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Updated: May 24, 2025
The last pillar of which I speak is that of the money of the country in the banks of the country. There are two simple facts. First, the federal government is about to spend one billion dollars as an immediate loan on the frozen or non-liquid assets of all banks closed since January 1, 1933, giving a liberal appraisal to those assets.
The Army of 1933 had been given few new implements of war since 1919, and had been compelled to draw on old reserve stocks left over from the World War. The net result of all this was that our Army by l933 had very greatly declined in its ratio of strength with the armies of Europe and of the Far East. That was the situation I found. But, since then, great changes have taken place.
In that spirit I come to an immediate issue made for us by hard and inescapable circumstance the task of putting people to work. In the spring of 1933 the issue of destitution seemed to stand apart; today, in the light of our experience and our new national policy, we find we can put people to work in ways which conform to, initiate and carry forward the broad principles of that policy.
I am happy to report that after years of uncertainty, culminating in the collapse of the spring of 1933, we are bringing order out of the old chaos with a greater certainty of the employment of labor at a reasonable wage and of more business at a fair profit. These governmental and industrial developments hold promise of new achievements for the nation.
In spite, however, of the speculative reaction from the speculative advance, it seems to be well established that during the course of the year 1933 the farmers of the United States will receive 33 percent more dollars for what they have produced than they received in the year 1932. Put in another way, they will receive $400 in 1933, where they received $300 the year before.
In hitting power and in efficiency, I would even make the assertion that it is stronger today than it was during the World War. The Army of the United States: In 1933 it consisted of 122,000 enlisted men. Now, in 1940, that number has been practically doubled.
Now that possible campaign away there, whatever its particular nature may be, which will be shaping our military and naval policy in the year 1933 or thereabouts, will certainly be quite different in its conditions from the possible campaign in Europe and the narrow seas which determines all our preparations now.
For convenience we'll call him Armstrong from now on. When he arrived in Chicago in 1933, he met some White Russians who were working with Harry A. Jung on an altogether new translation of the "Protocols."
There are many other items in which our progress since 1933 has been rapid. And the great proportion of this advance consists of really modern equipment. In 1933, on the personnel side we had 1,263 Army pilots. Today the Army alone has more than 3,000 of the best fighting flyers in the world, flyers who last year flew more than one million hours in combat training.
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