FINANCIAL CRISIS

Waipukurau Press, Volume XXVIII, Issue 65, 10 March 1933, Page 3

FINANCIAL CRISIS

In the United States BANKS ARE TO REOPEN THE SITUATION RELIEVED WASHINGTON, March 8. The President, Mr. Roosevelt, early on Thursday predicted an immediate resumption of banking activities throughout the United States as a result of the enactment of the Emergency Bill, a speedy passage of which is pledged to him by Congressional leaders. Mr Roosevelt in a statement said: “I have been in conference with members of the Senate and House and 1 have talked over with them measures which have been carefully studied and prepared and which will immediately relieve the situation and at once start banking operations throughout the entire country." A BILLION DOLLARS TO BE PUT INTO CIRCULATION WASHINGTON, March 8. Legislation intended to put into circulation 100,000,000 dollars now in the postal savings system is being drawn up for submission on Thursday and if possible to the extra session of Congress. Mr. Roosevelt remarked: “I am gratified at the outlook." Senator Robinson, a Senate leader, said: “The bill will result in the opening of a large number of banks on Friday." The details are not announced, but it is understood that they centred upon the expanded issues of Federal Reserve notes based upon Government obligations. The Treasury has threatened to publish the names of gold hoarders. Permission was withdrawn from New York to issue State-wide scrip.