March 4, 1933
FDR's First Inaugural Address
March 4, 1933
FDR’s First Inaugural Address
As promised, more good stuff from this timeless speech.
A little longer today, because I think the point he’s making requires it.
In every dark hour of our national life a leadership of frankness and vigor bas 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.
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.
Amazing. Tying a loss of social values and societal cohesion to the pursuit of profit at any cost. Stating that there are more important things to the future of this nation than money. That the dark days will be worth it to break this cycle of hopelessness.
It also sounds like the banking dickheads, billionaires, and other Wall Street types have been exploiting the poor and then expecting the government to bail them out since FDR’s time.
So he calls them selfish assholes with no vision, who came to him crying after they wrecked the economy.
Every day I will endeavor to be as courageous as Franklin D. Roosevelt.
Here’s the video:
Some historic context from the FDR Presidential Library: “FDR’s election restored hope to many. But before he could take office in March the economy took a disastrous turn. America’s troubled banking system began to collapse. During January and February 4,000 banks were forced out of business. Because accounts were not government-insured, millions lost their life savings. Panicked depositors rushed to the remaining banks to withdraw their money. These bank runs threatened the entire financial system.
In desperation, 32 states declared “bank holidays”— temporarily shutting their banks to prevent depositors from removing cash. Remaining states put strict limits on withdrawals. In an era before widespread credit cards, this meant people could not make purchases. In many places barter, IOUs, and money substitutes called “scrip” replaced cash transactions.”
I don’t know about you, but the days before the FDIC sound terrifying to me.
And when did Inauguration Day change from March to January? From the White House Historical Association:
The Twentieth Amendment, also known as the “lame duck” amendment, was proposed and authored by progressive Nebraska Senator George Norris in 1922. While communications and travel during the late eighteenth and nineteenth centuries were more difficult, necessitating a nearly four-month gap between winning election and taking the Oath of Office, by the twentieth century much had improved in terms of travel and technology, allowing for an earlier Inauguration date. Norris also sought to tackle a larger problem. Previously, a president that lost reelection could govern during the lengthy lame duck session without having to be responsible to voters. Shortening this lame duck period was meant to strengthen democracy and avoid a future Constitutional crisis.
After introducing this legislation five times, Norris was finally successful on his sixth try in March 1932. The Amendment passed Congress and was ratified by the States in January 1933.
Today, presidents serve a four-year term, beginning on January 20 at noon, and ending four years from that date and time exactly.
Through Sunday, I’ll treat you to more amazing prose from FDR’s first inaugural address, because it’s just that good.
On Monday, we’ll move on to his first Fireside Chat.
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