vortex of disaster. The cumulative impact of local banking crises and public alarm made it imperative that the federal government take the lead in restoring public confidence in the American banking system. On the local level, in many instances, bankers made substantial contributions in devising ways to cope with local problems. The banking disaster could not be contained as panic and fear increased. The failure of the banking community to offer an acceptable and comprehensive plan of action when it was called to Washington to aid the government was symptomatic of the ills that beset the American banking system. Lack of unity, devotion to local interests, and failure to comprehend the overall banking problems of the nation were deeply embedded in the dual banking concept.
As the crisis passed and the Emergency Banking Act went into effect, the American banking community rallied in behalf of the administration's program. They had praise for Franklin Roosevelt and supported in full the steps he had taken.