US Presidency
1930

If, for example, we assume a restored normal home consumption and held even our present reduced basis of exports, we should be upon a 97 percent of normal business basis. Even this illustration does not represent all of our self contained strength. We shall need mainly to depend upon our own strong arm for recovery, as other nations are in greater difficulty than we. We shall need again to undertake to assist and cooperate with them. Our imports of commodities in the main depend upon our domestic prosperity. Any forward movement in our recovery creates a demand for foreign raw materials and goods and thus instantly reacts to assist other countries the world over. I wish to take your time to discuss some of the pivotal relationships of the bankers not only to the immediate problem of recovery but to the wider problem of long view business stability. Any discussion of the one involves the other.