give to all a feeling of security as they look toward old age.

The unemployment insurance part of the legislation will not only
help to guard the individual in future periods of lay-off against
dependence upon relief, but it will, by sustaining purchasing
power, cushion the shock of economic distress. Another helpful
feature of unemployment insurance is the incentive it will give to
employers to plan more carefully in order that unemployment may be
prevented by the stabilizing of employment itself.

Provisions for social security, however, are protections for the
future. Our responsibility for the immediate necessities of the
unemployed has been met by the Congress through the most
comprehensive work plan in the history of the nation. Our problem
is to put to work three and one-half million employable persons now
on the relief rolls. It is a problem quite as much for private
industry as for the government.

We are losing no time getting the government's vast work relief
program underway, and we have every reason to believe that it
should be in full swing by autumn. In directing it, I shall
recognize six fundamental principles:

(1) The projects should be useful.

(2) Projects shall be of a nature that a considerable proportion of
the money spent will go into wages for labor.

(3) Projects will be sought which promise ultimate return to the
federal treasury of a considerable proportion of the costs.