President Calvin Coolidge on Thrift, Industry and Other Echoes of Adam Smith 21 1027

"Sometimes it is difficult to get the public to understand, not only the necessity but the benefits and the blessings that flow from thrift, industry and the saving disposition, not only to those who happen to put their money in banks, but to the conduct of all kinds of business enterprises. It is not too much to say that almost the whole of what we call civilization is the difference between saving what we make today for use on the morrow, and exhausting it at the time we receive it. And wherever we find a people with sufficient self-control, sufficient balance, sufficient thrift and industry to save their money and increase their capital, there you may be altogether certain that civilization will make progress. Where you find capital being dissipated, where you find a thriftless and improvident population, there you will be equally certain of decline setting in that will end the advance of civilization."

-- Governor Calvin Coolidge, Boston, April 23, 1920

"What all these efforts mean would be greatly underestimated if it be thought that they begin and end with the saving of money. Considered in their entirety, they play an important part in the wonderful American experiment for the advancement of human welfare. It is not only the method by which we have built railroads, developed agriculture, created commerce, and established industry,.. but it is also the method by which we have founded schools, endowed hospitals, and erected places of religious worship. It is the material groundwork on which the whole fabric of society rests..

All of this effort represents not merely the keeping of our money but the keeping of our faith. One of the chief dangers to the success of popular government is that it will throw away self-restraint and self-control and adopt laws which, being without sound economic foundation, bring on such a financial distress as to result in want, misery, disorder, and the dissolution of society...It is not through selfishness or wastefulness or arrogance, but through self-denial, conservation, and service, that we shall build up the American spirit. This is the true constructive economy, the true faith on which our institutions rest."

- President Calvin Coolidge - from his speech on "Constructive Economy," January 30, 1926 .

"The people cannot look to legislation generally for success. Industry, thrift, character, are not conferred by act or re solve.
Government cannot relieve from toil. It can provide no substitute for the rewards of service. It can, of course, care for the defective and recognize distinguished merit. The normal must care for themselves. Self government means self support. Man is born into the universe with a personality that is his own. He has a right that is founded upon the constitution of the universe to have property that is his own. Ultimately, property rights and personal rights are the same thing. The one cannot be preserved if the other be violated. Each man is entitled to his rights and the rewards of his service be they never so large or never so small."

- President Calvin Coolidge, as President of the State Senate, from "Have Faith in Massachusetts," his Senate President Acceptance of Speech Jan. 7, 1914

"There is a limit to the taxing power of a State beyond which increased rates produce decreased revenue. If that be exceeded intangible securities and other personal property become driven out of its jurisdiction, industry cannot meet its less burdened competitors, and no capital will be found for enlarging old or starting new enterprises. Such a condition means first stagnation, then decay and dissolution. There is before us a danger that our resources may be taxed out of existence and our prosperity destroyed.

Another and most important consideration, a fact that cannot be controverted, is that taxes have to be paid by the public They cannot be imposed on any class. There is no power that can prevent a distribution of the burden. The landlord may be the one who sends a check to the public treasury, but his tenants nevertheless make the payment. A great manufacturer may contribute a large share to his income, but still the money comes from the consumer. Taxes must and do fall on the people in whatever form or name they are laid."

Governor Calvin Coolidge, from his Address to the Massachusetts General Court, January 8, 1920

"...the policy that stands out with the greatest clearness is that of economy in public expenditure with reduction and reform of taxation. The principle involved in this effort is that of conservation. The resources of this country are almost beyond computation. No mind can comprehend them. But the cost of our combined governments is likewise almost beyond definition. Not only those who are now making their tax returns, but those who meet the enhanced cost of existence in their monthly bills, know by hard experience what this great burden is and what it does. No matter what others may want, these people want a drastic economy. They are opposed to waste. They know that extravagance lengthens the hours and diminishes the rewards of their labor. 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."

- President Calvin Coolidge, from his inaugural address of
March 4, 1925.

“If our republic is to be maintained and improved it will be through the efforts and character of the individual. It will be, first of all, because of the influences which exist in the home, for it is the ideals which prevail in the home life which make up the strength of the nation. The homely virtues must continue to be cultivated. The real dignity, the real nobility of work must be cherished. It is only through industry that there is any hope for individual development. The viciousness of waste and the value of thrift must continue to be learned and understood. Civilization rests on conservation. To these must be added religion, education, and obedience to law. These are the foundation of all character in the individual and all hope in the nation.”

—Calvin Coolidge, “The Destiny of America" (1923).

" I believe in the American Constitution. I favor the American system of individual enterprise, and I am opposed to any general extension of government ownership and control. I believe not only in advocating economy in public expenditure, but in its practical application and actual accomplishment. I believe in a reduction and reform of taxation and shall continue my efforts in that direction. I am in favor of protection. I believe in the permanent court and further limitation of armaments. I am opposed to aggressive war. I shall avoid involving ourselves in the political controversies of Europe, but I shall do what I can to encourage American Citizens and resources to assist in restoring Europe, with the sympathetic support of our government. I want agriculture and industry on a sound basis of prosperity and equality. I shall continue to strive for the economic, moral and spiritual welfare of my country. The laws of the land are being and will continue to be enforced."

- President Calvin Coolidge - from his address accepting the Republican Presidential Nomination, August 14, 1924