a nursery rhyme figure, possibly Little Bo Peep, pulling petals off a paper flower that are labeled “Tight Money” and “Easy Money” as she says “He Loves Me, He Loves Me Not.” The center of the flower shows a medallion that states “In Shaw We Trust,” but with a line drawn through “Shaw.” The woman’s bodice is labeled “Stock Exchange.” George B. Cortelyou, dressed as an Elizabethan suitor, is looking over her shoulder.

Comments and Context

George B. Cortelyou was an unsung hero — or at least, a little-referenced figure — in both administrations of President Roosevelt. He is one of those assistants who served in several offices, undertaking many challenges, and of enormous assistance to presidents — including, prior to Roosevelt, Grover Cleveland and William McKinley — behind the scenes.

Cortelyou had been personal secretary to both Cleveland and McKinley; he was tasked with reorganizing the executive branch, specifically the presidential office and schedule, after Roosevelt became president. He later became the nation’s first Secretary of Commerce and Labor, served as Chairman of the Republican Nation Committee during Roosevelt’s reelection campaign (1904), and was both Postmaster General of the United States and Secretary of the Treasury.

He was closely allied with Roosevelt, of course, but, additionally, was an economic disciple of his predecessor Leslie M. Shaw — which is exactly what Roosevelt wanted in the office, and was a blessing as a Panic hit Wall Street early in Cortelyou’s management.

Cortelyou believed, as did Shaw — somewhat in maverick fashion but not unappreciated by banks and Wall Street — in a greater federal role in the economy; an elastic currency that could respond to momentary fiscal and monetary situations; a policy of Washington depositing money in private banks and, when needed, buying bonds back; and other measures that helped keep the 1907 Panic short-lived; and which pointed to a central banking system that in some ways made the creation of the Federal Reserve System palatable. The Aldrich-Vreeland Act of 1908 incorporated a lot of the recommendations of Secretary Cortelyou.

After the Roosevelt Administration, Cortelyou became president of the utilities company that eventually became Consolidated Edison — “Con Ed” — in municipal New York.

Cortelyou was nominated for the Treasury Department position when this cartoon was published, and he assumed office one month later. The evolving position of Shaw and Cortelyou both (regarding monetary policy) is thus explained by the alternate petals; the expressions on the faces was known best to cartoonist Frank A. Nankivell. Wall Street was generally pleased with the nomination

Collection

Library of Congress Prints and Photographs

Creation Date

1907-02-06

Creator(s)

Nankivell, Frank A. (Frank Arthur), 1869-1959

Period

U.S. President – 2nd Term (March 1905-February 1909)

Repository

Library of Congress Prints and Photographs Division

Page Count

1

Record Type

Image

Resource Type

Cartoon

Rights

These images are presented through a cooperative effort between the Library of Congress and Dickinson State University. No known restrictions on publication.

Citation