Page:Jay Lovestone - What's What About Coolidge.pdf/16

 resources are over $93,000,000. It is this Mr. Butler and Mr. Stearns who are the guiding spirits of President Coolidge.

Harding was noted for his having surrounded himself with a cabinet of millionaires. His cabinet officers were worth a total running into the billion dollar column.

Coolidge has not only left this cabinet undisturbed but has even gone Harding one better. In his appointment of Slemp as private secretary the President has chosen a man of great wealth and a bitter foe of unionism to work most intimately with him. Mr. Slemp is very close to the Republican textile manufacturing interests of the South which are closely allied with the textile interests of New England dominating Coolidge. The Consolidated Textile Corporation, for instance, owns 750,000 spindles in the South. Mr. Slemp, as president of the Hamilton Realty Co. and the Slemp Coal Co. also has large land and coal holdings in south western Virginia.

Coolidge's loyalty to the open shoppers and capitalist reactionaries is given the blanket indorsement of our financial and industrial overlords in the following estimate of the country's chief executive by the president of one of New York City's greatest banks: "Coolidge is a man with a thorough knowledge of basic economics, and in his public life has demonstrated the fact that he is a sane and constructive force in government."

Under these conditions it is small wonder that the bankers and manufacturers from coast to coast are rejoicing over the rise of Coolidge to the presidency. The feeling of security the big employers have with Coolidge at the helm, is best shown by the fact that when he stepped into his office the reactionary New York Tribune remarked: "The stock-trading simply recorded a quiet confidence that all was well—surely a rare tribute to President Coolidge."