The Fireside Chats of
Franklin Delano Roosevelt

Radio addresses to the American people
broadcast between 1933 and 1944.



March 12, 1933.

I want to talk for a few minutes with the people of the United
States about banking--with the comparatively few who understand the
mechanics of banking but more particularly with the overwhelming
majority who use banks for the making of deposits and the drawing
of checks. I want to tell you what has been done in the last few
days, why it was done, and what the next steps are going to be. I
recognize that the many proclamations from state capitols and from
Washington, the legislation, the treasury regulations, etc.,
couched for the most part in banking and legal terms should be
explained for the benefit of the average citizen. I owe this in
particular because of the fortitude and good temper with which
everybody has accepted the inconvenience and hardships of the
banking holiday. I know that when you understand what we in
Washington have been about I shall continue to have your
cooperation as fully as I have had your sympathy and help during
the past week.

First 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. It invests your money in many different forms of credit--