DescriptionCalvin Coolidge Typed Letter Signed "Calvin Coolidge" as President. One page, 7" x 9", Washington, D.C.; October 23, 1923. A letter to Adolph Lewisohn, in regards to the industrial and commercial establishments in America and how they aid the country's overall growth. The letter reads, in full:
"The American people, taken as a whole, have been very quick to grasp the benefits that result from thrift and industry, deposited money in banks, but invested it in all kinds of business enterprises. Those who have started in this direction have always found that real satisfaction arises, not from indulgence, but from achievement. Those who save regularly find an increasing power, not only of finances, but of character. It is through the use of such power, for wise and just ends, that we can better our whole industrial and commercial establishment. It is not too much to say that the growth of America, as we know it, has been the result of these agencies. It has been, not only the vision and the high purpose of our forefathers, but, likewise, their work and their savings, which have created our country, and on the continuation of which the whole future and welfare of our people rests. The habit of saving is a constructive virtue. Your efforts to bring this to the attention of the public, with reiterated emphasis, is a highly commendable service. I endorse your actions, and wish you every success in this laudable enterprise."
Adolph Lewisohn (1849-1938) was a German immigrant who became a New York investment banker. He became involved in mining and he and his brothers eventually became known as "Copper Kings". During the 1890s one of their mines paid $35 million in dividends. After retirement, he became a great supporter of the arts; his art collection was donated to the Brooklyn Museum of Art.
Condition: Flattened mail folds, with very light toning around the outer margins. There is a small hole at the upper left corner. There are very faint mounting remnants on verso, else very good.
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