The ownership of homes, the improvement of residential conditions to our people, is the first anchor in social stability and social progress.

I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.

I have the honor to transmit herewith for the consideration of Congress a supplemental estimate of appropriation for the fiscal year 1931, in the sum of $250,000, to continue during the fiscal year 1931 the inquiry into the problem of the…

The details of this estimate, the necessity therefor, and the reasons for its submission at this time are set forth in the letter of the Director of the Bureau of the Budget transmitted herewith.

It is true that these economic things are not the objective of life itself.

They involve the immediate fears of men and women for their daily bread, the well-being of their children, the security of their homes.

The great utilities, the railways, and the large manufacturers have responded courageously.

Our immediate problem, however, has been the necessity to mitigate the effect of the recent crash, and to get back onto the road of prosperity as quickly as possible.

All slumps are the inexorable consequences of the destructive forces of booms.

By cooperation between Government officials and the entire community, business, railways, public utilities, agriculture, labor, the press, our financial institutions and public authorities, we have undertaken to stabilize economic forces…

There has been no significant bank or industrial failure.

To the Senate: I transmit herewith a treaty for the limitation and reduction of naval armament, signed at London on April 22, 1930, by the plenipotentiaries of the President of the United States of America, the President of the French…