名人演讲TheBankingCrisisdocWord下载.docx

名人演讲TheBankingCrisisdocWord下载.docx

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　　franklindelanoroosevelt:

firstfiresidechat

　　"

thebankingcrisis"

　　myfriends:

　　iwanttotalkforafewminuteswiththepeopleoftheunitedstatesaboutbanking--totalkwiththecomparativelyfewwhounderstandthemechanicsofbanking,butmoreparticularlywiththeoverwhelmingmajorityofyouwhousebanksforthemakingofdepositsandthedrawingofchecks.

　　iwanttotellyouwhathasbeendoneinthelastfewdays,andwhyitwasdone,andwhatthenextstepsaregoingtobe.irecognizethatthemanyproclamationsfromstatecapitolsandfromwashington,thelegislation,thetreasuryregulations,andsoforth,couchedforthemostpartinbankingandlegalterms,outtobeexplainedforthebenefitoftheaveragecitizen.iowethis,inparticular,becauseofthefortitudeandthegoodtemperwithwhicheverybodyhasacceptedtheinconvenienceandhardshipsofthebankingholiday.andiknowthatwhenyouunderstandwhatweinwashingtonhavebeenabout,ishallcontinuetohaveyourcooperationasfullyasihavehadyoursympathyandyourhelpduringthepastweek.

　　firstofall,letmestatethesimplefactthatwhenyoudepositmoneyinabank,thebankdoesnotputthemoneyintoasafedepositvault.itinvestsyourmoneyinmanydifferentformsofcredit--inbonds,incommercialpaper,inmortgagesandinmanyotherkindsofloans.inotherwords,thebankputsyourmoneytoworktokeepthewheelsofindustryandofagricultureturningaround.acomparativelysmallpartofthemoneythatyouputintothebankiskeptincurrency--anamountwhichinnormaltimesiswhollysufficienttocoverthecashneedsoftheaveragecitizen.inotherwords,thetotalamountofallthecurrencyinthecountryisonlyacomparativelysmallproportionofthetotaldepositsinallthebanksofthecountry.

　　what,then,happenedduringthelastfewdaysoffebruaryandthefirstfewdaysofmarch?

becauseofunderminedconfidenceonthepartofthepublic,therewasageneralrushbyalargeportionofourpopulationtoturnbankdepositsintocurrencyorgold--arushsogreatthatthesoundestbankscouldn'

tgetenoughcurrencytomeetthedemand.thereasonforthiswasthatonthespurofthemomentitwas,ofcourse,impossibletosellperfectlysoundassetsofabankandconvertthemintocash,exceptatpanicpricesfarbelowtheirrealvalue.bytheafternoonofmarchthird,aweekagolastfriday,scarcelyabankinthecountrywasopentodobusiness.proclamationsclosingthem,inwholeorinpart,hadbeenissuedbythegovernorsinalmostallthestates.itwasthenthatiissuedtheproclamationprovidingforthenationalbankholiday,andthiswasthefirststepinthegovernment’sreconstructionofourfinancialandeconomicfabric.

　　thesecondstep,lastthursday,wasthelegislationpromptlyandpatrioticallypassedbythecongressconfirmingmyproclamationa

　　ndbroadeningmypowerssothatitbecamepossibleinviewoftherequirementoftimetoextendtheholidayandliftthebanofthatholidaygraduallyinthedaystocome.thislawalsogaveauthoritytodevelopaprogramofrehabilitationofourbankingfacilities.andiwanttotellourcitizensineverypartofthenationthatthenationalcongress--republicansanddemocratsalike--showedbythisactionadevotiontopublicwelfareandarealizationoftheemergencyandthenecessityforspeedthatitisdifficulttomatchinallourhistory.

　　thethirdstagehasbeentheseriesofregulationspermittingthebankstocontinuetheirfunctionstotakecareofthedistributionoffoodandhouseholdnecessitiesandthepaymentofpayrolls.

　　thisbankholiday,whileresultinginmanycasesingreatinconvenience,isaffordingustheopportunitytosupplythecurrencynecessarytomeetthesituation.rememberthatnosoundbankisadollarworseoffthanitwaswhenitcloseditsdoorslastweek.neitherisanybankwhichmayturnoutnottobeinapositionforimmediateopening.thenewlawallowsthetwelvefederalreservebankstoissueadditionalcurrencyongoodassetsandthusthebanksthatreopenwillbeabletomeeteverylegitimatecall.thenewcurrencyisbeingsentoutbythebureauofengravingandprintinginlargevolumetoeverypartofthecountry.itissoundcurrencybecauseitisbackedbyactual,goodassets.

　　anotherquestionyouwillaskisthis:

whyareallthebanksnottobereopenedatthesametime?

theanswerissimpleandiknowyouwillunderstandit:

yourgovernmentdoesnotintendthatthehistoryofthepastfewyearsshallberepeated.wedonotwantandwillnothaveanotherepidemicofbankfailures.

　　asaresult,westarttomorrow,monday,withtheopeningofbanksinthetwelvefederalreservebankcities--thosebanks,whichonfirstexaminationbythetreasury,havealreadybeenfoundtobeallright.thatwillbefollowedontuesdaybytheresumptionofallotherfunctionsbybanksalreadyfoundtobesoundincitieswheretherearerecognizedclearinghouses.thatmeansabouttwohundredandfiftycitiesoftheunitedstates.inotherwords,wearemovingasfastasthemechanicsofthesituationwillallowus.

　　onwednesdayandsucceedingdays,banksinsmallerplacesallthroughthecountrywillresumebusiness,subject,ofcourse,tothegovernment'

sphysicalabilitytocompleteitssurveyitisnecessarythatthereopeningofbanksbeextendedoveraperiodinordertopermitthebankstomakeapplicationsforthenecessaryloans,toobtaincurrencyneededtomeettheirrequirements,andtoenablethegovernmenttomakecommonsensecheckups.

　　pleaseletmemakeitcleartoyouthatifyourbankdoesnotopenthefirstdayyouarebynomeansjustifiedinbelievingthatitwillnotopen.abankthatopensononeofthesubsequentdaysisinexactlythesamesta

　　tusasthebankthatopenstomorrow.

　　iknowthatmanypeopleareworryingaboutstatebanksthatarenotmembersofthefederalreservesystem.thereisnooccasionforthatworry.thesebankscanandwillreceiveassistancefrommemberbanksandfromthereconstructionfinancecorporation.and,ofcourse,theyareundertheimmediatecontrolofthestatebankingauthorities.thesestatebanksarefollowingthesamecourseasthenationalbanksexceptthattheygettheirlicensestoresumebusinessfromthestateauthorities,andtheseauthoritieshavebeenaskedbythesecretaryofthetreasurytopermittheirgoodbankstoopenuponthesamescheduleasthenationalbanks.andsoiamconfidentthatthestatebankingdepartmentswillbeascarefulasthenationalgovernmentinthepolicyrelatingtotheopeningofbanksandwillfollowthesamebroadtheory.

　　itispossiblethatwhenthebanksresumeaveryfewpeoplewhohavenotrecoveredfromtheirfearmayagainbeginwithdrawals.letmemakeitcleartoyouthatthebankswilltakecareofallneeds,except,ofcourse,thehystericaldemandsofhoarders,anditismybeliefthathoardingduringthepastweekhasbecomeanexceedinglyunfashionablepastimeineverypartofournation.itneedsnoprophettotellyouthatwhenthepeoplefindthattheycangettheirmoney--thattheycangetitwhentheywantitforalllegitimatepurposes--thephantomoffearwillsoonbelaid.peoplewillagainbegladtohavetheirmoneywhereitwillbesafelytakencareofandwheretheycanuseitconvenientlyatanytime.icanassureyou,myfriends,thatitissafertokeepyourmoneyinareopenedbankthanitistokeepitunderthemattress.

　　thesuccessofourwholenationalprogramdepends,ofcourse,onthecooperationofthepublic--onitsintelligentsupportanditsuseofareliablesystem.

　　rememberthattheessentialaccomplishmentofthenewlegislationisthatitmakesitpossibleforbanksmorereadilytoconverttheirassetsintocashthanwasthecasebefore.moreliberalprovisionhasbeenmadeforbankstoborrowontheseassetsatthereservebanksandmoreliberalprovisionhasalsobeenmadeforissuingcurrencyonthesecurityofthesegoodassets.thiscurrencyisnotfiatcurrency.itisissuedonlyonadequatesecurity,andeverygoodbankhasanabundanceofsuchsecurity.

　　onemorepointbeforeiclose.therewillbe,ofcourse,somebanksunabletoreopenwithoutbeingreorganized.thenewlawallowsthegovernmenttoassistinmakingthesereorganizationsquicklyandeffectivelyandevenallowsthegovernmenttosubscribetoatleastapartofanynewcapitalthatmayberequired.

　　ihopeyoucansee,myfriends,fromthisessentialrecitalofwhatyourgovernmentisdoingthatthereisnothingcomplex,nothingradicalintheprocess.

　　wehavehadabadbankingsituation.someofourbankershadshownthemselveseitherinc

　　ompetentordishonestintheirhandlingofthepeople’sfunds.theyhadusedthemoneyentrustedtotheminspeculationsandunwiseloans.thiswas,ofcourse,nottrueinthevastmajorityofourbanks,butitwastrueinenoughofthemtoshockthepeopleoftheunitedstates,foratime,intoasenseofinsecurityandtoputthemintoaframeofmindwheretheydidnotdifferentiate,butseemedtoassumethattheactsofacomparativefewhadtaintedthemall.andsoitbecamethegovernment’sjobtostraightenoutthissituationanddoitasquicklyaspossible.andthatjobisbeingperformed.

　　idonotpromiseyouthateverybankwillbereopenedorthatindividuallosseswillnotbesuffered,buttherewillbenolossesthatpossiblycouldbeavoided;

andtherewouldhavebeenmoreandgreaterlosseshadwecontinuedtodrift.icanevenpromiseyousalvationforsome,atleast,ofthesorelypressesbanks.weshallbeengagednotmerelyinreopeningsoundbanksbutinthecreationofmoresoundbank