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they know full well that the proportion of the processing taxes on cotton goods and on
food products paid for by city dwellers goes 100 percent towards increasing the
agricultural income of the farm dwellers of the land.
The last pillar of which I speak is that of the money of the country in the banks of the
country. There are two simple facts.
First, the federal government is about to spend one billion dollars as an immediate loan
on the frozen or non-liquid assets of all banks closed since January 1, 1933, giving a
liberal appraisal to those assets. This money will be in the hands of the depositors as
quickly as it is humanly possible to get it out.
Second, the Government Bank Deposit Insurance on all accounts up to $2500 goes into
effect on January first. We are now engaged in seeing to it that on or before that date the
banking capital structure will be built up by the government to the point that the banks
will be in sound condition when the insurance goes into effect.
Finally, I repeat what I have said on many occasions, that ever since last March the
definite policy of the government has been to restore commodity price levels. The object
has been the attainment of such a level as will enable agriculture and industry once more
to give work to the unemployed. It has been to make possible the payment of public and
private debts more nearly at the price level at which they were incurred. It has been
gradually to restore a balance in the price structure so that farmers may exchange their
products for the products of industry on a fairer exchange basis. It has been and is also
the purpose to prevent prices from rising beyond the point necessary to attain these ends.
The permanent welfare and security of every class of our people ultimately depends on
our attainment of these purposes.
Obviously, and because hundreds of different kinds of crops and industrial occupations
in the huge territory that makes up this Nation are involved, we cannot reach the goal in
only a few months. We may take one year or two years or three years.
No one who considers the plain facts of our situation believes that commodity prices,
especially agricultural prices, are high enough yet.
Some people are putting the cart before the horse. They want a permanent revaluation of
the dollar first. It is the government's policy to restore the price level first. I would not
know, and no one else could tell, just what the permanent valuation of the dollar will be.
To guess at a permanent gold valuation now would certainly require later changes
caused by later facts.
When we have restored the price level, we shall seek to establish and maintain a dollar
which will not change its purchasing and debt paying power during the succeeding
generation. I said that in my message to the American delegation in London last July.
And I say it now once more.
Because of conditions in this country and because of events beyond our control in other
parts of the world, it becomes increasingly important to develop and apply the further
measures which may be necessary from time to time to control the gold value of our
own dollar at home.
Our dollar is now altogether too greatly influenced by the accidents of international
trade, by the internal policies of other nations and by political disturbance in other
continents. Therefore the United States must take firmly in its own hands the control of
the gold value of our dollar. This is necessary in order to prevent dollar disturbances
from swinging us away from our ultimate goal, namely, the continued recovery of our
commodity prices.
As a further effective means to this end, I am going to establish a government market for
gold in the United States. Therefore, under the clearly defined authority of existing law, I
am authorizing the Reconstruction Finance Corporation to buy gold newly mined in the
United States at prices to be determined from time to time after consultation with the
Secretary of the Treasury and the President. Whenever necessary to the end in view, we
shall also buy or sell gold in the world market.
My aim in taking this step is to establish and maintain continuous control.
This is a policy and not an expedient.
It is not to be used merely to offset a temporary fall in prices. We are thus continuing to
move towards a managed currency.
You will recall the dire predictions made last spring by those who did not agree with our
common policies of raising prices by direct means. What actually happened stood out in
sharp contrast with those predictions. Government credit is high, prices have risen in
part. Doubtless prophets of evil still exist in our midst. But government credit will be
maintained and a sound currency will accompany a rise in the American commodity
price level.
I have told you tonight the story of our steady but sure work in building our common
recovery. In my promises to you both before and after March 4th, I made two things
plain: First, that I pledged no miracles and, second, that I would do my best.
I thank you for your patience and your faith. Our troubles will not be over tomorrow, but
we are on our way and we are headed in the right direction.
June 28, 1934.
It has been several months since I have talked with you concerning the problems of
government. Since January, those of us in whom you have vested responsibility have
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