North Carolina Newspapers

    THURSDAY, MARCH 16, 1933
Page 3
President Roosevelt Explains Banking Situation of Nation
, Qnnriav evening President I ups. I complishment of the new legislation I tion. j The Old North State gave the na-t IF YOU GET UP NIGHTS
., n Roosevelt made a
.11. tho npnn e 01
Ute - flnrinp- this
hanKlULT uiuuai". o
" " .
cooperation oi me ycu
country in bringing "v.-
the nation
-ought the
.f thi
nal conditions.
ti tovt of President s
iddres was as follows; .
t t!.lk for a few minutes
01 uie Uinitu
.. :,u thf neoDie
"bout bankinjr-with the compara-
;'velv few who understand the me
'., .uv of banking but more patti
- ihrlv with the overwhelming ma
i, r!'v"who use banks for the making
, ai.po-its and the drawing of checks.
I want to tell you what has been
i, no in the last few days, why it was.
kmc, ami what the next steps are
. nii to be I ie.-ogn.ze that the many
oUimations fiom -tate capitols and
f,om Washington, the legislation, the
HeauM regulation-, etc, douched
the most part in uanv'ts ""u
should be explained lor um
of the average citizen.
Show (iood 'lemper
1 owe this in particular because of
-he fortitude and good temper with
which ombod has accepted the in
convenience and hardships of the bank
ing holidav. 1 know that when you
underhand what we in Washington
have been about 1 shall continue Ui
your cooperation as limy as i
had voiir sympathy and help
the past week.
of all .let me state the simple
:it when vou deposit money in
the bank does not put the
into a safe deposit vault. It
- . l;v.
vour money 111 urn") uiucivm.
i i .. 1
if credit uonus, coiiunei vnu
mortgages and many other
t' loans! In other words, the
i your nroney u wurn iu
wheels of industry and of
turning around, a corn-
small part of the money
into tne oanK is Kepi, m iu.-
amount which m normal
whoiTV- sufficient to cover tne
cuh needs of the average cinzen. in
ther words, the total amount: of all
rlie currency in the country is only
a mall fraction of the total deposits
the bank;
fact th.
a bank
in vests
vou put
reiuvv an
i imes
t few days
n few days
that the
convert tin
prices fas
5 sets
:'in into cash
: below their
happened during the
of February and the
of March? Because
confidence on the part
l l- . U .1 .w.i,,iiv.i ,nSH
10 puoiu , wieie was u tui i u. ..
r large portion of our population
a i turn bank deposits into
,; ,.-,,bl A rush so great
soundest banks could not get enough
currency to meet the demand. The
reason for this was that on the spur
of the moment it was, of course
misilh. to sell nerfectly sound a
of a bank and
except at panic
real value.
By the afternoon of March .'! scar
cely' a bank in the country was open
to do business. Proclamations tern-.
I warily closing them in whole or in
part ."had been issued; by the gover
nors in alnvost all the states.
Issues Proclamation
It was then that I issued the proc
lamation providing for the nation
wide bank holiday, and this was the
first, step in the government's recon
. traction of our. financial and econx)
mic fabric.
The second step was the legislation
promptly rmd patriotically passed by
the ( ongress confirming my procla
mation and broadening my powers so
that it became possible in view of
the requirement of time to extend
the holiday and lift the ban of that
holiday gradually. This law also gave
authority to develop a program of'a'tioh: .of our; banking- facili-
11 our citizens in
at ion tliat the na-
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 o0.-n. A
bank that opens on one of the sud
sequent days is in exactly the same
status as the bank that opens tomor
row. I know that many people are wor
rying about state banks not members
of the Federal Reserve System These
banks can and will receive assistance
from member banks and from the
Reconstruction Finance Corporation,
These state banks are following the
same course as the national banks
except that they get their license to
resume business trom the state au
thorities, 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. 1 am confident
that the state banking departments
will be as careful as the national gov
ernment in the policy relating to the
opening of banks and will follow the
same broad policy.
Mav Hegin llhdrawals
It is possible that when the banks
resume a verv few people who have
not recovered from their fear ina
again begin withdrawals. Let me
make it clear that the banks will take
care of all needs and it is my belief
that hoarding during the past week
has become an exceedingly unfashion
able pastime, 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 convenient-1
ly at any time. I can assure you thai
it is safer to keep your money in :t :
reopened bank than under the nu't
The success of our whole great na
tional program depends, of course,
upon the cooperation of the public--on
its intelligent support and use, of
a reliable system.
Remember that the essential ai
is tn.t it makes it possible lor nanks
more readily to convert their assets
into cash than was the case before.
More liberal provision had been made
far banks to borrow on these assets
at the reserve banks and more liberal
provision has also been made for is
suing currency on the security of these
good assets. This currency is not hat
currency. It is issued onlv on ade
quate security and everv good bank
has an abundance of such security.
One more point before I close. There
will be, of course, some banks unable
hi reopen without being reorganized,
'he new law allows the government
to assist in making these reorganiza
tions quickly and effectively and even
allows the government to subscribe to
:.t least a part of new canital which
may be required.
1 hope you can see from this ele
mental recital of what your govern
ment is doing that there is nothing
complex, or radical in the process.
Bad Hanking Situation
We had a bad banking situation.
Some of our bankers had shown them
selves either incompetent or dislvonost
in their handling of the people's funds.
Kiev had used the money entrusted
to them in speculations and unwise
loans. This was, of course, not true
in the vast majority of our banks but
it was true m enough of them to shock
the people for a time into a sense of
insecurity and to put them into a
frame of minde where they did not
differentiate, !u: ecnied to assume
that the acts of a comparative few
h.ul tainted them all. It was the gov
ernment's job to straighten ut this
situation and do it as quickly as pos-
job is being performed,
oniise you t hat every
reopened or that indi
ill not be suffered, but
that possibly
there would
Teater lo.-se.-t.
I can even
for Mime at
ed hanks. We
iv in i-eiioen-
,he ci eat ion
It has been womrerTui to me to
catch the note of confidence from all
over the country. I can never be
sufficiently grateful to the people for
the lova! support 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 t them.
After ail theie is an element in the
leadjustment of our financial system
more important than gold, and that
is the confidence of the people. . Con
tidence and courage are the essentials
of success in carrying out our plan.
ou people must have faith; you must
not be stampeded by rumors or guess
es. Let us unite in banishing fear.
e have pnvided the machinery to
icst'ore our financial system; it is up
to vou to support ami make it work.
It is vour problem no less than it
is mine, logelher we cannot fail.
North Carolina
Parade of
North (
the "Ta
tribute va
by Bnuv 1
he States:"
irolina. th
Heel Sta;
Achieved by
"J he
sible---and tlu
1 do not i
bank will be
vidual lo.'os
there will be
could be avoided;
have been mole
ios.' greatness h is been
r ow:i native ons am
j'tii Carolina, we pay tribute.
On.' of the thirteen original states,
e n:i- p! .veil in many fields th.'
...i! role of the pioneer,
i In her soil was planted the t'u st
',:!-!i colony in what is now the
States, and i he first Anglo-
we con
promise yi
least of tin
shall be en;
in ir sound b
mueil t
u salv;
sorely pre:
aged not mere!
of sound bank
s ouvh reorgani.a-
i i iii! ! in the ?
Virginia I'. i "
. r name linger;.
though her fate
,' mystery of the
ike Island.
North Carolina
sand hill- of '
. w Worl(j was
va- the child,
: the our mem
; forever veiled
Lost .Colony of
't i;
m t be v
ity Hawk,
tile lirsf
tion Presidents Polk and Johnson, and
from the same sturdy pioneer stock
sprang Andrew Jackson. Her rugged
mountains bred ruggedness in the
character of Daniel Boone.
Those mountain; have lost
neither their ruggedness or their
charm. Dreamily beautiful they are.
. . . The Blue Ridge and the Great
Smokies, "the Land of the Sky," . . .
covered with virgin forests, cut
through with foaming rivers, peopled
Vy hardy mountain folk who still pre
serve in their speech and customs the
traditions of Elizabethan England.
Mount Mitchell, the highest peak
east of the Mississippi, an empire of
fertile valleys and plains slopes down
to the Atlantic, an empire boasting
climate of splendid variety and an
almost bewildering wealth of pro
duets. Down from the mountains come the
v:-ers and streams t be transformed
irt the magic of electric energy, and
s i to drive the wheels of hundreds of
'''t:!e mills and the vast tobacco
fact 'fie ; of Durlvm. Winston-Salem.
.-.! Reidsvillo.
Vp to the mountains an I to the
pine fore-ts go tourists f mm all over
our land, to find health and i'ofrosh
mint and delight at Asheville and
Pinohurst and many .nother beauty
You. too. must g ). Vou must ride
along the famous modern roads of
North Carolina, penetrating every
i ' .!?'.' of the state. Vou must visit
V igh, the charming eipital. You
inn ! s o Greensboro, where Dolly
' r ar.l O. Henry were bom: ai.J
1 Mouse: th state uni-
- r i'v at Ch.ipe Hit', and Duke l'n;
. .: 'Durham. muiiinVntl.v
' (I "i v the L'oi'eros't y of oile of
! -te's devoted sons; hi - tone
'V;'nii'tg!oii, an i the great bays along
'; c s' wlier fishermen and hunt
's f'm.i the' sportsman's dream of
' 'une s fulfilled. Nowhere is til '
":i I nirc instructive or the nresen'
'"'(' in-oiring' than in (lie Old N
Physic the Bladder With Juniper ju out the impurities and excess
acid that tause irritation, burning;
an d frequent desire. Juniper oil is
fleas. ::g to take in the form of BU
RETS, the bladder physic, also con
taining buchu leaves, etc. Works on
the bladder similar to castor oil on
the bowel.-. Get a 25 e box from any
drug store. After four days if not
le'ieved of "getting up nights" go
back and get ' your money. If you are
bothered with backache or leg pains
caused from bladder disorders you are
bound to feel better after this cleans
ing and you get your regular sleep.
"The Waynesville Pharmacy,
lil h KTS is a host seller."
ud You II 'Jump. Out of Bed In
the Morning Rarin' to Go
If yon fxi sour and Mink art iho worM
ks pm-ilt, den't swallow a l('t of aalU,
nil wat.iT. oil, laxative enndy nr chrw tug
..:!!- ;unl e.vpi't't them to' yiu suddenly
n't and luiuyant and full of r.unMiinr,
f . r thiV r.m't do i!, 1')w- rfily move the
-v,.:s uii ,t to. in. -J.! doesn't Hi t at
...iisu. The iva.-. n fi'.- y..i.i d"wif-and-ou!
j ynur liver. I' ff. uid pntir out l
of liquid 1 i.v mm ur hnwrla daily,
i ii i 1. 1 I t iiiK fn'eiy, your food
.ii,;. ;" . 1 1 jv:- '. .. v. in t he boweln
.lis i:" -'. rn.uh. You have .t
r.,ul t;.si ..-id yon; hreath is loul.
h; i, . . i f in 1 i- nu- In--. our head
I it t'" I 'h'tt'ii uiul out. Your while
.i i
I I 1. l.W . K V-AA
nlH. 1. 1
Vl on
; ill all v
. .,ld f'AHTKIfS
S 1 . p 1 llnse I..'
. -fly and tn.ike you
o.iLun wi-'fiderfu1
!.. i . t r;n't' , aniii.'-it
the bile How lrevl
.'I . "V.k for Cartor'-s
i f i -
i ,! I.iIm !.
Tier .
f'tll ;
.mt to
i iiiiia1.
Den hi
'ion a devotion t
a realisation of
the necessity . fo
diflicUlt to match
I he third stage
-l'ii'iiublicaii-; a n (!
- showed by this ae- f
, "public" welfare and
the emergency and
speed that .it: : is
in our history,
has been the series
of regulations permitting, the banks
to continue their functions to take
care of the distribution of food and
household necessities and the pay
ment of hank drafts.
This bank holiday. - while resulting
in man v. cases in Kn.'at ,hicoiivi'mk.-m.v.
affording us the opportunity to sup-,
to meei.
1 ".1 tetfrffl
aOV 11 L ' I Ul l t ri'l. v liL-.i-fliu v
the situation. No sound bank is a
dollar worse ofT than it was when it
closed its doors' last Monday. Neither
is.anv bank which may turn out not
to be m a position for immediate open
ing. The new law allows the 12 Fede
ral Reserve banks to issue additional
currency on good assets and thus the
banks -which reopen will be able to
meet every legitimate call. The new
currency is being sent out by the bu
reau of engraving and printing in
large volume to every part of the
eountrv. It is sound currency because
it is backed by actual, good assets.
A (uestion you will ask is this
why are all the banks not to be re
opUned at the same time? The an
swer is simple. Your government does
not intended that the history of the
past few years shall be repeated. We
do not want and will-not have an
other epidemic of bank failures..
; Start Monday
As a result we start tomorrow,
Monday, with the opening of banks
in the 12 Federal Reserve bapk cities
those, banks which on first exami
nation bv the treasury have already
been found to be all right. This will
be followed on Tuesday by the re
sumption of all their functions of
banks already found to be sound in
cities where there are recognized
clearing houses. That means about
250 cities of the United States.
On Wednesday and succeeding days ,
banks in smaller places all through j
the country will resume business, sud
ject ot course, to the government's
physical ability to complete its sur
vey. It is necessary that the reopen
ing of banks be extended over a period
in order to permit the banks to make
applications for necessary . loans, to
obtain currency needed to meet then
requirements and to enable the gov
ernment to make common sense cbeck-
A large parking case is exhibited on a raised plat
form. A young woman climbs into the box. Mead,
hands and feet protrude, and are held by specta
tors while the magician takes a. crosscut saw and,
with the help of an assistant, saws through the
center of the box and apparently through the wo---
There are many explanations for this illusion. One
method of performing this illusion -require the
presence of two girls in the box. One girl curls up
in the left half of the box with her head and hands
protruding, giving the effect you sec illustrated
above. The other girl is doubled up in the right
half of the box, with only her feet showing. Nobody
is sawed in half.
It's fl
ts tun to
its more
e fooled
fun to KNOW
Cigarette advertising, too, has its tricks.
Consider the illusion that "Flavor" can he
achieved hy some kind of magical hocus
pocus in manufacturing.
EXPLANATION: Just three factors control
the flavor of a cigarette. The addition of arti
ficial flavoring. The hlending of various to
baccos. And the quality of the tobaccos them-
1KEPT FRESH . fflC ' .frfM
Copyright, 1033. R. J. Reynolds Tobanco Comptny . . v 1.
. . j ust costlier JR JKuiM WmlmiB
selves. Quality is hy far the most important.
Domestic cigarette tobaccos vary in price
from 5? a pound up trH0f'.a pound. Imported
tobaccos vary from 5()f a pound to. $1.15.
No wonder, then, that cigarettes differ in
taste since distinctive, filctisrng flavor de
pends so largely upon -the blending of the cost
lier tobaccos.
It is a fact, well known by leaf
tobacco experts, that Camels
are made from finer, MORE EXPENSIVE
tobaccos than any other popular brand.
Try Camels. Give your taste a chance to sense
the subtle difference that lies in costlier to
baccos ... . a difference that means all the
world in smoking pleasure . . . jn pure,
alloyed satisfaction.

Page Text

This is the computer-generated OCR text representation of this newspaper page. It may be empty, if no text could be automatically recognized. This data is also available in Plain Text and XML formats.

Return to page view