As a result, we start tomorrow, Monday, with the opening of banks
in the twelve Federal Reserve Bank cities--those banks which on
first examination by the treasury have already been found to be all
right. This will be followed on Tuesday by the resumption of all
their functions by banks already found to be sound in cities where
there are recognized clearing houses. That means about 250 cities
of the United states.

On Wednesday and succeeding days banks in smaller places all
through the country will resume business, subject, of course, to
the government's physical ability to complete its survey. It is
necessary that the reopening of banks be extended over a period in
order to permit the banks to make applications for necessary loans,
to obtain currency needed to meet their requirements and to enable
the government to make common sense checkups.

Let me make it clear to you that if your bank does not open the
first day you are by no means justified in believing that it will
not open. A bank that opens on one of the subsequent days is in
exactly the same status as the bank that opens tomorrow.

I know that many people are worrying about state banks not members
of the Federal Reserve System. These banks can and will receive
assistance from members banks and from the Reconstruction Finance
Corporation. These state banks are following the same course as the
national banks except that they get their licenses to resume
business from the state authorities, and these authorities have
been asked by the Secretary of the Treasury to permit their good
banks to open up on the same schedule as the national banks. I am