"The Clock in the Tower Struck Twelve and All Her Fine Clothes Turned to Rags"
BUT Calvin Coolidge had other things on his mind than the whimseys of the stock market and the demands of the Chamber of Commerce.
As 1928 opened, Herbert Hoover was in full cry after the Republican presidential nomination. The President's renunciation in the Black Hills had given Mr. Hoover the opening he needed. It was evident that he would be the next Republican Presidential nominee. But it was also obvious that President Coolidge was not happy at the turn the political game was taking. For he was gradually being eased out of control of the Republican party.
In the spring of 1928 the battle of the stock market roared on. The official activities of the Federal Reserve Board were rather ineffectually seeking to liquidate the market, to stop the upward rush of stock prices that could only end in destruction. And on the other hand, all that the President represented, all that the Republican party stood for, was lending the force of a tremendous prestige to the Wall Street boomers. But this contest did not deeply interest President Calvin Coolidge--if he knew much about it. His heart was in another struggle, the great game of politics which culminates every four years in our national conventions. The phrase, "I do not choose to run" seems to have been purposely oracular. It left the President free to accept a deadlocked Republican nomination at the hands of the convention without going into a contest for delegates in any state. Over and over Chief Justice Taft, in his letters to his family in those days, explains this phase of the President's position. Yet Taft, who was frequently the President's guest, was never able to squeeze one word out of his host illuminating that theory of the cryptic message. Yet in decency after that