President Hoover,Mr. Chief Justice, my friends: 

Thisis adayof nationalconsecration. And I am certainthaton this day my fellowAmericans expect thaton myinductioninto the Presidency, I willaddress them with a candor and adecisionwhichthepresent situation ofour peopleimpels.

Thisis preeminentlythetimetospeak thetruth,thewhole truth,frankly andboldly. Nor needwe shrink from honestly facing conditions inourcountry today.This great Nation will endure,asit has endured, will reviveand willprosper.

So,firstof all,letme assert myfirmbelief that theonly thingwe have tofear is fear itself -- nameless, unreasoning,unjustifiedterror which paralyzesneededefforts to convertretreatinto advance.Ineverydarkhour ofournationallife, aleadership offrankness andofvigor hasmetwiththat understanding andsupportof the peoplethemselves which is essential tovictory. And I am convinced that youwillagaingive thatsupport to leadership inthesecritical days.

Insuch a spirit on mypartand on yourswe faceour common difficulties.They concern, thank God, only material things.Valueshaveshrunk to fantasticlevels;taxes haverisen;our ability topay hasfallen; governmentofall kinds is facedbyserious curtailmentofincome;the means ofexchange are frozeninthe currents oftrade; thewithered leavesofindustrialenterprise lieon every side; farmers findno markets for their produce; and thesavingsofmany yearsin thousands of familiesaregone. More important,a hostof unemployedcitizensfacethegrim problem of existence, andanequallygreat numbertoil with little return. Onlya foolish optimist can denythe dark realitiesof the moment.

And yet our distress comesfrom nofailure ofsubstance.Weare strickenbyno plague of locusts. Comparedwith theperilswhichour forefathers conquered,becausethey believed andwere not afraid, we have still muchtobe thankfulfor. Nature stilloffers herbountyandhuman effortshave multiplied it. Plenty isat our doorstep, but a generous useofit languishesin the very sight ofthesupply.

Primarily, this is because therulers oftheexchangeof mankind's goodshave failed, throughtheirown stubbornness andtheir own incompetence, have admittedtheir failure, and have abdicated. Practices oftheunscrupulousmoney changersstand indicted in thecourtof publicopinion,rejectedbythe hearts andminds of men.

True, they have tried. Buttheirefforts have beencast in the patternofan outworntradition.Facedbyfailure of credit,theyhaveproposedonlythelendingofmoremoney.Strippedofthelureofprofitbywhichtoinduceourpeopletofollowtheirfalseleadership,theyhaveresortedtoexhortations,pleadingtearfullyforrestoredconfidence.Theyonlyknowtherulesofagenerationofself-seekers.Theyhavenovision,andwhenthereisnovisionthepeopleperish.

Yes,themoneychangershavefledfromtheirhighseatsinthetempleofourcivilization.Wemaynowrestorethattempletotheancienttruths.Themeasureofthatrestorationliesintheextenttowhichweapplysocialvaluesmorenoblethanmeremonetaryprofit.

Happinessliesnotinthemerepossessionofmoney;itliesinthejoyofachievement,inthethrillofcreativeeffort.Thejoy,themoralstimulationofworknolongermustbeforgotteninthemadchaseofevanescentprofits.Thesedarkdays,myfriends,willbeworthalltheycostusiftheyteachusthatourtruedestinyisnottobeministereduntobuttoministertoourselves,toourfellowmen.

Recognitionofthatfalsityofmaterialwealthasthestandardofsuccessgoeshandinhandwiththeabandonmentofthefalsebeliefthatpublicofficeandhighpoliticalpositionaretobevaluedonlybythestandardsofprideofplaceandpersonalprofit;andtheremustbeanendtoaconductinbankingandinbusinesswhichtoooftenhasgiventoasacredtrustthelikenessofcallousandselfishwrongdoing.Smallwonderthatconfidencelanguishes,foritthrivesonlyonhonesty,onhonor,onthesacrednessofobligations,onfaithfulprotection,andonunselfishperformance;withoutthemitcannotlive.

Restorationcalls,however,notforchangesinethicsalone.ThisNationisaskingforaction,andactionnow.

Ourgreatestprimarytaskistoputpeopletowork.Thisisnounsolvableproblemifwefaceitwiselyandcourageously.ItcanbeaccomplishedinpartbydirectrecruitingbytheGovernmentitself,treatingthetaskaswewouldtreattheemergencyofawar,butatthesametime,throughthisemployment,accomplishinggreat--greatlyneededprojectstostimulateandreorganizetheuseofourgreatnaturalresources.



Handinhandwiththatwemustfranklyrecognizetheoverbalanceofpopulationinourindustrialcentersand,byengagingonanationalscaleinaredistribution,endeavortoprovideabetteruseofthelandforthosebestfittedfortheland.

Yes,thetaskcanbehelpedbydefiniteeffortstoraisethevaluesofagriculturalproducts,andwiththisthepowertopurchasetheoutputofourcities.Itcanbehelpedbypreventingrealisticallythetragedyofthegrowinglossthroughforeclosureofoursmallhomesandourfarms.ItcanbehelpedbyinsistencethattheFederal,theState,andthelocalgovernmentsactforthwithonthedemandthattheircostbedrasticallyreduced.Itcanbehelpedbytheunifyingofreliefactivitieswhichtodayareoftenscattered,uneconomical,unequal.Itcanbehelpedbynationalplanningforandsupervisionofallformsoftransportationandofcommunicationsandotherutilitiesthathaveadefinitelypubliccharacter.Therearemanywaysinwhichitcanbehelped,butitcanneverbehelpedbymerelytalkingaboutit.

Wemustact.Wemustactquickly.

Andfinally,inourprogresstowardsaresumptionofwork,werequiretwosafeguardsagainstareturnoftheevilsoftheoldorder.Theremustbeastrictsupervisionofallbankingandcreditsandinvestments.Theremustbeanendtospeculationwithotherpeople'smoney.Andtheremustbeprovisionforanadequatebutsoundcurrency.

These,myfriends,arethelinesofattack.IshallpresentlyurgeuponanewCongressinspecialsessiondetailedmeasuresfortheirfulfillment,andIshallseektheimmediateassistanceofthe48States.

Throughthisprogramofactionweaddressourselvestoputtingourownnationalhouseinorderandmakingincomebalanceoutgo.Ourinternationaltraderelations,thoughvastlyimportant,areinpointoftime,andnecessity,secondarytotheestablishmentofasoundnationaleconomy.Ifavor,asapracticalpolicy,theputtingoffirstthingsfirst.Ishallsparenoefforttorestoreworldtradebyinternationaleconomicreadjustment;buttheemergencyathomecannotwaitonthataccomplishment.

Thebasicthoughtthatguidesthesespecificmeansofnationalrecoveryisnotnationally--narrowlynationalistic.Itistheinsistence,asafirstconsideration,upontheinterdependenceofthevariouselementsinandpartsoftheUnitedStatesofAmerica--arecognitionoftheoldandpermanentlyimportantmanifestationoftheAmericanspiritofthepioneer.Itisthewaytorecovery.Itistheimmediateway.Itisthestrongestassurancethatrecoverywillendure.

Inthefieldofworldpolicy,IwoulddedicatethisNationtothepolicyofthegoodneighbor:theneighborwhoresolutelyrespectshimselfand,becausehedoesso,respectstherightsofothers;theneighborwhorespectshisobligationsandrespectsthesanctityofhisagreementsinandwithaworldofneighbors.

IfIreadthetemperofourpeoplecorrectly,wenowrealize,aswehaveneverrealizedbefore,ourinterdependenceoneachother;thatwecannotmerelytake,butwemustgiveaswell;thatifwearetogoforward,wemustmoveasatrainedandloyalarmywillingtosacrificeforthegoodofacommondiscipline,becausewithoutsuchdisciplinenoprogresscanbemade,noleadershipbecomeseffective.

Weare,Iknow,readyandwillingtosubmitourlivesandourpropertytosuchdiscipline,becauseitmakespossiblealeadershipwhichaimsatthelargergood.This,Iproposetooffer,pledgingthatthelargerpurposeswillbinduponus,binduponusallasasacredobligationwithaunityofdutyhithertoevokedonlyintimesofarmedstrife.

Withthispledgetaken,Iassumeunhesitatinglytheleadershipofthisgreatarmyofourpeoplededicatedtoadisciplinedattackuponourcommonproblems.

Actioninthisimage,actiontothisendisfeasibleundertheformofgovernmentwhichwehaveinheritedfromourancestors.OurConstitutionissosimple,sopracticalthatitispossiblealwaystomeetextraordinaryneedsbychangesinemphasisandarrangementwithoutlossofessentialform.Thatiswhyourconstitutionalsystemhasproveditselfthemostsuperblyenduringpoliticalmechanismthemodernworldhaseverseen.

Ithasmeteverystressofvastexpansionofterritory,offoreignwars,ofbitterinternalstrife,ofworldrelations.Anditistobehopedthatthenormalbalanceofexecutiveandlegislativeauthoritymaybewhollyequal,whollyadequatetomeettheunprecedentedtaskbeforeus.Butitmaybethatanunprecedenteddemandandneedforundelayedactionmaycallfortemporarydeparturefromthatnormalbalanceofpublicprocedure.

Iampreparedundermyconstitutionaldutytorecommendthemeasuresthatastrickennationinthemidstofastrickenworldmayrequire.Thesemeasures,orsuchothermeasuresastheCongressmaybuildoutofitsexperienceandwisdom,Ishallseek,withinmyconstitutionalauthority,tobringtospeedyadoption.

But,intheeventthattheCongressshallfailtotakeoneofthesetwocourses,intheeventthatthenationalemergencyisstillcritical,Ishallnotevadetheclearcourseofdutythatwillthenconfrontme.IshallasktheCongressfortheoneremaininginstrumenttomeetthecrisis--broadExecutivepowertowageawaragainsttheemergency,asgreatasthepowerthatwouldbegiventomeifwewereinfactinvadedbyaforeignfoe.

Forthetrustreposedinme,Iwillreturnthecourageandthedevotionthatbefitthetime.Icandonoless.

Wefacethearduousdaysthatliebeforeusinthewarmcourageofnationalunity;withtheclearconsciousnessofseekingoldandpreciousmoralvalues;withthecleansatisfactionthatcomesfromthesternperformanceofdutybyoldandyoungalike.Weaimattheassuranceofarounded,apermanentnationallife.

Wedonotdistrustthe--thefutureofessentialdemocracy.ThepeopleoftheUnitedStateshavenotfailed.Intheirneedtheyhaveregisteredamandatethattheywantdirect,vigorousaction.Theyhaveaskedfordisciplineanddirectionunderleadership.Theyhavemademethepresentinstrumentoftheirwishes.InthespiritofthegiftItakeit.

Inthisdedication--InthisdedicationofaNation,wehumblyasktheblessingofGod.

MayHeprotecteachandeveryoneofus.

MayHeguidemeinthedaystocome.

