Robert L. Owen

Robert Latham Owen Jr., born on February 2, 1856, in Lynchburg, Virginia, emerged from a privileged background as the son of a railroad company president. However, the financial turmoil of the Panic of 1873 led to his family's downfall, and the death of his father during his teenage years forced Owen to seek a new path. Embracing his Cherokee heritage on his mother's side, he ventured west to Indian Territory, where he reinvented himself as a schoolteacher for Cherokee orphans, a lawyer, and a journalist.

Owen's legal acumen came to the forefront in 1906 when he successfully represented the Eastern Cherokees in a landmark case against the U.S. Government, seeking compensation for lands lost during the Indian removals. This victory not only elevated his public profile but also paved the way for his election as one of Oklahoma's first U.S. senators in 1907, following the state's admission to the Union.

A committed Democrat, Owen championed progressive causes, advocating for public control of government and fighting against child labor. He is particularly noted for sponsoring the Glass-Owen Federal Reserve Act of 1913, which established the Federal Reserve System. Owen's vision resisted the push to place the Federal Reserve under the banking industry's control, resulting in a structure that balanced government oversight with regional bank influence.

Despite his significant contributions, Owen later expressed concerns about the Federal Reserve's policies, particularly its deflationary stance during the early 1920s and the early 1930s, which he believed contributed to the Great Depression. His views, once considered minority opinions, have gained traction among economists in recent years. In 1920, Owen sought the Democratic Party's nomination for the presidency, further solidifying his legacy as a prominent figure in American politics.