The Depression Papers of Herbert Hoover

Economic Stability Program

Less than two weeks after the stock market crash, Hoover met with various representatives of labor, government, and industry to discuss how to prevent unemployment. The result of these meetings was a four-part economic program:

• Maintaining current wage rates
• Distributing available work to as many employees as possible
• Increasing construction by businesses and governments
• Organizing voluntary committees to care for the unemployed and to find jobs for them.

• Origins of the stability program, undated
  Hoover describes the divisions within his government about how to respond to the depression. He describes the views of Treasury Secretary Andrew Mellon and contrasts them with his own.
• Press statement, November 15, 1929
  Hoover announces his recent conferences with business leaders regarding the stock market crash, and declares his confidence in the economic system.
• Press conference statement, November 19, 1929
  Hoover describes his meeting with railway presidents and announces their pledges to go ahead with current construction projects.
• Press statement, November 21, 1929
  Hoover announces a consensus among business leaders in various industries to continue current construction projects and to expand construction as needed to prevent unemployment.
• Press statement, November 21
  Hoover announces pledges by industrial leaders and labor leaders to maintain current wage schedules.
• State of the Union, December 3, 1929
• Address at the Chamber of Commerce, December 5, 1929
  Hoover summarizes the stability program and charges the Chamber of Commerce with implementing its provisions throughout industry.
• Address to the Gridiron Club, April 26, 1930
• Address, May 1, 1930
  Hoover speaks at the Chamber of Commerce about the progress of the stability program.
• Letter, September 25, 1930
  Hoover asks the Postmaster General to comment publicly on rumors of postal employee layoffs.
• Address, October 6, 1930
  Hoover addresses the American Federation of Labor on the prevention of unemployment.
• State of the Union, December 2, 1930

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