I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn in the tide.

What we are trying to do is open the channels of credit so as to dissipate fear and apprehension in the minds of the bankers and the public and businessmen, and thereby restore the people to their normal jobs.

I have myself been advocating this for the last 6 years.

It is proposed to do this without disturbing any of the great major activities of the Government and independent agencies such as the ICC [Interstate Commerce Commission], Federal Trade, Federal Reserve, or any other major activities.

It is an economy measure, one that is long overdue.

When a railway goes into receivership from inability to find money with which to pay interest on bonds, then again not only do we have depreciation in prices of these securities, but it affects the assets of every institution.

We bring in the question of such things as life insurance, charitable trusts-so these are the things we are trying to reach fundamentally.

Of course, hoarding is just one of the parts of the vicious cycle that starts from a shortage of credit.

Up to a few days previous to that time hoarding was greatly on the increase.

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 reflects right back to the manufacturer…

A race is fortunate that can contribute a voice calling to order and to conscience in the world which shall be heard above the froth and immaterial substance of everyday life.