If God does not exist, and if religion is an illusion that the majority of men cannot live without...let men believe in the lies of religion since they cannot do without them, and let then a handful of sages, who know the truth and can live with it, keep it among themselves.I have a lot of sympathy for this view. I myself don't think there is a God, but I agree that "the masses" might act in ways that are immoral and destructive to "the fabric of society" if they learned "the truth".
Although in theory it should be possible to design a societal structure modelled after tribal patterns where moral authority was placed in the hands of "elders" of some kind (which is in fact what happens in many so-called primitive cultures).
Where I have a problem is when religious (and thus moral) authority is hijacked by people who use it primarily for their own personal advancement. I'd say the current crop of Republican leaders exemplify this.