Herbert Hoover photo

The President's News Conference

October 30, 1931


THE PRESIDENT. A conference was held this afternoon with the Chairman of the District of Columbia Unemployment Committee, representatives of the District Community Chest, Mr. [Fred C.] Croxton of Mr. [Walter S.] Gifford's organization, 1 and the District Commissioners, in the matter of coordination of the activities of the District with the Federal departments and Federal agencies in the matter of unemployment this winter. The District authorities will present a plan by which the departments and contractors working on public construction in the District can cooperate to handle unemployment problems.

1 The President's Organization on Unemployment Relief.


I am happy to note the very great change that is evident in the credit situation which has gradually taken place since the announcement made on October 7. Following the abandonment of the gold standard in England a wave of great apprehension spread over the United States and reached dimensions which were not appreciated generally at that time. The hoarding of currency rose to a high point of $200 million a week and country bank failures rose to over 25 a day. At the same time the drain of gold due to the alarm of foreign holders of American credits had in this period risen to as high as over $200 million a week.

Evidence over the last week indicates that hoarding has not only ceased but we actually gained $24 million in return deposits to the banks. Small bank failures have almost ceased, the last report showing only 7 out of 20,000 country banks. Foreign exchanges have returned to the basis where it is not longer advantageous to ship gold and the most practical evidence of what these more or less vague things mean is the fact that there has been a recovery of 10 or 12 cents in the price of wheat and $15 to $20 increase per bale in cotton.


The other question I have takes this for answer: I am awaiting the receipt of a list of members of the Navy League and as soon as that list is obtainable I shall select a committee from its membership, which committee will have the duty of establishing the untruths promulgated by the president of that body.

I thank you.

Note: President Hoover's two hundred and eighteenth news conference was held in the White House at 4 p.m. on Friday, October 30, 1931. On the same day, the White House also issued texts of the President's statements on unemployment relief in the District of Columbia (see Item 388), domestic credit conditions (see Item 389), and on the committee of inquiry into misstatements by the president of the Navy League (see Item 390).

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/206770

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