December 17

"Those who trust to chance must abide by the rules of chance."

Calvin Coolidge, 30th President, 1923-1929- attributed to Coolidge. We will take occasion here to remark upon Coolidges's Inaugural address from March 4, 1925. In the era of prosperity know as "The Roaring Twenties", The Great War,(World War I) had ended seven years earlier, Prohibition was in effect, Coolidge had taken over the Presidency after the death of Warren Harding and had been elected in his own right and the country was transitioning back to a peacetime economy...-"Already we have sufficiently rearranged our domestic affairs so that confidence has returned, business has revived, and we appear to be entering an era of prosperity which is gradually reaching into every part of the Nation. Realizing that we can not live unto ourselves alone, we have contributed of our resources and our counsel to the relief of the suffering and the settlement of the disputes among the European nations. Because of what America is and what America has done, a firmer courage, a higher hope, inspires the heart of all humanity. These results have not occurred by mere chance. They have been secured by a constant and enlightened effort marked by many sacrifices and extending over many generations...I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical form...The wisest and soundest method of solving our tax problem is through economy. Fortunately, of all the great nations this country is best in a position to adopt that simple remedy. We do not any longer need wartime revenues. The collection of any taxes which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic the rewards of industry belong to those who earn them..." Coolidge did not run for re-election in 1928 and was followed in the Presidency by Herbert Hoover.