confident that the state banking departments will be as careful as
the national government in the policy relating to the opening of
banks and will follow the same broad policy.

It is possible that when the banks resume a very few people who
have not recovered from their fear may again begin withdrawals. Let
me make it clear that the banks will take care of all needs--and it
is my belief that hoarding during the past week has become an
exceedingly unfashionable pastime. It needs no prophet to tell you
that when the people find that they can get their money--that they
can get it when they want it for all legitimate purposes--the
phantom of fear will soon be laid. People will again be glad to
have their money where it will be safely taken care of and where
they can use it conveniently at any time. I can assure you that it
is safer to keep your money in a reopened bank than under the
mattress.

The success of our whole great national program depends, of course,
upon the cooperation of the public--on its intelligent support and
use of a reliable system.

Remember that the essential accomplishment of the new legislation
is that it makes it possible for banks more readily to convert
their assets into cash than was the case before. More liberal
provision has been made for banks to borrow on these assets at the
Reserve Banks and more liberal provision has also been made for
issuing currency on the security of those good assets. This
currency is not fiat currency. It is issued only on adequate
security--and every good bank has an abundance of such security.