The Emergency Price Control Act of 1942 is an important weapon in our armory against the onslaught of the Axis powers.

This provision of not less than 110 percent of parity is a very definite violation of an objective which had been sought for eight years.

I am glad to see the adoption by the Senate and House of the principle of generous relief to unemployment.

It is estimated that altogether over 10 million individual depositors and borrowers have been benefited by the margins provided by the Reconstruction Finance Corporation to these banks.

I have requested General [Charles G.] Dawes to accept the position of President of the new Reconstruction Corporation.

In the present and what I believe is the final campaign against the depression, I have laid a program before Congress, and I trust we will secure its early adoption.

The broad purpose of all this program is to restore the old job instead of creating a new made job.

Now, the reparations postponement has in our view taken the most dangerous strain off the whole situation.

But as the basis of the settlement of these debts was the capacity under normal conditions of the debtor to pay, we should be consistent with our own policies and principles if we take into account the abnormal situation now existing in the world.

The American Government proposes the postponement during 1 year of all payments on intergovernmental debts, reparations, and relief debts, both principal and interest--of course, not including the obligations of governments held by private parties.

It means lower rates, and lower rates cannot be made except by broad economies in methods, or alternatively, by wage reductions.

I earnestly hope that the Congress will enact the conferees report and allow us to enter upon the building of a sound agricultural system rather than to longer deprive the farmer of the relief which he sorely needs.

I do not believe that we have a sufficient distinction at the present time between earned and unearned incomes, to use terms that are rather loose--not as precise as they ought to be--but in any event on a general understanding of what we mean by those qualifications.

Sometimes linked with the proposal for an immediate large expenditure is the suggestion that it ultimately will result in a saving.

The debts of these States, thus legitimately incurred, when accurately ascertained will, it is believed, approximate $100,000,000.

It is by adopting and carrying out these principles under circumstances the most arduous and discouraging that the attempt has been made, thus far successfully, to demonstrate to the people of the United States that a national bank at all times, and a national debt...