It was an angry, spiteful Gideon who watched his army melt away. On election night, Henry Wallace listened to the returns in his office, while party workers stamped and whirled in a square dance downstairs. When the networks gave him time for a three-minute talk (which listeners expected to be his admission of defeat), Wallace cried: "The cup of iniquity of both the old parties will overflow and one or the other of the old parties will disappear." He exhorted his workers: "This crusade is going ahead with renewed vigor."
His party had polled a meager 1,116,390 votes—far short of...