Excerpt from FDR’s First Inaugural Address- Saturday, March 4th, 1933
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.
Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now.
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 natural resources.
Finally, in our progress toward 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.
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.
But in the event that the Congress shall fail to take one of these two courses, and 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.
For the trust reposed in me I will return the courage and the devotion that befit the time. I can do no less.
We face the arduous days that lie before us in the warm courage of the 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 and permanent national life.
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.
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.
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.
Restoration calls, however, not for changes in ethics alone. This Nation asks for action, and action now.
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 natural resources.
Finally, in our progress toward 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.
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.
But in the event that the Congress shall fail to take one of these two courses, and 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.
For the trust reposed in me I will return the courage and the devotion that befit the time. I can do no less.
We face the arduous days that lie before us in the warm courage of the 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 and permanent national life.
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.
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.