○  名人演讲：the banking crisis  ○

on wednesday and succeeding days, banks in smaller places all through the country will resume business, subject, of course, to the government's physical ability to complete its survey it is necessary that the reopening of banks be extended over a period in order to permit the banks to make applications for the necessary loans, to obtain currency needed to meet their requirements, and to enable the government to make common sense checkups.

please let me make it clear to you that if your bank does not open the first day you are by no means justified in believing that it will not open. a bank that opens on one of the subsequent days is in exactly the same status as the bank that opens tomorrow.

i know that many people are worrying about state banks that are not members of the federal reserve system. there is no occasion for that worry. these banks can and will receive assistance from member banks and from the reconstruction finance corporation. and, of course, they are under the immediate control of the state banking authorities. these state banks are following the same course as the national banks except that they get their licenses to resume business from the state authorities, and these authorities have been asked by the secretary of the treasury to permit their good banks to open up on the same schedule as the national banks. and so i am confident that the state banking departments will be as careful as the national government in the policy relating to the opening of banks and will follow the same broad theory.

it is possible that when the banks resume a very few people who have not recovered from their fear may again begin withdrawals. let me make it clear to you that the banks will take care of all needs, except, of course, the hysterical demands of hoarders, and it is my belief that hoarding during the past week has become an exceedingly unfashionable pastime in every pa

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