246 State Papers and Addresses

to keep the banks open. The acute situation was met with prompt remedial
action. But that was not enough.

The ailment was chronic. Out of the rubble and debris of the fallen
banks, where millions lost their life's savings, under Democratic Administration
came legislation of a permanent character. Under twelve years of continuous
Republican rule depositors in closed banks had to wait months, even years,
for a percentage of their savings. The Democratic Party sponsored the Fed-
eral Deposit Insurance Corporation under which your savings are insured up
to $5, 000.

Since this protective system has been in operation, 1, 100, 000 depositors
have been saved from losses, in the closure of 350 banks. To this great num-
ber of depositors has been paid a total of $431, 098, 000. The average time
between the closing of the bank and the payment to the depositors has been
ten days. Nothing comparable to this has ever occurred in the banking
history of the United States. Incidentally, 52, 600 depositors of the Integrity-
Trust Company of Philadelphia can bear witness to this fact because they
received a total of $29, 362, 000 following the closing of the bank. '

The depression found our railroads, our insurance companies, in dire need
of help. Financial aid was forthcoming. The government helped private
corporations, particularly financial institutions whose functioning was so
essential to business and commerce. However, while rescuing financial and
business establishments, President Roosevelt and his Administration adopted
effective measures to supply essential help to millions of the rank and file of
our citizens, who after all are the very fabric of our Country. They did not
for a minute forget the swollen ranks of our unemployed, the millions who
walked the streets, the home-owner who saw his equity about to be wiped out
by foreclosure. The Home Owners Loan Corporation came to the rescue.
The Civilian Conservation Corps aided the bewildered youth of our Nation who
found the doors of industry closed to them through no fault of their own.

Of course, we all know that "hindsight is better than fore-sight" and
maybe, if delays could have been permitted, some things might have been done
differently. But action was necessary and action was taken promptly. Ener-
getic action brought order out of chaos, and restored the confidence of the
people in their government. The Democratic Party under its great leader
knew that the ground work had to be laid to prevent, or at least ameliorate,
similar conditions if ever we faced such an economic crisis again. At the end
of 12 years of Republican rule, the United States was left in the unenviable
position of being the only civilized Country in the world beside China and
India where provisions for the under-privileged were not in force. The Demo-
cratic Party squarely met the issue. The Social Security Program was
evolved. Security for old age, aid to dependent children, and to the needy
blind, became a part of our organic law. Fifty million workers are insured
against need in their old age. Approximately two million of the aged are
receiving assistance now.

True, many may have disagreed as to details, but even the Republican
standard-bearer has announced that he agrees in principle with the Social
Security 'Program. Unemployment compensation legislation was enacted and
the laboring man and woman knows of its beneficial effects. Employer and
employee alike have applauded the effect of this safeguard to labor.