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money, fiscal policy, what you might call Treasury policy. The President was getting thoroughly confused. Will Woodin's illness had, of course, left him without an active Secretary of the Treasury. If I'm not mistaken, Daniel Bell was in the Treasury at the time. He was a civil servant and a civil servant at the top. He was like the principal permanent civil servant in the Treasury. He was way up at the top. He was being consulted a good deal about one thing and another. He was not at all an impressive fellow, but a man who knew a good deal.

At the time Dean Acheson was Undersecretary of the Treasury. He quit fairly soon after the inauguration of the New Deal - sometime in the fall of '33. Lots of people were upset by the fiscal problems at the time. Lewis Douglas quit soon because the President wasn't balancing the budget. Douglas had been terribly upset by public works. It was Obvious that other things besides public works were coming up that would not make a balanced budget a possible thing.

I never did know why Dean Acheson resigned exactly, but I did know him. At any rate, he was primarily a lawyer and his advice was legal advice. After Acheson resigned as Undersecretary Henry Morgenthau moved into that spot.

At about this time when things were in quite a bad way on the financial side, the President asked Henry Bruere