EDUCATORS ’ PERSPECTIVE
Library of Congress Prints and Photographs Division
Illustration from the December 30 , 1908 issue of Puck magazine showing wild animals purchasing life insurance policies in anticipation of big game hunting expeditions when Theodore Roosevelt ’ s presidential term was over .
On return trips from North Dakota to New York , TR renewed his relationship with childhood friend Edith Kermit Carow . The two were married in London on December 2 , 1886 . Edith ’ s family had moved to Europe after the death of her father because it was less expensive to live there than in New York .
The blizzards began in North Dakota in November 1886 , and they were relentless . TR lost most of his cattle that winter , and it looked like he would lose his entire investment there . Fortunately , the two lumberjacks from Maine that TR had convinced to move to North Dakota to manage his ranch were able to minimize his losses . In spite of this , TR ’ s precarious financial situation led him to seriously consider selling Sagamore Hill , the house he had built on Oyster Bay .
Edith , aware of TR ’ s lack of financial sense , quickly stepped in and took control of the family ’ s finances . She kept careful records of spending and convinced TR that Sagamore Hill should be a working farm and not just a family playground . 2 Although her competent management restored stability , the couple often struggled to pay their bills . The only time the Roosevelts were able to live within their means prior to the presidency was during TR ’ s term as governor of New York . During his presidency , the Roosevelts spent his entire annual salary of $ 50,000 on entertainment , but it was also during this time that their wealth began to grow .
In his first term , TR ’ s finances were bolstered by an inheritance of $ 30,000 from an uncle and by a $ 30,000 contract from G . P . Putnam ’ s Sons for a new 14-volume
Works of Theodore Roosevelt . Cash inflow finally began to exceed cash outflow under Edith ’ s capable management .
Shortly after winning a second term in the White House , TR declared that he would not seek a third term . He left office at the peak of popularity and could easily have won a third term . Though he loathed giving up power , TR rationalized , “ New issues are coming up . I see them . People are going to discuss economic issues more and more : the tariff , currency , banks . They are hard questions , and I am not deeply interested in them .”
TR ’ s post-presidential writing activity provided the Roosevelts with a steady , if not spectacular , income that was ably managed by Edith . Immediately upon leaving office , TR embarked upon an African safari that led to the publication of a book chronicling
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