The context is a discussion as to whether one should be disturbed that newspapers and magazines are commercial ventures, whether a commercial press is a tainted press. The extended quotation below is interesting not only in underlining Coolidge's view of business (which while arguably a bit over-optimistic in regards to human nature is also not as materialistic as some uses of the quote would suggest) but also as an example of how public rhetoric has changed over the last 90 years. Cal was clearly a more plain spoken rhetorician than famous famous speakers of the 19th century (contrast this with a speech by Abraham Lincoln or William Jennings Bryan) but the standard of rhetoric even from a "plain speaker" in the 1920s was clearly very different from today.
Some people feel concerned about the commercialism of the press. They note that great newspapers are great business enterprises earning large profits and controlled by men of wealth. So they fear that in such control the press may tend to support the private interests of those who own the papers, rather than the general interest of the whole people. It seems to me, however, that the real test is not whether the newspapers are controlled by men of wealth, but whether they are sincerely trying to serve the public interests. There will be little occasion for worry about who owns a newspaper, so long as its attitudes on public questions are such as to promote the general welfare. A press which is actuated by the purpose of genuine usefulness to the public interest can never be too strong financially, so long as its strength is used for the support of popular government.
There does not seem to be cause for alarm in the dual relationship of the press to the public, whereby it is on one side a purveyor of information and opinion and on the other side a purely business enterprise. Rather, it is probable that a press which maintains an intimate touch with the business currents of the nation, is likely to be more reliable than it would be if it were a stranger to these influences. After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world. I am strongly of opinion that the great majority of people will always find these are moving impulses of our life. The opposite view was oracularly and poetically set forth in those lines of Goldsmith which everybody repeats, but few really believe:
Ill fares the land, to hastening ills a prey,
Where wealth accumulates, and men decay.
Excellent poetry, but not a good working philosophy. Goldsmith would have been right, if, in fact, the accumulation of wealth meant the decay of men. It is rare indeed that the men who are accumulating wealth decay. It is only when they cease production, when accumulation stops, that an irreparable decay begins. Wealth is the product of industry, ambition, character and untiring effort. In all experience, the accumulation of wealth means the multiplication of schools, the increase of knowledge, the dissemination of intelligence, the encouragement of science, the broadening of outlook, the expansion of liberties, the widening of culture. Of course, the accumulation of wealth can not be justified as the chief end of existence. But we are compelled to recognize it as a means to well nigh every desirable achievement. So long as wealth is made the means and not the end, we need not greatly fear it. And there never was a time when wealth was so generally regarded as a means, or so little regarded as an end, as today. Just a little time ago we read in your newspapers that two leaders of American business, whose efforts at accumulation had been most astonishingly successful, had given fifty or sixty million dollars as endowments to educational works. That was real news. It was characteristic of our American experience with men of large resources. They use their power to serve, not themselves and their own families, but the public. I feel sure that the coming generations, which will benefit by those endowments, will not be easily convinced that they have suffered greatly because of these particular accumulations of wealth.