William P. G. Harding
William P. G. Harding | |
|---|---|
| Born | Template:Birth date Boligee, Alabama, U.S. |
| Died | April 7, 1930 (aged 65) Boston, Massachusetts, U.S. |
| Occupation | Banker |
| Years active | 1880s–1930 |
| Known for | Second chairman of the Federal Reserve (1916–1922), member of the Federal Reserve Board (1914–1922), director of War Finance Corporation (1918–1919), president of Federal Reserve Bank of Boston (1923–1930) |
William Proctor Gould Harding (May 5, 1864 – April 7, 1930) was a prominent American banker who held the position of the second chairman of the Federal Reserve from 1916 until 1922. Prior to his tenure as chairman, Harding was among the inaugural members of the Federal Reserve Board, beginning in 1914. Simultaneously, he directed the War Finance Corporation between 1918 and 1919. Following his departure from the Federal Reserve, Harding provided counsel to the Cuban government on restructuring its financial and accounting frameworks.
Upon returning to the United States, he was appointed governor of the Federal Reserve Bank of Boston, a role he fulfilled from 1923 until his passing in 1930.
Early life
Born on May 5, 1864, in Boligee, Alabama, Harding was the son of Horace and Eliza Proctor Gould Harding. His grandfather was the distinguished portrait artist Chester Harding. He received his foundational education in Tuscaloosa, Alabama, where he was mentored by esteemed educators such as Dr. Warfield C. Richardson and Professor Joseph M. Dill.
Harding matriculated at the University of Alabama in 1878, obtaining a Bachelor of Arts degree in 1880 followed by a Master of Arts in 1881, distinguishing himself as one of the university’s youngest graduates. He subsequently advanced his business education at an institution located in Poughkeepsie, New York.
Career
Returning to Tuscaloosa, Harding spent three years employed at J. H. Fitts and Company as a bookkeeper and clerk. Later, he relocated to Birmingham, Alabama, where he joined Berney National Bank as a bookkeeper and was elevated to cashier within three years. In 1896, he was chosen as vice-president of the First National Bank of Birmingham and ascended to its presidency on June 28, 1902.
During his leadership tenure, Harding earned acclaim as a foremost banker both regionally in the South and nationally. In 1913, he was elected president of the Birmingham Chamber of Commerce.
Later life
Harding stepped down from his bank presidency when President Woodrow Wilson appointed him to the Federal Reserve Board on August 10, 1914, just prior to the outbreak of World War I. On August 10, 1916, Wilson reappointed him to the Board and designated him director of the War Finance Corporation, a position he maintained until 1922. The University of Alabama honored him with an honorary Legum Doctor degree in 1916.
In 1922, Cuban President Alfredo Zayas y Alfonso engaged Harding to overhaul Cuba’s financial and accounting systems. After returning to the United States in 1923, Harding assumed the presidency of the Federal Reserve Bank of Boston, serving in this capacity until his death on April 7, 1930. He passed away at his residence in Boston due to heart failure following an extended illness.
Personal life
In October 1895, Harding married Amanda Moore, granddaughter of Alabama congressman Sydenham Moore. The couple had three children before Amanda tragically died by suicide in 1910. Their daughter Margaret also died by suicide in 1924. Harding was affiliated with the Freemasonry fraternity and practiced as an Episcopalian.