held the position of Secretary of the Treasury from 1934 until 1945. His tenure encompassed the implementation of the New Deal, the financing of American military rearmament, and the development of post-war policy strategies regarding the reconstruction of occupied European territories.
Agricultural Beginnings and Political Entry
Born in 1891 in New York City, Morgenthau attended Phillips Exeter Academy and the Dwight School before enrolling at Cornell University to study architecture and agriculture. Although he never completed a college degree, he established Fishkill Farms in upstate New York. Through his proximity to the Roosevelt estate, he formed a long-standing association with Franklin and Eleanor Roosevelt. In 1922, he took over the American Agriculturalist, promoting scientific farming, which led to his 1929 appointment as chair of the New York State Agricultural Advisory Committee.
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In 1933, he became governor of the Federal Farm Board. Following the resignation of William H. Woodin in 1934, he assumed the role of Secretary of the Treasury. Working alongside Federal Reserve Chairman Marriner Stoddard Eccles, he managed interest rates to support expansive government programs. He frequently advocated for balanced budgets and the reduction of national debt, though he oversaw the substantial financial requirements of the United States as it transitioned into global conflict.
Investigations and Regulatory Oversight
Morgenthau utilized Treasury intelligence agencies to target organized crime and systemic corruption. He appointed Elmer Lincoln Irey in 1937 to coordinate efforts that resulted in the successful prosecution of figures such as Thomas Pendergast and Charles Carrollo. His department also conducted tax audits on individuals including William Randolph Hearst and Marion Davies to address potential political opposition to existing economic policies.
Legacy and Final Service
Following the death of Franklin D. Roosevelt, Morgenthau served under President Harry Truman until July 1945. Due to the resignation of Secretary of State Edward Stettinius Jr., he stood briefly next in line to the presidency. He authored the book Germany is Our Problem, which outlined his proposals for the deindustrialization of that country. He died in New York City in 1967 and is buried at Mount Pleasant Cemetery.
Fast facts
- Born: 1891, New York City
- Died: 1967, New York City
- Education: Phillips Exeter Academy, Dwight School, Cornell University
- Position: United States Secretary of the Treasury (1934-1945)
- Notable Work: Germany is Our Problem
- Burial: Mount Pleasant Cemetery
Questions readers ask
Did Morgenthau ever serve as acting president?
He was never president, but from June 27, 1945, to July 3, 1945, he was next in the line of presidential succession.
What was his background before joining the Treasury?
He was a farmer and publisher who managed Fishkill Farms and the American Agriculturalist magazine before entering public service.
Achievements
- Notable work: Germany is Our Problem
- Affiliated with United States Department of the Treasury
- Educated at Cornell University, Phillips Exeter Academy and Dwight School
- Worked as politician, economist and finance minister
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