The American Banking Community and New Deal Banking Reforms, 1933-1935

By Helen M. Burns | Go to book overview

In New York, Franklin Roosevelt was busy gathering together his new administration. Negotiations were underway regarding cabinet appointments. The problems of the depression were under consideration by the "Brain Trust." The president-elect, fresh from his southern vacation, was enigmatic about his plans to cope with the deteriorating banking situation. In reply to the president's letter he wrote:

I am equally concerned with you in regard to the gravity of the present bank situation--but my thought is that it is so very deep- seated that the fire is bound to spread in spite of anything that is done by mere statement. The real trouble is that on present values very few financial institutions anywhere in the country are actually able to pay off their deposits in full, and the knowledge of this fact is widely held. 40

No statement was issued. In New York, Detroit, Chicago, and other financial centers around the country, bankers and government officials gathered to cope with the disastrous situation. Moratoria spread. In Indiana on February 23, in Maryland on February 25, in Arkansas on February 27, and in Ohio on February 28, bank holidays were declared. 41 The economic heartbeat of the nation was slowing to a standstill. The outgoing administration was reluctant to act independently, and the incoming administration felt it could not act cooperatively. All studies, investigations, commissions, as well as bankers and Congress had failed; in the Senate and the House of Representatives remedial banking legislation lay buried in committee.


NOTES
1.
Congressional Record, 116 vols. ( Washington, D.C., 1873) LXXII, p. 25.

-27-

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The American Banking Community and New Deal Banking Reforms, 1933-1935
Table of contents

Table of contents

  • Contributions in Economics and Economic History ii
  • Title Page iii
  • Contents vii
  • Tables ix
  • Preface xi
  • 1 - Bank Reform, Remedial Action, and the Democratic Party 1929-1932 3
  • Notes 27
  • 2 - The Crisis of March 1933 31
  • Notes 50
  • 3 - The Bankers' Views on Bank Reform 52
  • Notes 74
  • The Banking Act of 1933 and the Failure of the Opposition 77
  • Notes 93
  • 5 - The Roosevelt Banking Policy 97
  • Notes 113
  • 6 - The Period of Transition July 1933- December 1934 115
  • Notes 136
  • 7 - A New Deal Banking Bill: The Banking Act of 1935 139
  • Notes 175
  • 8 Conclusions 179
  • Notes 187
  • Bibliography 189
  • Index 197
  • Ab0ut the Author 205
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