When Preus first ran for governor in 1920, he adamantly opposed the
Farmer-Labor Party, a coalition of discontented farmers and laborers who had formed a new political organization. The party, he declaimed, represented "socialism—a political cult that would destroy the principles of private property, our religion, and our homes." Preus would be successful among independents, who were the deciding demographic in the election. This was the first time a gubernatorial in Minnesota would be decided by independents. On October 21, 1920,
William J. Mayo, a Democrat, endorsed Preus. Despite his reservations about the Farmer-Labor philosophy, Governor Preus nonetheless encouraged the legislature to meet some of the farmers' demands by broadening cooperatives' legal powers, making low-interest loans available through the
Rural Credit Bureau, and creating the
Department of Agriculture. Preus also demanded higher taxes from the owners of ore-rich mines on the
Iron Range, expanded highway construction, and improved equal rights and election procedures. His political savvy, combined with an apparent desire to correct inequities, made him a surprisingly prolific reformer. After completing his second term, Preus became an insurance executive in Chicago. He returned to Minneapolis in 1958 and served until his death as board chairman of
Lutheran Brotherhood, a fraternal insurance society he had co-founded in 1917. Lutheran Brotherhood merged with Aid Association for Lutherans in 2002 to become
Thrivent Financial for Lutherans. ==Personal life==