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Preston Earnest Smith (March 8, 1912 – October 18, 2003) was an American entrepreneur and politician who served as the 40th governor of Texas from 1969 to 1973. A member of the Democratic Party, he previously served as the lieutenant governor from 1963 to 1969. Early life Smith was born into a tenant farming family of 13 children in Corn Hill, a town in Williamson County, Texas, that has since been absorbed into nearby Jarrell. The family later moved to Lamesa, Texas, where Smith graduated in 1928 from Lamesa High School. In 1934, he graduated from Texas Technological College (now Texas Tech University) in Lubbock with a bachelor's degree in business administration. Staying in Lubbock, he founded a movie theater business and invested in real estate. Political career Smith was first elected to the Texas House of Representatives in 1944 and then to the Texas State Senate in 1956. Smith's inauguration on January 21, 1969, had what was called "the flavor of the South Plains". The Texas Tech University marching band led the parade just behind the marshal and the color guard. A mounted masked Red Raider rode with the band. Governor and Mrs. Smith, both Tech graduates, followed in an open convertible. Other Smith family members rode in the parade, followed by the new lieutenant governor, Ben Barnes. The band of Lamesa High School, Smith's alma mater, was the first among the high school groups. Before the oath taking, the first to be televised in Texas history, Smith had been feted with a $25-per-place victory dinner in the Austin Municipal Auditorium, now the Long Center for the Performing Arts. In 1971 and 1972, Smith was embroiled in the Sharpstown scandal stock fraud scheme, which eventually led to his downfall. Smith lost his third-term bid for the governorship of Texas to Dolph Briscoe of Uvalde in the Democratic primary in 1972. Later life and attempted political comeback References Kinch, Sam Jr.; Procter, Ben (1972). Texas Under a Cloud: Story of the Texas Stock Fraud Scandal. Jenkins. External links Programs for people, by Preston Smith, published 1973, hosted by the Portal to Texas History. http://www.lubbockonline.com/stories/020508/obi_243811655.shtml Papers, 1930-1975 and undated, in the Southwest Collection/Special Collections Library at Texas Tech University. Discover the Preston Ely popular books. Find the top 100 most popular Preston Ely books.