04/27/1930
https://www.presidency.ucsb.edu...
"I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn in the tide."
"Since that time it has not only stopped, but it is estimated that $34 million has been returned to circulation from hoarding."
"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 ref..."
"Of course, hoarding is just one of the parts of the vicious cycle that starts from a shortage of credit."