The Federal Government is spending now half a billion a year above normal to give employment.

His business ability found expression in commercial achievements of great magnitude and importance.

1931 has been a favorable year.

The subject is an old one and now that economy absolutely must be the first order in government it is an appropriate time for Congress to take up the question and bring it to conclusion.

Such action would result in the elimination of many expensive agencies and overlap resulting in very great economies.

I have signed the act authorizing the foreign debt postponement for one year.

In saving the collapse of Germany by the year's postponement the American people have done something greater than the dollars and cents gained from the maintenance of our agricultural markets, the prevention of panic and unlimited losses.

It will be remembered that the carriers have now organized the Railway Credit Corporation on the plan provided between them and the Interstate Commerce Commission for assisting railways with deficient earnings from the special income authorized by the Commission.

I'm confident that in restoring these institutions to their normal functioning we will see a revival in employment in new construction.

In the recommendations that I have laid before Congress and in the organizations created in the last few months there is a very definite rounded program for turning the tide of deflation and starting the country on the road to recovery.

The essence of this proposition is to give time to permit debtor governments to recover their national prosperity.

When it is realized that the smaller industries employ more than half of the nation's industrial labor the significance of your conference is clear.

No thoughtful person can overlook the profound truth that the ideas and ideals of Christ which you uphold not only have dominated the course of civilization since His time but are the foundations of our economic and social life today.

I have been canvassing the situation in conference with business, financial, and labor leaders as to the different methods in interstate industries which may be of aid.

In view of the fact that our receipts are falling off materially from the amount estimated at the time of the preparation of the Budget for 1932 and of the consequent large deficit indicated for the current fiscal year, I wish again to bring to your attention the seriousness of our financial situation and desire that you assure yourself that all those in your establishment are impressed with the urgent need for economies and postponements in view of this emergency.

The combined effect should enable the German people with their resources, industry, and courage, to overcome the temporary difficulties and restore their credit.

The major problem is one affecting primarily the banking and credit conditions and can best be solved by the voluntary cooperation of the bankers of the world rather than by governments with their conflicting interests.

It has but one purpose and that is to depress prices.