For 150 years the United States had tried to do two things: first, allow as many people as possible to make as much money as possible and, second, prevent the rich from acquiring complete control of the Government. As each new source of power grew, the attempt to limit kept pace with it; under Jackson, it was the banking power that had to be broken; under Lincoln the manufacturing power was somewhat balanced if not checked by the grant of free land; the Interstate Commerce Commission regulated rates and reduced the power of the railroads; the Sherman Act, relatively ineffective, was directed against trusts; changes in tariff laws occasionally gave relief to the victims of "infant industries". Under Theodore Roosevelt the railroads and the coal mine owners were held back and a beginning made in the recognition of organized labor; under Wilson the financial power was seriously compromised by the Federal Reserve Act, and industrial-financial power was balanced, a little, by special legislation for rural banking; under Taft the Income Tax Amendment was passed and an effort made to deduct from great fortunes a part of the cost of the Government which protected those fortunes.
The era of normalcy was unique in one thing, it made the encouragement and protection of great fortunes the first concern of Government. Nothing else counted. Through its executives and administrators, through cabinet members and those closest to the White House, normalcy first declared that no moral standard, no patriotism, no respect for the dead, should stand in the way of robbing the people of the United States; and so cynically did the rulers of America steal the public funds, that the people returned them to power with hardly a reproach.
The rectitude of Calvin Coolidge made his party respectable; his dry worship of the money power was as complete a betrayal as Harding's. He spoke the dialect of the New England rustic, but he was false to the economy and to the idealism of New England; his whole career was an encouragement to extravagance; he was ignorant or misled or indifferent, for he watched a spiral of inflated values and a fury of gambling, and helped it along; he refused even to admonish the people, although he knew that the mania for speculation was drawing the strength of the country away from its functions. Money was being made—and he respected money; money in large enough quantities could do no harm. Even after the crash, he could not believe that money had erred. When he was asked to write a daily paragraph of comment on the state of the nation, he was embarrassed; he had been the President of prosperity and he did not want to face a long depression; he asked his friends at Morgan and Company to advise him and they told him that the depression would be over almost immediately, so he began his writings, admitting that "the condition of the country is not good"; but the depression outlasted his writing and his life. By the usual process of immediate history, this singularly loquacious, narrow-minded, ignorant, and financially destructive President stands in public memory as the typical laconic Yankee who preached thrift and probably would have prevented the depression if we had followed his advice.
His successor was a reformed idealist. He had fed the Belgians, looked after the commercial interests of American businessmen, and promised two cars in every American garage. At last plutocracy was to pay off in comfort—but it was too late. Not enough Americans had garages, not enough cars could be bought by the speculators on Wall Street, to make up for the lack of sales among the disinherited.
No More Ideals
Normalcy was a debasement of the normal instincts of the average American; it deprived us of political morality, not only because it began in corruption, but because it ended with indifference; normalcy destroyed idealism, particularly the simple faith in ideals of the common man, the somewhat uncritical belief that one ought "to have ideals" which intellectuals find so absurd.
In the attack on American idealism, our relations with Europe changed and this reacted corrosively on the great foundations of American life, on freedom of conscience and freedom of worship, on the political equality of man. By the anti-American policy of Harding and Coolidge we lost the great opportunity of resuming communication with Europe; a generation grew up not only hostile to the nations of Europe ("quarrelsome defaulters" who "hired the money") but suspicious of Europeans who had become Americans. The Ku Klux Klan, Ford's and Coughlin's attacks on the Jews, Pelley's attacks on the Jews and the Catholics, and a hundred others—were reflections in domestic life of our withdrawal from foreign affairs.
Left Deviation
Parallel to normalcy ran the stream of radicalism, its enemy. Broken from political moorings by the collapse of Wilsonian democracy, progressives and liberals drifted to the left and presently a line was thrown to them from the only established haven of radicalism functioning in the world: Moscow. Not all American liberals tied themselves to the party line; but few found any other attachment. The Progressive Party of LaFollette vanished; the liberal intellectuals were unable to work into the Democratic Party; and, in fact, when Franklin Delano Roosevelt was elected and called his election a victory for liberals, no one was more impressed than the liberals themselves. That the new President was soon to appear as a revolutionary radical was unthinkable.