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Franklin MacVeagh | |
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| 45thUnited States Secretary of the Treasury | |
| In office March 8, 1909 – March 5, 1913 | |
| President | William Howard Taft |
| Preceded by | George B. Cortelyou |
| Succeeded by | William McAdoo |
| Personal details | |
| Born | (1837-11-22)November 22, 1837 Phoenixville, Pennsylvania, U.S. |
| Died | July 6, 1934(1934-07-06) (aged 96) Chicago, Illinois, U.S. |
| Resting place | Graceland Cemetery |
| Political party | Democratic(Before 1896) Republican(1896–1934) |
| Spouse | Emily Eames |
| Relatives | Wayne MacVeagh(Brother) |
| Education | Yale University(BA) Columbia University(LLB) |
| Signature |  |
Franklin MacVeagh (November 22, 1837 – July 6, 1934) was an American politician, lawyer, grocer and banker. He served as theUnited States Secretary of the Treasury under PresidentWilliam Howard Taft.
Born on November 22, 1837, inPhoenixville, Pennsylvania, Franklin MacVeagh was a son of Major MacVeagh and the former Margaret Lincoln.[1] His brother,Isaac Wayne MacVeagh, became theU.S. Attorney General under PresidentsJames A. Garfield andChester A. Arthur.
MacVeagh graduated fromYale University in 1862, where he was a member ofSkull and Bones.[2]: 182 He then graduated fromColumbia Law School in 1864. AMethodist, MacVeagh married Emily Eames in 1868; they had five children.[1]
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 byPresident and fellow BonesmanWilliam Howard Taft.
MacVeagh failed to address the pressing problem ofcurrency reform, however, leaving it to theNational Monetary Commission, which had been established by theAldrich-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 theU.S. Customs Service with the introduction of electric automatic weighing devices and acceptedcertified checks instead of currency for customs andinternal revenue payments. He was also involved in the creation of thebuffalo nickel.
In 1885, MacVeagh served as the eighth president of theCommercial Club of Chicago.[3]
HisWashington, D.C., home at 2829 16th St., NW, was designed and built between 1910 and 1911 by noted architectNathan C. Wyeth. It is now home to the Mexican Cultural Institute of the Embassy of Mexico.
He also owned a large summer estate inDublin, New Hampshire (now listed on theNational Register of Historic Places) known asKnollwood.
Franklin MacVeagh died inChicago, Illinois, on July 6, 1934, at age 96, and was interred inGraceland Cemetery in Chicago.[4]
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| Preceded by | U.S. Secretary of the Treasury Served under:William Howard Taft March 8, 1909 – March 5, 1913 | Succeeded by |
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