The Waterbury Democrat., 1937-03-10
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 Iast Thmsday ! described in detail certain economic problems which everyone admits now face the nation. For the many mes- eaRes which have come to me after that speech, and which 1t is physically impossible to answer individually, I take this means of saying "thank ycu".
 Tonight, sitting at my desk in the White House, make my first radio report to the people in my second term of office.
 I am reminded of that even- ing in March, four years ago, when made my first radio re- port to you. We were then in the midst of the great banking crisis.
 Soon after, with the authority of Congress, we asked the nation to turn over all of its privately held gold, dollar for dollar, to the government of the United States.
 Policy Right
 Today's recovery proves how right that policy was.
 But when, almost two years lac ter, 1t came before the Supreme Court its constitutionality was upheld only by a five-to-four vote. The change of one vote would have thrown all the affairs of this great nation back into hopeless chaos. In effect, four justices ruled that the right under a pri- vate contract to exact pound of flesh was more sacred than the main objective of the Constitution to establish an enduring nation.
 Tn 1883 you and I knew that we must never let our economic system get completely out of joint again--that we could not afford to take the risk of another great depression.
 Cure Abuses
 We also became convinced that the only way to avoid a repeti- ton of those dark days was to have 8 government with power to prevent and to cure the abuses and the inequalities which had thrown that system out of joint.
 We then began program of remedying those abuses and in- equalities-to give balance and stability to our economic system to make 1t bomb-proof against the causes of 1929.
 Today we are only part-way through that program-and recov- cry is speeding up to point where the dangers of 1929 are aaAin becoming possible, not this weak or month perhaps, but within year or two.
 National Laws Needed
 National laws are needed to complete that program. Individual or local or state effort alone can- not protect us in 1887 any better than ten years ago.
 It will take time-and plenty of time--to work out our reme- dies administratively even after legislation is passed. To com plete our program of protection in time, therefore, we cannot de- lay one moment in making cer- tain that our national government has power to carry through.
 Four years ago action did not come until the eleventh hour. It was almost too late.
 If we learned anything from the depression we will not allow ourselves to run around in new circles of futile discussion and debate, always postponing the day of decision.
 Depression Instructive
 The American people have learned from the depression. For in the last three national elec- tions an overwhelming majority of them voted mandate that the Congress and the President begin the task of providing that pro- tection-not after long years of debate, but now.
 The courts, however, have cast doubts on the ability of the elect ed Congress to protect us against catastrophe by meeting squarely our modern social and economic conditions.
 We are at Q crisis in our ability to proceed with that protection. It is quiet crisis. There are no lines of depositors outside closed banks. But to the far- sighted 1t Is far-reaching in it's possibilities of injury to America. I want to talk with you very simply about the need for present action in this crisis the need to meet the unanswered challenge of one-third of nation ill., nourished, ill-clad, ill-housed.
 Three Horse Team
 Last Thursday I described the American form of government as a three horse team provided by the Constitution to the Ameri- can people so that their field might be plowed. The three horses are, of course, the three branches of government-the Congress, the Executive and the Courts. Two of the horses are pulling in uni- son today; the third is not. Those who have intimated that the President of the United States is trying to drive that team, over- look the simple fact that the President, as Chief Executice, is himself one of the three horses.
 People Are Drivers