Description:

CALVIN COOLIDGE AND 'PONZI' SCHEMES
CALVIN COOLIDGE (1872 - 1933) Thirtieth President of the United States who succeeded to the presidency upon the death of Harding. Heavily-annotated and corrected T.L. (unsigned) as governor on official letterhead, 1p. 4to., Boston, Dec. 6, 1920 to Edwin A. Grozier, editor of the Boston Post. Coolidge discusses Charles Ponzi (1882-1949), an Italian charlatan and con artist who promised a 50% profit within 45 days by buying discounted postal reply coupons in other countries and redeeming them at face value in the U.S. In part: '...the most constructive accomplishment of journalism in recent years was that performed by the Boston Post in exposing the methods of Charles Ponzi. The investigation...conducted by your paper...sensed the extent of the tremendous swindle which was being perpetrated...your paper called direct attention to Mr. Ponza...he was taking about three hundred thousand dollars a day...the Post prevented many more from being robbed of their savings...' More good content in Coolidge's emphatic letter. File holes at top, else very good. On July 24, 1920, The Boston Post printed a favorable article on Ponzi and his scheme that brought in investors faster than ever. At that time, Ponzi was making $250,000 a day. The next business day after this article was published, Ponzi arrived at his office to find thousands of Bostonians waiting to give him their money. On July 26, the Post started a series of articles that asked hard questions about the operation of Ponzi's money machine. Finally, In two federal indictments, Ponzi was charged with 86 counts of mail fraud and faced life imprisonment. At the urging of his wife, Ponzi pleaded guilty on November 1, 1920, to a single count. He would later face state charges as well.

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April 2, 2025 10:00 AM EDT
Elkton, MD, US

Alexander Historical Auctions LLC

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