Quote – Calvin Coolidge, New York Times.

It is proposed to take capital and to use it in the ordinary operating expenses of Government…We are thus to live, not on income, but on principal, and to that extent we exhaust our resources and prevent the industrial expansion essential to our increasing population and our high standard of living.

Calvin Coolidge, quoted in “Text of the President’s Statement Criticizing Provisions of Tax Law,” New York Times.

Sunday, June 1, 1924