THURSDAY, MARCH 16, 1933 THE WAYNESVILLE MOUNTAINEEk 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.- Roosevelt's 15-min- the nation and talk -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 !or ;crms benefit .. :,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; have have during First fact th. a bank money in vests forms paper, kinds bank keep agri.-i parativel vou put reiuvv an i imes 1' !ture n What. hen, t few days n few days undermined currency that the convert tin prices fas im- 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 :.chat.-ilit'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 tress. 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 The following Carolina. Parade of North ( the "Ta tribute va by Bnuv 1 he States:" irolina. th Heel Sta; paid iron, North state Achieved by daughters. Old "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- no am an ,1 we con promise yi least of tin shall be en; in ir sound b dri m mueil t u salv; sorely pre: aged not mere! of sound bank but 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 plane 't i; lu 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 .spots. 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 State, Physic the Bladder With Juniper ju Di.ve 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." sajs adv. WAKE UP YOUR LIVER BILE WITHOUT CALOMEL 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 rn:.ki' 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 Ui.ro 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:" v.i.ir -'. 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 .di" Id .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 - ti;iri i ,! I.iIm !. Tier . f'tll ; feii UK-:-:-:-:-:-:::' I'M- r r i .mt to i iiiiia1. Den hi ingress-.alike- 'ion a devotion t a realisation of the necessity . fo diflicUlt to match I he third stage I -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. lteMMAA ti WMMWi guff; 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- ILLUSION: 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--- man. EXPLANATION: 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. v m 8C It's fl b 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 IMTHEWELDI5 -7 emmy-WW. L Copyright, 1033. R. J. Reynolds Tobanco Comptny . . v 1. NO TRICKS 1 T MMWMMW . . j ust costlier JR JKuiM WmlmiB TOBACCOS CM I N A MATCH LES S BLEND 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.
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