History of the Treasury
Secretaries of the Treasury
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William H. Woodin
(1933)
In 1933 William H. Woodin (1868-1934) was appointed Secretary
of the Treasury by his close personal friend President Franklin D. Roosevelt
at one of the most critical moments in the nation's history. The financial
system of the country had been weakened by the effects of the Depression,
including increasing lack of confidence in the banking system and huge withdrawals
of deposits. The crisis of 1933 saw massive bank failures,  which made the situation worse. Woodin's task
was to restore public confidence in the government and to carry out Roosevelt's
New Deal policies of fiscal and monetary expansion, which deviated sharply
from those of his predecessor.
To deal with the crisis of 1933, Roosevelt created
the Federal Deposit Insurance Corporation, an independent agency that
insured bank deposits and was designed to increase public confidence in
the banks. Woodin devised regulations permitting banks to resume operations
and took measures to prevent the hoarding of gold. He resigned after less
than a year due to ill health.
About the Artist
Born in California, Ellen Emmet Rand is the best-known of the third generation
of women artists in an illustrious Irish-American family that includes
Henry and William James. She is considered one of the earliest truly professional
women portraitists in this country. In 1884 she came to New York and studied
at the Art Students League with Robert Reid and Kenyon Cox. She did illustrations
for Vogue and Harper’s Weekly from 1893-94. Ellen left for Europe
in 1896, eventually settling in Paris to study with Frederick MacMonnies.
During this time she met John Singer Sargent in London who gave her artistic
advice. Sargent, who was a friend of Henry James reported that young Emmet
had more talent than any man or women of her age than he had ever seen.
Ms. Rand is noted for her portrait of President Franklin Roosevelt that
is in the White House Collection and one of August St. Gaudens which is
in the Metropolitan Museum in New York.
Secretary Woodin’s portrait was painted posthumously from a photograph,
and donated to Treasury by Mrs. Woodin on February 22, 1935.
Office of the Curator
All rights reserved. 2001
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