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

If present tendencies are allowed to continue unchecked, there is no telling where the movement will stop.

I have, therefore, asked you to come here to make the definite suggestion to you that you proceed to the creation of such an organization, and make available to it such resources as will insure its adequate functioning.

I do say that I consider some such program essential in the public interest, and that the carrying out of such a program does not admit of delay.

I am glad to announce that the Governor of Missouri has informed me that the State of Missouri is completing its organization to care for its unemployed.

The following States in addition to Missouri have indicated their ability to undertake their own problem: Rhode Island, Indiana, Michigan, Connecticut, Illinois, New York, California, West Virginia, and Delaware.

They have come to be conducted in far larger vision than mere profit earning.

I wish to congratulate the management on the consummation of its plan for the magnificent new home perpetuating the Waldorf-Astoria.

Our hotels have become community institutions.

The opening of the new Waldorf-Astoria is an event in the development of hotels even in New York City.

The erection of this great structure at this time has been a contribution to the maintenance of employment and is an exhibition of courage and confidence to the whole Nation.