Committee for a Sound Dollar and Sound Currency

"Although Clark, his attorney A. G. Christmas, Walter E. Frew, and others were behind the Committee for a Sound Dollar and Sound Currency, their names had been carefully omitted from its records."
Source: Jules Archer, The Plot to Seize The White House (New York: Hawthorne Books, 1973), p. 174


"$30,000 he [Clark] had also received from Walter E. Frew, of the Corn Exchange Bank, for the Committee for a Sound Dollar and Sound Currency, Inc. 'Whether there was more, and how much more,' said the report, 'the [McCormack-Dickstein] Committee does not yet know.'"

Committee for a Sound Dollar and Sound Currency, Inc., a group backed by and composed of members of Morgan's "preferred-client list." MacGuire was himself an official of the committee, which produced a stream of propaganda calling for a return to the gold standard and denunciations of Roosevelt's policy. Included among its members were several Morgan partners and Walter E. Frew, of the Corn Exchange Bank, which was controlled through National City Bank after a 1929 deal engineered by Morgan and exposed by the Pecora congressional investigation. Frew personally gave MacGuire $30,000 for the project under discussion with Butler.

"A short time after the second visit, MacGuire went to see Butler again, this time alone. After listening to another pitch for him to round up 500 veterans, Butler told MacGuire that he would not risk his personal prestige unless he was told who might be standing behind him. MacGuire stated that he had the backing of 'some of the most powerful men in America.' He claimed to have already a small war chest funded by nine men, with the largest contribution being $9,000 and the smallest $2,500. However, he would name only three men, showing their checks to Butler: his boss, Murphy; another financier, Robert S. Clark, a member of Morgan's 'preferred-client list' and an heir to the Singer Sewing fortune; and John S. Mills, who was intermarried into the du Pont family. All three were members of the Committee for a Sound Dollar.

MacGuire told Butler that an expense account would be opened in Chicago with the money from the 'nine men.'"

Source: L. Wolfe, "Franklin Delano Roosevelt vs. the Banks: Morgan's Fascist Plot, and How It Was Defeated," The American Almanac, July 4, 1994.