Background
James Berwick Forgan was born at St. Andrews, Scotland, the son of Robert Forgan and Elizabeth Berwick. His father had established himself in St. Andrews as a manufacturer of golf clubs and golf balls.
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James Berwick Forgan was born at St. Andrews, Scotland, the son of Robert Forgan and Elizabeth Berwick. His father had established himself in St. Andrews as a manufacturer of golf clubs and golf balls.
The son was intended for the law and after his education at Forres Academy of which his uncle was rector, he was apprenticed to a lawyer at St. Andrews.
Within a year, however, he took an apprenticeship as clerk in the branch of the Royal Bank of Scotland at St. Andrews. Through a former employee of the bank, he was persuaded to go to Canada as an employee of the Bank of British North America.
He arrived in Montreal in 1873 and shortly thereafter was transferred to the Halifax branch, where he remained for a little more than a year. After a brief interim of a year and a half with an insurance company, he returned to banking as paying teller for the local branch of the bank of Nova Scotia in 1875.
Thereafter his advance was rapid. He was made inspector of branch banks and in 1885 became agent in charge of the branch at Minneapolis, Minn. His qualities as a banker were quickly recognized by Minneapolis business men and he was made cashier of the Northwestern National Bank of Minneapolis in 1888.
Recognizing the opportunities for success in his profession in the rapidly expanding West, Forgan at this time became an American citizen. While in the employ of the Northwestern National he came in contact with Lyman Gage, then president of the First National Bank at Chicago and later secretary of the treasury under McKinley.
Through a series of mergers with smaller Chicago banks, and by radical changes in the internal organization of the bank, he made the First National one of the most powerful institutions of its kind in the West.
Perhaps his most important contribution to banking was his work with the Chicago Clearing House Committee with which he was associated for twenty-five years. He was largely responsible for the system set up through this committee in 1906, and now widely imitated, of clearing-house bank examination for member banks.
He also took a lively interest in currency reform, and acted as vice-chairman of the currency committee of the Amercan Bankers’ Association in its conferences with the National Monetary Commission on Banking reform.
After the Federal Reserve system was organized he served for six years as director of the Reserve Bank at Chicago, and as member of the executive committee and president of the Federal Advisory Council of the Reserve System for a like period.
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Except for a number of addresses on currency reform and clearing-house bank examination, Forgan left only one publication, Recollections of a Busy Life, written when he was seventy-two and published just before his death. In it he gives the key to his dominant interest in life: “My life has been so absorbed in, and my energy so concentrated on, the growth and development of the banks which have commanded my services, that my life story has been practically inseparable from theirs. ”
He married Mary Ellen Murray, daughter of a Halifax merchant.