The continuing credit paralysis has operated to accentuate the deflation and liquidation of commodities, real estate, and securities below any reasonable basis of values.
Herbert Hoover
The Public Record
Herbert Clark Hoover was the 31st President of the United States, serving from March 4, 1929, to March 4, 1933. A member of the Republican Party, Hoover was born in Iowa but later moved to California. Before his presidency, he served as the Secretary of Commerce from 1921 to 1928, where he focused on promoting economic growth and efficiency. Hoover was also known for his humanitarian efforts during World War I, leading relief efforts in Europe and earning a reputation as a skilled administrator.
gutenberg.org
These securities tend to lose their liquidity in depression or temporarily to fall in value so that the ability of the banks to meet the shock of sudden withdrawal is greatly lessened and the restriction of all kinds of credit is thereby…
A strong America is the highest contribution to world stability.
If we can put our financial resources to work and can ameliorate the financial situation in the railways, I am confident we can make a large measure of recovery independent of the rest of the world.
Whatever the causes may be, the vast liquidation and readjustments which have taken place have left us with a large degree of credit paralysis, which together with the situation in our railways and the conditions abroad, are now the…
The major economic forces and weaknesses at home and abroad have now been exposed and can be appraised, and the time is ripe for forward action to expedite our recovery.
The action of the Federal Farm Board in granting credits to farm cooperatives saved many of them from bankruptcy and increased their purpose and strength.
To meet the emergencies in agriculture the loans authorized by Congress for rehabilitation in the drought areas have enabled farmers to produce abundant crops in those districts.
No greater proof could be adduced that our people have been protected from hunger and cold and that the sense of social responsibility in the Nation has responded to the need of the unfortunate.
The evidence of the Public Health Service shows an actual decrease of sickness and infant and general mortality below normal years.
Through the President's organization for unemployment relief, public and private agencies were successfully mobilized last winter to provide employment and other measures against distress.
This course has saved us from industrial conflict and disorder which have characterized all previous depressions.
Industrial concerns and other employers have been organized to spread available work amongst all their employees, instead of discharging a portion of them.
Our citizens and our local governments have given a magnificent display of unity and action, initiative and patriotism in solving a multitude of difficulties and in cooperating with the Federal Government.
In these measures we have striven to mobilize and stimulate private initiative and local and community responsibility.
It is our purpose to assist in finding solutions sustaining the full spirit of those treaties.
But of highest importance was the necessity of cooperation on our part to relieve the people of Germany from imminent disasters and to maintain their important relations to progress and stability in the world.
Apprehensions of such collapse had demoralized our agricultural and security markets and so threatened other nations as to impose further dangers upon us.
The economic crisis in Germany and Central Europe last June rose to the dimensions of a general panic from which it was apparent that without assistance these nations must collapse.
Cooperation of our Federal reserve system and our banks with the central banks in foreign countries has contributed to localize and ameliorate a number of serious financial crises or moderate the pressures upon us and thus avert disasters…
As our difficulties during the past year have plainly originated in large degree from these sources, any effort to bring about our own recuperation has dictated the necessity of cooperation by us with other nations in reasonable effort to…
They have increased unemployment and greatly embarrassed our financial and credit system.
They have sharply affected the markets and prices of our agricultural and industrial products.
These disturbances have many roots in the dislocations from the World War.
Within two years there have been revolutions or acute social disorders in 19 countries, embracing more than half the population of the world.
Politicians like Herbert Hoover
