Our difficulty is a diffusion of resources and the primary need is to mobilize them in such a way as to restore, in a number of localities, the confidence of the banker in his ability to continue normal business and to dispel any…

The real estate people have been suggesting a central mortgage rediscount bank as a permanent institution but that committee is not in agreement and have not completed their arguments.

It is a movement of national assurance and of unity of action in an American way to assist business, employment, and agriculture.

There is no justification for any such situation in view of the strength of our banking system and the strong position of our Federal Reserve System.

The times call for unity of action on the part of our people.

The prolongation of the depression by the succession of events in Europe, affecting as they have both commodity and security prices, has produced in some localities in the United States an apprehension wholly unjustified in view of the…

Our problem in this respect is one of such adjustment during the period of depression as will at the same time aid our own and world recovery.

I feel that it is not proper in advance of this conference to make any announcement.

The purpose of my conference with Members of Congress tonight is to advance a national unity in the setting up of constructive forces in place of destructive forces now working in the depression.

The only real way to brake this cycle is to restore confidence in the people at large.

As I said last night, we are in a degenerating vicious cycle.