you know, the banks had collapsed. Some banks could not be saved
but the great majority of them, either through their own resources
or with government aid, have been restored to complete public
confidence. This has given safety to millions of depositors in
these banks. Closely following this great constructive effort we
have, through various federal agencies, saved debtors and creditors
alike in many other fields of enterprise, such as loans on farm
mortgages and home mortgages; loans to the railroads and insurance
companies and, finally, help for home owners and industry itself.

In all of these efforts the government has come to the assistance
of business and with the full expectation that the money used to
assist these enterprises will eventually be repaid. I believe it
will be.

The second step we have taken in the restoration of normal business
enterprise has been to clean up thoroughly unwholesome conditions
in the field of investment. In this we have had assistance from
many bankers and businessmen, most of whom recognize the past evils
in the banking system, in the sale of securities, in the deliberate
encouragement of stock gambling, in the sale of unsound mortgages
and in many other ways in which the public lost billions of
dollars. They saw that without changes in the policies and methods
of investment there could be no recovery of public confidence in
the security of savings. The country now enjoys the safety of bank
savings under the new banking laws, the careful checking of new
securities under the Securities Act and the curtailment of rank
stock speculation through the Securities Exchange Act. I sincerely
hope that as a result people will be discouraged in unhappy efforts
to get rich quick by speculating in securities. The average person