William Smith spent his early years in New York City and Michigan, later moving to Wisconsin where he attended common schools and became a partner in a mercantile firm. He transitioned from retail and wholesale sectors to public service, serving in the Wisconsin State Assembly and later the State Senate. Smith played a pivotal role in organizing the Republican Party in Wisconsin and held various state-level positions, including state treasurer and director of the state prison. He co-founded a supermarket chain in Milwaukee and served two terms as governor of Wisconsin, focusing on economic stability, education, and public service improvements.

William Smith's political identity is shaped by a unique blend of localism and fiscal conservatism. He consistently advocated for policies that supported small businesses and local commerce, while also emphasizing a stable financial system and prudent fiscal management. Smith's support for accessible education and efficient public services reveals a commitment to community improvement, yet his simultaneous focus on local economic growth suggests a calculated approach to regional development. His tenure in various state offices, combined with his entrepreneurial ventures, underscores a strategic balance between public service and private enterprise.