ECONOMIC ROYALISTS. President Franklin D. Roosevelt, in his speech accepting the Democratic nomination for a second term, delivered at Philadelphia on 27 June 1936, said, "The economic royalists complain that we seek to overthrow the institutions of America. What they really complain of is that we seek to take away their power. Our allegiance to American institutions requires the overthrow of this kind of power." He was referring to persons prominent in finance and industry who in general opposed his tendency to centralize the government and to put it into competition with private enterprise. The phrase was repeated many times thereafter.
Alvin F.Harlow/c. w.