Herbert Hoover photo

The President's News Conference

February 08, 1933

THE PRESIDENT. I have nothing to say of any dramatic importance this morning. I like to see you once in a while and let you know that we're still here and functioning.


By way of mere background, I am quite enthusiastic about this bill the Senate has passed for reorganization of the Government. I am delighted to see that they are at last going to give the President, no matter who he may be, the authority to straighten out the reorganization of the Government. After 30 years of agitation we will certainly accomplish something that will be a continuing benefit for generations to come. So no one is more pleased than I am to see ample and adequate authority given. Reorganization can now be based on logical lines. They may vary from those I proposed, but nevertheless the major objective will be attained--to save overlap and get more definite and concentrated administration with economies that come from it.


There is a good deal of confusion about the question of depreciated currencies going on and their effect on imports. The Secretary of Commerce is, I think, going to have a report for you sometime today giving the views of that Department on it. I think it will develop from that report that it is always difficult to visualize the forces in motion in their proper proportions. The fact that the imports of commodities show no gross increase in itself does not mean so much when you have depreciated prices; it does mean increased quantities. In a country with decreasing consumption the maintenance of the same volume of imports means a larger proportion of goods through import channels than existed before. So in those two directions even without any increase in visible imports, it is shown by statistics that there is a fundamental and effectual increase in imports from depreciated currency countries which are affecting employment in the country and tending to bring down price levels. As a matter of fact, there are 150 import commodities where there has been actual increase in import as the result of depreciated currencies.

The question is not to be easily dismissed as not being one requiring national attention. It will continue to require attention until such time as currencies have been put on a more stable basis abroad. It is one of those economic actions that is going to give us continuous disturbance.

Other than that, I have nothing on my mind.


Q. Mr. President, could you tell us anything about your plans after March 4? There are stories about your going to the South Seas or around the world, et cetera.

THE PRESIDENT. I have been to the South Seas, and I have been around the world. I am not going to leave the United States except that I might go through the Panama Canal on my way home.

Note: President Hoover's two hundred and sixty-seventh news conference was held in the White House at 12 noon on Wednesday, February 8, 1933.

On February 7, 1933, the Senate added an amendment to the Treasury-Post Office appropriations bill, giving the President a 2-year grant of emergency power to reorganize the executive agencies of the Federal Government. As enacted, the bill (H.R. 13520), approved March 3, 1933, is Public, No. 428 (47 Stat. 1489).

Herbert Hoover, The President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/208072

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