Unless the Government adheres to the rule of making a rate that will yield a fair return, it must abandon rate making altogether.
Calvin Coolidge
The Public Record
Calvin Coolidge was the 30th President of the United States, serving from 1923 to 1929. A member of the Republican Party, he was known for his quiet demeanor and strong support for business and limited government. Coolidge's presidency is often associated with the economic prosperity of the Roaring Twenties, and he famously advocated for a hands-off approach to the economy, believing that government should interfere as little as possible in the lives of citizens and businesses.
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To make a rate that does not yield a fair return results in confiscation, and confiscatory rates are of course unconstitutional.
We must have a merchant marine which meets these requirements, and we shall have to pay the cost of its service.
Our Government during the war acquired a large merchant fleet which should be transferred, as soon as possible, to private ownership and operation under conditions which would secure two results: First, and of prime importance, adequate…
All the wealth of the Nation ought to contribute its fair share to the expenses of the Nation.
The existing system not only permits a large amount of the wealth of the Notion to escape its just burden but acts as a continual stimulant to municipal extravagance.
The taxes of the Nation must be reduced now as much as prudence will permit, and expenditures must be reduced accordingly.
To reduce war taxes is to give every home a better chance.
A very great service could be rendered through immediate enactment of legislation relieving the people of some of the burden of taxation.
Being opposed to war taxes in time of peace, I am not in favor of excess-profits taxes.
It is possible, in consequence, to make a large reduction in the taxes of the people, which is the sole object of all curtailment.
Upon that firm foundation rests the only hope of progress and prosperity.
But we shall diminish their harm to us in proportion as we continue to restore our Government finances to a secure and endurable position.
Financial stability is the first requisite of sound government.
We shall persevere in well-doing, not by force, but by reason.
We have earnestly sought to compose differences and restore peace.
We have reiterated our desire to see France paid and Germany revived.
It is for these reasons that we have a direct interest in the economic recovery of Europe.
Our country would not wish to assume the role of an oppressive creditor, but would maintain the principle that financial obligations between nations are likewise moral obligations which international faith and honor require should be…
I do not favor the cancellation of this debt, but I see no objection to adjusting it in accordance with the principle adopted for the British debt.
But while the favor of America is not for sale, I am willing to make very large concessions for the purpose of rescuing the people of Russia.
These rights and principles must go wherever the sanctions of our Government go.
I do not propose to make merchandise of any American principles.
I do not propose to barter away for the privilege of trade any of the cherished rights of humanity.
Our Government does not propose, however, to enter into relations with another regime which refuses to recognize the sanctity of international obligations.
Politicians like Calvin Coolidge
