President Hoover, Mr Chief Justice, my . This is a day of national . And I am certain that on day my fellow Americans expect that my induction into the Presidency I address them with a candor and decision which the present situation of people impel. This is preeminently the to speak the truth, the whole , frankly and boldly. Nor need we from honestly facing conditions in our today. This great Nation will endure it has endured, will revive and prosper. So, first of all, let assert my firm belief that the thing we have to fear is itself—nameless, unreasoning, unjustified terror which paralyzes efforts to convert retreat into advance. every dark hour of our national a leadership of frankness and vigor met with that understanding and support the people themselves which is essential victory. I am convinced that you again give that support to leadership these critical days.
In such a on my part and on yours face our common difficulties. They concern, God, only material things. Values have to fantastic levels; taxes have risen; ability to pay has fallen; government all kinds is faced by serious of income; the means of exchange frozen in the currents of trade; withered leaves of industrial enterprise lie every side; farmers find no markets their produce; the savings of many in thousands of families are gone.
important, a host of unemployed citizens the grim problem of existence, and equally great number toil with little . Only a foolish optimist can deny dark realities of the moment.
Yet distress comes from no failure of . We are stricken by no plague locusts. Compared with the perils which forefathers conquered because they believed and not afraid, we have still much be thankful for. Nature still offers bounty and human efforts have multiplied . Plenty is at our doorstep, but generous use of it languishes in very sight of the supply. Primarily is because the rulers of the of mankind’s goods have failed, through own stubbornness and their own incompetence, admitted their failure, and abdicated. Practices the unscrupulous money changers stand indicted the court of public opinion, rejected the hearts and minds of men.
they have tried, but their efforts been cast in the pattern of outworn tradition. Faced by failure of they have proposed only the lending more money. Stripped of the lure profit by which to induce our to follow their false leadership, they resorted to exhortations, pleading tearfully for confidence. They know only the rules a generation of self-seekers. They have vision, and when there is no the people perish.
The money changers fled from their high seats in temple of our civilization. We may restore that temple to the ancient . The measure of the restoration lies the extent to which we apply values more noble than mere monetary .
Happiness lies not in the mere of money; it lies in the of achievement, in the thrill of effort. The joy and moral stimulation work no longer must be forgotten the mad chase of evanescent profits. dark days will be worth all cost us if they teach us our true destiny is not to ministered unto but to minister to and to our fellow men.
Recognition the falsity of material wealth as standard of success goes hand in with the abandonment of the false that public office and high political are to be valued only by standards of pride of place and profit; and there must be an to a conduct in banking and business which too often has given a sacred trust the likeness of and selfish wrongdoing. Small wonder that languishes, for it thrives only on , on honor, on the sacredness of , on faithful protection, on unselfish performance; them it cannot live.
Restoration calls, , not for changes in ethics alone. Nation asks for action, and action .
Our greatest primary task is to people to work. This is no problem if we face it wisely courageously. It can be accomplished in by direct recruiting by the Government , treating the task as we would the emergency of a war, but the same time, through this employment, greatly needed projects to stimulate and the use of our natural resources.
in hand with this we must recognize the overbalance of population in industrial centers and, by engaging on national scale in a redistribution, endeavor provide a better use of the for those best fitted for the . The task can be helped by efforts to raise the values of products and with this the power purchase the output of our cities. can be helped by preventing realistically tragedy of the growing loss through of our small homes and our . It can be helped by insistence the Federal, State, and local governments forthwith on the demand that their be drastically reduced. It can be by the unifying of relief activities today are often scattered, uneconomical, and . It can be helped by national for and supervision of all forms transportation and of communications and other which have a definitely public character. are many ways in which it be helped, but it can never helped merely by talking about it. must act and act quickly.
Finally, our progress toward a resumption of we require two safeguards against a of the evils of the old ; there must be a strict supervision all banking and credits and investments; must be an end to speculation other people’s money, and there must provision for an adequate but sound .
There are the lines of attack. shall presently urge upon a new in special session detailed measures for fulfillment, and I shall seek the assistance of the several States.
Through program of action we address ourselves putting our own national house in and making income balance outgo. Our trade relations, though vastly important, are point of time and necessity secondary the establishment of a sound national . I favor as a practical policy putting of first things first. I spare no effort to restore world by international economic readjustment, but the at home cannot wait on that .
The basic thought that guides these means of national recovery is not nationalistic. It is the insistence, as first consideration, upon the interdependence of various elements in all parts of United States—a recognition of the old permanently important manifestation of the American of the pioneer. It is the to recovery. It is the immediate . It is the strongest assurance that recovery will endure.
In the field world policy I would dedicate this to the policy of the good —the neighbor who resolutely respects himself and, he does so, respects the rights others—the neighbor who respects his obligations respects the sanctity of his agreements and with a world of neighbors.
I read the temper of our correctly, we now realize as we never realized before our interdependence on other; that we can not merely but we must give as well; if we are to go forward, must move as a trained and army willing to sacrifice for the of a common discipline, because without discipline no progress is made, no becomes effective. We are, I know, and willing to submit our lives property to such discipline, because it possible a leadership which aims at larger good. This I propose to , pledging that the larger purposes will upon us all as a sacred with a unity of duty hitherto only in time of armed strife.
this pledge taken, I assume unhesitatingly leadership of this great army of people dedicated to a disciplined attack our common problems.
Action in this and to this end is feasible the form of government which we inherited from our ancestors. Our Constitution so simple and practical that it possible always to meet extraordinary needs changes in emphasis and arrangement without of essential form. That is why constitutional system has proved itself the superbly enduring political mechanism the modern has produced. It has met every of vast expansion of territory, of wars, of bitter internal strife, of relations.
It is to be hoped the normal balance of executive and authority may be wholly adequate to the unprecedented task before us. But may be that an unprecedented demand need for undelayed action may call temporary departure from that normal balance public procedure.
I am prepared under constitutional duty to recommend the measures a stricken nation in the midst a stricken world may require. These , or such other measures as the may build out of its experience wisdom, I shall seek, within my authority, to bring to speedy adoption.
in the event that the Congress fail to take one of these courses, and in the event that national emergency is still critical, I not evade the clear course of that will then confront me. I ask the Congress for the one instrument to meet the crisis—broad Executive to wage a war against the , as great as the power that be given to me if we in fact invaded by a foreign .
For the trust reposed in me will return the courage and the that befit the time. I can no less.
We face the arduous that lie before us in the courage of the national unity; with clear consciousness of seeking old and moral values; with the clean satisfaction comes from the stern performance of by old and young alike. We at the assurance of a rounded permanent national life.
We do not the future of essential democracy. The of the United States have not . In their need they have registered mandate that they want direct, vigorous . They have asked for discipline and under leadership. They have made me present instrument of their wishes. In spirit of the gift I take .