Herbert Hoover: “The whole Nation is beset with difficulties incident to a worldwide depression.”

The details of this estimate, the necessity therefor, and the reason for its transmission at this time are set forth in the letter of the Director of the Bureau of the Budget transmitted herewith, with whose comments and observations…

We cannot restore employment in the United States by these methods.

It was unfortunate also that the provision for agricultural relief through the Reconstruction Corporation was omitted.

The armaments of the world have grown up in general mutual relation to each other.