Coolidge

by Amity Shlaes

Another story, told by Richard Scandrett, Morrow’s brother-in-law, caught Coolidge demonstrating how to handle a contract. Scandrett described a meeting at the Vanderbilt involving a deal between Collier’s and Coolidge. The magazine had asked him to write ten articles for the high sum of $2,000 each, but the magazine had published only six. Summoned by the ex-president to meet at the hotel, the editor knew what question would come, and it did: “I made a contract with you to write ten articles at $2,000 each and I wrote them and you published six, and you haven’t published the other four.” Yes, came the editor’s reply, with the predictable response: the magazine had paid for all ten. “But if they aren’t worth publishing,” Coolidge said, “they oughtn’t to be paid for,” and he pulled out a check for $8,000. The move was deliberate, and deliberately Coolidge: somehow he had not pleased the other party. He gave the money back even though the contract did not say that he had to. The point, for him, was a simple one: it was important to show people that you cared about what they expected, so that they would want to do business with you again.

What a cool story. This man had amazing morals.