Financial History Issue 113 (Spring 2015) | Page 40
comments were equally abusive. In one
letter he told Madison: “Several merchants
from Richmond were here [in Philadelphia] lately. I suspect it was to dabble in
federal filth.”
In another letter to Jefferson, Madison
feared “the stockjobbers will become the
praetorian band of the government, at once
its tool and its tyrant.” (In ancient Rome,
the Praetorian Guard was the emperor’s
private army, which could and sometimes
did threaten both the unruly populace
and the ruler.) Madison was convinced
that the stockjobbers could be bribed by
Congress’s “largesses” or could overawe
it “with clamours and combinations.” He
gloomily concluded that his imagination
would not “attempt to set bounds to the
daring depravity of the times.”
The enthusiasm of these first investors
was unquestionably extreme and merited
some concern. But the apocalyptic reaction
of Jefferson and Madison was even more
extreme. It revealed a profound hostility to
the very idea of public finance. Hamilton’s
successful intervention in the scrippomania bubble enabled President Washington to remain enthusiastic about the new
financial system. He told one correspondent that the eagerness to buy shares in the
Bank of United States was “unexampled
proof of the resources of our countrymen
and their confidence in [the] public measures” of the new federal government.
A war had begun — a struggle for the
public mind — the political soul — of George
Washington’s America. At stake was the
future of the experiment in independence to
which he had devoted his life.
Donaldson said. “John was a dear friend
and a shining light in all things. But that
light was brightest around his integrity.”
Many of Whitehead’s friends refer to
his sense of humor, but none so fondly as
his daughter Anne. “He had a great sense
of humor, a zany, fun sense of humor. He
loved the operettas of Gilbert & Sullivan,
and would sing along to all the songs. He
was passionate about music. He was also an
avid sailor. We used to race sunfish on Nantucket, and would charter sailboats — always
sailboats — up to 60-footers.”
Not surprisingly, Whitehead was a
mentor to succeeding generations, just
as he had been fostered by some of the
giants of Wall Street. In particular, Anne
recalls a time when Janet Hanson joined
the Whiteheads on a family vacation.
Hanson was the first woman promoted
to management at Goldman Sachs. She
founded 85 Broads, an important organization of women executives named after
Goldman’s address at 85 Broad Street. It
has since been renamed Ellevate. “Dad
was a mentor of Janet’s and a long-time
friend,” said Anne. She remembers fondly
how her father feigned great indignation
when Hanson beat him at bridge.
Another fond memory blends Anne’s
affection for her father with admiration
for his holding high standards for himself
and everyone.
“I was in fourth grade or so, and when
Dad was home for dinner we would dress
for dinner. Mom was hell-bent on my
brother Gregory and me being brilliant
conversationalists. So during dinner Dad
turned to me and asked, ‘So, Anne, what did
you think of the Kosygin-Gromyko Pact?’ I
was in fourth grade! But Dad said we should
know the headlines in the paper every day.”
Anne Whitehead became a successful
corporate attorney specializing in mergers and acquisitions, but she still keeps up
on world and national news. “It became a
strong bond between Dad and me. When
my ex would see me rifling the newspapers
he would ask, ‘Oh, are we meeting with
your father today?’”
Duncan Niederauer, former CEO of the
New York Stock Exchange and recipient of
the Museum’s 2014 Whitehead Award for
Distinguished Public Service and Financial
Leadership, said Whitehead left a lasting
impression on everyone he encountered.
“His principles of putting the client
first, leaving every situation better than
you found it and fulfilling one’s obligation
to pay it forward are among those that
will stay with me throughout my life,”
Niederauer said. “He was a man among
men, a leader among leaders, a hero
among heroes and, most importantly, a
citizen among citizens.”
Thomas Flem [