The 2000 presidential election was a hotly contested race between then Governor of Texas George W. Bush and Vice-President Al Gore. Jackie (Jackie Bancroft Spencer Morgan) was expected to contribute money not only to Bush but to New Mexican Republican candidates — governor, senator, congressmen — as well. She was part of the financial pool that consistently, year in, year out, supported the Republican Party.
Jackie didn’t know much about politics, or care, but her inheritance as an heir to the “Wall Street Journal” fortune seemed to mandate that she be part of this financial backing. The founders of the “Wall Street Journal” from Charles Dow through Clarence Barron and the Hugh Bancroft lineage had always been Republican without question.
Even in the face of 1929 national economic devastation, the “Journal” and Hugh Bancroft backed Herbert Hoover in his bid for re-election. They joined with Treasury Secretary Andrew Mellon in the advice “liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.” In time, the market and economy would correct itself on its own. The thought that a Democrat might win the Presidential election was hugely depressing, even more depressing than the current economic state of the nation. Republicans saw Roosevelt as the end of wealth, the end of business.
I overheard Jackie telling her husband after she gave Bush a check for $50,000 that she didn’t care for him. She thought he was pompous and not too smart. On the other hand, Democrats probably had horns and just wanted her money.
I write of Jackie’s life in my book: “Observer: The Ronnie Lee and Jackie Bancroft Spencer Morgan Story, a tale of people, greed, envy, manipulation — even crime”.
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