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OCR Page 1 of 10TRUMARY
NARA
I want to review for your consideration some of the things
which the National Administration has done. Bankers of late have
been finding fault with the President, but I wonder where they'd
be now if it hadn't been for the strong course pursued in their
behalf by Mr. Roosevelt. Perhaps none of them would be in
business today. That course not only saved the financial struc-
ture of the nation, but the interests of the man who keeps his
money in the bank have since been safeguarded. For the first
time in history the bankers and their directors have become real
trustees for the depositors. Under Coolidge there were 533 bank
failuresover a four and a half year period; under Hoover during
four years there were a thousand and thirty-five. Some two
hundred and seven failed to reopen after the bank holiday. There
have been eight failures in three years under Roosevelt, and
every depositor with five thousand or less in these eight got his
money. Not a single National Bank has failed during the year
ending October 1, 1936- a 55 year record. Banks were never in
better condition, yet they seem to want to go back to the days
of Hoover. Some people can never be pleased. Some of them no
doubt object to the honest Securities law. I suppose they dislike
the guarantee law and the fact that the cut-throat mortgage
business has been given a body blow.
And that brings me to the home owners. Over one million
homes were saved from foreclosure by the Home Owners 1 Loan Corp-
oration, and the best thing about these loans is the fact that
they are being paid off and the Government stands to lose not one
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