FDR - Jean Edward Smith [456]
61. The public works program was Title II of the National Industrial Recovery Act of 1933. Public Law 77, 73rd Congress.
62. The 1932 Democratic platform stated, “We advocate protection of the investing public by requiring to be filed with the Government, and carried in advertisements, of all offerings of foreign and domestic stocks and bonds, true information as to bonuses, commissions, principal invested, and interests of the sellers.”
63. Message to Congress, “Recommendation for Federal Supervision of Investment Securities in Interstate Commerce,” March 29, 1932, 2 Public Papers and Addresses 93–94. The White House public statement concerning the legislation is ibid. 94.
64. Securities Act of 1933, 48 Stat. 74, Public Law 22, 73rd Congress. For FDR’s statement when he signed the act, as well as figures pertaining to the act’s effectiveness, see 2 Public Papers and Addresses 213–215. The most useful description of the law’s passage remains James M. Landis, “The Legislative History of the Securities Act of 1933,” 28 George Washington Law Review 33 ff. (October 1959).
65. Schlesinger, Coming of the New Deal 320–321.
66. Hoover, 1 The State Papers of Herbert Hoover 526–527, William Starr Myers, ed. (New York: Doubleday, Doran, 1934).
67. The date of FDR’s visit to Muscle Shoals was January 21, 1933. In addition to Norris, the delegation included Senators Clarence C. Dill, Cordell Hull, Kenneth McKellar, Hugo Black, and John H. Bankhead; Congressmen John Rankin, Luther Lister Hill, and John J. McSwain; plus Frank P. McNitch of the Federal Power Commission, Frank P. Walsh of the New York Power Authority, and E. F. Scattergood of the Los Angeles power system.
68. The New York Times, January 22, 1933.
69. Message to Congress, “A Suggestion for Legislation to Create the Tennessee Valley Authority,” April 10, 1933, 2 Public Papers and Addresses 122–123.
70. Rankin’s comment was to the House Military Affairs Committee, quoted in Schlesinger, Coming of the New Deal 324–325.
71. Congressional Record 2178–2179, 73rd Cong., 1st Sess.; The New York Times, April 26, 1933.
72. 48 Stat. 58; Public Law 17, 73rd Congress.
73. David M. Kennedy, Freedom from Fear 148–149 (New York: Oxford University Press, 1999).
74. 2 Public Papers and Addresses 136n.
75. “A Message Asking for Legislation to Save Small Home Mortgages from Foreclosure,” April 13, 1933, ibid. 135–136.
76. Home Owners Loan Corporation Act, 48 Stat. 128; Public Law 43, 73rd Congress. The $20,000 ceiling in 1933 would be the rough equivalent of $280,000 in 2006.
77. 2 Public Papers and Addresses 233–237n.
78. Schlesinger, Coming of the New Deal 298.
79. Moley, After Seven Years 369–370.
80. William Lindsay White, Bernard Baruch 82 (New York: Harcourt, Brace, 1950).
81. Ronald Steel, Walter Lippmann and the American Century 302–303 (Boston: Little, Brown, 1980).
82. Walter Lippmann, “Today and Tomorrow,” New York Herald Tribune, April 18, 1933.
83. Those in attendance included Secretaries Hull and Woodin, Budget Director Lewis Douglas, Moley, James Warburg, Charles Tausig, Herbert Feis, William Bullitt, and Senator Key Pittman of Nevada, chairman of the Foreign Relations Committee.
84. Warburg diary, April 18, 1933, quoted in Freidel, Launching the New Deal 333.
85. Moley, After Seven Years 159.
86. Quoted in Schlesinger, Coming of the New Deal 200.
87. Moley, After Seven Years.
88. Thirteenth Press Conference, April 19, 1933, Complete Presidential Press Conferences 153 (New York: Da Capo Press, 1972). FDR’s reference to Lippmann appears in the original official transcript. It was deleted when Judge Rosenman republished the transcript in Roosevelt’s Public Papers. Cf. 2 Public Papers and Addresses 137–141.
89. Schlesinger, Coming of the New Deal 202; Leffingwell to