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Respectfully Quoted: A Dictionary of Quotations. 1989.

AUTHOR: Herbert Clark Hoover (1874–1964)
QUOTATION: Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs.
ATTRIBUTION: President HERBERT HOOVER, address at Des Moines, Iowa, October 4, 1932.—The Public Papers of the Presidents of the United States: Herbert Hoover, 1932–1933, p. 467.

President Hoover referred to “three great perils” that the nation faced. The first of these was the “strangulation of credit through the removal of 3 billions of gold and currency by foreign drains and by the hoarding of our own citizens from the channels of our commerce and business.”