Calvin Coolidge (1872-1933; see entry in volume 4) presided during a period of economic prosperity called "the Roaring 20s." His pro-business administration emphasized few government regulations on business activity. He lowered taxes, reasoning that the money individuals and businesses saved on paying taxes could be spent on investments to further encourage business growth.

Because Coolidge did not propose many government programs, some thought of him as a "do-nothing president," content to let the country run on its own. Coolidge believed that the same freedoms that American citizens enjoyed ought to be extended to business as well. Not known as a great speechmaker, he was famous instead for brief remarks, such as "the chief business of the American people is business," a quote from a speech the president gave to the American Society of Newspaper Editors on January 17, 1925. Business and...