Americans elected a string of conservative Republicans to the presidency during the boom years of the 1920s. When the economy crashed in 1929, however, and the nation descended deeper into the Great Depression, voters abandoned the Republican Party, and conservative politicians struggled in office. In this speech on the eve of the 1932 election, Herbert Hoover warned against Franklin Roosevelt’s proposed New Deal.

This campaign is more than a contest between two men. It is more than a contest between two parties. It is a contest between two philosophies of government.

We are told by the opposition that we must have a change, that we must have a new deal. It is not the change that comes from normal development of national life to which I object but the proposal to alter the whole foundations of our national life which have been builded through generations of testing and struggle, and of the principles upon which we have builded the nation. The expressions our opponents use must refer to important changes in our economic and social system and our system of government, otherwise they are nothing but vacuous words. And I realize that in this time of distress many of our people are asking whether our social and economic system is incapable of that great primary function of providing security and comfort of life to all of the firesides of our 25 million homes in America, whether our social system provides for the fundamental development and progress of our people, whether our form of government is capable of originating and sustaining that security and progress.

This question is the basis upon which our opponents are appealing to the people in their fears and distress. They are proposing changes and so-called new deals which would destroy the very foundations of our American system.

Our people should consider the primary facts before they come to the judgment–not merely through political agitation, the glitter of promise, and the discouragement of temporary hardships–whether they will support changes which radically affect the whole system which has been builded up by 150 years of the toil of our fathers. They should not approach the question in the despair with which our opponents would clothe it.

Our economic system has received abnormal shocks during the past three years, which temporarily dislocated its normal functioning. These shocks have in a large sense come from without our borders, but I say to you that our system of government has enabled us to take such strong action as to prevent the disaster which would otherwise have come to our nation. It has enabled us further to develop measures and programs which are now demonstrating their ability to bring about restoration and progress.

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I may say at once that the changes proposed from all these Democratic principals and allies are of the most profound and penetrating character. If they are brought about, this will not be the America which we have known in the past.

Let us pause for a moment and examine the American system of government, of social and economic life, which it is now proposed that we should alter. Our system is the product of our race and of our experience in building a nation to heights unparalleled in the whole history of the world. It is a system peculiar to the American people. It differs essentially from all others in the world. It is an American system.

It is founded on the conception that only through ordered liberty, through freedom to the individual, and equal opportunity to the individual will his initiative and enterprise be summoned to spur the march of progress.

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The implacable march of scientific discovery with its train of new inventions presents every year new problems to government and new problems to the social order. Questions often arise whether, in the face of the growth of these new and gigantic tools, democracy can remain master in its own house, can preserve the fundamentals of our American system. I contend that it can; and I contend that this American system of ours has demonstrated its validity and superiority over any other system yet invented by human mind.

It has demonstrated it in the face of the greatest test of our history–that is the emergency which we have faced in the past three years.

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I therefore contend that the problem of today is to continue … measures and policies to restore this American system to its normal functioning, to repair the wounds it has received, to correct the weaknesses and evils which would defeat that system. To enter upon a series of deep changes, to embark upon this inchoate new deal which has been propounded in this campaign, would be to undermine and destroy our American system.

[Source: The State Papers and Other Public Writings of Herbert Hoover, vol. 2, William S. Myers, ed., 1934, pp. 408-413. Available online via The American Presidency Project (http://www.presidency.ucsb.edu/ws/?pid=23317).]