Date: July 2, 1930
Location: Northampton, MA
(Original document available here)
Faith without works is vain. Although many millions of people are enjoying record wages, there are others who are unemployed, some of whom can live on their savings, while the rest will have to be supported directly or indirectly by those who work.
People are out of work because the things they could produce are not being bought. With all our wealth, it is difficult to suppose that our consuming power has greatly diminished. It is not being exercised. It will help somewhat to increase public and private construction. But the principal consuming power in this country is in the people who have work. Unless they buy of the other the fellow he cannot buy of them.
If those who are working and have the means would pay all their retail merchandise bills and in addition purchase what they need and can afford, a healthy commerce would quickly be created. Our nation has plenty of resources to support all its people comfortably through a mutual exchange of products if every one will do his part. Those who have employment now run the risk of losing it by refraining from buying and paying within their means. No one who has money now can afford to defer settling his accounts.
Citation: Calvin Coolidge Says: Dispatches Written by Former-President Coolidge and Syndicated to Newspapers in 1930-1931 (Calvin Coolidge Memorial Foundation)
The Coolidge Foundation gratefully acknowledges the volunteer efforts of Robert Manchester who prepared this document for digital publication.