Within the first 5 days of his administration taking over the office of the Presidency, FDR enacted sweeping changes which put him; as well as the changes he did manage to make permanent; at odds with certain interests in the financial community. That chasm still exists today. And that’s what makes this book so important to read. At a time when we should be using the success of the New Deal to wriggle our way back to financial security as a nation, we seem to be having the same old arguments about how that recovery should take place.
Harry Truman once said that “The only thing new is the
history you don’t know.” I quote that often, mainly because it is true. Within
days of his taking office, FDR had declared a bank holiday, and suspended
trading in silver and gold, using the Banking Acts of the First World War as
his precedent to do so. He then went on radio to deliver the first of his “fireside
chats”, explaining to the average American just how the financial system
worked. After only three days the banks which had been allowed to reopen showed
twice the amount of deposits as they did withdrawals. By the 15th of
March, a mere 2 weeks after the new administration took control, Wall Street
re-opened, surging well ahead of the markets in Europe, and racking up the
highest gains in 6 months.
Of course these changes did not sit well with many people in
the banking profession. Particularly glaring were the changes regarding the
Gold Standard, which had many of the more well-heeled industrialists
fulminating. Eventually the Supreme Court, under Chief Justice Hughes, struck
down the New Deal as being Unconstitutional, leaving an exasperated FDR to come
up with a new plan which would pass the courts muster. This is the part where
he tried, through a failed attempt at legislating the age of retirement for the
Justices on the Court, 6 of whom were over the age of 70. He hoped to be able
to “pack” the court with Justices who would uphold his legislation. Although
his motives may have been pure, his thinking was not.
The framers of the Constitution had made a point of having
Supreme Court Justices appointed for life. They did this for a very good
reason. In order to keep the Supreme Court from becoming a “plumb” position;
handed out as a reward to political lackeys; they envisioned the positions to
be life-long. This ensured that no party, no matter how long they might retain
control of the Executive Branch of Government, could maintain control of the
Court. The Court, like the Executive and Legislative Branches, was to act separately,
answering only to their interpretation of the Constitution under which it was
formed.
The book is filled with the history of both Franklin
Roosevelt and his family, as well as that of Chief Justice Hughes. Even if the
book were completely devoid of the struggle between the two men over the New
Deal, the histories of their respective families would be interesting enough on
their own. Throughout the book, as the two men circle one another over this issue, the reader cannot help but admire the tenacity of both parties as they struggle to do what they feel is right for the American people. Both men were brilliant statesmen, making the tale of their adversity all the more remarkable.
Fully researched, and deftly written, this is the perfect
book to help you get through both Conventions. It contains the seeds of the
economic struggle which still rages in America today, as the “haves” try their
best to bring back the days when the rest of us were “have nots.”
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