Henry Morgenthau was a U.S. secretary of the treasury who, during his 12 years in office (1934–45) under President Franklin D. Roosevelt, supervised without scandal the spending of $370 billion—three times more money than had passed through the hands of his 50 predecessors combined.
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The editor of a farm journal, American Agriculturist, from 1922 to 1933, Morgenthau became a close friend of Roosevelt, whose Hyde Park estate was near Morgenthau's farm in Dutchess county, New York. During Roosevelt's governorship of New York (1929–33), Morgenthau served as state conservation commissioner and as chairman of the governor's agricultural advisory committee. He assisted in the political campaigns of both 1928 and 1932.
As head of the treasury, Morgenthau was an industrious and effective administrator who surrounded himself with an able and dedicated staff and insisted on high standards of departmental efficiency. He was frequently torn between his intense loyalty to the president and his conservative conviction that a balanced budget was essential to the national welfare. In the end loyalty prevailed, and he threw himself wholeheartedly into the task of financing the ambitious New Deal domestic program and the nation's enormous responsibilities in World War II. He was the author of the Morgenthau Plan, which aimed at crippling German industrial potential after the war but was never put into effect.
Morgenthau resigned shortly after Roosevelt's death (April 1945). After retirement, he devoted himself to his farm, to philanthropic interests, and to foreign travel.
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