<< Chapter < Page Chapter >> Page >

Although the Harding presidency had a number of large successes and variety of dark scandals, it ended before the first term was up. In July 1923, while traveling in Seattle, the president suffered a heart attack. On August 2, in his weakened condition, he suffered a stroke and died in San Francisco, leaving the presidency to his vice president, Calvin Coolidge. As for Harding, few presidents were so deeply mourned by the populace. His kindly nature and ability to poke fun at himself endeared him to the public.

Listen to some of Harding’s speeches at The University of Virginia’s Miller Center’s website.

A man of few words

Coolidge ended the scandals, but did little beyond that. Walter Lippman wrote in 1926 that “Mr. Coolidge’s genius for inactivity is developed to a very high point. It is a grim, determined, alert inactivity, which keeps Mr. Coolidge occupied constantly.”

Coolidge had a strong belief in the Puritan work ethic: Work hard, save your money, keep your mouth shut and listen, and good things will happen to you. Known as “Silent Cal,” his clean image seemed capable of cleaning up scandals left by Harding. Republicans—and the nation—now had a president who combined a preference for normalcy with the respectability and honesty that was absent from the Harding administration.

Coolidge’s first term was devoted to eliminating the taint of scandal that Harding had brought to the White House. Domestically, Coolidge adhered to the creed: “The business of America is business.” He stood in awe of Andrew Mellon and followed his fiscal policies, which made him the only president to turn a legitimate profit in the White House. Coolidge believed the rich were worthy of their property and that poverty was the wage of sin. Most importantly, Coolidge believed that since only the rich best understood their own interests, the government should let businessmen handle their own affairs with as little federal intervention as possible. Coolidge was quoted as saying, “The man who builds a factory builds a temple. The man who works there worships there.”

Thus, silence and inactivity became the dominant characteristics of the Coolidge presidency. Coolidge’s legendary reserve was famous in Washington society. Contemporaries told a possibly apocryphal story of how, at a dinner party at the White House, a woman bet her friends that she could get Coolidge to say more than three words. He looked at her and said, “you lose.”

The 1924 election saw Coolidge win easily over the divided Democrats, who fought over their nomination. Southerners wanted to nominate pro-prohibition, pro-Klan, anti-immigrant candidate William G. McAdoo. The eastern establishment wanted Alfred E. Smith, a Catholic, urban, and anti-prohibition candidate. After many battles, they compromised on corporation lawyer John W. Davis. Midwesterner Robert M. La Follette, promoted by farmers, socialists, and labor unions, attempted to resurrect the Progressive Party. Coolidge easily beat both candidates.

The election of 1928

This cultural battle between the forces of reaction and rebellion appeared to culminate with the election of 1928, the height of Republican ascendancy. On August 2, 1927, Coolidge announced that he would not be participating in the 1928 election; “I choose not to run,” was his comment ( [link] ). Republicans promoted the heir apparent, Secretary of Commerce Herbert Hoover. The Democrats nominated Governor Alfred E. Smith of New York. Smith represented everything that small-town, rural America hated: He was Irish, Catholic, anti-prohibition, and a big-city politician. He was very flamboyant and outspoken, which also did not go over well with many Americans.

A cartoon shows a man in a hat and neckerchief reclining against a pillow in a small boat, holding a fishing rod. Beside the man’s face are the words “Choosin’ to run isn’t as restful as this.”
In this cartoon, Clifford Berryman lampoons Coolidge’s laid-back attitude as he chooses “not to run” in 1928.

Republican prosperity carried the day once again, and Hoover won easily with twenty-one million votes over Al Smith’s fifteen million. The stock market continued to rise, and prosperity was the watchword of the day. Many Americans who had not done so before invested in the market, believing that the prosperous times would continue.

As Hoover came into office, Americans had every reason to believe that prosperity would continue forever. In less than a year, however, the bubble would burst, and a harsh reality would take its place.

Section summary

After World War I, Americans were ready for “a return to normalcy,” and Republican Warren Harding offered them just that. Under the guidance of his big-business backers, Harding’s policies supported businesses at home and isolation from foreign affairs. His administration was wracked by scandals, and after he died in 1923, Calvin Coolidge continued his policy legacy in much the same vein. Herbert Hoover, elected as Coolidge’s heir apparent, planned for more of the same until the stock market crash ended a decade of Republican ascendancy.

Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
Hi
mostafa
hi
LEMLEM
hello
Sammol
hi
Mahesh
bi
Ruqayat
hi
Ruqayat
Hi fellas
Nyawa
hey
Sammol
hi
God
hello
Jahara
Good morning
Jorge
hi
abubakar
hi
Nmesoma
hi
Mahesh
Hi
Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
Hi
Isiaka
Hi
Geli
hy
Man
👋
Bahunda
hy how are you?
Man
ys
Amisha
how are you guys
Sekou
f9 guys
Amisha
how are you guys
Sekou
ys am also fine
Amisha
fine and you guys
Geli
from Nepal
Amisha
nawalparasi district from belatari
Amisha
nd u
Amisha
I am Camara from Guinea west Africa... happy to meet you guys here
Sekou
ma management ho
Amisha
ahile becheclor ho
Amisha
hjr ktm bta ho ani k kaam grnu hunxa tw
Amisha
belatari
Amisha
1st year ho
Amisha
nd u
Amisha
ahh
Amisha
kaha biratnagar
Amisha
ys
Amisha
kina k vo
Amisha
money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
Kalombe
Mercy is it clear?😋
Kalombe
hi can someone help me on this question If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output? discuss your answer using appropriate graph.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
Got questions? Join the online conversation and get instant answers!
Jobilize.com Reply

Get Jobilize Job Search Mobile App in your pocket Now!

Get it on Google Play Download on the App Store Now




Source:  OpenStax, U.s. history. OpenStax CNX. Jan 12, 2015 Download for free at http://legacy.cnx.org/content/col11740/1.3
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'U.s. history' conversation and receive update notifications?

Ask