Reservoir-Site Reserve No. 1, is hereby modified to the extent of authorizing the Federal Power Commission to issue a license for Project No. 1150

The other report is one from the Department of Labor on the development of the reorganized labor service.

I will give you a shorthand note on this.

It is my happy privilege on behalf of our nation to congratulate the Commission.

NO MEMBER of the administration has expressed the view or holds the view that the policy of the administration in advocating maintenance of wages should be changed.

Mr. Fletcher and the members of the Commission have performed a valuable public service in putting the Commission on an efficient operating basis.

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…

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.

I have asked Secretary Mellon, if consistent with his plans, also to attend in order that we may have the benefit of his advice as well.

It tends to destroy returning public confidence.

This order is issued upon the recommendation of the Acting Secretary of the Navy.

Horace Paul Bestor, who has been duly appointed a member of the Federal Farm Loan Board, is hereby designated Farm Loan Commissioner of said board until otherwise directed.

There is absolutely no foundation for the stories circulated in the press to the effect that this Government is considering plans for or discussions concerning South American debts.

Assistants to the Legal Adviser

The Department of State shall have custody of the signed originals of all Executive orders and proclamations and shall supervise their publication.

The draft Executive orders and proclamations shall be prepared as follows:

This order shall continue in full force and effect unless and until revoked by the President, or by an act of Congress.

I am sure the American people have no desire to attempt to extract any sum beyond the capacity of any debtor to pay and it is our view that broad vision requires that our Government should recognize the situation as it exists.