David F. 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 was born in Monroe, North Carolina, on February 17, 1866. He was the son of William Henry Houston, a horse dealer and grocer, and his wife, the former Pamela Ann Stevens. He graduated from the University of South Carolina in 1887, with honors, and completed his graduate work at Harvard University, where he received a M.A. in political science in 1892. Houston married Helen Beall on December 11, 1895. They had five children: David Franklin, Jr., Duval, Elizabeth, Helen and Lawrence R. Houston.

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.

Houston left Texas to serve as chancellor of Washington University in St. Louis, after being recommended by Charles W. Eliot, the president of Harvard University. He held the position from 1908 to 1913. During his tenure he established the School of Architecture (now part of the Sam Fox School of Design & Visual Arts) and strengthened the medical school through partnerships with Children's and Barnes hospitals. He left the university to become the U.S. Secretary of Agriculture.

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 served as President Woodrow Wilson's Secretary of Agriculture from 1913 to 1920. During his time as Agriculture Secretary many important agricultural laws were passed by the U.S. Congress, including the Smith–Lever Act of 1914, the Federal Farm Loan Act, the Tobacco Inspection Act, and the Federal Aid Road Act of 1916. However following the Food and Fuel Control Act responsibility for food was handed over to Herbert Hoover at the United States Food Administration. Hoover only accepted the position on the basis he would be free from interference from Houston.

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.