George M. Humphrey

George M. Humphrey
Born	George Magoffin Humphrey 8 3, 1890
Birthplace	Cheboygan, Michigan, U.S.
Died	Template:Death date and age Cleveland, Ohio, U.S.
Nationality	American
Occupation	Lawyer, businessman, banker, government official
Known for	55th United States Secretary of the Treasury
Education	University of Michigan (LL.B.)
Children	3

George Magoffin Humphrey (March 8, 1890 – January 20, 1970) was an American lawyer, industrialist, and political figure who served as the 55th United States Secretary of the Treasury under President Dwight D. Eisenhower from 1953 to 1957. Before entering government, Humphrey built a formidable career in the industrial heartland of Ohio, rising to become chairman of the M. A. Hanna Company, one of the nation's leading mining and industrial firms based in Cleveland. A fiscal conservative who championed balanced budgets and reduced government spending, Humphrey became one of the most influential members of the Eisenhower cabinet and a close personal friend of the president. His tenure at the Treasury Department was marked by efforts to reduce the federal budget, lower taxes, and maintain a sound dollar. Upon his death in 1970, President Richard Nixon described him as "a man of firm purpose, unremitting effort, and high dedication" whose "great contributions to American life" spanned both business and public service.

Early Life

George Magoffin Humphrey was born on March 8, 1890, in Cheboygan, Michigan, a small city in the northern Lower Peninsula of the state. His middle name, Magoffin, reflected family heritage; his father was a lawyer who practiced in Saginaw, Michigan. The elder Humphrey instilled in his son an appreciation for law and business that would shape the younger Humphrey's career path. George grew up in Saginaw, where he attended local schools before pursuing higher education at the University of Michigan in Ann Arbor.

The Humphrey family's roots in Michigan provided George with a Midwestern sensibility and work ethic that contemporaries and biographers frequently noted throughout his career. Cheboygan, situated near the Straits of Mackinac, was a community shaped by the lumber and shipping industries, and the young Humphrey grew up familiar with the rhythms of extractive industry and Great Lakes commerce — experiences that would later inform his career in mining and industrial management.

Education

Humphrey attended the University of Michigan in Ann Arbor, where he studied law. He earned his Bachelor of Laws (LL.B.) degree from the University of Michigan Law School. His legal training provided the foundation for his initial career in practice and later proved invaluable in his navigation of corporate law and industrial management. After completing his legal education, Humphrey was admitted to the bar and began practicing law in Michigan before relocating to Ohio, where he would spend the balance of his professional life.

Career

Early Legal and Business Career

After graduating from law school, Humphrey began his career as a practicing attorney in Saginaw, Michigan. His legal abilities soon attracted the attention of the industrial firms that dominated the economy of the Great Lakes region. He relocated to Cleveland, Ohio, where he joined the law firm associated with the M. A. Hanna Company, a major mining, shipping, and industrial conglomerate that had been founded in the nineteenth century and had deep ties to Ohio's political and business establishment.

Humphrey's transition from law to corporate management was swift. He demonstrated a talent for industrial organization and finance, and he rose rapidly through the ranks of the Hanna enterprise. By the 1920s, he had moved from legal counsel into executive leadership roles within the company. His ascent reflected both his considerable managerial skills and his ability to navigate the complex web of relationships that connected Cleveland's industrial, banking, and political elites during the interwar period.

Chairman of M. A. Hanna Company

Humphrey ultimately became chairman of the M. A. Hanna Company, a position that placed him at the helm of one of the most significant industrial firms in the United States. Under his leadership, the company expanded its operations in iron ore mining, coal, steel, and related industries. The Hanna Company controlled substantial interests in the natural resources of the Great Lakes region and maintained a network of subsidiary companies and partnerships that extended across the American industrial landscape.

As chairman, Humphrey was known for his conservative fiscal philosophy, his insistence on efficiency, and his opposition to what he regarded as excessive government regulation of business. He became one of the most prominent business leaders in Cleveland and in the broader national business community. His leadership of the Hanna Company brought him into contact with leading figures in American industry and finance, and he became active in business organizations that sought to influence national economic policy.

The Hanna Company's prominence in Cleveland's economic life was considerable. The firm's legacy would extend well beyond Humphrey's own tenure; his grandson, George M. Humphrey II, later continued the family's association with the company, serving as the last Hanna family member to lead Hanna Mining before the firm's eventual transformation and merger.

Secretary of the Treasury (1953–1957)

In late 1952, President-elect Dwight D. Eisenhower selected Humphrey to serve as United States Secretary of the Treasury. The appointment reflected Eisenhower's desire to bring experienced business leaders into his cabinet and to implement a program of fiscal discipline in the federal government. Humphrey took office on January 21, 1953, succeeding John W. Snyder, who had served under President Harry S. Truman.

Humphrey quickly established himself as one of the most powerful and influential members of the Eisenhower cabinet. His relationship with the president was unusually close; the two men shared a commitment to balanced budgets, reduced government spending, and a sound monetary policy. Eisenhower relied heavily on Humphrey's judgment on fiscal and economic matters, and the Treasury Secretary became a central figure in shaping the administration's domestic policy agenda.

Fiscal Philosophy and Budget Policy

At the core of Humphrey's approach to the Treasury was a deeply held conviction that the federal government should live within its means. He advocated vigorously for reductions in government spending, arguing that excessive expenditures threatened the stability of the dollar and imposed undue burdens on taxpayers. His fiscal conservatism placed him at times in tension with other members of the administration who favored higher levels of defense spending or more expansive domestic programs.

Humphrey became particularly well known for a January 1957 press conference in which he warned that continued high levels of government spending could produce "a depression that will curl your hair." The remark attracted significant media attention and was widely interpreted as a public challenge to the administration's own budget proposals. The statement underscored Humphrey's willingness to speak bluntly on fiscal matters, even when his views appeared to conflict with those of other senior officials.

Tax Policy

Humphrey also championed efforts to reduce federal tax rates, arguing that lower taxes would stimulate economic growth and ultimately generate greater revenue for the government. He supported the reduction of wartime-era tax rates that had remained in place after the end of the Korean War, and he worked to simplify and rationalize the federal tax code. His views on tax policy aligned with the broader Republican philosophy of the era, which emphasized private enterprise and limited government intervention in the economy.

Relationship with Eisenhower

The personal friendship between Humphrey and Eisenhower extended well beyond the formal boundaries of their official relationship. The president was a frequent guest at Humphrey's plantation estate in southern Georgia, where the two men hunted quail and discussed policy in an informal setting. In February 1954, President Eisenhower traveled to Humphrey's Georgia retreat, where he arrived and was hunting quail within ten minutes of his arrival. These visits became a regular feature of the Eisenhower presidency and reflected the depth of the bond between the two men.

When Humphrey submitted his resignation in 1957, Eisenhower's acceptance letter made clear the president's reluctance to see him go. Eisenhower wrote that he had "known for more than two years that your retirement from government service could not be indefinitely postponed," reflecting the understanding that Humphrey's return to private life had been anticipated but delayed by the president's desire to retain his counsel. Humphrey's last day as Secretary of the Treasury was July 29, 1957, and he was succeeded by Robert B. Anderson.

Return to Private Life

After leaving the Treasury, Humphrey returned to Cleveland and to his business interests. He resumed his association with the M. A. Hanna Company and remained active in the industrial and financial life of the city. He continued to be a prominent voice in Republican circles on matters of fiscal policy and economic management, though he did not seek or hold public office again.

Humphrey's post-government career also included continued involvement in philanthropy and civic affairs in the Cleveland area. The Humphrey family maintained its position as one of the leading families in Cleveland's business and social establishment for decades after his return from Washington.

Throughout the late 1950s and 1960s, Humphrey remained a respected figure in American business. His views on fiscal conservatism, balanced budgets, and limited government continued to influence Republican economic thinking. He occasionally appeared in the press commenting on national economic policy and was consulted by political figures who valued his experience and judgment.

Personal Life

George M. Humphrey married and had three children. His family became deeply rooted in the Cleveland, Ohio, area, where the Humphreys were prominent in business, philanthropy, and civic life for multiple generations. His grandson, George M. Humphrey II, continued the family's involvement in the Hanna Mining Company and was recognized as a leader in both business and philanthropy in Cleveland.

Humphrey maintained a hunting plantation in southern Georgia, which served as a retreat for both personal relaxation and informal political discussion. President Eisenhower's visits to the Georgia estate were well documented in the press and became emblematic of the close personal relationship between the two men.

Humphrey's daughter-in-law, Patience Ryan Humphrey, who married into the family and resided in Bratenahl, Ohio, was active in the Cleveland community until her death in 2023.

George M. Humphrey died on January 20, 1970, in Cleveland, Ohio. He was interred at Lake View Cemetery in Cleveland, a historic burial ground that is the final resting place of numerous prominent Clevelanders.

Recognition

Upon Humphrey's death, President Richard Nixon issued a formal statement honoring his memory. Nixon described Humphrey as "a man of firm purpose, unremitting effort, and high dedication," and praised his "great contributions to American life" in both the private and public sectors.

Humphrey's papers are preserved at the Dwight D. Eisenhower Presidential Library in Abilene, Kansas, where they constitute a significant resource for researchers studying the economic policies of the Eisenhower administration. The finding aid for his papers documents a substantial collection of correspondence, memoranda, and other materials from his years of government service.

The Encyclopedia of Cleveland History, maintained by Case Western Reserve University, includes an entry on Humphrey that recognizes his significance as both a Cleveland business leader and a national political figure. His career has also been the subject of analysis by the Miller Center at the University of Virginia, which examines his role as Treasury Secretary within the broader context of the Eisenhower presidency.

Humphrey's leadership of the M. A. Hanna Company and his service in the Eisenhower cabinet made him one of the most prominent figures in mid-twentieth-century Cleveland. The Humphrey family's continued involvement in Cleveland business and philanthropy extended the family's public profile well beyond his own lifetime.

Legacy

George M. Humphrey's legacy rests on two pillars: his role in building the M. A. Hanna Company into a major American industrial enterprise, and his service as Secretary of the Treasury during a formative period of postwar American economic policy. His tenure at Treasury coincided with a period of relative economic stability and growth in the United States, and his advocacy for balanced budgets and fiscal restraint became closely associated with the economic philosophy of the Eisenhower administration.

Humphrey's influence on Republican fiscal thinking extended beyond his years in government. His warnings about the dangers of excessive government spending and his insistence on the importance of a sound dollar resonated with subsequent generations of conservative policymakers. The "hair-curling depression" remark of January 1957, while controversial at the time, became one of the most frequently cited statements in the history of postwar American fiscal debate.

In Cleveland, the Humphrey name remained synonymous with the city's industrial heritage. The M. A. Hanna Company, which Humphrey had led for decades, continued to operate as a significant enterprise long after his departure, and his descendants maintained the family's involvement in both the company and the broader civic life of the city. George M. Humphrey II, his grandson, carried forward the family's tradition of business leadership and philanthropy in Cleveland until his own death in 2012.

Humphrey's career illustrated the close connections between American industry and government in the mid-twentieth century. His path from corporate boardroom to cabinet room was characteristic of the Eisenhower administration's reliance on business leaders to manage the nation's economic affairs, and his experience at the Hanna Company informed his approach to the federal budget and tax policy in ways that shaped the administration's economic record.