During the
1940 presidential election, a series of letters that Wallace had written in the 1930s to Russian mystic
Nicholas Roerich was uncovered by the Republicans. Wallace signed all of the letters as "G" for Galahad, the name Roerich had assigned him in the faith. Wallace assured Roerich that he awaited "the breaking of the New Day" when the people of "Northern Shambhalla" -a Buddhist term roughly equivalent to the kingdom of heaven- would create an era of peace and plenty. When asked about the letters, Wallace lied and dismissed them as forgeries. When the Republicans threatened to reveal his beliefs, the Democrats threatened to release information about Republican candidate
Wendell Willkie's extramarital affair.
http://www.adherents.com/people/pw/Henry_Wallace.html
Wallace was elected in November 1940 as Vice President on the Democratic Party ticket with President
Franklin D. Roosevelt. His inauguration took place on
January 20, 1941, for the term ending
January 20 1945.
Roosevelt named Wallace chairman of the
Board of Economic Warfare (BEW) and of the
Supply Priorities and Allocations Board (SPAB) in 1941. Both positions became important with the U.S. entry into
World War II. As he began to flex his newfound political muscle in his position with SPAB, Wallace came up against the conservative wing of the Democratic party in the form of
Jesse H. Jones, Secretary of Commerce. The two differed on how to handle wartime supplies.
On
May 8, 1942, Wallace delivered his most famous speech, which became known by the phrase "Century of the Common Man", to the
Free World Association in
New York City. This speech, grounded in Christian references, laid out a positive vision for the war beyond the simple defeat of the
Nazis. The speech, and the book of the same name which appeared the following year, proved quite popular, but it earned him enemies among the Democratic leadership, among important allied leaders like
Winston Churchill, and among business leaders and conservatives.
Wallace spoke out during race riots in Detroit in 1943, declaring that the nation could not "fight to crush Nazi brutality abroad and condone race riots at home."
In 1943, Wallace made a goodwill tour of
Latin America, shoring up support among important allies. His trip proved a success and helped persuade 12 Latin American countries to declare war on
Germany.
Regarding trade relationships with Latin America, he convinced the BEW to add "labor clauses" to contracts with Latin American producers. These clauses required producers to pay fair wages and provide safe working conditions for their employees and committed the United States to paying for up to half of the required improvements. This met opposition from the U.S. Department of Commerce.
After Wallace feuded publicly with Jesse Jones and other high officials, Roosevelt stripped him of all responsibilities and made it clear Wallace would not be on the ticket again. The Democratic Party, with concern being expressed privately about FDR being able to make it through another term, chose
Harry S. Truman as FDR's running mate at the convention, after New Deal partisans failed to promote
William O. Douglas.