The New Deal
Hoover - Roosevelt Exchanges
HOOVER TO ROOSEVELT
February 28, 1933
It is my duty to inform you that the financial situation has become even more grave and the lack of confidence extended further than when I wrote to you on February 18th. I am confident that a declaration even now on the line I suggested at that time would contribute greatly to restore confidence and would save losses and hardships to millions of people.
My purpose however is to urge you—upon the basis of evident facts—that the gravity of the situation is such that it is desirable that the co-ordinate arm of the government should be in session quickly after March 4th. There is much legislation urgently needed but will not be completed by the present session. The new Congress being in majority with the administration is capable of expeditious action.
But beyond that, it would make for stability in public mind and there are contingencies in which immediate action may be absolutely essential in the next few days.
I am at your disposal to discuss the situation upon your arrival here or otherwise. I wish to assure you of the deep desire of my colleagues and myself to co-operate with you in every way.