Henry Morgenthau Jr.

Henry Morgenthau Jr. was an American statesman who served as the 52nd United States Secretary of the Treasury under Presidents Franklin D. Roosevelt and Harry S. Truman. A key architect of the New Deal's financial policies, he is best known for his leadership during the Great Depression and World War II, and for the controversial postwar Morgenthau Plan. His tenure, the longest of any Treasury Secretary, was defined by efforts to fund massive government spending through war bond drives and new tax policies, fundamentally shaping the modern American fiscal state.

Early life and career

Born into a prominent German-Jewish family in New York City, he was the son of Henry Morgenthau Sr., a successful real estate investor and diplomat who served as United States Ambassador to the Ottoman Empire. After studying agriculture and architecture at Cornell University, he purchased a farm in Dutchess County, New York, where he became a neighbor and close personal friend of Franklin D. Roosevelt. This relationship led to his appointment in 1929 as chairman of the New York State Agricultural Advisory Commission when Roosevelt became Governor of New York. His early government roles focused on agricultural policy and conservation, serving on the President's Emergency Committee for Employment and later as governor of the Federal Farm Board and chairman of the New York State Conservation Department.

Secretary of the Treasury

Appointed by President Roosevelt in 1934, he played a central role in financing the New Deal and mobilizing the American economy for World War II. He oversaw the expansion of the Internal Revenue Service and the implementation of major revenue acts, including the Revenue Act of 1935 and the Current Tax Payment Act of 1943, which established modern payroll withholding. During the war, he directed the sale of over $200 billion in war bonds through campaigns featuring celebrities like Bing Crosby and managed the complex financial relationships with Allied nations through programs like Lend-Lease. He also helped establish the Bretton Woods system, creating the International Monetary Fund and the World Bank.

The Morgenthau Plan

In 1944, he authored the infamous Morgenthau Plan, a proposal for the postwar occupation of Germany. The plan advocated for the complete deindustrialization of Germany, converting it into a pastoral, agricultural nation to prevent future rearmament. Initially gaining support from Roosevelt and British Prime Minister Winston Churchill at the Second Quebec Conference, the plan was vehemently opposed by Secretary of War Henry L. Stimson and the United States Department of State. After intense criticism for its severity and potential to create humanitarian disaster, the plan was abandoned by President Truman in favor of the more reconstructive approach embodied in the Marshall Plan.

Later life and death

After resigning from the United States Cabinet in 1945 following disagreements with Truman over postwar policy, he remained active in public life. He served as chairman of the United Jewish Appeal and dedicated himself to philanthropic causes, particularly supporting the new state of Israel. He also authored several books, including his memoirs, *"Germany is Our Problem"*, which defended his controversial plan. He died of a stroke on February 6, 1967, at his home in Poughkeepsie, New York, and was interred at Mount Pleasant Cemetery in Hawthorne, New York.

Legacy

His legacy is complex, marked by monumental domestic achievements and a controversial foreign policy proposal. As Treasury Secretary, his fiscal and tax policies were instrumental in steering the United States through its greatest economic and military crises, leaving a lasting imprint on the nation's financial infrastructure. However, the Morgenthau Plan remains a stark example of punitive postwar planning, influencing early Allied occupation policy before being supplanted. His personal papers are held at the Franklin D. Roosevelt Presidential Library and Museum in Hyde Park, New York.

Category:1891 births Category:1967 deaths Category:United States Secretaries of the Treasury Category:Franklin D. Roosevelt administration cabinet members Category:People from New York City