The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-07-28
COolidge-Historian and Economist

Tn Golfers magazine ex-Presdent Calvin Coolidge
turns historian and economist and gives a dis
course on the evolution Of property the merit basis
of property in the United States and the dangers
of taxing the rich.
Just why deep respect should be accorded to the
economic opinions of a man who never had one
decent course in political economy in his college
career and never has studied thoroughly economic
and financial problems is not really apparent But
let us waive this point and plunge directly into Mr.
Coolidge's essay.
Mr. Coolidge waves the flag in the first paragraph.
The notion of property rights is an American con-
trbution The critical view of property is miser-
able alien conception.
Mr. Coolidge seems hardly to have heard of the
rise of European capitalism in the centuries pre-
cedng and paranelng the very discovery of America
He seems not to know that the Fuggers, Speyers, and
Rothschilds preceded Morgans and Rocketellers.
Nor does he make it clear that our early American
doctrines of property rights and the duty OF the gov
eminent to protect them derived chiefly from
John Locke and the British Wing apologists of the
middle class Neither does he mention early Amer
lean Communism in Virginia or Massachusetts.
Next, Mr. Coolidge contends that property abroad
is the privilege of the few while in America it is the
right of the many. 1t certainly not be commended
he says that property rights in the United States
too exclusive"
Further 1.-The people know that property in the
United States generally represents service and merit"
All vestiges of privilege have been abolished.
Not many people find fault with property rights"
in the United States The main issue is actual prop
erty holdings and the distribution of wealth in prsc-
tice 1t would be more difficult for Mr. Coolidge to
prove that these are not too exclusive.
If he were to bite into the fact that fewer than
10000 persons have one-eghteenth of the total in
come of the whole 12OOOoOOO inhabitants of the
United States or that than 9S per cent of the
income-receivng population receives less than $4,000
a year, he would have tough shedding.
Moreover his contention that wealth represents
service and merit" would get pretty hard bumps
if applied to the $40 Americans who received incomes
of more than sOOOOOO in 1929 to the facts of absen-
tee ownership, the status and methods of holding
companies in industries.
The abolition of privilege in the United States has
consisted chiefly in the abolition of antique titles 1t
was not the title however but wealth and position
which gave power even under feudalism.
1t would be folly to contend that wealth does not
give comparable power in America today, that it
is not an inherited privilege as yet modified only
slightly by inheritance and estate taxes
Mr.. Coolidge gives a touching picture of the
benevolence OF American industrial and financial
policy Arrogance is gone. spirit of service toward
the public and toward employees he's come" He cites
as proof the growth of welfare and relief agencies
supported by industry.
He fails to note the fact that inefficient
methods of industrial control turn out unemployed
and disabled employees rather more rapidly than all
relief agencies combined well provide for them.
Nor does he say anything about the holding COM
pany the most striking aspect of recent economic
development. and from which the element of
service is almost wholly absent
A case can be made out for property and capitalism