If you don't mind smelling like peanut butter for two or three days, peanut butter is darn good shaving cream.
Yes, according to The San Francisco Examiner, the source of the quote is a 1972 poll of people of interest done by that year’s “Georgia Peanut Princess”, Paulette Brown:
This year's Georgia Peanut Princess Paulette Brown has taken a poll to end all polls among a variety of presidential candidates and public figures she wanted to know how they stand on peanut butter. Working with Peanut Associates Inc., Miss Brown found out that Sen. Hubert Humphrey's favorite sandwich is a staggering combination of "peanut butter, bologne, cheddar cheese, lettuce and mayonnaise, on toasted bread with lots of catsup on the side." But if you think Humphrey is crazy about peanut butter Sen. Barry Goldwater, past presidential candidate, informed Miss Brown that the Arizona Republican once on a dare used smooth style peanut butter to shave one morning. "And if you don't mind smelling like a peanut for two or three days it's a darn good shaving cream," Goldwater said.