TLS, one page, 8.5 x 11, personal letterhead, July 9, 1931. Short letter of thanks to Thomas Cochran on Wall Street. In full: “It was very thoughtful of you to send me a wire on my birthday and most kind to entertain me at your house. I want you to know how much I appreciated it.” Under his signature, Coolidge adds a handwritten postscript: “Those who advise action in Europe will soon be asked to head the syndicate for a loan.” In fine condition, with intersecting folds, one through a single letter of signature, and some scattered mild toning.
Coolidge’s laissez-faire approach to government is clearly stated in this piece of correspondence. On May 11, 1931, the Credit Anstalt, Austria's largest bank, went bankrupt, beginning a banking collapse in Central Europe that causes a worldwide financial meltdown. Germany was among the nations badly affected, resulting in a strengthening of the anti-democratic Fascist and Nazi movement in Austria and Germany. As nervous customers rushed to withdraw their money, other banks began to fail as well, including the collapse of the giant German Danat-Bank in July. In Germany, the financial panic led many to join the Nazis, from youths bitter about the failure of old-style politics to middle-class Germans.
Although no one (including “Silent Cal”) knew it, the banking crisis was just one of the factors that led to Hitler’s rise to power and the eventual onset of World War II. In hindsight, it is now amazing that so many world leaders, including a former American president, would make a nonchalant remark such as Coolidge did and be opposed to extending a helping hand. Pre-certified John Reznikoff/PSA/DNA and RRAuction COA.
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