Wall Street and the Bolshevik Revolution by Antony C. Sutton

Author:Antony C. Sutton
Language: eng
Format: azw3, epub
Tags: Wall Street, Communism, Corporate & Business History, 20th Century, Economic History, Political Science, Marxism, Europe, Political Ideologies, Soviet Union, Revolutionary, finance, Russia & the Former Soviet Union, United States, USSR, green_pill_short, Public Policy, Russia, Business & Economics, History, Radicalism, socialism, Economic Policy, Post-Communism & Socialism
ISBN: 9781905570355
Publisher: CLAIRVIEW BOOKS
Published: 1993-01-01T04:07:18.298547+00:00

Morris

Subsequently Morris, in Stockholm, requested disposal instructions for a $10,000 draft deposited in a Stockholm bank. His phrase "[this] has been my only connection with the affair" suggests that Morris was aware that the Soviets could, a

Chapter X

J.P. MORGAN GIVES A LITTLE HELP TO THE OTHER SIDE

I would not sit down to lunch with a Morgan — except possibly to learn something of his motives and attitudes.

William E. Dodd, Ambassador Dodd's Diary, 1933-1938

So far our story has revolved around a single major financial house — Guaranty Trust Company, the largest trust company in the United States and controlled by the J.P. Morgan firm. Guaranty Trust used Olof Aschberg, the Bolshevik banker, as its intermediary in Russia before and after the revolution. Guaranty was a backer of Ludwig Martens and his Soviet Bureau, the first Soviet representatives in the United States. And in mid-1920 Guaranty was the Soviet fiscal agent in the U.S.; the first shipments of Soviet gold to the United States also traced back to Guaranty Trust.

There is a startling reverse side to this pro-Bolshevik activity — Guaranty Trust was a founder of United Americans, a virulent anti-Soviet organization which noisily threatened Red invasion by 1922, claimed that $20 million of Soviet funds were on the way to fund Red revolution, and forecast panic in the streets and mass starvation in New York City. This duplicity raises, of course, serious questions about the intentions of Guaranty Trust and its directors. Dealing with the Soviets, even backing them, can be explained by apolitical greed or simply profit motive. On the other hand, spreading propaganda designed to create fear and panic while at the same time encouraging the conditions that give rise to the fear and panic is a considerably more serious problem. It suggests utter moral depravity. Let's first look more closely at the anti-Communist United Americans.

UNITED AMERICANS FORMED TO FIGHT COMMUNISMl

In 1920 the organization United Americans was founded. It was limited to citizens of the United States and planned for five million members, "whose sole purpose would be to combat the teachings of the socialists, communists, I.W.W., Russian organizations and radical farmers societies."

In other words, United Americans was to fight all those institutions and groups believed to be anticapitalist.

The officer's of the preliminary organization established to build up United Americans were Allen Walker of the Guaranty Trust Company; Daniel Willard, president of the Baltimore 8c Ohio Railroad; H. H. Westinghouse, of Westinghouse Air Brake Company; and Otto H. Kahn, of Kuhn, Loeb 8c Company and American International Corporation. These Wall Streeters were backed up by assorted university presidents arid Newton W. Gilbert (former governor of the Philippines). Obviously, United Americans was, at first glance, exactly the kind of organization that establishment capitalists would be expected to finance and join. Its formation should have brought no great surprise.

On the other hand, as we have already seen, these financiers were also deeply involved in supporting the new Soviet regime in Russia — although this support was behind the scenes, recorded only in government files, and not to be made public for 50 years.

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