Notice Coolidge’s stress on what he called the “hearthstone,” which is a designation for the family. He saw the family as the cornerstone of society, the place where character should be developed. Note also his subordination of financial fortune to the building of character. Fortune may come, but only if character comes first: thrift, industry, and honor—qualities in short supply at the moment.
America was prosperous during the Coolidge years. The Great Depression was just around the corner, but it didn’t occur as a result of Coolidge’s policies of tax cuts and economic liberty. The Depression was more a result of misdirection from the Federal Reserve [low cash reserves in banks; easy credit]; its continuation throughout the 1930s was due to government actions of the New Deal.
If there’s one thing most historians can agree on with Coolidge, it’s that he easily would have won reelection in 1928 had he chosen to run again. Yet he voluntarily stood down. Why? What prompted that decision? He tells us what led him to do so in his autobiography.
