L. M. Shaw holds a robust educational background, having attended Cornell College and the University of Iowa Law. Early in his career, he balanced roles as a part-time lawyer and apple salesman before transitioning to banking, co-founding the Bank of Dennison. Shaw's leadership extended to founding the Denison Business and Normal College and serving as the 17th governor of Iowa, where he established the Board of Control for state institutions and created the Library Commission. As U.S. Secretary of the Treasury, he introduced measures to enhance the elasticity of the currency and reformed government financial practices.

L. M. Shaw's political philosophy reveals a complex blend of traditional Republican economic principles with progressive social initiatives. His support for tariff theory and the Smoot-Hawley tariff aligns with conservative economic policies, yet his advocacy for government intervention in the money market to stabilize currency suggests an ideologically agile approach. Shaw's establishment of free public libraries and school libraries during his governorship highlights a commitment to public education, contrasting with his otherwise fiscally conservative stance. His critique of the League of Nations further underscores a nationalist perspective, revealing a candidate who navigates between traditional and progressive elements within the Republican Party.