We have already begun to feel the bracing effect upon our economic system of a restored agriculture.  The hundreds of millions of additional income that farmers are receiving are finding their way into the channels of trade.  The farmers’ share of the national income is slowly rising.  The economic facts justify the widespread opinion of those engaged in agriculture that our provisions for maintaining a balanced production give at this time the most adequate remedy for an old and vexing problem.  For the present, and especially in view of abnormal world conditions, agricultural adjustment with certain necessary improvements in methods should continue.

It seems appropriate to call attention at this time to the fine spirit shown during the past year by our public servants.  I cannot praise too highly the cheerful work of the Civil Service employees, and of those temporarily working for the Government.  As for those thousands in our various public agencies spread throughout the country who, without compensation, agreed to take over heavy responsibilities in connection with our various loan agencies and particularly in direct relief work, I cannot say too much.  I do not think any country could show a higher average of cheerful and even enthusiastic team-work than has been shown by these men and women.

I cannot with candor tell you that general international relationships outside the borders of the United States are improved.  On the surface of things many old jealousies are resurrected, old passions aroused; new strivings for armament and power, in more than one land, rear their ugly heads.  I hope that calm counsel and constructive leadership will provide the steadying influence and the time necessary for the coming of new and more practical forms of representative government throughout the world wherein privilege and power will occupy a lesser place and world welfare a greater.

I believe, however, that our own peaceful and neighborly attitude toward other Nations is coming to be understood and appreciated.  The maintenance of international peace is a matter in which we are deeply and unselfishly concerned.  Evidence of our persistent and undeniable desire to prevent armed conflict has recently been more than once afforded.

There is no ground for apprehension that our relations with any Nation will be otherwise than peaceful.  Nor is there ground for doubt that the people of most Nations seek relief from the threat and burden attaching to the false theory that extravagant armament cannot be reduced and limited by international accord.

The ledger of the past year shows many more gains than losses.  Let us not forget that, in addition to saving millions from utter destitution, child labor has been for the moment outlawed, thousands of homes saved to their owners and most important of all, the morale of the Nation has been restored.  Viewing the year 1934 as a whole, you and I can agree that we have a generous measure of reasons for giving thanks.