Palo Alto: A History of California, Capitalism, and the World Highlight

when the Bonus Army—tens of thousands strong—showed up at the Capitol looking to redeem their service-bonus certificates for cash, Hoover saw a Bolshevik military plot. The certificates were earning interest until their 1945 redemption date, but the Depression left some people unable to wait, and the troops formed a motley crew, staging an event that was half protest and half bank run. The Chief didn’t see anyone worth negotiating with on the other side, and the administration convinced themselves that they were under attack by armed communist forces looking to repeat the storming of the Winter Palace in the Washington summer.