Remarks to the Members of the U.S. Industrial Payroll Savings Committee.

I WANT to first of all thank all of you for being here today. Like all the days at the White House this one has been a busy one. I regret that the schedule has not permitted me to be with you earlier or longer but I realize, when I see your names and some of your titles and the companies that you represent, that you are busy also, and for that reason I appreciate all the more your personal interest in giving this time to your country.

One reason why we have the great country that we do have is that the President has at his command 190 million people who are willing--when we are faced with danger or need--to volunteer their services and their lives if necessary.

So I am particularly grateful to you men who occupy positions of great executive and industrial leadership in this country for your participation in this very worthwhile undertaking.

Over the past year, 1,300,000 employees of our American enterprise have been enrolled as new regular buyers of United States savings bonds through the payroll savings plan.

As we meet here today the sales of the small denomination E bonds are running at a record rate for peacetime. This record is impressive and you can take great pride in it.

I think I might be pardoned if I should indulge in a personal story for a moment. But except for two things, one, alone for my wife and two, what we called baby bonds then, I would not have ever been in Washington. I was working in Texas and we were married in November 1934. The first rule my wife made was that we buy a bond each month and I made $260 a month and we bought an $18.75 bond. A few decades or generations later it was due to be worth $25, but she insisted we buy one every month and on occasions she would buy an extra one. So over a period of several years we bought these bonds and she would supplement them with a little of her own money and when I announced for Congress in 1937 she had almost $3,000 in what we called baby bonds that I went down and cashed in. I'll tell you it didn't take very long to get rid of the proceeds of them in that election year.

I was almost like the fellow who cut cordwood down in my county all fall--until Christmas--and then he sold it and went in and bought it all in firecrackers and put them off in one shot!

The continued acceptance of the payroll savings plan indicates, I think, that this program enjoys the public's trust and I think really fills quite a public need. For millions of Americans, payroll savings represent the sole effort to put aside systematically for their future. I think that everyone that purchases bonds not only feels he is providing for his future but providing for his present by setting a good example and helping his Government.

Prudence of this sort is an old trait and, needless to say, I think that the people's government ought to practice thrift as well as preach it and I think when we sell these bonds and when we get people to agree to have deductions made for them, I think we are making considerable headway in that direction.

I want to pay particular tribute today to American labor and also American business. They have rendered a very valuable and patriotic service by encouraging and making possible the success of this undertaking.

I join with Secretary Dillon in offering congratulations to Mr. Milliken, to all members of his committee for your success this past year. I welcome the new members of the committee.

Occasionally I read about Secretary Dillon's resignation as Secretary of the Treasury and it always distresses me and I hope I never get that letter but I think that you have done a wonderful job here with this committee. I am proud of your individual and collective achievements. I am especially grateful for Dr. Engstrom's willingness to lead the campaign for the year to come.

I shall treasure the memento that is left with me, a little copper ashtray. I don't smoke anymore but I have friends that do and they can use it--and I asked the doctor whether that was made of Kennecott copper or made out of our stockpile.

But what you folks are really doing, you are selling shares in this country, shares in the future of America by selling bonds in the payroll savings plan. With your help and the support of other segments, we are determined that this investment that is being made as a result of your efforts shall continue to be the safest and the soundest and the most successful investment in all the world.

I am especially proud of each of you.