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onthebankcrisis

iwanttotalkforafewminuteswiththepeopleoftheunitedstatesaboutbanking

withthecomparativelyfewwhounderstandthemechanicsofbanking

butmoreparticularlywithoverwhelmingmajoritywhousebanksforthemakingofdepositsandthedrawingofchecks

iwanttotellyouwhathasbeendoneinthelastfewdays

whyitwasdoneandwhatthenextstepsaregoingtobe

irecognizethatthemanyproclamationsfromstate

capitalsandfromwashington

thelegislation

thetreasuryregulations

ecteracouchforthemostpartinbankingandlegaltermsshouldbeexplainedforthebenefitoftheaveragecitizen

iowethisinparticularbecauseofthefortitudeandgoodtemper

withwhicheverybodyhasacceptedtheinconvenienceandhardshipsofthebankingholiday

iknowthat

whenyouunderstandwhatweinwashingtonhavebeenabout

ishallcontinuetohavehaveccooperationasfullyasivehadyoursympathyandhelpduringthepastweekfirstofall

letmestateasimplefact

thatwhenyoudepositmoneyinabank

thebankdoesnotputthemoneyintoasafedepositgold

itinvestyourmoneyinmanydifferentformsofcreditbonds

commercialpaper

mortgagesandmanyotherkindsofloans

嗯

inotherwords

thebankputsyourmoneytowork

tokeepthewheelsofindustryandagagriculture

turningaroundacomparativelysmallpartofthemoney

youputintothebankiskeptingcurrencyandamountwhichinnormaltimesiswhollysufficienttocoverthecashneedsoftheaveragecitizen

inotherwords

thetotalamountofallthecurrencyinthecountryisonlyasmallfractionofthetotaldeposiitsinallofthebanks

intheprocessofouradjustmentofourfinancialsystem

therehavebeenmanymisinterpretpretationsandmuchmisunderstanding

icanonlysaythateverypublicstatementihavemade

hasbeenbasedonthemostcarefulconsiderationofallthefactsavailabletome

andonthemostsinceredesiretodowhatwasbestforthecountryasawhole

thereisanelementinthereadjustmentofourfinancialsystem

moreimportantthancurrency

moreimportantthangold

andthatistheconfidenceofthepeople

confidenceandcouragearetheessentialsofsuccessincarryingoutourplan

youpeoplemusthavefaith

youmustnotbestampededbyrumorsorguesses

letusuniteinbanishingfear

wehaveprovidedthemachinerytorestoreourfinancialsystem

itisuptoyoutosupportandmakeitwork

itisyourproblem

nolessthanitismine

togetherwecannotfail