powers so that it became possible in view of the requirement of
time to extend the holiday and lift the ban of that holiday
gradually. This law also gave authority to develop a program of
rehabilitation of our banking facilities. I want to tell our
citizens in every part of the nation that the national Congress--
Republicans and Democrats alike--showed by this action a devotion
to public welfare and a realization of the emergency and the
necessity for speed that it is difficult to match in our history.

The third stage has been the series of regulations permitting the
banks to continue their functions to take care of the distribution
of food and household necessities and the payment of payrolls.

This bank holiday, while resulting in many cases in great
inconvenience, is affording us the opportunity to supply the
currency necessary to meet the situation. No sound bank is a dollar
worse off than it was when it closed its doors last Monday. Neither
is any bank which may turn out not to be in a position for
immediate opening. The new law allows the twelve Federal Reserve
Banks to issue additional currency on good assets and thus the
banks which reopen will be able to meet every legitimate call. The
new currency is being sent out by the Bureau of Engraving and
Printing in large volume to every part of the country. It is sound
currency because it is backed by actual, good assets.

A question you will ask is this: why are all the banks not to be
reopened at the same time? The answer is simple. Your government
does not intend that the history of the past few years shall be
repeated. We do not want and will not have another epidemic of bank
failures.