SS I - Gospel of Business

Who became president after Harding died?

Calvin Coolidge, while visiting his childhood home in rural Vermont.

Where was Coolidge when he was sworn in?

At his family farmhouse in Plymouth Notch, Vermont.

How was Coolidge sworn in as president?

By placing his hand on the family Bible, administered by his father, a shopkeeper and village notary, by kerosene lamp.

Why did Coolidge’s swearing-in appeal to the public?

It emphasized his homespun, moral, and calm New England character, contrasting Harding’s scandals.

What was Coolidge’s personal lifestyle like?

He was a teetotaler, devoted husband, enjoyed fly fishing, and napped with his three collies every afternoon.

Who did Coolidge retain from Harding’s Cabinet?

Herbert Hoover, Andrew Mellon, and Charles Evans Hughes.

Who replaced Harry Daugherty as Attorney General?

Harlan Fiske Stone, a respected legal scholar who later joined the Supreme Court.

What political philosophy did Coolidge champion?

Small government, individualism, pro-business policies, low taxes, balanced budgets, and limited regulation.

What was Coolidge’s campaign pledge about government and business?

“Less government in business; more business in government.”

What economic approach did Coolidge favor?

Laissez-faire, limiting government interference in the free market while encouraging entrepreneurship.

What famous quote did Coolidge say about factories?

“The man who builds a factory, builds a temple. The man who works there, worships there.”

Who shared Coolidge’s pro-business worldview?

A large portion of the American public, with enthusiasm bordering on religious zeal.

What book reflected the “Gospel of Business” philosophy?

The Man Nobody Knows (1925) by Bruce Barton, portraying Jesus as a master businessman.

What fraternal organizations grew in popularity during Coolidge’s era?

Rotary Club and Kiwanis Club, emphasizing individual striving and community service.

How did colleges respond to the business boom?

They expanded business schools and programs, offering degrees like MBA and D.C.S.

When did the economic boom begin under Coolidge?

After 1923, as the effects of the post-WWI recession began to lift.

Who won the 1924 presidential election?

Calvin Coolidge, easily defeating his Democratic challenger with 53% of the popular vote and 382 electoral votes.

Why did Coolidge have a mandate for Republican policies?

His large election victory and public support allowed him to push tax cuts and business-friendly policies.

What major tax reform occurred under Coolidge?

Andrew Mellon’s 1926 tax law: slashed corporate taxes, lowered top income tax rate from 40% to 20%, shifted burden to middle/working class, reduced estate tax, repealed gift tax, ended public disclosure of income tax payments.

What was the impact of Coolidge’s fiscal policies?

National debt decreased by nearly $8 billion, wages rose, inflation and unemployment fell, and economic prosperity expanded.

How much did total realized income rise from 1923–1929?

From $73.4 billion to $89 billion, with corporate earnings up $2.3 billion and savings deposits up 12.5 million.

What was average per capita income in 1927?

$770, more than double 1914 levels.

Did prosperity reach all Americans equally?

No; construction workers, farmers, sharecroppers, and coalminers often saw income drops and economic hardship.

Why did farmers struggle despite the boom?

Falling crop prices, overproduction due to mechanization, and declining European demand caused foreclosures and income loss.

What percentage of Montana farmers lost land to foreclosure 1921–1925?

Half of the state’s farmers.

Which groups suffered the most during this era?

African-American tenant farmers in the South and Appalachian coalminers, enduring extreme poverty and poor living conditions.