William Hartman Woodin
Encyclopedia
William Hartman Woodin (May 27, 1868 – May 3, 1934) was a U.S.
industrialist. He served as the Secretary of Treasury under Franklin Roosevelt in 1933.
Woodin was closely involved in Jackson and Woodin Manufacturing Company
. His father, Clement Woodin, preceded him in the presidency of the company and his grandfather, also named William Hartman Woodin, was an early partner in the company. Jackson & Woodin grew under this combined leadership to become the largest railroad
freight car builder in the eastern United States, and was one of the 13 companies that merged in 1899 to form American Car and Foundry Company
(ACF). Woodin stayed on with ACF for a while after the merger. Woodin worked up through ACF management to become president in 1916. He was a director of the Federal Reserve Bank of New York
from 1927 through 1932.
Woodin resigned as Secretary of the Treasury at the end of 1933 and died in May 1934.
Woodin, a Republican businessman, was a major contributor to Roosevelt's campaign in 1932. He served as Treasury Secretary from March 1933 until he resigned effective December 31, 1933. Because of his poor health, for much of his tenure, Under Secretary Dean Acheson
served as Acting Secretary of the Treasury.
Despite his illness, Woodin was involved in major decisions that the brand-new Roosevelt Administration took to combat the Great Depression.
On March 4, 1933, when President Roosevelt first took the oath of office, banks were closing their doors all over the United States as waves of panic led depositors to demand immediate payment of their money. Woodin was the point man in the Administration's declaration of a "Bank Holiday" which closed every bank in the U.S. until bank examiners could determine which were sound enough to re-open. With "seals of approval" from the examiners, depositors regained confidence, and the vast majority left their money in bank deposits. This became the fore-runner of the Federal Deposit Insurance Corporation and other such Federal guarantees intended to foster the trust which is essential to the entire financial system.
Woodin also presided over the Roosevelt Administration's withdrawal from the international monetary conference in London and decision to take the United States off the international gold standard. While he was Secretary of the Treasury, the Administration also began the decision-making process that eventually led to the Administration's decision to buy all the gold in private hands in the United States (other than that used by dentists and jewelers) and to devalue the dollar. Under Secretary Acheson was so opposed to the latter two decisions that he resigned in protest.
Woodin was also an avid coin collector, and when gold was withdrawn from private hands, he made certain an exception was put in place for "rare or unusual" coin types.
He was a member of the Union League Club of New York
. Woodin graduated from Columbia University
(Columbia College, School of Mines) in 1890.
Woodin is the great-grandfather of mathematician W. Hugh Woodin
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
industrialist. He served as the Secretary of Treasury under Franklin Roosevelt in 1933.
Woodin was closely involved in Jackson and Woodin Manufacturing Company
Jackson and Woodin Manufacturing Company
Jackson & Woodin Manufacturing Company, also called Jackson & Woodin Car Works, was an American railroad freight car manufacturing company of the late 19th century headquartered in Berwick, Pennsylvania. In 1899, Jackson and Woodin was merged with twelve other freight car manufacturing companies...
. His father, Clement Woodin, preceded him in the presidency of the company and his grandfather, also named William Hartman Woodin, was an early partner in the company. Jackson & Woodin grew under this combined leadership to become the largest railroad
Rail transport
Rail transport is a means of conveyance of passengers and goods by way of wheeled vehicles running on rail tracks. In contrast to road transport, where vehicles merely run on a prepared surface, rail vehicles are also directionally guided by the tracks they run on...
freight car builder in the eastern United States, and was one of the 13 companies that merged in 1899 to form American Car and Foundry Company
American Car and Foundry Company
American Car and Foundry is a manufacturer of railroad rolling stock. One of its subsidiaries was once a manufacturer of motor coaches and trolley coaches under the brand names of ACF and ACF-Brill. Today ACF is known as ACF Industries LLC and is based in St. Charles, Missouri...
(ACF). Woodin stayed on with ACF for a while after the merger. Woodin worked up through ACF management to become president in 1916. He was a director of the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
from 1927 through 1932.
Woodin resigned as Secretary of the Treasury at the end of 1933 and died in May 1934.
Woodin, a Republican businessman, was a major contributor to Roosevelt's campaign in 1932. He served as Treasury Secretary from March 1933 until he resigned effective December 31, 1933. Because of his poor health, for much of his tenure, Under Secretary Dean Acheson
Dean Acheson
Dean Gooderham Acheson was an American statesman and lawyer. As United States Secretary of State in the administration of President Harry S. Truman from 1949 to 1953, he played a central role in defining American foreign policy during the Cold War...
served as Acting Secretary of the Treasury.
Despite his illness, Woodin was involved in major decisions that the brand-new Roosevelt Administration took to combat the Great Depression.
On March 4, 1933, when President Roosevelt first took the oath of office, banks were closing their doors all over the United States as waves of panic led depositors to demand immediate payment of their money. Woodin was the point man in the Administration's declaration of a "Bank Holiday" which closed every bank in the U.S. until bank examiners could determine which were sound enough to re-open. With "seals of approval" from the examiners, depositors regained confidence, and the vast majority left their money in bank deposits. This became the fore-runner of the Federal Deposit Insurance Corporation and other such Federal guarantees intended to foster the trust which is essential to the entire financial system.
Woodin also presided over the Roosevelt Administration's withdrawal from the international monetary conference in London and decision to take the United States off the international gold standard. While he was Secretary of the Treasury, the Administration also began the decision-making process that eventually led to the Administration's decision to buy all the gold in private hands in the United States (other than that used by dentists and jewelers) and to devalue the dollar. Under Secretary Acheson was so opposed to the latter two decisions that he resigned in protest.
Woodin was also an avid coin collector, and when gold was withdrawn from private hands, he made certain an exception was put in place for "rare or unusual" coin types.
He was a member of the Union League Club of New York
Union League Club of New York
The Union League Club of New York is a private social club in New York City. Its fourth and current clubhouse, which opened on February 2, 1931, is a building designed by Benjamin Wistar Morris, III, located at 38 East 37th Street between Madison and Park Avenue in the Murray Hill section of...
. Woodin graduated from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
(Columbia College, School of Mines) in 1890.
Woodin is the great-grandfather of mathematician W. Hugh Woodin
W. Hugh Woodin
William Hugh Woodin is an American mathematician and set theorist at University of California, Berkeley. He has made many notable contributions to the theory of inner models and determinacy. A type of large cardinal, the Woodin cardinal, bears his name.-Biography:Born in Tucson, Arizona, Woodin...
.