I congratulate this Congress upon the courage, the earnestness and the efficiency with which you met the crisis at the Special Session.  It was your fine understanding of the national problem that furnished the example which the country has so splendidly followed.  I venture to say that the task confronting the First Congress of 1789 was no greater than your own.

I shall not attempt to set forth either the many phases of the crisis which we experienced last March, or the many measures which you and I undertook during the Special Session that we might initiate recovery and reform.

It is sufficient that I should speak in broad terms of the results of our common counsel.  The credit of the Government has been fortified by drastic reduction in the cost of its permanent agencies through the Economy Act.

With the twofold purpose of strengthening the whole financial structure and of arriving eventually at a medium of exchange which over the years will have less variable purchasing and debt paying power for our people than that of the past, I have used the authority granted me to purchase all American-produced gold and silver and to buy additional gold in the world markets.  Careful investigation and constant study prove that in the matter of foreign exchange rates certain of our sister Nations find themselves so handicapped by internal and other conditions that they feel unable at this time to enter into stabilization discussion based on permanent and world-wide objectives.

The overwhelming majority of the banks, both national and State, which reopened last spring, are in sound condition and have been brought within the protection of Federal insurance.  In the case of those banks which were not permitted to reopen, nearly six hundred million dollars of frozen deposits are being restored to the depositors through the assistance of the national Government.

We have made great strides toward the objectives of the National Industrial Recovery Act, for not only have several millions of our unemployed been restored to work, but industry is organizing itself with a greater understanding that reasonable profits can be earned while at the same time protection can be assured to guarantee to labor adequate pay and proper conditions of work.  Child labor is abolished.  Uniform standards of hours and wages apply today to 95 percent of industrial employment within the field of the National Industrial Recovery Act.  We seek the definite end of preventing combinations in furtherance of monopoly and in restraint of trade, while at the same time we seek to prevent ruinous rivalries within industrial groups which in many cases resemble the gang wars of the underworld and in which the real victim in every case is the public itself.

Under the authority of this Congress, we have brought the component parts of each industry together around a common table, just as we have brought problems affecting labor to a common meeting ground.  Though the machinery, hurriedly devised, may need readjustment from time to time, nevertheless I think you will agree with me that we have created a permanent feature of our modernized industrial structure and that it will continue under the supervision but not the arbitrary dictation of Government itself.