○  名人演讲：the banking crisis  ○

rt of our nation. it needs no prophet to tell you that when the people find that they can get their money -- that they can get it when they want it for all legitimate purposes -- the phantom of fear will soon be laid. people will again be glad to have their money where it will be safely taken care of and where they can use it conveniently at any time. i can assure you, my friends, that it is safer to keep your money in a reopened bank than it is to keep it under the mattress.

the success of our whole national program depends, of course, on the cooperation of the public -- on its intelligent support and its use of a reliable system.

remember that the essential accomplishment of the new legislation is that it makes it possible for banks more readily to convert their assets into cash than was the case before. more liberal provision has been made for banks to borrow on these assets at the reserve banks and more liberal provision has also been made for issuing currency on the security of these good assets. this currency is not fiat currency. it is issued only on adequate security, and every good bank has an abundance of such security.

one more point before i close. there will be, of course, some banks unable to reopen without being reorganized. the new law allows the government to assist in making these reorganizations quickly and effectively and even allows the government to subscribe to at least a part of any new capital that may be required.

i hope you can see, my friends, from this essential recital of what your government is doing that there is nothing complex, nothing radical in the process.

we have had a bad banking situation. some of our bankers had shown themselves either incompetent or dishonest in their handling of the people’s funds. they had used the money entrusted to them in speculations and unwise loans. this was, of cours

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