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History of the Treasury
Secretaries of the Treasury
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James Guthrie
(1853 - 1857)
A prominent businessman and financier in the South, James
Guthrie (1792-1869) was appointed Secretary of the Treasury by President
Franklin Pierce in 1853. As Secretary he was a vigorous and effective administrator,
and he soon realized that the  recent significant growth of government business
demanded a revision of Treasury Department methods. He overhauled Treasury
regulations, curbed extravagance, and weeded out incompetence, declaring
as his aim "to infuse vigilance, fidelity and economy into the public service."
Guthrie warned customs collectors that they could not "too soon enter upon
the task of reforming what has been amiss, and introducing a more energetic,
vigilant and economical system," and he required of them monthly, rather
than quarterly, reports.
By 1853 the government surplus was large and commercial
banks were suffering from the lack of currency in circulation. Guthrie
used the surplus to buy silver bullion for coinage and to pay off the
federal debt, returning money to circulation and increasing the reserves
of commercial banks. He also hired Army Engineer Major Alexander Bowman
in 1853 to begin construction on the south wing of the Treasury Building
extension. Guthrie resigned at the end of Pierce's term in 1857.
About the Artist
Eliphalet Frazer Andrews was born in Steubenville,
Ohio in 1835 and studied art at the Dusseldorf Academy with Ludwig Knaus
and in Paris with Leon Bonnat. He returned to the United States and moved
to Washington, D.C. in 1877, just as his friend Rutherford B. Hayes took
up residence in the White House. Under the patronage of financier W.W.
Corcoran, Andrews founded the Corcoran School of Art, and as a volunteer
teacher from 1877 to 1887 he played a crucial supporting role during its
early years. The Centennial celebration in 1876 created a demand for images
of the heroes of the early republic, and Andrews was commissioned by the
government to copy many early portraits. His copies of early likenesses
of Martha Washington, Dolly Madison, and Thomas Jefferson are now in the
White House. His portrait of James Guthrie is also copied from an earlier
portrait.
Office of the Curator
All rights reserved. 2001
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