King never supported reparations. He supported basic income.

Note that in his speech, he talks about the poor. The reason is because at that time, he was planning the Poor People's Campaign, and his goal was the guaranteed income, aka basic income, so people would "get their check". He wrote about this in his last book.

For more: https://medium.com/a-universalist-in-an-identitarian-age/the-problem-with-reparations-and-kings-better-solution-1493bd10d3f7