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First Inaugural Address of
Franklin Delano Roosevelt
March 4, 1933
I am certain that
my fellow Americans expect that on my induction into the Presidency I will address
them with a candor and a decision which the present situation of our Nation impels.
This is preeminently the time to speak the truth, the whole truth, frankly and boldly.
Nor need we shrink from honestly facing conditions in our country today. This great
Nation will endure as it has endured, will revive and will prosper. So, first of
all, let me assert my firm belief that the only thing we have to fear is fear itself
- nameless, unreasoning, unjustified 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. 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
curtailment 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; the savings of many years in thousands of families are
More important, a host of unemployed citizens face the grim problem of existence,
and an equally great number toil with little return. Only a foolish optimist can
deny the dark realities of the moment.
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 still much to be thankful for. Nature still
offers 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 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 pattern of an outworn
tradition. Faced by failure of credit they have proposed only the lending of more
money. Stripped of the lure of profit by which to induce our people to follow their
false leadership, they have resorted to exhortations, pleading tearfully for restored
confidence. They know only the rules of a generation of self-seekers. They have
no vision, and when there is no vision the people perish.
The money changers have fled from their high seats in the temple of our civilization.
We may now restore that temple to the ancient truths. The measure of the restoration
lies in the extent to which we apply social values more noble than mere monetary
Happiness lies not in the mere possession of money; it lies in the joy of achievement,
in the thrill of creative effort. The joy and moral stimulation of work no longer
must be forgotten in the mad chase of evanescent profits. These dark days will be
worth all they cost us if they teach us that our true destiny is not to be ministered
unto but to minister to ourselves and to our fellow men.
Recognition of the falsity of material wealth as the standard of success goes hand
in hand with the abandonment of the false belief that public office and high political
position are to be valued only by the standards of pride of place and personal profit;
and there must be an end to a conduct in banking and in business which too often
has given to a sacred trust the likeness of callous and selfish wrongdoing. Small
wonder that confidence languishes, for it thrives only on honesty, on honor, on
the sacredness of obligations, on faithful protection, on unselfish performance;
without them it cannot live.
Restoration calls, however, not for changes in ethics alone. This Nation asks for
action, and action now.
Our greatest primary task is to put people to work. This is no unsolvable problem
if we face it wisely 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 natural resources.
Hand in hand with this we must frankly recognize the overbalance of population in
our industrial centers and, by engaging on a national scale in a redistribution,
endeavor to provide a better use of the land for those best fitted for the land.
The task can be helped by definite efforts to raise the values of agricultural products
and with this the power to purchase the output of our cities. It can be helped by
preventing realistically the tragedy of the growing loss through foreclosure of
our small homes and our farms. It can be helped by insistence that the Federal,
State, and local governments act forthwith on the demand that their cost be drastically
reduced. It can be helped by the unifying of relief activities which today are often
scattered, uneconomical, and unequal. It can be helped by national planning for
and supervision of all forms of transportation and of communications and other utilities
which have a definitely public character. There are many ways in which it can be
helped, but it can never be helped merely by talking about it. We must act and act
Finally, in our progress toward a resumption of work we require two safeguards against
a return of the evils of the old order: there must be a strict supervision of all
banking and credits: and investments, so that there will be an end to speculation
with other people's money; and there must be provision for an adequate but sound
These 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 several States.
Through this program of action we address ourselves to putting our own national
house in order and making income balance outgo. 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 interdependence
of the various elements in and parts of the United States - a recognition of the
old and 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 the 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 obligations and respects
the sanctity of his agreements in and with a world of neighbors.
If I read the temper of our people correctly, we now realize as we have never realized
before our interdependence 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
discipline no progress is made, no leadership becomes effective. We are, I know,
ready and willing to submit our lives and property to such discipline, because it
makes possible a leadership which aims at a larger good. This I propose to offer,
pledging that the larger purposes will bind upon us all as a sacred obligation with
a unity of duty hitherto evoked only in time 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 and to this end is feasible under the form of government which
we have inherited from our ancestors. Our Constitution is so simple and practical
that it is possible always to meet extraordinary needs by changes in emphasis and
arrangement without loss of essential form. That is why our constitutional system
has proved itself the most superbly enduring political mechanism the modern world
has produced. It has met every stress of vast expansion of territory, of foreign
wars, of bitter internal strife, of world relations.
It is to be hoped that the normal balance of Executive and legislative authority
may be wholly adequate to meet the unprecedented task before us. But it may be that
an unprecedented demand and need for undelayed action may call for temporary departure
from that normal balance of public procedure.
I am prepared under my constitutional duty to recommend the measures that a stricken
Nation in the midst of a stricken world may require. These measures, or such other
measures as the Congress may build out of its experience and wisdom, I shall seek,
within my constitutional authority, to bring to speedy adoption.
But in the event that the Congress shall fail to take one of these two courses,
and in the event that the national emergency is still critical, I shall not evade
the clear course of duty that will then confront me. I shall ask the Congress for
the one remaining instrument to meet the crisis - broad Executive power to wage
a war against the emergency, as great as the power that would be given to me if
we were in fact invaded by a foreign foe.
For the trust reposed in me I will return the courage and the devotion that befit
the time. I can do no less.
We face the arduous days that lie before us in the warm courage of national unity;
with the clear consciousness of seeking old 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 and 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 of a Nation we humbly ask the blessing of God. May He protect
each and every one of us. May He guide me in the days to come.
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