Shortly after taking office, Franklin Roosevelt took to the airwaves to explain his New Deal to the American public. Fireside chats allowed Roosevelt to address large numbers of Americans by radio as they sat in their homes, making his words feel more personal. The following transcript contains excerpts of Roosevelt’s May 7, 1933, fireside chat, an address also filmed and shown in theaters. The newly elected president outlined his plans and discussed many of the themes that would characterize the New Deal through the rest of the decade.

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PRESIDENT FRANKLIN D. ROOSEVELT:—which is about to pass legislation that will briefly ease the mortgage distress among the farmers and among the homeowners of the nation, by providing for the easing of the burden of debt that now bears so heavily upon millions of our people.

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Well considered and conservative measures will likewise be proposed within a few days, that will attempt to give to the industrial workers of the country a more fair wage return, to prevent cutthroat competition, to prevent unduly long hours for labor, and at the same time, to encourage each industry to prevent overproduction.

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I have no expectation of making a hit every time I—to bat. What I seek is the highest possible batting average, not only for myself, but for the team. Theodore Roosevelt once said to me, “If I can be right 75 percent of the time, I shall come up to the fullest measure of my hopes.”

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To the people of this country, all of us in Washington, the members of the Congress and the members of this administration, owe a profound debt of gratitude. Throughout the Depression, you have been patient. You have granted us wide powers. You have encouraged us with a widespread approval of our purposes. Every ounce of strength, every resource at our command, we have devoted and we are devoting to the end of justifying your confidence.

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We are encouraged to believe that a wise and sensible beginning has been made. In the present spirit of mutual confidence and the present spirit of mutual encouragement, we go forward.