Calvin Coolidge – Page 2 – The Intelligent Collector Magazine

President Harding’s Funeral Train Transfixed the World

By Jim O’Neal

The news of President Warren G. Harding’s death astonished the American people. Telephone and telegraph lines stayed busy between San Francisco and Washington. A special railroad car, “The Superb,” was outfitted as a hearse. Twenty-four hours after the president died, the train left San Francisco, pulling the lighted car with its flag-draped coffin, honor guard and banks of flowers.

“The spectacle of the funeral train traversing the entire breadth of the United States,” observed The Washington Post, “is not to be forgotten.”

News of Harding’s death arrived at the White House by telephone. Irwin “Ike” Hoover, the White House Chief Usher, had been trying to keep a diary, but he never seemed to make a record of important things. “President dies” was all he recorded that day. In fact, his book was merely a series of blank pages for all the early days of August 1923. Hoover’s job was to run the White House, not record history. He quickly set to work hanging crepe over the mirrors of the East Room. Then the shades were drawn and the house was closed to the public.

Later, the book 42 Years in the White House chronicled Hoover’s service, which started in 1891 (when he installed the first electrical wiring in the White House) and continued through nine presidents, starting with Benjamin Harrison and ending with Herbert Hoover. He died in 1933 and President Franklin D. Roosevelt offered the White House for his funeral. Oh, the tales that probably didn’t get recorded.

Harding’s funeral train pulled into Union Station on Aug. 7. It had held the world transfixed during its five-day trip across the nation. An honor guard transported the coffin from the train with great ceremony and Harding’s body was placed in the East Room. The funeral was held in the Capitol with his Cabinet, Congress and a large group of invited dignitaries.

Florence Harding had a quiet dinner with Calvin Coolidge and his family, and would remain in the White House for five busy days. She had a fire built in the fireplace in the Treaty Room and then methodically started burning the presidential papers she determined should not survive. Then she had all the remaining papers packed into boxes and removed to a nearby friend’s house. Then she resumed the burning more slowly in small fires on the lawn.

President Harding’s secretary, George Christian, stood by helplessly during this process, until he found some papers undisturbed in the Oval Office and hid them in the pantry on the first floor. They remained there, apparently forgotten, until after Mrs. Harding’s death. Then they were given to the Library of Congress. No other papers of President Harding are known to have survived the purge of his records.

Later, the “Harding Scandals” would offer one possible reason for this unusual situation.

Intelligent Collector blogger JIM O’NEAL is an avid collector and history buff. He is President and CEO of Frito-Lay International [retired] and earlier served as Chairman and CEO of PepsiCo Restaurants International [KFC Pizza Hut and Taco Bell].

Truman’s Time in Office Was Tumultuous, but He Still Ranks Among Best

harry-s-truman-inscribed-photo-signed — Virtually every prediction indicated that Harry S. Truman would be defeated by Thomas E. Dewey in the 1948 election. A copy of the famous “Dewey Defeats Truman” photograph, inscribed by Truman, sold for $10,157.50 at an April 2013 Heritage auction.

By Jim O’Neal

Harry S. Truman moved back into the newly rebuilt White House in March 1952 and he had already decided not to seek reelection.

Since Truman had only served one full term as an elected president (having filled a partial term after Franklin D. Roosevelt died in office), he was eligible to run for president a second time. This was the same dilemma that had confronted two of his predecessors: Teddy Roosevelt and Calvin Coolidge, both of whom had decided not to run a second time. Truman was well aware of their personal deliberations; the first Roosevelt had lived to regret not running, while Coolidge had never looked back.

In 1951, after four years of debate, Congress ratified the 22nd Amendment of the Constitution, which limited an elected president to two terms. This was a reaction to FDR’s long tenure, and it specifically exempted Truman. But, he had made up his mind.

He addressed the Democratic Party’s historic Jefferson-Jackson dinner at the D.C. National Guard Armory. “I shall not be a candidate for reelection. I have served my country long and I think efficiently and honestly. I shall not accept a re-nomination.” He added in an ironic tone not typical of him, “I do not think that it is my duty to spend another four years in the White House.”

Although he was a tough-skinned politician, he resented the negative public opinion that had risen around him. His time in office, eight years less about two months, had been tumultuous, filled with achievements that had not been easy. His call for liberal change had been rooted philosophically in the New Deal, but in the wake of World War I and increased prosperity, his call fell on deaf ears.

The American public was turning elsewhere, particularly after he vetoed an ardent Republican crusade to turn coastal tidelands mineral rights over to the states, and it was viewed as a lame-duck president lashing out. It was actually one of the few vetoes that stuck (12 of his vetoes were overridden by Congress) and it created an energy that would result in a Republican victory in the upcoming election.

At about the same time, the Treasury Department announced that the federal deficit would be double than the previous year and in the last months of his presidency, his popularity and spirits were low. He was ready to go home.

History has been kind to Truman. Every year, his standing on the Best Presidents list seems to improve. He was a small man in stature who assumed a big job at a crucial time and did his very best. Who could expect more?

For President Johnson, Goal was Reached with ‘Great Society’ Legislation

lyndon-b-johnson-great-society-bill-signing-pens-from-1965 — A complete set of 50 pens President Johnson used to sign “Great Society” legislation in 1965 sold for $18,750 at a November 2015 Heritage auction.

By Jim O’Neal

Whether Lyndon B. Johnson intended to run a second time for the presidency (after his 1964 election) is uncertain. Many of his predecessors had made it clear that one elected term was enough.

Theodore Roosevelt made a campaign promise not to run again for president and regretted it so much that he later ran anyway (in 1912). Rutherford B. Hayes never intended to run more than once (and was happy he hadn’t), and neither did Harry Truman or Calvin Coolidge. Except for TR, these men were no longer popular by the end of their first elected term, and it most likely would have been a waste of time.

So it was with LBJ. On March 31, 1968, he took the nation by surprise when he announced abruptly in a televised address from his office, “I shall not seek, and I will not accept, the nomination of my party for another term as your president.”

Johnson had even spoken of resigning, but if anything deterred him, it was the fear of losing his “Great Society” programs in Congress. Even the media-fueled support for Robert Kennedy was threatening, because Johnson never trusted him and was leery of his lack of power with Congress to be sure the programs got enacted. Johnson cared more about his agenda than the presidency.

Then, shortly after his retirement speech, came the assassinations of Dr. Martin Luther King Jr. (April) and Kennedy (June), which stirred even more violence in the streets. The military was on stand-by and ready to pour into Washington if rioting was too much for the police. For the man in the White House, the outside world was a horror show and the idea of returning to his ranch grew more appealing. A long-time colleague from the old days, Congressman Jack Brooks, said the president did not seek reelection because he “kind of wanted to get back home,” adding for those who might not understand, “It’s not so bad out on the ranch, you know.”

Some presidents depart the White House invigorated, but most leave exhausted. For LBJ, the office had drained his vigor and confidence. He also believed that history would never give him credit for achieving the most powerful social agenda since Roosevelt’s New Deal. It was Johnson’s political skill that made it happen, not JFK, but Johnson believed that somehow the applause would inevitably go to his more popular predecessor. Sadly, he was right, but in recent years, a more balanced narrative has evolved.

Republicans nominated Richard Nixon in August 1968 and the Democrats chose VP Hubert Humphrey. LBJ did not attend the convention to share Humphrey’s triumph since he didn’t want to add any Vietnam War baggage to the ticket. During the campaign, the war flared on and LBJ was still impassioned to end it. On Oct. 31, just days before the election, he even announced a halt to the bombing, but it was too late.

On Jan. 14, 1969, President Johnson delivered his final State of the Union to Congress. It was strong, pragmatic and well-received by his old Senate colleagues – and in a venue where he was very comfortable.

Then it was time to pack up and head back to Texas.

With Discovery of Gold, President Polk Opened Massive Migration West

half-plate-daguerreotype-of-california-gold-rush-mining-scene-ca-1850s — This half plate daguerreotype of a California gold rush mining scene, circa 1850, sold for $28,680 at a June 2008 Heritage auction.

By Jim O’Neal

Reports of gold in California came to the president as early as June 1848. Part of the talk was idle speculation; part was based on tales of settlers and soldiers plus myths of Spanish treasure troves. A succession of adventurers, spies and famous Western characters like Kit Carson had slipped quietly up the stairs into President James Polk’s office to tell of the vast domain far to the west.

The lost mines of El Dorado had long fascinated nearly everyone.

The first official report on “gold diggings” came to Polk in August 1848. Navy Lieutenant Edward Fitzgerald Beale showed the president some actual gold nuggets. Authoritative and “eyewitness” accounts of California gold started popping up in various newspapers. In a message to Congress on Dec. 5, 1848, Polk outlined the possible scope of the precious metal mines and the extraordinary potential that had been corroborated by authentic reports.

Two days later, a courier from California arrived at the War Department with a mysterious package and more dramatic evidence of western riches. As soon as Secretary of War William Marcy unwrapped the parcel, he took it directly to President Polk. It contained a tea caddy crammed full of gold nuggets and dust that weighed over 230 ounces.

They quickly decided to send the largest “lump” to Philadelphia to be minted into coins and put the rest on display in the War Office. Visitors of every class stood in long lines just to see it and it became the dominant subject everywhere. On Dec. 12, Polk predicted the coming 12 months would witness “a large population … attracted to California by its mineral wealth.”

In his History of California, historian Hubert Bancroft wrote of Polk’s prophecy. “The interest in California became all-absorbing, creating a restlessness which finally poured a human tide into San Francisco Bay, and sent hundreds of caravans over the plains and mountains.”

However, the Polks moved out of the White House on Saturday, March 3, 1849, to 10 rooms prepared for them at the Willard Hotel. He had promised to only serve one term and his time in the WH had taken an enormous toll on his health. He had the shortest retirement of any president and died of cholera 103 days after leaving office. Along with George Washington, Andrew Johnson, Chester Arthur, Calvin Coolidge and LBJ, he was one of six presidents to die while their direct successor was in office.

He totally missed the Gold Rush and the massive migration west he was responsible for.

President Harding Entered Office on a High Note … then Came the Scandals

warren-g-harding-and-james-m-cox-absolutely-stunning-matched-pair-of-large-1920-rarities — This matched pair of Warren G. Harding and James M. Cox 1920 campaign buttons sold for $6,875 at a November 2013 Heritage auction.

By Jim O’Neal

The Republicans returned to power in the election of 1920 with the victory of Warren G. Harding of Ohio. Isolated even further in the confines of the White House, Woodrow Wilson and family waited out the year and the first two months of 1921. The outgoing president’s condition had stopped improving. He was feeble and mostly occupied with his books and papers, though he now lacked the mental acuity that was key to his greatness.

Late in his term, Wilson was awarded the Nobel Peace Prize and his spirits rose. Remorse yielded to genuine gratification, an indulgence he rarely allowed himself even in the good times. However, Edith Wilson found little diversion from this almost oppressive situation. The world was slowly passing the Wilsons by without a second glance.

The 1920 campaign had been dull and lackluster, with Harding remaining in Ohio on his front porch, greeting thousands of well-wishers and speaking to them informally. The Democrats had tried to make the League of Nations a campaign issue, but Harding’s position was too obscure since he was really only interested in preserving the Senate’s constitutional rights regarding foreign treaties. When voters got to the polls, politicians discovered the campaigns had not mattered. The people were so tired of government restrictions and hardships imposed by the war that they sought a complete change in administrations and a return to “America First.”

Harding and running mate Calvin Coolidge drubbed James Cox and Franklin D. Roosevelt in both the popular vote and electoral college (404 to 127).

Between the election and inauguration, Harding chose his cabinet, carefully balancing the membership with close political friends and leaders in the Republican Party. It was a blue-chip group that included Charles Evans Hughes (former governor of New York, Supreme Court Justice and presidential candidate in 1916) as Secretary of State; Secretary of Commerce Herbert Hoover; and millionaire Pittsburg banker Andrew Mellon as Secretary of Treasury. But there were also a few friends, like Albert Fall (Interior) and Harry Daugherty (Attorney General), who would become infamous for corruption.

Friends of Harding and Daugherty flocked from Ohio to Washington for jobs. Headquarters for the “Ohio Gang” was the “Little Green House” on K Street, where government favors and appointments were bought and sold. Evidence of Harding’s knowledge is sketchy; his friends just assumed he would agree in order to please them. But late in 1922, Harding learned of irregularities at the Veterans’ Bureau, where huge amounts of surplus materials were sold far below market value and in turn new supplies were purchased far above fair value, all without competitive bidding.

The head of the agency, Charles R. Forbes – one of Harding’s poker buddies – was allowed to resign, but the attorney for the Bureau committed suicide. This was soon followed by the death of another close Harding friend, Jess Smith, who shared an apartment with Daugherty and was a member of the “Ohio Gang.” Sensing trouble, Harding had asked him to leave Washington, however Smith shot himself to death. But the biggest surprise surfaced after Harding died of a heart attack in San Francisco in August 1923.

Secretary of Interior Fall had allowed two large federal oil fields in Elk Hills, Calif., and Teapot Dome, Wyo., to be opened to private oil companies. He was convicted of bribery ($400,000) and sent to prison. Attorney General Daugherty was brought to trial in 1924 for conspiracy in much of this, but refused to testify to avoid “incriminating the dead president” and it hung the jury.

How much Harding actually knew about the corruption among his friends will never be known. After his death, Mrs. Harding burned all his papers and correspondence, diligently recovering and destroying even personal letters in the possession of other people. Since she had also refused to have Harding’s corpse autopsied in San Francisco, there have always been rumors he was actually poisoned.

Ah, Washington, D.C. – such a small city, but with so many untold mysteries.

Transfer of Power Between Hoover, Roosevelt Tense but Peaceful

herbert-hoover-classic-ok-america-button — This “OK America!” button from Herbert Hoover’s 1932 re-election campaign sold for $2,500 at a September 2015 Heritage auction.

By Jim O’Neal

Herbert Hoover aspired to the presidency of the United States strictly for the opportunity to serve the public. When elected in 1928, he was universally recognized as the greatest living humanitarian. He helped organize the return of thousands of Americans stranded in Europe before the outbreak of World War I (taking no salary) and also directed the program for relief to millions of Belgians and French (after Germany invaded Belgium) as head of President Wilson’s Food Administration.

For several years after the war, he continued to serve without salary as Secretary of Commerce for presidents Warren Harding and Calvin Coolidge until he resigned to run for president in 1928. He won by a large margin and in his inauguration speech on March 4, 1929, he described the future of the country as being “bright with hope.”

Three and a half years later, Republican prosperity had vanished, beginning with the stock-market crash seven months after Hoover took office. Protesting veterans of the Bonus Army were camped out in sight of the Capitol and milling around the White House to display their frustration and bitterness.

Hoover was on a tour of the Midwest the day the stock market crashed. For seven rainy days, he plodded from town to town on his train, proclaiming prosperity to anyone willing to listen. He arrived home on Oct. 4, 1929, and at a press conference the next morning, he assured newsmen the country’s businesses stood on a solid foundation.

Days later, on Oct. 19, Black Tuesday, the stock market fell sharply, but the president earnestly believed this was only a tough patch, like the Panic of 1907. Like most people, he seems to have had little idea of how bad the worst would be. The plan he presented to Congress in December was totally unorthodox by calling on the federal government to save the day through a series of programs that included education reform, housing for the underprivileged, jobs in long-term construction, lower taxes and a balanced budget … while making government more effective and efficient.

To add to the gloom of 1929, the Executive Office burned to its walls on Christmas Eve as carolers serenaded. The destruction of the Executive Office was a better symbol for the Hoover presidency than the White House, since virtually all the programs failed and the country started a downward spiral that would continue until we had to gear up for the next world war.

In the summer of 1932, Franklin Delano Roosevelt was nominated by the Democratic National Committee in Chicago. On Aug. 11, Hoover formally accepted the Republican nomination that had been offered several months earlier. But he chose to bury himself in work for the balance of August and all of September. By then, the Democrats were in full stride and FDR became the president-elect.

However, the transfer of office from Republican to Democrat was chilly. At best, the feeling between the two men was of mutual contempt. The Hoovers declined to host the traditional March 3 dinner for the incoming president, and the Roosevelts had no intention of attending. Hoover was frustrated that FDR did not accept any of his advice and Roosevelt had grown weary of listening. (This would lead to changing the inauguration of March 4 to January 20, since it was too long to have a lame duck badgering the new guy.)

A small awkward tea ceremony was finally negotiated and that was that. A quiet, peaceful transfer of the most powerful political office in the world.

Deep Divisions Within a Political Party Nothing New

andy-warhols-screenprint-teddy-roosevelt — Andy Warhol’s screenprint *Teddy Roosevelt* (from the Cowboys and Indians portfolio), 1986, ed. 183/250, realized $23,750 at a May 2013 Heritage auction.

By Jim O’Neal

Theodore Roosevelt assumed the presidency in September 1901 following the assassination of William McKinley. Teddy was 42 years old and remains the youngest man to hold the office (JFK was 43).

When reelected in 1904, it was the first time an incumbent president won reelection after ascending to the presidency upon the death of his predecessor. Calvin Coolidge (1924), Harry S. Truman (1948) and Lyndon B. Johnson (1964) would later match this historic first.

When 1908 rolled around, TR honored his earlier pledge “not to seek a third term” and then maneuvered his associate William Howard Taft into the White House.

At the time, it seemed like a sound strategic transition for the Republicans. But it would turn out to be a colossal mistake that would grow in importance and haunt Roosevelt for the rest of his life.

When he returned from the historic Smithsonian-Roosevelt African Expedition two years later, the group had collected 11,400 animal specimens that took Smithsonian naturalists eight years to catalog. And the political animals had also been busy during his absence.

A major rift developed between President Taft and TR over policies that had become administration priorities. This, in turn, caused a deep divide in the Republican Party that could not be reconciled. It was so serious that neither faction could generate enough support to defeat Democrat Woodrow Wilson in the 1912 election.

Later, many politicians were convinced that Roosevelt was still popular enough to seriously contend for the 1920 Republican nomination. However, this conjecture was never tested since the mighty Bull Moose’s health was broken and he died on Jan. 6, 1919.

He still regretted making “that damn pledge not to run in 1908” and took it with him to the grave.

The Roaring Twenties were Outrageous, and Then … Black Tuesday

The Roaring Twenties as depicted in Everett Shinn’s 1925 Curtain Call. This oil on canvas realized $119,500 at a May 2007 Heritage auction.

By Jim O’Neal

One man poisoned himself, his wife and their two young children. Another dropped dead in his stockbroker’s office. Still another (in North Carolina) went into his garage and shot himself. Both the rich and poor were affected.

Winston Churchill woke up in a New York hotel room to a loud commotion. “Under my very window, a gentleman cast himself 15 stories and was dashed to pieces.” Irving Berlin explained it this way: “I had all the money I wanted for the rest of my life. Then suddenly I didn’t!”

It was Black Tuesday, Oct. 29, 1929.

The “Roaring Twenties” conjures up Prohibition, gangsters, flappers and bizarre fads: flagpole sitting, dance marathons, talking movies, the Marx Brothers … and the greatest fad of all … playing the stock market.

Previously a rich man’s game, by the 1920s one million Americans owned 300 million shares of stock, much of it bought on margin. And why not? There were all these new things like radios, telephones, affordable cars and, especially, the ticker tape machine allowing individuals to buy and sell stocks almost instantly.

A person would have to be crazy to stick their money in a bank when you could make a small fortune buying “on the margin.” Calvin Coolidge said: “The business of America is business” and business was booming!

New technologies for refining oil allowed companies to produce more iron, steel, gas and chemicals. Then Treasury Secretary Andrew Mellon cut corporate taxes and previously marginal companies had more money to spend. Many of them spent it buying stocks, driving the stock market even higher (and also boosting their profits).

During the summer of 1929, the stock market reached an all-time high with a record number of shares purchased. However, astute investors noticed a number of troubling warning signs. First was the ever-increasing number of shares bought on margin, a key indicator of increased leverage and a tell-tale sign of speculation versus investing. Second, only 400 of the 1,200 companies listed on the NYSE were actually increasing their revenues and profits fast enough to justify the higher stock prices. Lastly, “Stock Trusts,” pools of money by wealthy investors, could manipulate individual stocks by simply investing heavily in them.

The stock market was being rigged in plain sight, but only a few like business theorist Roger Babson was warning about an impending crash.

Throughout September and October, market volatility increased sharply and on Oct. 24, a near-crash occurred (Black Thursday) when there was a sharp, terrifying plunge. When the market opened, it went straight down and by mid-afternoon stocks had lost $11 billion. But brokers managed to stabilize it and it recovered 75 percent.

On Monday, there was another plunge as those who had survived decided to try and salvage what they had, despite many calls of reassurance. And on Tuesday, Oct. 29, the carnage really began.

The day started with thousands of people congregating on Wall Street, as if they needed to be present for some historic event. All of the major stocks began to crash.

Brokers were flooded with sell orders.

In two hours, eight million shares were sold. Then more margin calls were made and people began to literally fall into shock. By 3 p.m., after five hours of trading, the market closed. Sixteen million shares had been traded at an estimated loss of $15 billion.

Then stories of suicides began. Will Rogers wrote, “You had to stand in line to get a window to jump out of.” Then businesses began to die as well. First to go were the investment firms, followed by the companies who over-speculated on stocks, and then finally the banks.

Like a house of cards, the Roaring Twenties tumbled to an end and the country was entering the first phase of the Great Depression. It would continue for another 12 long years until we entered World War II.

Nothing like a nice little world war to get the economy humming again.

Coolidge’s Quiet Demeanor Was No Hindrance to a Winning Campaign

This four-inch Calvin Coolidge “Deeds Not Words” political button alludes to his taciturn nature. It realized $3,346 at a November 2011 Heritage auction.

By Jim O’Neal

In 1924, incumbent President Calvin Coolidge (R) squared off against Democrat John W. Davis. As vice president, Coolidge assumed the presidency as a result of Warren G. Harding’s odd death in 1920 and voters were still trying to assess this quiet, taciturn man born on July 4 in Plymouth Notch, Vt. He favored U.S. participation in the World Court, but opposed any involvement in the League of Nations.

Although in opposing parties, Coolidge and Davis shared similar conservative views on the role of the federal government: lower taxes, less regulation and a small, focused agenda (some things never change … just the individuals espousing them).

In fact, their views were so similar that historians call this election “the high water mark of American conservatism.”

Naturally, this didn’t sit well with Liberal Progressives, so they formed a new Progressive Party (it only lasted for one election) and then ratified the nomination of Wisconsin Senator Robert M. La Follette for president.

Although La Follette represented this minor third party, he managed to snag 4.8 million votes and 13 electoral votes … probably just as well since he died several months after the election of heart disease (a common malady for men of this era).

The third party divided the Democratic Party rather badly and allowed President Coolidge to keep his job.

Coolidge’s vice president, Charles G. Dawes, had written the music in 1911 for a tune which eventually became a big hit in 1958 for Tommy Edwards. “It’s All in the Game” is the only number one hit co-written by a VP.

The election of 1924 was also the first presidential election in which all American Indians were recognized as citizens and allowed to vote.