William Hartman Woodin (May 27, 1868 – May 3, 1934) was a

U.S. The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

industrialist. He served as the

Secretary of Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

under Franklin Roosevelt in 1933.

Biography

Woodin was born in

Berwick, Pennsylvania Berwick is a borough in Columbia County, Pennsylvania, United States. It is part of Northeastern Pennsylvania and is located southwest of Wilkes-Barre. As of the 2020 census, Berwick had a population of 10,355. It is one of the two principal c ...

. He was closely involved in Jackson and Woodin Manufacturing Company. His father, Clemuel Ricketts "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. He was a member of the Union League Club of New York. Woodin graduated from the Columbia College School of Mines in 1890. Jackson & Woodin grew under this combined leadership to become the largest

railroad Rail transport (also known as train transport) is a means of transport that transfers passengers and goods on wheeled vehicles running on rails, which are incorporated in tracks. In contrast to road transport, where the vehicles run on a pre ...

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 Industries, originally the American Car and Foundry Company (abbreviated as ACF), is an American manufacturer of railroad rolling stock. One of its subsidiaries was once (1925–54) a manufacturer of motor coaches and trolley coaches und ...

(ACF). Woodin married Annie Jessup, on October 9, 1889. They had three daughters and one son: Mary, Annie Jessup, William Hartman, Jr., and Elizabeth Foster Woodin. They lived in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

. 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 several other companies including: chairman of the board of American Locomotive Company, chairman of the board of Railway Steel Spring Company, a director of

Remington Arms Company Remington Arms Company, LLC was an American manufacturer of firearms and ammunition, now broken into two companies, each bearing the Remington name. The firearms manufacturer is ''Remington Arms''. The ammunition business is called ''Remingto ...

, a director of Montreal Locomotive Works, and a director of American Ship and Commerce Company. He was a director of the Federal Reserve Bank of New York from 1927 through 1932. As Will Woodin, he collaborated with children's author

Johnny Gruelle John Barton Gruelle (December 24, 1880 – January 9, 1938) was an American artist, political cartoonist, children's book and comics author, illustrator, and storyteller. He is best known as the creator of Raggedy Ann and Raggedy Andy dolls and ...

, composing music for the 1930 book ''

Raggedy Ann Raggedy Ann is a character created by American writer Johnny Gruelle (1880–1938) that appeared in a series of books he wrote and illustrated for young children. Raggedy Ann is a rag doll with red yarn for hair and a triangle nose. Gruelle r ...

's Sunny Songs'' and was the namesake of Gruelle's character Little Wooden Willie. In 1933, Woodin composed a march in honor of Roosevelt. Time-magazine-woodwin

Woodin was a Republican businessman and was a major contributor to Roosevelt's campaign in 1932. Woodin served as the Treasury Secretary from March 4, 1933 until he resigned effective December 31, 1933. Because of his poor health, for some weeks in 1933 Treasury Under-Secretary Dean Acheson served as the Acting Secretary of the Treasury. Woodin was involved in major decisions that the new Roosevelt administration made to combat the Great Depression. On March 4, 1933, when 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 preceded the creation of deposit insurance and the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

with the passage of the Glass-Steagall Act of 1933. Woodin also presided over the Roosevelt Administration's withdrawal from the international monetary conference in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and the decision to take the United States off the international gold standard there. While he was the 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 then to raise the dollar price of gold, devaluing the dollar against gold. Treasury Under Secretary Dean Acheson opposed FDR on the latter two decisions and was forced to resign in November 1933. Woodin was an avid coin collector and when gold was withdrawn from private hands, he made certain that an exception was put in place for "rare or unusual" coins. From 1930 until 1934 he was a trustee of

Lafayette College Lafayette College is a private liberal arts college in Easton, Pennsylvania. Founded in 1826 by James Madison Porter and other citizens in Easton, the college first held classes in 1832. The founders voted to name the college after General Laf ...

. He died in

, New York, and was buried in Pine Grove Cemetery, near his birthplace of

. Woodin is the great-grandfather of mathematician W. Hugh Woodin.

References

{{DEFAULTSORT:Woodin, William H. 1868 births 1934 deaths 20th-century American politicians People from Berwick, Pennsylvania Columbia School of Engineering and Applied Science alumni United States Secretaries of the Treasury American people in rail transportation American railway entrepreneurs Franklin D. Roosevelt administration cabinet members Lafayette College trustees