I was so moved by the words of FDR at his inaugural address, and struck by the timeliness of what he wrote for our own time as well, I wanted to share this excerpt. Given March 4, 1933, this speech was delivered in the depth of the Depression.
“This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper.
“So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.
In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.
“In such a spirit on my part and on yours we face our common difficulties. They concern, thank God, only material things. Values have shrunken to fantastic levels; taxes have risen; our ability to pay has fallen; government of all kinds is faced by serious curtailment of income; the means of exchange are frozen in the currents of trade; the withered leaves of industrial enterprise lie on every side; farmers find no markets for their produce; the savings of many years in thousands of families are gone.
“More important, a host of unemployed citizens face the grim problem of existence, and an equally great number toil with little return. Only a foolish optimist can deny the dark realities of the moment.
“Yet our distress comes from no failure of substance. We are stricken by no plague of locusts. Compared with the perils which our forefathers conquered because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind’s goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated.
Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men.
“True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish.
“The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.
“True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish.
“Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and to our fellow men.
“Recognition of the falsity of material wealth as the standard of success goes hand in hand with the abandonment of the false belief that public office and high political position are to be valued only by the standards of pride of place and personal profit; and there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. Small wonder that confidence languishes, for it thrives only on honesty, on honor, on the sacredness of obligations, on faithful protection, on unselfish performance; without them it cannot live.
To read the speech in it’s entirety, including Roosevelt’s action plan for the nation, go to http://historymatters.gmu.edu/d/5057/
“Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now.”
And so we find ourselves repeating history. The words of FDR describe current events almost precisely. One difference being war contributing to the problem vs. war stimulating the resolution; that option seems to be gone, and good riddance.
Apparently those “dark days” did not teach us our true destiny. But his words of encouragement and faith in the strength of this country and her people to rebound still ring true. We will regain our economic status and lead the world recovery.
We can only hope that this time the lessons will be taken to heart, not just by the titans of business, but by each of us.
Hi Richard,
Yes, I found the similarities between “then” and “now” quite striking! Although we are not in such a deep depression as then, hopefully it will not come to that. I feel optimistic that our recovery will not be far away.
And for some of us, there will be no recession at all. For those with stable jobs or those with successful businesses, there is much increased opportunity as prices on stock and real estate fall.
As far as lessons taken to heart… history repeats precisely because we do forget our lessons (or the lessons of previous generations) – don’t you think?