If we lift our vision beyond these immediate emergencies we find fundamental national gains even amid depression. … For the first time in the history of our major economic depressions there has been a notable absence of public disorders and industrial conflict. … Business depressions have been recurrent in the life of our country and are but transitory. The nation has emerged from each of them with increased strength and virility because of the enlightenment they have brought, the readjustments and the larger understanding of the realities and obligations of life and work which come from them. …