Following is an excerpt of a speech given by FDR while he was President of the United States. It was near the end of the Great Depression, and he was urging people to be brave as the country recovered. Because of his education, position, and experience Roosevelt’s information about banking is reliable and valid.
Excerpt from Franklin D. Roosevelt’s First Fireside Chat, Washington, DC,
March 12, 1933
After all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people. Confidence and courage are the essentials of success in carrying out our plan.
You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system; it is up to you to support and make it work. It is your problem no less than it is mine. Together we cannot fail.
1. Knowing that this speech was given near the end of the Great Depression, which of the following best explains the speech’s importance?