I want to talk for a few minutes with the people of the United States about banking -- not just the few who understand the mechanics of banking, but with the overwhelming majority who use banks both for making deposits and writing 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 know that the many notices from state capitals and from @Washington, and all the new laws and regulations, are for the most part in banking and legal terms. They should be explained for the benefit of the average citizen. I feel I owe this especially because of the good temper with which everybody has accepted the inconvenience 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. These may be bonds, commercial paper, mortgages, and many other kinds of loans.