U.S. At War: $51,000,000,000-a-Year Man

Fishkill Farms, the Hudson Valley home dear to the heart of Treasury Secretary Henry Morgenthau Jr., lay frozen and snow-specked under grey mists this week. The Mclntosh apple trees, which Henry Morgenthau loves to see at blossom time, stuck bare, stubby branches into a winter wind. The rose bushes which he likes best of all (his favorite is called Better Times) stood like dry sticks in little mounds of protecting earth. Not until April would Fishkill Farms come to life again.

But Henry Morgenthau, stewing and fretting in Washington, with figures spinning in his...

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