In the recommendations that I have laid before Congress and in the organizations created in the last few months there is a very definite rounded program for turning the tide of deflation and starting the country on the road to recovery.

The maintenance of our American system of individual initiative and individual and community responsibility in all these various problems.

The safeguarding and support of banks through the National Credit Association, which has already given great confidence to bankers and extended their ability to make loans to commerce and industry.

The broad purpose of all this program is to restore the old job instead of creating a new made job.

But in order to assure that there will be no failure to meet problems as they arise, the organization will be continued over the winter.

Almost every locality in the country has reported now that it can take care of its own.

Now, the major steps that we have to take are domestic.

Our employers have organized and will continue to give part-time work instead of discharging a portion of their employees.

A considerable part of it depends on voluntary action.

The essence of this proposition is to give time to permit debtor governments to recover their national prosperity.

I do not approve in any remote sense of the cancellation of the debts to us.