James N. Huston was born in Greencastle, Pennsylvania in 1849, the son of William Huston (1801–1875) and his wife, Isabella E. (Duncan) Huston. In 1851, his father settled in Connersville, Indiana and in 1870 was one of the co-founders of a local bank known as the Citizens" Bank.
William Huston amassed a large fortune that he left to James at his death on January 5, 1875. He became the owner of the Citizens Bank at that time. He would later get into a number of businesses, including coffins, milling, silver plating, buggies, hosiery, and gas.
A Republican, Huston was elected to the Connersville City Council in 1876, and was re-elected in 1878.
In 1880, he was elected to the Indiana House of Representatives. In 1882, he was elected to the Indiana Senate, representing Fayette County, Rush County, and Union County.
He was chairman of the Indiana Republican Party during the 1884 United States. presidential election and the 1888 United States. presidential election. In 1889, President of the United States Benjamin Harrison nominated Huston to be Treasurer of the United States and Huston subsequently held that office from May 11, 1889 until April 24, 1891.
After leaving office, Huston later became president of the National Trust Company.
On January 3, 1910, Huston and two associates were indicted in Washington, District of Columbia for mail fraud. He was convicted on December 14, 1910. Huston died in 1927.
