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Why is so little known about the 1930s coup attempt against FDR?
https://www.theguardian.com/commentisfree/2022/jan/11/trump-fdr-roosevelt-coup-attempt-1930s. . .
So, when retired US Marine Corps Maj Gen Smedley Darlington Butler claimed he was recruited by a group of Wall Street financiers to lead a fascist coup against FDR and the US government in the summer of 1933, Washington took him seriously. Butler, a Quaker, and first world war hero dubbed the Maverick Marine, was a soldier’s soldier who was idolized by veterans – which represented a huge and powerful voting bloc in America. Famous for his daring exploits in China and Central America, Butler’s reputation was impeccable. He got rousing ovations when he claimed that during his 33 years in the marines: “I spent most of my time being a high-class muscle man for big business, for Wall Street and for bankers. In short, I was a racketeer for capitalism.”
Butler later testified before Congress that a bond-broker and American Legion member named Gerald MacGuire approached him with the plan. MacGuire told him the coup was backed by a group called the American Liberty League, a group of business leaders which formed in response to FDR’s victory, and whose mission it was to teach government “the necessity of respect for the rights of persons and property”. Members included JP Morgan, Jr, Irénée du Pont, Robert Sterling Clark of the Singer sewing machine fortune, and the chief executives of General Motors, Birds Eye and General Foods.
The putsch called for him to lead a massive army of veterans – funded by $30m from Wall Street titans and with weapons supplied by Remington Arms – to march on Washington, oust Roosevelt and the entire line of succession, and establish a fascist dictatorship backed by a private army of 500,000 former soldiers.
As MacGuire laid it out to Butler, the coup was instigated after FDR eliminated the gold standard in April 1933, which threatened the country’s wealthiest men who thought if American currency wasn’t backed by gold, rising inflation would diminish their fortunes. He claimed the coup was sponsored by a group who controlled $40bn in assets – about $800bn today – and who had $300m available to support the coup and pay the veterans. The plotters had men, guns and money – the three elements that make for successful wars and revolutions. Butler referred to them as “the royal family of financiers” that had controlled the American Legion since its formation in 1919. He felt the Legion was a militaristic political force, notorious for its antisemitism and reactionary policies against labor unions and civil rights, that manipulated veterans.
The planned coup was thwarted when Butler reported it to J Edgar Hoover at the FBI, who reported it to FDR. How seriously the “Wall Street putsch” endangered the Roosevelt presidency remains unknown, with the national press at the time mocking it as a “gigantic hoax” and historians like Arthur M Schlesinger Jr surmising “the gap between contemplation and execution was considerable” and that democracy was not in real danger. Still, there is much evidence that the nation’s wealthiest men – Republicans and Democrats alike – were so threatened by FDR’s policies that they conspired with antigovernment paramilitarism to stage a coup.
So, when retired US Marine Corps Maj Gen Smedley Darlington Butler claimed he was recruited by a group of Wall Street financiers to lead a fascist coup against FDR and the US government in the summer of 1933, Washington took him seriously. Butler, a Quaker, and first world war hero dubbed the Maverick Marine, was a soldier’s soldier who was idolized by veterans – which represented a huge and powerful voting bloc in America. Famous for his daring exploits in China and Central America, Butler’s reputation was impeccable. He got rousing ovations when he claimed that during his 33 years in the marines: “I spent most of my time being a high-class muscle man for big business, for Wall Street and for bankers. In short, I was a racketeer for capitalism.”
Butler later testified before Congress that a bond-broker and American Legion member named Gerald MacGuire approached him with the plan. MacGuire told him the coup was backed by a group called the American Liberty League, a group of business leaders which formed in response to FDR’s victory, and whose mission it was to teach government “the necessity of respect for the rights of persons and property”. Members included JP Morgan, Jr, Irénée du Pont, Robert Sterling Clark of the Singer sewing machine fortune, and the chief executives of General Motors, Birds Eye and General Foods.
The putsch called for him to lead a massive army of veterans – funded by $30m from Wall Street titans and with weapons supplied by Remington Arms – to march on Washington, oust Roosevelt and the entire line of succession, and establish a fascist dictatorship backed by a private army of 500,000 former soldiers.
As MacGuire laid it out to Butler, the coup was instigated after FDR eliminated the gold standard in April 1933, which threatened the country’s wealthiest men who thought if American currency wasn’t backed by gold, rising inflation would diminish their fortunes. He claimed the coup was sponsored by a group who controlled $40bn in assets – about $800bn today – and who had $300m available to support the coup and pay the veterans. The plotters had men, guns and money – the three elements that make for successful wars and revolutions. Butler referred to them as “the royal family of financiers” that had controlled the American Legion since its formation in 1919. He felt the Legion was a militaristic political force, notorious for its antisemitism and reactionary policies against labor unions and civil rights, that manipulated veterans.
The planned coup was thwarted when Butler reported it to J Edgar Hoover at the FBI, who reported it to FDR. How seriously the “Wall Street putsch” endangered the Roosevelt presidency remains unknown, with the national press at the time mocking it as a “gigantic hoax” and historians like Arthur M Schlesinger Jr surmising “the gap between contemplation and execution was considerable” and that democracy was not in real danger. Still, there is much evidence that the nation’s wealthiest men – Republicans and Democrats alike – were so threatened by FDR’s policies that they conspired with antigovernment paramilitarism to stage a coup.
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