The program for social security now pending before the Congress is a necessary part of the future unemployment policy of the government. While our present and projected expenditures for work relief are wholly within the reasonable limits of our national credit resources, it is obvious that we cannot continue to create governmental deficits for that purpose year after year. We must begin now to make provision for the future. That is why our social security program is an important part of the complete picture. It proposes, by means of old age pensions, to help those who have reached the age of retirement to give up their jobs and thus give to the younger generation greater opportunities for work and to give to all a feeling of security as they look toward old age. The unemployment insurance part of the legislation will not only help to guard the individual in future periods of lay-off against dependence upon relief, but it will, by sustaining purchasing power, cushion the shock of economic distress. Another helpful feature of unemployment insurance is the incentive it will give to employers to plan more carefully in order that unemployment may be prevented by the stabilizing of employment itself. Provisions for social security, however, are protections for the future. Our responsibility for the immediate necessities of the unemployed has been met by the Congress through the most comprehensive work plan in the history of the nation. Our problem is to put to work three and one-half million employable persons now on the relief rolls. It is a problem quite as much for private industry as for the government. We are losing no time getting the government's vast work relief program underway, and we have every reason to believe that it should be in full swing by autumn. In directing it, I shall recognize six fundamental principles: (1) The projects should be useful. (2) Projects shall be of a nature that a considerable proportion of the money spent will go into wages for labor. (3) Projects will be sought which promise ultimate return to the federal treasury of a considerable proportion of the costs. (4) Funds allotted for each project should be actually and promptly spent and not held over until later years. (5) In all cases projects must be of a character to give employment to those on the relief rolls. (6) Projects will be allocated to localities or relief areas in relation to the number of workers on relief rolls in those areas. I next want to make it clear exactly how we shall direct the work. (1) I have set up a Division of Applications and Information to which all proposals for the expenditure of money must go for preliminary study and consideration.