David Franklin Houston

David Franklin Houston (February 17, 1866 – September 2, 1940) was an American academic, businessman and conservative Democrat. Born in Monroe, North Carolina, he obtained his undergraduate degree from the University of South Carolina and his Master's from Harvard University. He was president of the Agricultural and Mechanical College of Texas and University of Texas at Austin and later the chancellor of Washington University, where he established the School of Architecture (now part of the Sam Fox School of Design & Visual Arts). He served under President Wilson as the 5th Secretary of Agriculture and the 48th United States Secretary of the Treasury. He later became the president of Bell Telephone Securities, a vice president at AT&T and president of the Mutual Life Insurance Company of New York. Houston married Helen Beall on December 11, 1895.

Higher education Houston taught political science at the University of Texas at Austin. He became an adjunct member of the faculty in 1894 and was named dean of the faculty in 1899. He then became the president of the Agricultural and Mechanical College of Texas (now Texas A&M University) from 1902 until 1905. In 1905 he returned to the University of Texas to become the president of the institution, serving until 1908. During his tenure at UT, the school opened a doctoral program and a law school.

Under President William McKinley he was on the board of visitors of the United States Military Academy at West Point. Later in life, he was an overseer of Harvard University and on the Columbia University Board of Trustees.

Houston's former house in the Dupont Circle neighborhood of Washington, D.C. He became the United States Secretary of the Treasury from 1920 to 1921 shortly following the World War I. His brief tenure was marked by stormy controversies over federal monetary policies. As ex officio Chairman of the Federal Reserve Board, he issued severe warnings and, increased rediscount rates in order to prevent the inflation that the European allies were experiencing. Houston predicted a fall in U.S. prices, particularly of farm products, after the optimism of the Armistice wore off. He pushed for easier credit for farmers and urged them to produce less.

But when prices fell more dramatically than expected in 1920, farm spokesmen unfairly accused Houston of deliberately wrecking agrarian prosperity. Abroad, England and France were pushing to cancel their war debts. Houston, the U.S. Congress and the President, against cancellation, converted the short-term debts to long-term loans. Houston resigned at the end of President Wilson's term, after only a year in office.

During his time in government Houston advocated other progressive measures such as the provision of a proper system of personal credit unions, aiding land settlement, the encouragement of farm ownership, and improvements in rural health and sanitation. In regards to the latter, Houston stated that “To what extent the further projection of effort is a matter for state or local action remains to be determined, but it seems clear that there should be no cessation of activity until there has been completed, in every community of the Union, an effective sanitary survey and, through the provision of adequate machinery, steps taken to control and eliminate the sources of disease and to provide the necessary modern medical and dental facilities easily accessible to the mass of the people.” Houston also argued that "The farmer, as well as the industrial worker, is entitled to a living wage and to a reasonable profit on his investment." He also argued that "We are all in sympathy with rational proposals for the improvement of the masses of the less fortunate people of the Nation and of the world, but this improvement must come by orderly processes. And we must recognize that, after all, the real progress of humanity is slow."

Business After leaving the Federal government of the United States, Houston became as the president of the Bell Telephone Securities and a vice president at AT&T. Houston also served as a director of AT&T, the Guaranty Trust Company and U.S. Steel. He was president of the Mutual Life Insurance Company of New York for ten years. He was buried next to his wife at Saint John's Church Cemetery in Laurel Hollow, New York.

Writings Houston published A Critical Study of Nullification in South Carolina (1896) to establish his place in academia. He later published a two-volume memoir of his experiences as a cabinet member, Eight Years with Wilson's Cabinet.