of prosperous times, although millions of hitherto underprivileged
workers are today far better paid than ever before. Also, billions
of dollars of invested capital have today a greater security of
present and future earning power than before. This is because of
the establishment of fair, competitive standards and because of
relief from unfair competition in wage cutting which depresses
markets and destroys purchasing power. But it is an undeniable fact
that the restoration of other billions of sound investments to a
reasonable earning power could not be brought about in one year.
There is no magic formula, no economic panacea, which could simply
revive over-night the heavy industries and the trades dependent
upon them.

Nevertheless the gains of trade and industry, as a whole, have been
substantial. In these gains and in the policies of the
administration there are assurances that hearten all forward-
looking men and women with the confidence that we are definitely
rebuilding our political and economic system on the lines laid down
by the New Deal--lines which as I have so often made clear, are in
complete accord with the underlying principles of orderly popular
government which Americans have demanded since the white man first
came to these shores. We count, in the future as in the past, on
the driving power of individual initiative and the incentive of
fair private profit, strengthened with the acceptance of those
obligations to the public interest which rest upon us all. We have
the right to expect that this driving power will be given
patriotically and whole-heartedly to our nation.

We have passed through the formative period of code making in the
National Recovery Administration and have effected a reorganization