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Wallace was born on a farm near Orient, Adair County, Iowa, and graduated from Iowa State College at Ames in 1910. He served on the editorial staff of Wallace?s Farmer in Des Moines, Iowa from 1910 to 1924 and was editor from 1924 to 1929. He experimented with breeding high-yielding strains of corn (maize). In 1915 he devised the first corn-hog ratio charts indicating probable course of markets. He was the author of many publications on agriculture, and was appointed United States Secretary of Agriculture in the Cabinet of President Franklin Delano Roosevelt in 1933 and served until September 1940, when he resigned, having been nominated for Vice President. He was elected in November 1940 as Vice President on the Democratic ticket with President Franklin D. Roosevelt and was inaugurated January 20, 1941, for the term ending January 20, 1945.
Wallace was an unsuccessful candidate for renomination in 1944. He was appointed United States Secretary of Commerce and served from March 1945 to September 1946. He was an unsuccessful Progressive candidate in the 1948 U.S. presidential election.
Wallace resumed his farming interests, and was a resident of South Salem, New York. He died in Danbury, Connecticut. His remains were cremated at Grace Cemetery in Bridgeport, Connecticut, and the ashes interred in Glendale Cemetery, Des Moines, Iowa.
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