He told him that Colonel Murphy, his wealthy employer, was working with a group of other powerful men in the financial and corporate worlds to build a "super organization to maintain democracy." These men the bond salesman said, were increasingly concerned about President Roosevelt's policies, which they considered "socialistic." They were deeply alarmed by how Roosevelt was abandoning the gold standard and increasing the supply of paper money to crate government jobs for the poor. They feared FDR's inflationary policies would shrink their fortunes and bankrupt the nation.
They called him a "traitor to his class"--they said he was taking the country down the same road as Russia. Something drastic had to be done to save America.
Butler was stunned and infuriated by what he was hearing. But he tried to keep his famous temper in check--he needed to know more. What did these people want with him? Butler asked Macguire.
...A couple of weeks before, MacGuire had told Butler that the "super organization" to overthrow the Roosevelt presidency would be announced soon. The Wall Street man predicted that it would be described benignly, as a society "to maintain the Constitution." Now staring at the newspaper in his well-worn armchair, a chill ran up the general's spine.