How we cite our quotes: (Paragraph.Line)
Quote #1
Already we have sufficiently rearranged our domestic affairs so that confidence has returned, business has revived, and we appear to be entering an era of prosperity which is gradually reaching into every part of the nation (1.5).
The U.S. lent a lot of money to European countries during World War I, not to mention the money it spent on its own troops toward the end of the war. The Republican presidents of the 1920s managed to get the national debt down by slashing taxes and cutting government spending to a bare minimum. The end of war, plus the modernization of industry, plus higher incomes, did bring about the "era of prosperity" that Coolidge mentions here.
Quote #2
No matter what others may want, these people want a drastic economy. They are opposed to waste. They know that extravagance lengthens the hours and diminishes the rewards of their labor. I favor the policy of economy, not because I wish to save money, but because I wish to save people (15.7-10).
Coolidge saw this as a moral issue, not just an economic one.
Quote #3
The collection of any taxes which are not absolutely required, which do not beyond reasonable doubt contribute to the public welfare, is only a species of legalized larceny. Under this republic the rewards of industry belong to those who earn them […] The property of the country belongs to the people of the country. Their title is absolute. They do not support any privileged class; they do not need to maintain great military forces; they ought not to be burdened with a great array of public employees (16.5, 8-10).
Legalized larceny? Yowza. The only reason Coolidge was able to cut taxes so drastically was because he also made sure the federal government was as small as possible. Notice one big difference, though, from present-day small-government politicians? If you said "the military," then extra credit for you. Even the most gung-ho budget-slashers today want to increase military spending. Guess it's a more dangerous world out there now.