‘It’s a Wonderful Life’: The Stories Behind the Yuletide Classic (Part 1)
by Stephen SchochetIn a 1946 interview, Capra described “It’s a Wonderful Life’s” theme as “the individual’s belief in himself,” and that he made it to “combat a modern trend toward atheism.”
“It’s a Wonderful Life” (1946) began as a short story called “The Greatest Gift.” Pennsylvania-born writer Philip Van Doren Stern, who said that the heartwarming tale had come to him in a dream, was unable to sell it to a publisher, so he sent the story out as a long Christmas card to friends. His agent subsequently sold the fable to RKO pictures, where it went through several transformations.
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In one version a losing political candidate contemplated suicide, only to have an angel convince him to stick around and do good works. Finally it fell into the hands of director Frank Capra, who said it was the story he had been looking for all his life. He purchased it to be the first project for his new venture, Liberty Films (started by Capra in 1945 along with Producer Samuel J. Briskin, and directors William Wyler and George Stevens). With movie attendance booming during the Second World War II, a new independent film company for big name directors seemed like a can’t-miss idea.
Capra had long been an admirer of Amadeo Pietro Giannini, the founder of the Bank of Italy in 1904, renamed the Bank of America in 1928. Giannini earned a reputation for lending money to people other financial institutions had considered bad risks, including immigrants whose property had been destroyed by the 1906 San Francisco earthquake. A.P. only required a handshake and was proud to say later that he was always paid back. Giannini also believed strongly in the hopes and dreams of some of the street merchants who gravitated into the fledgling film industry, and put his bank’s money behind their ventures.
Based on Giannini, Capra’s 1932 drama, “American Madness,” told the story of a bank president (Walter Huston) who makes lending decisions based more on character than collateral, which causes his board of directors to try and ruin him. The money man is bailed by his less well-to-do friends,who personally benefited from his past generosity. A movie about a bank run had proved too topical to be a big hit in 1932; now, fourteen years later, “It’s a Wonderful Life” would allow Capra to once again tackle a similar theme.







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