The new system began operations inplaying a significant role in financing the Allied and American war effort. Pierpont Morgan, Thomas F.
While he later regretted that decision, he felt bound by it and vigorously promoted William Howard Taft as his successor. Sherman died. Hughes went to sleep on November 6 certain that he would win.
President Wilson secured passage of the Federal Reserve Act in lateas an attempt to carve out a middle ground between conservative Republicans, led by Senator Nelson W.
Popular incumbent, Theodore Roosevelt, promising not to seek a third term, persuaded the Republican Party to nominate Taft, his close friend and secretary of war, to become his successor. It almost happened on the second day of the convention, when a spontaneous and wild demonstration produced a forty-nine minute stampede for Roosevelt—the longest-lasting demonstration that had ever occurred at a national political convention.
Taft won eight Electoral College votes from the two states that stayed with him, Utah and Vermont. The delegates chose Elihu Root — once Roosevelt's top ally — to serve as chairman of the convention.
The Republican Party stood united behind a single candidate, and the Democrats had won only three presidential elections since Roosevelt was surprised at the replacement, believing that Taft had promised to keep Garfield, and this change was one of the events that caused Roosevelt to realize that Taft would choose different policies.