And 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 your help during the past week.įirst 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. I owe this in particular because of the fortitude and the good temper with which everybody has accepted the inconvenience and hardships of the banking holiday. I recognize that the many proclamations from state capitols and from Washington, the legislation, the Treasury regulations, and so forth, couched for the most part in banking and legal terms, ought to be explained for the benefit of the average citizen. I want to tell you what has been done in the last few days, and why it was done, and what the next steps are going to be.
I want to talk for a few minutes with the people of the United States about banking-to talk with the comparatively few who understand the mechanics of banking but more particularly with the overwhelming majority of you who use banks for the making of deposits and the drawing of checks. Stephen Smith TranscriptĪNNOUNCER: Ladies and gentlemen, the President of the United States. In the first of what would be known as his Fireside Chats, FDR encouraged the country to be confident and courageous. FDR declared a four-day national bank holiday and took to the radio to explain the problem. As FDR took office, another widespread banking crisis threatened to wipe out the savings of millions of Americans. More than five thousand banks had failed in the three previous years.
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