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I spoke of the rulers of the exchanges of mankind's goods, who failed through their own stubbornness and their own incompetence. I said that they had admitted their failure and had abdicated. Abdicated? Yes, in 1933, but now with the passing of danger they forget their damaging admissions and withdraw their abdication. They seek the restoration of their selfish power.

In effect, four Justices ruled that the right under a private contract to exact a pound of flesh was more sacred than the main objectives of the Constitution to establish an enduring Nation. In 1933 you and I knew that we must never let our economic system get completely out of joint again that we could not afford to take the risk of another great depression.

Nor does it seem necessary to expatiate on the unfortunate consequences of the untimely death of both the British High Commissioner and the Iráqí Prime Minister; on the admission of ‘Iráq as a member of the League, and the consequent termination of the mandate held by Great Britain; on the tragic and unexpected death of the King himself; on the difficulties raised owing to the existence of a town planning scheme; on the written assurance conveyed to the High Commissioner by the acting Premier in his letter of January, 1932; on the pledge given by the King, prior to his death, in the presence of the foreign minister, in February, 1933, that the House would be expropriated, and the necessary sum would be appropriated in the spring of the ensuing year; on the categorical statement made by that same foreign minister that the Prime Minister had given the necessary assurances that the promise already made by the acting Premier would be redeemed; or on the positive statements made by that same Foreign Minister and his colleague, the Minister of Finance, when representing their country during the sessions of the League Assembly held in Geneva, that the promise given by their late King would be fully honored.

Since the summer of that same year of 1933, the temper and the purposes of the rulers of many of the great populations in Europe and in Asia have not pointed the way either to peace or to good-will among men.

Hitler expressed the same idea on September 1, 1933, when, looking back upon the struggle for political power in Germany, he wrote: This watchword of democratic freedom led only to insecurity, indiscipline, and at length to the downfall and destruction of all authority.

In March, 1933, the problems which faced our Nation and which only our national Government had the resources to meet were more serious even than appeared on the surface. It was not only that the visible mechanism of economic life had broken down.

We have not only seen minimum wage and maximum hour provisions prove their worth economically and socially under government auspices in 1933, 1934 and 1935, but the people of this country, by an overwhelming vote, are in favor of having the Congress this Congress put a floor below which industrial wages shall not fall, and a ceiling beyond which the hours of industrial labor shall not rise.

In March, 1933, I appealed to the Congress of the United States and to the people of the United States in a new effort to restore power to those to whom it rightfully belonged. The response to that appeal resulted in the writing of a new chapter in the history of popular government.

Our nation's program of social and economic reform is therefore a part of defense, as basic as armaments themselves. Against the background of events in Europe, in Africa and in Asia during these recent years, the pattern of what we have accomplished since 1933 appears in even clearer focus.

And this has been done without any dictator's power to command, without conscription of labor or confiscation of capital, without concentration camps and without a scratch on freedom of speech, freedom of the press or the rest of the Bill of Rights. We see things now that we could not see along the way. The tools of government which we had in 1933 are outmoded.