Happy President’s Day. We used to only honor Lincoln and Washington, but now we honor all of them with mattress sales. Like Chester Alan Arthur for example. Arthur had never held elective office until being elected Vice-President in 1880. He had been collector for the Port of New York, which was the most lucrative patronage job in the country. It was the chief source of graft for the “Stalwart” Republican machine of New York. When President Rutherford B. Hayes removed Arthur in an attempt to reform civil service, the Stalwarts responded by driving Hayes from the ticket in 1880 and replacing him with James GarfieldÂ and Arthur as his running mate. When Garfield surprised the stalwarts by continuing Haye’s reforms, a crazed member of the stalwarts, Charles Guiteau shot Garfield in a DC train station. He died 2 months later and Arthur, who was thought of by most Americans as a political hack of the worst order, took office. Arthur then shocked his stalwart friends by actually pushing civil service reform through Congress. Reform that was inspired by the excesses of political hacks like himself. By siding with reformers, Arthur had insured his Presidency would be brief. He failed to be renominated in 1884, and returned to his beloved New York City and died 2 years later.
Speaking of the Big Apple, we hope you will look for us at the Traders Expo in New York City this week. Our Dan keegan and Bill Gruzynski will be there to explain our program. Look for them at the Olynpus Futures booth.