○  名人演讲：the banking crisis  ○

the third stage has been the series of regulations permitting the banks to continue their functions to take care of the distribution of food and household necessities and the payment of payrolls.

this bank holiday, while resulting in many cases in great inconvenience, is affording us the opportunity to supply the currency necessary to meet the situation. remember that no sound bank is a dollar worse off than it was when it closed its doors last week. neither is any bank which may turn out not to be in a position for immediate opening. the new law allows the twelve federal reserve banks to issue additional currency on good assets and thus the banks that reopen will be able to meet every legitimate call. the new currency is being sent out by the bureau of engraving and printing in large volume to every part of the country. it is sound currency because it is backed by actual, good assets.

another question you will ask is this: why are all the banks not to be reopened at the same time? the answer is simple and i know you will understand it: your government does not intend that the history of the past few years shall be repeated. we do not want and will not have another epidemic of bank failures.

as a result, we start tomorrow, monday, with the opening of banks in the twelve federal reserve bank cities -- those banks, which on first examination by the treasury, have already been found to be all right. that will be followed on tuesday by the resumption of all other functions by banks already found to be sound in cities where there are recognized clearing houses. that means about two hundred and fifty cities of the united states. in other words, we are moving as fast as the mechanics of the situation will allow us.

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