The amount of saving in public funds to be effected by a thoroughgoing reorganization, while difficult to estimate accurately, will be material, amounting to many millions of dollars annually.

In conclusion, I can not recommend too strongly that the Congress give the subject of effective organization of the executive branch of the Government its early and serious attention.

Please convey to the Grand Street Boys and their guests, the Disabled Veterans of the World War of the metropolitan area of New York, my cordial greetings in connection with the annual dinner.

In the present crisis the absolute necessity for the most drastic economy makes the problem of governmental reorganization one of paramount importance.

This order is issued upon the recommendation of the Secretary of Agriculture.

It will be necessary also to authorize changes in titles of some officials and to create a few new positions in order to permit grouping and consolidation not now possible.

When a railway goes into receivership from inability to find money with which to pay interest on bonds, then again not only do we have depreciation in prices of these securities, but it affects the assets of every institution.

I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn in the tide.

Up to a few days previous to that time hoarding was greatly on the increase.

I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn of the tide.

What we are trying to do is open the channels of credit so as to dissipate fear and apprehension in the minds of the bankers and the public and businessmen, and thereby restore the people to their normal jobs.

It is an economy measure, one that is long overdue.

Of course, hoarding is just one of the parts of the vicious cycle that starts from a shortage of credit.

It is proposed to do this without disturbing any of the great major activities of the Government and independent agencies such as the ICC [Interstate Commerce Commission], Federal Trade, Federal Reserve, or any other major activities.

The public can understand that if one local merchant finds it difficult to borrow from the banks his normal credit to maintain a stock of goods, he necessarily shortens down on his stocks and this reflects right back to the manufacturer…

I have myself been advocating this for the last 6 years.

It is proposed merely to try to avoid waste that goes on now through dissipation of energies in a lot of places that overlap and are not under adequate control.

Since that time it has not only stopped, but it is estimated that $34 million has been returned to circulation from hoarding.