Franklin D. Roosevelt
Mar. 4, 1933.
Brief introduction to the speaker:
Franklin D. Roosevelt (1882-1945) Roosevelt became president in
1933. The United States was then in the grip of a world-wide
business depression. Roosevelt used his powers to create jobs and
to help those who needed helps. Many of Roosevelt's ideas of
government are still part of the law of the land.
Speech:
President Hoover Mister Chief Justice, my friends:
This is a day of national consecration, and I am certain that on
this day my fellow Americans expect that on my induction in the
Presidency I will address them with a candor and a decision which
the present situation of our people impeIs. This is preeminently
the time to speak the truth, the whole truth, frankly and boldly
Nor need we shrink from honestly facing the conditions facing our
country today This great nation will endure as it has endured, will
revive and will prosper So first of all, let me express my firm
belief that the only thing we have to fear is fear itself -
nameless, unreasoning, un justified terror, which paralyzes needed
efforts to convert retreat into advance. In every dark hour of our
national life, a leadership of frankness and vigor has met with
that understanding and support of the people themselves, which is
essential to victory And I am convinced that you will again give
that support to leadership in these critical days.
In such a spirit on my part and on yours, we face our common
difficulties. They concern, thank God, only material things. Values
have shrunken to fantastic levels; taxes have risen, our ability to
pay has fallen, government of all kinds is faced by serious
curtaiIment of income, the means of exchange are frozen in the
currents of trade; the withered leaves of industrial enterprise lie
on every side, farmers find no markets for their produce, and the
savings of many years and thousands of families are gone.
More important, a host of unemployed citizens face the grim problem
of existence, and an equal and great number toil with little
return. Only a foolish optimist can deny the dark realities of the
moment.
And yet, our distress comes from no failure of substance, we are
stricken by no plagUe of locusts. Compared with the perils which
our forefathers conquered, because they believed and
were not afraid, we have so much to be thankful for Nature
surrounds us with her bounty and human, efforts have multiplied it.
Plenty is at our doorstep, but a generous use of it languishes in
the very sight of the supply Primarily this is because the rulers
of the exchange of mankind's goods have failed, through their own
stubbornness and their own incompetence, have admitted their
failure and have abdicated. Practices of the unscrupulous money
changers stand indicted in the court of public opinion, rejected by
the hearts and minds of men.
True, they have tried, but their efforts have been cast in the
patten of an outworn tradition. Faced by a failure of credit, they
have proposed only the lending of more money Stripped of the lure
of profit by which they induce our people to follow their false
leadership, they have resorted to exhortation, pleading tearfully
for restored confidence. They only know the rules of a generation
of self seekers. They have no vision, and when there is no vision,
the people perish.
Yes, the money changers have fled from their high seats in the
temple of our civiIization. We may now restore that temp1e to the
ancient truths. A measure of that restoration lies in the extent to
which we apply social value, more noble than mere monetary
profits.
Happiness lies not in the mere possession of money it lies in the
joy of achievement, in the thrill of creative efforts, the joy and
moral stimulation of work no longer must be forgotten in the mad
chase of evanescent profits. These dark days, my friends, will be
worth all they cost us, if they teach us that our true destiny is
not to be ministered on to, but to minister to ourselves, to our
fellow men.
Recognition of the falsity of material wealth as the standard of
success goes hand in hand with the abandonment of a false belief
that public office and high political position are to be valued
only by the standards of pride of place and personal profits, and
there must be an end to our conduct in banking and in business,
which too of ten has given to a sacred trust the likeness of
callous and selfish wrong-doing. Small wonder that confidence
languishes, for it thrives only on honesty on honon on the
sacredness of our obligation, on faithful protection and on
unselfish performance. Without them it cannot live.
Restoration calls, however, not for changes in ethics alone. This
nation is asking for action, and action now.
Our greatest primary task is to put people to work. This is no
unsolvable problem if we take it wise1y and courageously It can be
accomplished in part by direct recruiting by the government itself,
treating the task as we would treat the emergency of a war, but at
the same time, through this employment, accomplishing greatly
needed projects to stimulate and reorganize the use of our great
natural resources.
Hand in hand with that, we must frankly recognize the overbalance
of population in our industrial centers and by engaging on a
national scale in a redistribution in an effort to provide better
use of the land for those best fitted for the land.
Yes the task can be helped by definite efforts to raise the value
of the agricultural product and with this the power to purchase the
output of our cities. It can be helped by preventing realistically
the tragedy of the growing losses through fore closures of our
small homes and our farms. It can be helped by insistence that the
federal, the state, and the local government act forthwith on the
demands that their costs be drastically reduce. It can be helped by
the unifying of relief activities which today are of ten scattered,
uneconomical, unequal. It can be helped by national planning for,
and supervision of all forms of transportation, and of
communications, and other utilities that have a definitely public
character. There are many ways in which it can be helped, but it
can never be helped by mere1y talking about it. We must act, we
must act quickly.
And finally in our progress toward a resumption of work, we require
two safeguards against the return of the evils of the old order;
there must be a strict supervision of all banking and credits and
investments; there must be an end to speculation with other
people-s money; and there must be provisions for an adequate but
sound currency.
These, my friends, are the lines of attack. I shall presently urge
upon a new Congress in special session, detailed measures for their
fulfillment, and I shall seek the immediate assistance of the 48
states.
Through this program of action, we address ourselves to putting our
own national house in order, and making income balance outflow Our
international trade relations, though vastly important, are in
point of time and necessity secondary to the establishment of a
sound national economy I favor as a practical policy the putting of
first things first. I shall spare no effort to restore world trade
by international economic readjustment, but the emergency at home
cannot wait on that accomplishment.
The basic thought that guides these specific means of national
recovery is not narrowly nationalistic. It is the insistence, as a
first consideration upon the inter-dependence of the various
elements in all parts of the United States of America - a
recognition of the old and the permanently important manifestation
of the American spirit of the pioneer. It is the way to recovery it
is the immediate way it is the strongest assurance that recovery
will endure.
In the field of world policy I would dedicate this nation to the
policy of the good neighbor. The neighbor who resolutely respects
himself, and because he does so, respects the rights of
others. The neighbor who respects his ob1igation, and respects the
sanctity of his agreement, in and with, a world of neighbor.
If I read the temper of our people correctly we now realize what we
have never realized before, our inter-dependence on each other,
that we cannot merely take, but we must give as well. That if we
are to go forward, we must move as a trained and loyal army willing
to sacrifice for the good of a common discipline, because without
such discip1ine, no progress can be made, no leadership becomes
effective. We are all ready and willing to submit our lives and our
property to such discipline because it makes possible a 1eadership
which aims at the larger good. This, I propose to offet we are
going to larger purposes, bind upon us, bind upon us all, as a
sacred obligation with a unity of duty hitherto evoked only in
times of armed strife.
With this pledge taken, I assume unhesitatingly, the leadership of
this great army of our people dedicated to a disciplined attack
upon our common problems. Action in this image, action to this end,
is feasible under the form of government which we have inherited
from my ancestors. Our constitution is so simple, so practical,
that it is possible always, to meet extraordinary needs, by changes
in emphasis and arrangements without loss of a central form, that
is why our constitutional system has proved itself the most
superbly enduring political mechanism the modern world has ever
seen. It has met every stress of vast expansion of territory of
foreign wars, of bitter internal strife, of world relations.
And it is to be hoped that the normal balance of executive and
legislative authority wi1l be fully equal, fully adequate to meet
the unprecedented task before us. But it may be that an
unprecedented demand and need for underlay action may call for
temporary departure from that normal balance of public
procedure.
We face the arduous days that lie before us in the warm courage of
national unity in the clearest consciousness of seeking all and
precious moral values, with the clean satisfaction that comes from
the stern performance of duty by old and young alike, we aim at the
assurance of a rounded, a permanent national life.
We do not distrust the future of essential democracy The people of
the United States have not failed. In their need, they have
registered a mandate that they want direct, vigorous action. They
have asked for discipline, and direction under leadership, they
have made me the present instrument of their wishes. In the spirit
of the gift, I take it.
In this dedication, in this dedication of a nation, we humbly ask
the blessings of God, may He protect each and every one of us, may
He guide me in the days to come.

