By late winter 1933, the Great Depression had caused more than 11,000 of 24,000 banks to failed, wiping out the savings of depositors. Millions of Americans were unemployed and desperate; millions more were working at vastly diminished wages that barely provided subsistence. Currency values had dropped and farms were failing.
The Democratic Party had run on a vague but revolutionary platform that made it clear that the election of its Presidential candidate, Franklin D. Roosevelt, would result in unprecedented governmental growth to deal with the crisis. Roosevelt’s task in his first speech as President was to calm the burgeoning panic, and to reassure America that it was in competent hands.
Lincoln, Reagan and Roosevelt were the greatest orators ever to hold the office of President, and FDR was perhaps the greatest of them all. His strong and confident delivery, cocky body language and dramatic delivery made this speech a success as much as its content. And, of course, it contains his most famous quote, and one of the endearing quotes in our history.
I am certain that 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 Nation 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 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. Continue reading





