3 ms·
""" The Bonus Army was a group of 43,000 demonstrators – made up of 17,000 veterans of the United States in World War I, together with their families and affili
by disambiguation 5y ago
"""
The Bonus Army was a group of 43,000 demonstrators – made up of 17,000 veterans of the United States in World War I, together with their families and affiliated groups – who gathered in Washington, D.C. in mid-1932 to demand early cash redemption of their service bonus certificates...
Many of the war veterans had been out of work since the beginning of the Great Depression. The World War Adjusted Compensation Act of 1924 had awarded them bonuses in the form of certificates they could not redeem until 1945. Each certificate, issued to a qualified veteran soldier, bore a face value equal to the soldier's promised payment with compound interest. The principal demand of the Bonus Army was the immediate cash payment of their certificates.
On July 28, 1932, U.S. Attorney General William D. Mitchell ordered the veterans removed from all government property. Washington police met with resistance, shot at the protestors, and two veterans were wounded and later died. President Herbert Hoover then ordered the U.S. Army to clear the marchers' campsite. Army Chief of Staff General Douglas MacArthur commanded a contingent of infantry and cavalry, supported by six tanks. The Bonus Army marchers with their wives and children were driven out, and their shelters and belongings burned.
...
Though the Bonus Army incident did not derail the careers of the military officers involved, it proved politically disastrous for Hoover, and it is considered a contributing factor to his losing the 1932 election in a landslide to Franklin D. Roosevelt.
"""
https://en.wikipedia.org/wiki/Bonus_Army https://en.wikipedia.org/wiki/Bonus_Army
- cdot2 5y agoWould banks not be willing to buy those certificates from them for at least face value?
- SauciestGNU 5y agoWith what capital? The banks were in the process of failing.