John Jay Knox
Encyclopedia
John Jay Knox was an American
financier
, born in Knoxboro, New York
. He graduated from Hamilton College in 1849 and entered the banking business
.
He was a vigorous supporter of the national banking plan of Treasury Secretary Salmon P. Chase
. Chase appointed Knox to a clerkship position in the Treasury Department after reading an essay Knox wrote in 1862 that urged for a national banking system. Knox held several other positions before being made Deputy Comptroller of the Treasury in 1867. President Ulysses S. Grant
promoted Knox to Comptroller of the Treasury
in 1872. In 1884 Knox resigned his post in order to become president of the National Bank of the Republic in New York City
, a position he held until his death.
In 1870 he helped prepare a bill codifying the mint and coinage laws. The bill (H.R. 2934) was transmitted to Congress by Treasury Secretary George S. Boutwell
and with a few amendments was signed into law by President Grant
on February 12, 1873. This was the famous Coinage Act of 1873
, which dropped the silver dollar
from coinage.
Knox was the author of several works including United States Notes (New York, 1887).
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
, born in Knoxboro, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. He graduated from Hamilton College in 1849 and entered the banking business
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
.
He was a vigorous supporter of the national banking plan of Treasury Secretary Salmon P. Chase
Salmon P. Chase
Salmon Portland Chase was an American politician and jurist who served as U.S. Senator from Ohio and the 23rd Governor of Ohio; as U.S. Treasury Secretary under President Abraham Lincoln; and as the sixth Chief Justice of the United States Supreme Court.Chase was one of the most prominent members...
. Chase appointed Knox to a clerkship position in the Treasury Department after reading an essay Knox wrote in 1862 that urged for a national banking system. Knox held several other positions before being made Deputy Comptroller of the Treasury in 1867. President Ulysses S. Grant
Ulysses S. Grant
Ulysses S. Grant was the 18th President of the United States as well as military commander during the Civil War and post-war Reconstruction periods. Under Grant's command, the Union Army defeated the Confederate military and ended the Confederate States of America...
promoted Knox to Comptroller of the Treasury
Comptroller of the Treasury
The Comptroller of the Treasury was an official of the United States Department of the Treasury from 1789 to 1817. According to section III of the Act of Congress establishing the Treasury Department, it is the comptroller's duty to...
in 1872. In 1884 Knox resigned his post in order to become president of the National Bank of the Republic in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, a position he held until his death.
In 1870 he helped prepare a bill codifying the mint and coinage laws. The bill (H.R. 2934) was transmitted to Congress by Treasury Secretary George S. Boutwell
George S. Boutwell
George Sewall Boutwell was an American statesman who served as Secretary of the Treasury under President Ulysses S...
and with a few amendments was signed into law by President Grant
Ulysses S. Grant
Ulysses S. Grant was the 18th President of the United States as well as military commander during the Civil War and post-war Reconstruction periods. Under Grant's command, the Union Army defeated the Confederate military and ended the Confederate States of America...
on February 12, 1873. This was the famous Coinage Act of 1873
Fourth Coinage Act
The Fourth Coinage Act was enacted by the United States Congress in 1873 and embraced the gold standard and demonetized silver. Western mining interests and others who wanted silver in circulation years later labeled this measure the "Crime of '73"...
, which dropped the silver dollar
United States dollar coin
Dollar coins have been minted in the United States in gold, silver, and base metal versions. The term silver dollar is often used for any large white metal coin issued by the United States with a face value of one dollar, although purists insist that a dollar is not silver unless it contains some...
from coinage.
Knox was the author of several works including United States Notes (New York, 1887).