The political economy of the Republican Party, as Calvin Coolidge described, was shaped by the Federalists and Whigs:. The party now in power in this country, through its present declaration of principles, through the traditions which inherited from its predecessors, the Federalists and the Whigs, through their achievements and through its own, is representative of those policies which were adopted under the lead of Alexander Hamilton [1].
This philosophy also consisted of a commitment to sound money as exemplified by the gold standard, low levels of taxation and regulation, balanced budgets, and a commitment to property rights and economic liberty. These principles along with the protective tariff defined the political economy of the Republican Party.
As Coolidge stated:. He [McKinley] at once revised the tariff and strengthened the law establishing the gold standard. Prosperity immediately returned. There was not only a domestic market but immense exports. The foreign trade increased more under the first term of McKinley than it had ever increased in any other four years. It was this situation, this opportunity, that called forth William McKinley. Taking up again the work of Hamilton and Clay, because commercial problems necessarily had been laid aside for the solution of the more fundamental problems of freedom, McKinley re-established their principles, and under his leadership the government readopted their policies.
Harding, Calvin Coolidge, and Herbert Hoover. Even during his post-presidency Coolidge continued to defend the policy of protection:. The greatest asset of our whole economic system is its effect upon commerce, agriculture, industry, the wage earner, and the farmer, and practically all our producers and distributors, is our incomparable home market.
It has always been a fundamental principle of the Republican Party that this market should be reserved in the first instance for the consumption of our domestic products…Our only defense against the cheap production, low wages and low standard of living which exist abroad, and our only method of maintaining our own standards, is through a protective tariff.
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