In other words, the total amount of all the currency in the country is only aĬomparatively small proportion of the total deposits in all the banks of the Sufficient to cover the cash needs of the average citizen. That you put into the bank is kept in currency - an amount which in normal times is wholly
Industry and of agriculture turning around. In other words, the bank puts your money to work to keep the wheels of Many different forms of credit - in bonds, in commercial paper, in mortgages and Had your sympathy and your help during the past week.įirst of all, let me state the simple fact that when you deposit money in a bank, the bank does not put the money into a safe deposit vault. Have been about, I shall continue to have your cooperation as fully as I have And I know that when you understand what we in Washington Good temper with which everybody has accepted the inconvenience and hardships of I owe this, in particular, because of the fortitude and the Part in banking and legal terms, ought to be explained for the benefit of theĪverage citizen.
The legislation, the Treasury regulations, and so forth, couched for the most Recognize that the many proclamations from State capitols and from Washington, I want to tell you what has been done in the lastįew days, and why it was done, and what the next steps are going to be. With the overwhelming majority of you who use banks for the making of deposits I want to talk for a few minutes with the people of the United States aboutīanking - to talk with the comparatively few who understand the mechanics of banking, but more particularly Your browser does not support the audio element.
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