Closed Banks and Banking Reform

Archive Report

Dissatisfaction Over Progress of Bank Reopenings

President roosevelt, addressing the nation by radio on July 25, characterized the steps taken by his administration to establish the credit of the federal government on a firm foundation as “the base of the whole recovery plan.” Pointing to the necessity of reestablishing individual credit and restoring purchasing power, he referred to the March banking crisis and stated that only about 5 per cent of the deposits in national banks were still tied up. He admitted that the situation with respect to state banks was not so favorable, but asserted that there was “a steady reduction in the total of frozen deposits—a result much better than we had expected three months ago.”

Equal satisfaction with the progress made to date ...

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