government market for gold in the United States. Therefore, under
the clearly defined authority of existing law, I am authorizing the
Reconstruction Finance Corporation to buy gold newly mined in the
United States at prices to be determined from time to time after
consultation with the Secretary of the Treasury and the President.
Whenever necessary to the end in view, we shall also buy or sell
gold in the world market.

My aim in taking this step is to establish and maintain continuous
control.

This is a policy and not an expedient.

It is not to be used merely to offset a temporary fall in prices.
We are thus continuing to move towards a managed currency.

You will recall the dire predictions made last spring by those who
did not agree with our common policies of raising prices by direct
means. What actually happened stood out in sharp contrast with
those predictions. Government credit is high, prices have risen in
part. Doubtless prophets of evil still exist in our midst. But
government credit will be maintained and a sound currency will
accompany a rise in the American commodity price level.

I have told you tonight the story of our steady but sure work in
building our common recovery. In my promises to you both before and
after March 4th, I made two things plain: First, that I pledged no
miracles and, second, that I would do my best.

I thank you for your patience and your faith. Our troubles will not