Henry Morgenthau Jr.

Henry Morgenthau Jr. (May 11, 1891 – February 6, 1967) served as United States Secretary of the Treasury from 1934 until 1945, a period that encompassed the majority of Franklin D. Roosevelt’s presidency. During his tenure he helped design and finance the New Deal programs that addressed the Great Depression and later directed substantial resources toward the United States’ involvement in World War II. His work extended beyond domestic fiscal policy to include significant contributions to foreign aid, refugee assistance, and post‑war planning.

Early life and career

Morgenthau was born in New York City into a prominent Jewish family whose parents had emigrated from Germany. He grew up with three sisters and received his early education at Phillips Exeter Academy before transferring to the Dwight School. Although he enrolled at Cornell University to study architecture and agriculture, he did not complete a degree, leaving the university twice because of difficulties concentrating on coursework.

In 1913 Morgenthau met Franklin and Eleanor Roosevelt while working as a farmer on Fishkill Farms near the Roosevelts’ upstate estate. The farm specialized in Christmas trees, reflecting the agricultural interests that would later shape his public service. Concerned about the hardships faced by farmers—who represented more than one‑quarter of the American population—he took over the publication *American Agriculturalist* in 1922. Under his leadership the magazine became a platform for advocating reclamation, conservation, and scientific farming practices.

Roosevelt’s political ascent brought Morgenthau into state service. In 1929, then‑Governor Roosevelt appointed him chair of New York State’s Agricultural Advisory Committee and to the Conservation Commission. These positions provided Morgenthau with experience in agricultural policy and public administration that would prove useful when he entered federal office.

Cabinet tenure

When Franklin D. Roosevelt was inaugurated as president in 1933, Morgenthau was named governor of the Federal Farm Board, a position that placed him at the center of efforts to stabilize farm prices during the early years of the New Deal. He also became involved in monetary policy discussions; for example, he participated in decisions to raise the price of gold—a move intended to counteract deflation and stimulate economic activity.

In 1934 William H. Woodin resigned as Secretary of the Treasury, and Roosevelt appointed Morgenthau to succeed him. The Senate confirmed his appointment, and he served in that capacity until 1945. Throughout his tenure Morgenthau maintained a strict monetarist stance, working closely with President Roosevelt and Federal Reserve Chairman Marriner Stoddard Eccles to keep interest rates low. This policy framework supported the large public spending programs of the New Deal and later provided financial foundations for rearmament and U.S. participation in World War II.

Morgenthau’s responsibilities also extended into investigative work against corruption. He established a coordinator within Treasury agencies to improve cooperation among the department’s fragmented law‑enforcement bodies, which included the IRS criminal investigators and other federal entities. Under his oversight, investigations led by figures such as former IRS investigator Elmer Lincoln Irey resulted in significant outcomes: the downfall of political boss Thomas “Big Tom” Pendergast in Kansas City and prosecutions related to organized crime activities.

In addition to domestic matters, Morgenthau played a growing role in shaping foreign policy. He was involved in negotiating Lend‑Lease agreements that supplied Britain and other allies with critical war materiel, supported China’s resistance against Japan, and facilitated assistance for Jewish refugees fleeing persecution in Europe. His name is also associated with the “Morgenthau Plan,” a proposal to deindustrialize Germany after the war, reflecting his influence on post‑war planning discussions.

After Secretary of State Edward Stettinius Jr. resigned on June 27, 1945, Morgenthau became next in line to the presidency for a brief period until July 3, 1945, when Harry Truman assumed office. He remained Treasury secretary during Truman’s initial months in office before resigning later that year.

Legacy

Morgenthau’s impact on American fiscal policy is evident in his stewardship of the Treasury during a period marked by unprecedented government spending and economic upheaval. By maintaining low interest rates he helped finance both New Deal programs and wartime mobilization, thereby influencing the trajectory of U.S. economic development throughout the mid‑20th century.

His anti‑corruption initiatives within the Treasury Department contributed to greater accountability in federal agencies and set precedents for future oversight mechanisms. The investigations that led to the removal of entrenched political bosses demonstrated a commitment to integrity in public service.

On the international stage, Morgenthau’s involvement in Lend‑Lease, support for China, and refugee assistance underscored the United States’ expanding role as a global actor during World War II. His participation in post‑war planning discussions, including the Morgenthau Plan, reflected an engagement with the long‑term reconstruction of Europe.

Morgenthau’s family continued to play prominent roles in public life: his son Robert M. Morgenthau served as district attorney of Manhattan for 35 years; Henry Morgenthau III became a noted author and television producer; and Dr. Joan Morganthau Hirschhorn achieved distinction in pediatrics. His death on February 6, 1967 marked the end of an era in which he had been one of the most influential figures in shaping U.S. fiscal policy and foreign aid during a critical period of the 20th century.