that the Federal, State, and local governments act forthwith
on the demand that their cost be drastically reduced. It can be helped
by the unifying of relief activities which today are often scattered,
uneconomical, and unequal. It can be helped by national planning for and
supervision of all forms of transportation and of communications and
other utilities which have a definitely public character. There are many
ways in which it can be helped, but it can never be helped merely by
talking about it. We must act and act quickly.

Finally, in our progress toward a resumption of work we require two
safeguards against a return of the evils of the old order; there must be
a strict supervision of all banking and credits and investments; there
must be an end to speculation with other people's money, and there must
be provision for an adequate but sound currency.

There are the lines of attack. I shall presently urge upon a new
Congress in special session detailed measures for their fulfillment, and
I shall seek the immediate assistance of the several States.

Through this program of action we address ourselves to putting our own
national house in order and making income balance outgo. Our
international trade relations, though vastly important, are in point of
time and necessity secondary to the establishment of a sound national
economy. I favor as a practical policy the putting of first things
first. I shall spare no effort to restore world trade by international
economic readjustment, but the emergency at home cannot wait on that
accomplishment.

The basic thought that guides these specific means of national recovery
is not narrowly nationalistic. It is the insistence, as a first
consideration, upon the interdependence of the various elements in all
parts of the United States--a recognition of the old and permanently
important manifestation of the American spirit of the pioneer. It is the
way to recovery. It is the immediate way. It is the strongest assurance
that the recovery will endure.

In the field of world policy I would dedicate this Nation to the policy
of the good neighbor--the neighbor who resolutely respects himself and,
because he does so, respects the rights of others--the neighbor who
respects his obligations and respects the sanctity of his agreements in
and with a world of neighbors.

If I read the temper of our people correctly, we now realize as we have
never realized before our interdependence on each