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+<title>The Project Gutenberg eBook of Franklin Delano Roosevelt’s First Inaugural Address</title>
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+<div>*** START OF THE PROJECT GUTENBERG EBOOK 104 ***</div>
+
+<h1>Inaugural Address</h1>
+
+<h3>of</h3>
+
+<h2>Franklin Delano Roosevelt</h2>
+
+<h3>Given in Washington, D.C.<br/>
+March 4th, 1933</h3>
+
+<hr />
+
+<p class="noindent">
+President Hoover, Mr. Chief Justice, my friends:
+</p>
+
+<p>
+This is a day of national consecration, and I am certain that on this day my
+fellow Americans expect that on my induction into the Presidency I will address
+them with a candor and a decision which the present situation of our people
+impels. 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 of vigor has met with
+that understanding and support of the people themselves which is essential to
+victory. And I am convinced that you will again give that support to leadership
+in these critical days.
+</p>
+
+<p>
+In such a spirit on my part and on yours we face our common difficulties. They
+concern, thank God, only material things. Values have shrunk 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; and the savings
+of many years in thousands of families are gone.
+</p>
+
+<p>
+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.
+</p>
+
+<p>
+And 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 have abdicated. Practices of the
+unscrupulous money changers stand indicted in the court of public opinion,
+rejected by the hearts and minds of men.
+</p>
+
+<p>
+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 only know the rules of a
+generation of self-seekers. They have no vision, and when there is no vision
+the people perish.
+</p>
+
+<p>
+Yes, 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 that restoration lies in the extent to which we apply social values more
+noble than mere monetary profit.
+</p>
+
+<p>
+Happiness lies not in the mere possession of money; it lies in the joy of
+achievement, in the thrill of creative effort. The joy, the moral stimulation
+of work no longer must be forgotten in the mad chase of evanescent profits.
+These dark days, my friends, 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—to our fellow men.
+</p>
+
+<p>
+Recognition of that 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, and on unselfish performance; without them it cannot live.
+</p>
+
+<p>
+Restoration calls, however, not for changes in ethics alone. This Nation is
+asking for action, and action now.
+</p>
+
+<p>
+Our greatest primary task is to put people to work. This is no unsolvable
+problem if we face it wisely and courageously. It can be accomplished in part
+by direct recruiting by the Government itself, treating the task as we would
+treat the emergency of a war, but at the same time, through this employment,
+accomplishing greatly needed projects to stimulate and reorganize the use of
+our great natural resources.
+</p>
+
+<p>
+Hand in hand with that we must frankly recognize the overbalance of population
+in our industrial centers and, by engaging on a national scale in a
+redistribution, endeavor to provide a better use of the land for those best
+fitted for the land. Yes, the task can be helped by definite efforts to raise
+the values of agricultural products and with this the power to purchase the
+output of our cities. It can be helped by preventing realistically the tragedy
+of the growing loss through foreclosure of our small homes and our farms. It
+can be helped by insistence that the Federal, the State, and the 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, unequal. It can be helped by national planning for and
+supervision of all forms of transportation and of communications and other
+utilities that have a definitely public character. There are many ways in which
+it can be helped, but it can never be helped by merely talking about it. We
+must act; we must act quickly.
+</p>
+
+<p>
+And finally, in our progress towards 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.
+</p>
+
+<p>
+These, my friends, 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 forty-eight States.
+</p>
+
+<p>
+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.
+</p>
+
+<p>
+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 and parts of the United States
+of America—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 recovery will endure.
+</p>
+
+<p>
+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.
+</p>
+
+<p>
+If I read the temper of our people correctly, we now realize as we have never
+realized before our interdependence on each other; that we cannot merely take
+but we must give as well; that if we are to go forward, we must move as a
+trained and loyal army willing to sacrifice for the good of a common
+discipline, because without such discipline no progress can be made, no
+leadership becomes effective. We are, I know, ready and willing to submit our
+lives and our property to such discipline, because it makes possible a
+leadership which aims at the larger good. This I propose to offer, pledging
+that the larger purposes will bind upon us—bind upon us all—as a sacred
+obligation with a unity of duty hitherto evoked only in times of armed strife.
+</p>
+
+<p>
+With this pledge taken, I assume unhesitatingly the leadership of this great
+army of our people dedicated to a disciplined attack upon our common problems.
+</p>
+
+<p>
+Action in this image—action to this end—is feasible under the form of
+government which we have inherited from our ancestors. Our Constitution is so
+simple, so practical that it is possible always to meet extraordinary needs by
+changes in emphasis and arrangement without loss of essential form. That is why
+our constitutional system has proved itself the most superbly enduring
+political mechanism the modern world has ever seen. It has met every stress of
+vast expansion of territory, of foreign wars, of bitter internal strife, of
+world relations.
+</p>
+
+<p>
+And it is to be hoped that the normal balance of executive and legislative
+authority may be wholly equal—wholly adequate—to meet the unprecedented task
+before us. But it may be that an unprecedented demand and need for undelayed
+action may call for temporary departure from that normal balance of public
+procedure.
+</p>
+
+<p>
+I am prepared under my constitutional duty to recommend the measures that a
+stricken nation in the midst of a stricken world may require. These measures,
+or such other measures as the Congress may build out of its experience and
+wisdom, I shall seek, within my constitutional authority, to bring to speedy
+adoption.
+</p>
+
+<p>
+But in the event that the Congress shall fail to take one of these two courses,
+in the event that the national emergency is still critical, I shall not evade
+the clear course of duty that will then confront me. I shall ask the Congress
+for the one remaining instrument to meet the crisis—broad Executive power to
+wage a war against the emergency, as great as the power that would be given to
+me if we were in fact invaded by a foreign foe.
+</p>
+
+<p>
+For the trust reposed in me I will return the courage and the devotion that
+befit the time. I can do no less.
+</p>
+
+<p>
+We face the arduous days that lie before us in the warm courage of national
+unity; with the clear consciousness of seeking old and precious moral values;
+with the clean satisfaction that comes from the stern performance of duty by
+old and young alike. We aim at the assurance of a rounded—a permanent—national
+life.
+</p>
+
+<p>
+We do not distrust the future of essential democracy. The people of the United
+States have not failed. In their need they have registered a mandate that they
+want direct, vigorous action. They have asked for discipline and direction
+under leadership. They have made me the present instrument of their wishes. In
+the spirit of the gift I take it.
+</p>
+
+<p>
+In this dedication of a Nation we humbly ask the blessing of God. May He
+protect each and every one of us. May He guide me in the days to come.
+</p>
+
+<div>*** END OF THE PROJECT GUTENBERG EBOOK 104 ***</div>
+</body>
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