US Presidency
1932

The effect of such creative enterprise is to increase the standards of living amongst the people in those localities and enable them to buy more American Products and furnish additional work for American labor. I have no apologies to make for that statement. It is sound; it makes for the upbuilding of the world; it makes for employment of American workmen and profits for American investors. If it be followed there would be no losses. In these statements made by the Governor he entirely omits the conditions and warnings with which I have repeatedly surrounded the statements upon this subject and the warnings which indeed I have given broadcast over the last 7 years in respect to this type of investment. Although no Federal official has any authority to control the security offered on these loans, none of them have defaulted where the safeguards proposed by me have been followed. It is obvious from the Governor's many speeches that he now considers that all foreign loans are wrong.