US Presidency
1932

Our own alarmed citizens withdrew over $ 1,600 million of currency from our banks into hoarding. These actions, combined with the fears that they generated, caused a shrinkage of credit available for the conduct of industry and commerce by several times even these vast sums. Its visible expression was the failures of banks and business, the demoralization of security and real property values, of the commodity prices, and of employment. And that was but one of the invading forces of destruction that we have been compelled to meet in the last 18 months. Two courses were open to us. We might have done nothing. That would have been utter ruin. Instead, we met the situation with proposals to private business and to the Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. We put that program in action. Our measures have repelled these attacks of fear and panic. We have maintained the financial integrity of the Government. We have cooperated to restore and stabilize the situation abroad.