Citation Accompanying the Medal for Merit Awarded to Henry Morgenthau.

CITATION TO ACCOMPANY THE AWARD OF

THE MEDAL FOR MERIT

TO

HENRY MORGENTHAU, JR.

HENRY MORGENTHAU, JR., Secretary of the Treasury, 1934-1945, for exceptionally meritorious conduct in the performance of outstanding services in such office. Under his supervision, the Treasury Department, through the sales of bonds, raised two hundred billion dollars with which to finance our defense and war activities. This great achievement was accompanied by a substantial reduction in the average rate of interest on the public debt. He participated in formulating and administering a wartime Federal tax program which raised unprecedented tax revenues with a minimum disturbance to the domestic economy. He contributed immeasurably to the close fiscal cooperation which this Government has had with its allies during the war. His many years of activity and accomplishment in the field of international monetary stabilization bore fruit in the Bretton Woods Agreements for an International Monetary Fund and Bank, ratified by the Congress early this year. In the days prior to our entrance into the war, both before and after the enactment of the lend-lease legislation, he was in the forefront in facilitating and urging aid to our allies. His vision, skill, and determination in financing the war, in preserving the stability of our domestic economy during the difficult war period, and in fostering international fiscal cooperation are exemplary of the highest standards of civilian services to the United States.

HARRY S. TRUMAN