War Loans

Out of 50,000,000,000 francs loaned to the Allies, the real value which left America was perhaps 20,000,000,000, while repayment will need over 100,000,000,000 without interest. That does not seem fair. It does not even seem clever, for such a debt must radically destroy the economy of the world.

Speech by Vice-President Coolidge 1921

1921 speech then-Vice President Coolidge gave at the Hotel Commodore, New York City, at a dinner attended by New England bankers. “A bank is not a private institution, responsible to itself alone or to a few. It is a public institution, under a moral obligation to be administered for the public welfare”