Relief

President Roosevelt and Secretary of the Treasury George B. Cortelyou hold a “U.S. Treasury” pipe that is sending bonds and notes swirling around to large crowds of people.

comments and context

Comments and Context

William K. Starrett’s cartoon properly depicts the role of Treasury Secretary George B. Cortelyou in creatively addressing the crisis precipitated by the Panic of 1907 then sweeping Wall Street (and, in fact, money markets across the world). He and President Roosevelt approved the deposit of 25-million dollars into various banks; and that act is pictured by Starrett.

The government’s move was insufficient except as a precedent and an important confidence-builder that helped forestall a Depression. The botched “cornering” of United Copper Company via a scheme of short-selling stocks began the Panic. Eventually several brokerage houses failed, as did banks with insufficient reserves to handle a frenzied demand of depositors lined up on streets to close their accounts. Knickerbocker Trust, the nation’s third-largest bank, failed; and before the Panic subsided — largely through the personal efforts of J. P. Morgan, more creative and powerful than Cortelyou in this situation — the stock market had lost fifty per cent of its value.

Collection

Library of Congress Manuscript Division

Creation Date

1907-11-19

Creator(s)

Starrett, William K. (William Kemp), 1880-1952

Language

English

Period

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

Page Count

1

Production Method

Printed

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