I hope you can see, my friends, from this essential recital of what your Government is doing that there is nothing complex, nothing radical in the process We have had a bad banking situation. Some of our bankers had shown themselves either incompetent or dishonest in their handling of the peoples funds. They had used the money entrusted to them in speculations and unwise loans. This was, of course, not true in the vast majority of our banks, but it was true in enough of them to shock the people of the United states, for a time into a sense of insecurity and to put them into a frame of mind where they did not differentiate but seemed to assume that the acts of a comparative few had tainted them all. and so it becam the governments job to straighten out this situa tion and do it as quickly as possible And that job is being performed i do not promise you that every bank will be reopened or that individual losses will not be suffered but there will be no losses that possibly could be avoided; and there ould have been more and greater losses had we continued to drift. I can even promise you salvation for some, at least, of the sorely presses banks. We shall be engaged not merely in reopening sound banks but in the creation of more sound banks through reorganization It has been wonderful to me to catch the note of conf idence from all over the country. I can never be suff iciently grateful to the people for the loyal support that they have given me in the ir acceptance of the judgment that has dicta ted our course, even though all our processes may not have seemed clear to them Af ter all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the conf idence of the people themselves. Conf idence and courage are the essentials of success carrying out our plan. You people must have faith; you must not be stampeded by to restore our financial system, and it is up to you to support and make it work. l rumors or guesses. Let us unite in banishing fear. We have provided the machine It is your problem, my friends, your problem no less than it is mine Together we cannot failI hope you can see, my friends, f rom this essential recital of what your Government is doing that there is nothing complex, nothing radical in the process. We have had a bad banking situation. Some of our bankers had shown themselves either incompetent or dishonest in their handling of the people’s funds. They had used the money entrusted to them in speculations and unwise loans. This was, of course, not true in the vast majority of our banks, but it was true in enough of them to shock the people of the United States, for a time, into a sense of insecurity and to put them into a f rame of mind where they did not dif ferentiate, but seemed to assume that the acts of a comparative few had tainted them all. And so it became the Government’s job to straighten out this situation and do it as quickly as possible. And that job is being performed. I do not promise you that every bank will be reopened or that individual losses will not be suffered, but there will be no losses that possibly could be avoided; and there would have been more and greater losses had we continued to drif t. I can even promise you salvation for some, at least, of the sorely presses banks. We shall be engaged not merely in reopening sound banks but in the creation of more sound banks through reorganization. It has been wonderful to me to catch the note of confidence f rom all over the country. I can never be sufficiently grateful to the people for the loyal support that they have given me in their acceptance of the judgment that has dictated our course, even though all our processes may not have seemed clear to them. Af ter all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system, and it is up to you to support and make it work. It is your problem, my f riends, your problem no less than it is mine. Together we cannot fail