It is necessary that the reopening of banks be extended over a period of time. This will 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 following 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 member 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. 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 confident that the state banking departments will be as careful as the national government 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 try again to withdraw their money.
