The country now enjoys the safety of bank savings under the new banking laws, the careful checking of new securities under the Securities Act and the curtailment of rank stock speculation through the Securities Exchange Act. They saw that without changes in the policies and methods of investment there could be no recovery of public confidence in the security of savings. In this we have had assistance from many bankers and business men, most of whom recognize the past evils in the banking system, in the sale of securities, in the deliberate encouragement of stock gambling, in the sale of unsound mortgages and in many other ways in which the public lost billions of dollars. The second step we have taken in the restoration of normal business enterprise has been to clean up thoroughly unwholesome conditions in the field of investment.
FIRESIDE CHATS DEFINITION FULL
In all of these efforts the Government has come to the assistance of business and with the full expectation that the money used to assist these enterprises will eventually be repaid. Closely following this great constructive effort we have, through various Federal agencies, saved debtors and creditors alike in many other fields of enterprise, such as loans on farm mortgages and home mortgages loans to the railroads and insurance companies and, finally, help for home owners and industry itself. This has given safety to millions of depositors in these banks. Some banks could not be saved but the great majority of them, either through their own resources or with Government aid, have been restored to complete public confidence. Our first problem was, of course, the banking situation because, as you know, the banks had collapsed. It was in this spirit thus described by Secretary Root that we approached our task of reviving private enterprise in March, 1933. And in many directions, the intervention of that organized control which we call government seems necessary to produce the same result of justice and right conduct which obtained through the attrition of individuals before the new conditions arose."
FIRESIDE CHATS DEFINITION FREE
The relations between the employer and the employed, between the owners of aggregated capital and the units of organized labor, between the small producer, the small trader, the consumer, and the great transporting and manufacturing and distributing agencies, all present new questions for the solution of which the old reliance upon the free action of individual wills appears quite inadequate. "Instead of the give and take of free individual contract, the tremendous power of organization has combined great aggregations of capital in enormous industrial establishments working through vast agencies of commerce and employing great masses of men in movements of production and transportation and trade, so great in the mass that each individual concerned in them is quite helpless by himself.
The underlying necessity for such activity is indeed as strong now as it was years ago when Elihu Root said the following very significant words: Men may differ as to the particular form of governmental activity with respect to industry and business, but nearly all are agreed that private enterprise in times such as these cannot be left without assistance and without reasonable safeguards lest it destroy not only itself but also our processes of civilization.
These governmental and industrial developments hold promise of new achievements for the Nation. I am happy to report that after years of uncertainty, culminating in the collapse of the spring of 1933, we are bringing order out of the old chaos with a greater certainty of the employment of labor at a reasonable wage and of more business at a fair profit. Recently the most notable public questions that have concerned us all have had to do with industry and labor and with respect to these, certain developments have taken place which I consider of importance. Tonight I continue that report, though, because of the shortness of time, I must defer a number of subjects to a later date. Three months have passed since I talked with you shortly after the adjournment of the Congress. If not, it is preferably a URL if one is not available, please explain on the talk page. Ideally this will be a scanned copy of the original that can be uploaded to Wikimedia Commons and proofread. "Source" means a location at which other users can find a copy of this work. Please see this document's talk page for details for verification.
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