FDR's Inaugural Address of 1933
Franklin Delano Roosevelt's first inaugural address is memorable for its famous phrase "the only thing we have to fear is fear itself". These were eagerly awaited words as the nation was gripped in the pain of the great economic depression and it looked to Roosevelt for answers to ease that pain and fix their problems. The inauguration was held on Saturday, March 4, 1933. It was the last inauguration to be held on the constitutionally prescribed date of March 4. The 20th Amendment, ratified in January 1933, moved Inauguration Day to January 20. It followed Roosevelt's landslide victory over Republican incumbent Herbert Hoover in the 1932 presidential election. The speech was broadcast nationwide on several radio networks and was heard by tens of millions of Americans, and set the stage for Roosevelt's response to the national crisis.
The inauguration ceremony took place on the East Portico of the United States Capitol, with Chief Justice Charles Evans Hughes administering the oath of office. Hughes would later become Roosevelt's nemesis, as the Hughes court struck down a number of pieces of proposed New Deal initiatives, leading to the presidents ill-conceived "court packing plan". Roosevelt wore a morning coat and striped trousers for the inauguration, and took the oath with his hand on his family Bible, open to 1 Corinthians 13. The bible he used was published in 1686 in Dutch, and it remains the oldest Bible ever used in an inaugural ceremony, as well as the only one not in English. He had used it for his 1929 and 1931 inaugurations as Governor of New York as well as for his subsequent presidential inaugurations.
Roosevelt began by referring to the day as "a day of national consecration." He said that it was "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." He then uttered the most famous line from the speech:
"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 of vigor has met with that understanding and support of the people themselves which is essential to victory. And I am convinced that you will again give that support to leadership in these critical days."
Roosevelt acknowledged that the nation faced "common difficulties" but went on to state, "They concern, thank God, only material things." He itemized a list of problems:
"Values have shrunk 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; and 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."
He then pivoted to a note of optimism, stating "Compared with the perils which our forefathers conquered, because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep". He then placed blame for the catastrophe, stating that problems existed "because the rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and have abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men." He went on to elaborate what these unscrupulous businessmen had done:
"Faced by failure of credit, they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They only know the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish. Yes, the money changers have fled from their high seats in the temple of our civilization."
Roosevelt went on to state that "Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy, the moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits." He went on to warn that "there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing." He added, "This Nation is asking for action, and action now." He set out his first priority:
"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 great -- greatly needed projects to stimulate and reorganize the use of our great natural resources."
Roosevelt went on to list a number of proposed solutions and strategies to combat the depression. These included "engaging on a national scale in a redistribution, endeavor to provide a better use of the land for those best fitted for the land." He continued:
"Yes, the task can be helped by definite efforts to raise the values of agricultural products, and with this the power to purchase the output of our cities. It can be helped by preventing realistically the tragedy of the growing loss through foreclosure of our small homes and our farms. It can be helped by insistence that the Federal, the State, and the local governments act forthwith on the demand that their cost be drastically reduced. It can be helped by the unifying of relief activities which today are often scattered, uneconomical, unequal. It can be helped by national planning for and supervision of all forms of transportation and of communications and other utilities that have a definitely public character. There are many ways in which it can be helped, but it can never be helped by merely talking about it. We must act. We must act quickly."
He next called for "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." He pledged to call a special session of Congress and to "seek the immediate assistance of the 48 States."
Roosevelt next turned to international affairs and pledged to "dedicate this Nation to the policy of the good neighbor: the neighbor who resolutely respects himself and, because he does so, respects the rights of others; the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors."
Roosevelt next spoke about his constitutional powers. He then said:
"But, in the event that the Congress shall fail to take one of these two courses, 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."
Roosevelt said that the nation faced "arduous days that lie before us" but he noted that "The people of the United States have not failed." He concluded by saying:
"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."
Following is a YouTube recording of the speech as it was delivered.
The next day following his inauguration, Roosevelt called a special session of Congress to declare a four-day bank holiday. On March 9 he signed the Emergency Banking Act, which provided a mechanism for reopening. He continued on for what became his First Hundred Days of the New Deal.
The inauguration ceremony took place on the East Portico of the United States Capitol, with Chief Justice Charles Evans Hughes administering the oath of office. Hughes would later become Roosevelt's nemesis, as the Hughes court struck down a number of pieces of proposed New Deal initiatives, leading to the presidents ill-conceived "court packing plan". Roosevelt wore a morning coat and striped trousers for the inauguration, and took the oath with his hand on his family Bible, open to 1 Corinthians 13. The bible he used was published in 1686 in Dutch, and it remains the oldest Bible ever used in an inaugural ceremony, as well as the only one not in English. He had used it for his 1929 and 1931 inaugurations as Governor of New York as well as for his subsequent presidential inaugurations.
Roosevelt began by referring to the day as "a day of national consecration." He said that it was "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." He then uttered the most famous line from the speech:
"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 of vigor has met with that understanding and support of the people themselves which is essential to victory. And I am convinced that you will again give that support to leadership in these critical days."
Roosevelt acknowledged that the nation faced "common difficulties" but went on to state, "They concern, thank God, only material things." He itemized a list of problems:
"Values have shrunk 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; and 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."
He then pivoted to a note of optimism, stating "Compared with the perils which our forefathers conquered, because they believed and were not afraid, we have still much to be thankful for. Nature still offers her bounty and human efforts have multiplied it. Plenty is at our doorstep". He then placed blame for the catastrophe, stating that problems existed "because the rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and have abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men." He went on to elaborate what these unscrupulous businessmen had done:
"Faced by failure of credit, they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They only know the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish. Yes, the money changers have fled from their high seats in the temple of our civilization."
Roosevelt went on to state that "Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy, the moral stimulation of work no longer must be forgotten in the mad chase of evanescent profits." He went on to warn that "there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing." He added, "This Nation is asking for action, and action now." He set out his first priority:
"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 great -- greatly needed projects to stimulate and reorganize the use of our great natural resources."
Roosevelt went on to list a number of proposed solutions and strategies to combat the depression. These included "engaging on a national scale in a redistribution, endeavor to provide a better use of the land for those best fitted for the land." He continued:
"Yes, the task can be helped by definite efforts to raise the values of agricultural products, and with this the power to purchase the output of our cities. It can be helped by preventing realistically the tragedy of the growing loss through foreclosure of our small homes and our farms. It can be helped by insistence that the Federal, the State, and the local governments act forthwith on the demand that their cost be drastically reduced. It can be helped by the unifying of relief activities which today are often scattered, uneconomical, unequal. It can be helped by national planning for and supervision of all forms of transportation and of communications and other utilities that have a definitely public character. There are many ways in which it can be helped, but it can never be helped by merely talking about it. We must act. We must act quickly."
He next called for "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." He pledged to call a special session of Congress and to "seek the immediate assistance of the 48 States."
Roosevelt next turned to international affairs and pledged to "dedicate this Nation to the policy of the good neighbor: the neighbor who resolutely respects himself and, because he does so, respects the rights of others; the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors."
Roosevelt next spoke about his constitutional powers. He then said:
"But, in the event that the Congress shall fail to take one of these two courses, 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."
Roosevelt said that the nation faced "arduous days that lie before us" but he noted that "The people of the United States have not failed." He concluded by saying:
"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."
Following is a YouTube recording of the speech as it was delivered.
Click to viewThe next day following his inauguration, Roosevelt called a special session of Congress to declare a four-day bank holiday. On March 9 he signed the Emergency Banking Act, which provided a mechanism for reopening. He continued on for what became his First Hundred Days of the New Deal.