Franklin MacVeagh (November 22, 1837July 6, 1934) was an American politician, lawyer, grocer and banker. He served as the

United States Secretary of the 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 President

William Howard Taft William Howard Taft (September 15, 1857March 8, 1930) served as the 27th president of the United States from 1909 to 1913 and the tenth chief justice of the United States from 1921 to 1930. He is the only person to have held both offices. ...

Formative years and family

Born on November 22, 1837, in

Phoenixville, Pennsylvania Phoenixville is a Borough (Pennsylvania), borough in Chester County, Pennsylvania, United States. It is located northwest of Philadelphia, Pennsylvania, Philadelphia at the junction of French Creek (Schuylkill River tributary), French Creek an ...

, Franklin MacVeagh was a son of Major MacVeagh and the former Margaret Lincoln. His brother, Isaac Wayne MacVeagh, became the

U.S. Attorney General The United States attorney general is the head of the United States Department of Justice and serves as the chief law enforcement officer of the federal government. The attorney general acts as the principal legal advisor to the president of the ...

under Presidents James A. Garfield and Chester A. Arthur. MacVeagh graduated from

Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...

in 1862, where he was a member of

Skull and Bones Skull and Bones (also known as The Order, Order 322 or The Brotherhood of Death) is an undergraduate senior Secret society#Colleges and universities, secret student society at Yale University in New Haven, Connecticut. The oldest senior-class ...

. He then graduated from

Columbia Law School Columbia Law School (CLS) is the Law school in the United States, law school of Columbia University, a Private university, private Ivy League university in New York City. The school was founded in 1858 as the Columbia College Law School. The un ...

in 1864. A

Methodist Methodism, also called the Methodist movement, is a Protestant Christianity, Christian Christian tradition, tradition whose origins, doctrine and practice derive from the life and teachings of John Wesley. George Whitefield and John's brother ...

, MacVeagh married Emily Eames in 1868; they had five children.

Professional life

MacVeagh initially worked as a wholesale grocer and lawyer and was subsequently hired by the Commercial National Bank of Chicago. Still serving as the director of that bank in 1909 after having held that position for twenty-nine years, he was nominated to be the United States Secretary of the Treasury by

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

and fellow Bonesman

. MacVeagh failed to address the pressing problem of currency reform, however, leaving it to the National Monetary Commission, which had been established by the Aldrich-Vreeland Act of 1908, but did stress the urgency of reform in his annual report. He is remembered for increasing the efficiency and general progressiveness of the Treasury Department. During his tenure, he abolished 450 unnecessary positions, rehabilitated the

U.S. Customs Service The United States Customs Service was a federal law enforcement agency of the U.S. federal government. Established on July 31, 1789, it collected import tariffs, performed other selected border security duties, as well as conducted criminal i ...

with the introduction of electric automatic weighing devices and accepted

certified check A certified check (or certified cheque) is a form of check for which the bank verifies that sufficient funds exist in the payer's account to cover the check, and so certifies, at the time it is written. Those funds are then set aside in the bank' ...

s instead of currency for customs and internal revenue payments. He was also involved in the creation of the buffalo nickel. In 1885, MacVeagh served as the eighth president of the

Commercial Club of Chicago The Commercial Club of Chicago is a nonprofit 501(c)(4) social welfare organization founded in 1877 with a mission to promote the social and economic vitality of the metropolitan area of Chicago. History The Commercial Club was founded in 187 ...

. His

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

, home at 2829 16th St., NW, was designed and built between 1910 and 1911 by noted architect Nathan C. Wyeth. It is now home to the Mexican Cultural Institute of the Embassy of Mexico. He also owned a large summer estate in

Dublin, New Hampshire Dublin is a New England town, town in Cheshire County, New Hampshire, Cheshire County, New Hampshire, United States. The population was 1,532 at the 2020 United States census, 2020 census. It is home to Dublin School and Yankee (magazine), ''Yanke ...

(now listed on the

National Register of Historic Places The National Register of Historic Places (NRHP) is the Federal government of the United States, United States federal government's official United States National Register of Historic Places listings, list of sites, buildings, structures, Hist ...

) known as Knollwood.

Death and interment

Franklin MacVeagh died in

Chicago, Illinois Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

, on July 6, 1934, at age 96, and was interred in

Graceland Cemetery Graceland Cemetery is a large historic garden cemetery located in the north side community area of Uptown, in Chicago, Illinois, United States. Established in 1860, its main entrance is at the intersection of Clark Street and Irving Park R ...

in Chicago.

Gallery

File:Franklin MacVeagh medal.jpeg, Franklin MacVeagh medal by George Morgan, () File:Grave of Franklin MacVeagh (1837–1934) at Graceland Cemetery, Chicago 1.jpg, MacVeagh's grave at Graceland Cemetery

References

External links

Franklin MacVeagh biography for Department of the Treasury

Rice on History profiles for Nomination by Secretary of the Treasury Franklin MacVeagh
{{DEFAULTSORT:MacVeagh, Franklin 1837 births 1934 deaths 20th-century American politicians People from Phoenixville, Pennsylvania Burials at Graceland Cemetery (Chicago) Columbia Law School alumni Yale University alumni Illinois Republicans United States secretaries of the treasury Taft administration cabinet members Washington, D.C., Republicans Members of Skull and Bones