The 1934 Plot To Overthrow FDR Same shite, Different Day

quote:

---

The 1934 plot to overthrow FDR (also known as the Business Plot or Wall Street Putsch) was an alleged conspiracy by some wealthy American businessmen and financiers to remove President Franklin D. Roosevelt from power and install a fascist-style dictatorship. It came to light primarily through the sworn testimony of retired Marine Corps Major General Smedley Butler.

BackgroundFDR took office in March 1933 amid the Great Depression. His New Deal programs (including ending the gold standard in April 1933) alarmed many conservative business leaders, who viewed them as socialist or a threat to their wealth and influence. Some admired European fascist models (e.g., Mussolini’s Italy) and sought ways to curb or replace Roosevelt.

The Alleged PlotAccording to Butler (a highly decorated Marine known for his criticism of “war profiteering” and big business), a bond salesman named Gerald C. MacGuire approached him in 1933–1934 on behalf of a group of powerful financiers. Key elements of the plan Butler described:Recruit Butler to lead a massive “army” of ~500,000 World War I veterans (drawn from groups like the American Legion).
March on Washington, D.C., in a show of force.
Force FDR (citing his polio-related health issues) to step aside or appoint a “Secretary of General Affairs” (essentially a dictator) who would run the government while FDR remained a figurehead.
Restore the gold standard and roll back New Deal policies.
Funding: Up to $300 million (a huge sum at the time, equivalent to billions today) from backers, plus weapons from companies like Remington Arms.

Butler strung MacGuire along to gather details, then reported it. He refused involvement, famously telling MacGuire he would oppose any fascist march with his own forces if necessary.

---

quote:

---

Congressional Investigation: The McCormack–Dickstein CommitteeThe House of Representatives’ Special Committee on Un-American Activities (chaired by Reps. John W. McCormack and Samuel Dickstein) investigated in late 1934–early 1935. They heard testimony from Butler, MacGuire, and journalist Paul Comly French (who independently corroborated parts of the story by meeting MacGuire).Committee findings (final report, February 15, 1935):Evidence showed “certain persons had made an attempt to establish a fascist organization in this country.”
The attempts “were discussed, were planned, and might have been placed in execution when and if the financial backers deemed it expedient.”
They largely corroborated Butler’s account of conversations with MacGuire but found no direct proof that the full coup was imminent or that all named backers were actively involved. MacGuire denied the core allegations.

The committee’s report was somewhat limited; some names and details were downplayed or redacted. No criminal charges were filed against any alleged plotters. FDR reportedly suppressed full public release of some transcripts initially, possibly to avoid panic or division.

Alleged Key FiguresNames mentioned in testimony or later accounts included representatives or associates of:J.P. Morgan interests (e.g., Grayson Murphy)
DuPont family (e.g., Irénée du Pont)
Remington Arms
Other industrialists and financiers (e.g., Robert Sterling Clark of Singer Sewing Machine fortune; ties speculated to American Liberty League figures)

Many denied involvement. The American Liberty League (a conservative anti-New Deal group) was sometimes linked but not proven as the direct organizer.

---