FDR Depression BANK RUN Historic Document - March 9, 1933 Message to Congress

FDR Depression BANK RUN Historic Document - March 9, 1933 Message to Congress

POB#55197

This is the original document issued by Congress initiating The President's Four Day Bank Holiday to stabilize the US (and global) economy.  1,500 copies printed....

TITLE: Giving the President Control Over the Banks | Message from the President of the United States | Transmitting | A request to Congress for the Immediate Enactment of Legislation giving the Executive Branch of the Government control over banks for the protection of depositors and also the passage of several amendments to the Federal Reserve Act deemed necessary. AUTHOR: Franklin D. Roosevelt, signed March 9, 1933, The White House. PUBLISHER: Washington: House of Representatives [GPO] DATE: March 9, 1933 EDITION: Halter T-549 "The historic document which marked the first bold stroke of the Roosevelt revolution. A high spot without which no FDR collection can be considered as outstanding."   Halter counts 1500 copies printed of this original act. DESCRIPTION: 2 p. ; 23 cm. CONDITION NOTES: VERY GOOD.  Chips and small stains to edges.BINDING: Single leaf, printed two sides. . Following his inauguration on March 4, 1933, President Franklin Roosevelt set out to rebuild confidence in the nation's banking system. On March 6 he declared a four-day banking holiday that kept all banks shut until Congress could act. A draft law prepared by the Treasury staff during Herbert Hoover's administration, was passed on March 9, 1933. The new law allowed the twelve Federal Reserve Banks to issue additional currency on good assets so that banks that reopened would be able to meet every legitimate call. .

According to William L. Silber: "The Emergency Banking Act of 1933, passed by Congress on March 9, 1933, three days after FDR declared a nationwide bank holiday, combined with the Federal Reserve's commitment to supply unlimited amounts of currency to reopened banks, created 100 percent deposit insurance. Much to everyone's relief, when the institutions reopened for business on March 13, 1933, depositors stood in line to return their stashed cash to neighborhood banks. Within two weeks, Americans had redeposited more than half of the currency that they had squirreled away before the bank suspension. The stock market registered its approval as well. On March 15, 1933, the first day of stock trading after the extended closure of Wall Street, the New York Stock Exchange recorded the largest one-day percentage price increase ever with the Dow Jones Industrial Average gaining 8.26 points to close at 62.10; a gain of 15.34 percent. With the benefit of hindsight, the nationwide Bank Holiday and the Emergency Banking Act of March, 1933, ended the bank runs that had plagued the Great Depression."

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• Condition: VERY GOOD. Chips and small stains to edges.
• Author: Franklin D. Roosevelt
• Binding: Loose Pages, Articles
• Language: English
• Original/Facsimile: Original
• Place of Publication: Washington, D. C.
• Publisher: House of Representatives
• Special Attributes: 1st Edition
• Subject: Law & Government
• Topic: Economics
• Year Printed: 1933

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