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

By Helen M. Burns | Go to book overview

banks, getting them going again as soon as responsible management could be secured. It was obvious that confidence in resumed operations would be hard to establish. The banks would be the same banks, the bankers the same bankers. Some, however, would not be allowed to reopen. There must be tests for resumption that would prove the safety of those institutions that did resume. When activity had been set going again and panic had been quieted, it might be possible to achieve substantial reforms. The pressure of the present, however, called imperatively for simple restoration of a system people understood under conditions that would assure them of future safety. 38

With unwavering faith in the American system and in his own ability to surmount the crisis, Franklin Roosevelt had brought the nation through the bank emergency. Neither the Emergency Banking Act nor the Banking Act of 1933 was intrinsically related to a New Deal program. One was born of necessity, the other of compromise. Nevertheless, the president's control of the situation set the course for greater government participation in banking. The development of a Roosevelt banking program lay in the future.


NOTES
1.
Daniel R. Fusfeld, The Economic Tbougbt of Franklin D. Roosevelt and the Origins of the New Deal ( New York, 1945), p. 186.
2.
Rosenman, The Public Papers and Addresses of Franklin D. Roosevelt, I, pp. 536-537.
3.
F.D.R. Personal Letters, III, p. 1 89).
4.
Rosenman, The Public Papers and Addresses of Franklin D. Roosevelt, I, p. 114.
5.
The New York Times, June 30, 1932; Congressional Record, LXXV, p. 14735.
6.
Rosenman, The Public Papers and Addresses of Franklin D. Roosevelt, I, p. 682-683.
7.
Rixley Smith and Norman Beasley, Carter Glass, A Biography ( New York, 1939), pp. 314-319.

-113-

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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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