Herbert Hoover actually said...

With the aid provided by mail contracts and construction loans, authorized by this act, orders have been placed for 45 new vessels of 500,000 gross tons and for the reconditioning of 19 vessels of 160,000 gross tons.

03/23/1932

https://www.presidency.ucsb.edu...

More Herbert Hoover Quotes

"The Navy Department shows an increase of about $25 million."
"There is a decrease of about $10 million in the estimated postal deficit."
"Yes, and with the constant striving to reduce expenditures wherever we can, we are going into the necessary aid to unemployment, agriculture, et cetera--we may get it even less than this."
"Those are loans."

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