A Puritan in Babylon: The Story of Calvin Coolidge

By William Allen White | Go to book overview

CHAPTER XXXV
"The Queen in the Parlor Eating Bread and Honey"

BUT even the Chief Justice, would-be keeper of the President's judicial conscience, with all his amiable optimism, was beginning to feel uneasy. In a Christmas letter in the middle twenties he wrote to his son, Robert, that he was afraid that we would be led into folly, counting on the continuance of good times. But later in the same letter he cheered up and expressed reassurance at having "Calvin at the head of the state with his frugal and careful economies derived from Vermont and Massachusetts."

In Coolidge's elective term, another inscrutable phenomenon began to appear in the business world. When a business man engaged in any commercial activity desired to borrow money, he began to find it easier to sell stock in his enterprise than to go to the note window of the bank. That was a new thing in the American business world, at least new in the American business world of the twentieth century. "Business," writes Edward Eyre Hunt, in his chapter on Credits and Money Movements in "An Audit of America" drawn from the "Recent Economic Changes in the United States,""has been financed less by borrowing from banks and more by borrowing in the capital market through security issues. Industrial requirements for bank loans also have been lessened by the prevailing custom of reducing inventories." This development, the substitution of securities issues for borrowings at commercial banks, really was a natural response to the immense flood of cheap money created by Federal Reserve policy and inflowing gold.1

____________________
1
The year 1923 saw little if any bank expansion and the volume of new securities issues publicly placed was 4 billions, 300 millions. In 1927 bank credit expanded something over $3,000,000,000 and the volume of new securities issues was 7 billions, 791 millions. It is interesting to contrast the one year during which there was no bank expansion and the years of bank expansion with respect to the growth of commercial

-378-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
A Puritan in Babylon: The Story of Calvin Coolidge
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 462

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.