○  名人演讲：the banking crisis  ○

e, not true in the vast majority of our banks, but it was true in enough of them to shock the people of the united states, for a time, into a sense of insecurity and to put them into a frame of mind where they did not differentiate, but seemed to assume that the acts of a comparative few had tainted them all. and so it became the government’s job to straighten out this situation and do it as quickly as possible. and that job is being performed.

i do not promise you that every bank will be reopened or that individual losses will not be suffered, but there will be no losses that possibly could be avoided; and there would have been more and greater losses had we continued to drift. i can even promise you salvation for some, at least, of the sorely presses banks. we shall be engaged not merely in reopening sound banks but in the creation of more sound banks through reorganization.

it has been wonderful to me to catch the note of confidence from all over the country. i can never be sufficiently grateful to the people for the loyal support that they have given me in their acceptance of the judgment that has dictated our course, even though all our processes may not have seemed clear to them.

after all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. confidence and courage are the essentials of success in carrying out our plan. you people must have faith; you must not be stampeded by rumors or guesses. let us unite in banishing fear. we have provided the machinery to restore our financial system, and it is up to you to support and make it work.

it is your problem, my friends, your problem no less than it is mine.

together we cannot fail.

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