One more point before I close. There will be, of course, some banks unable to reopen without being reorganized. The new law allows the government to assist in making these reorganizations quickly and effectively. It even allows the government to sponsor at least a part of new capital which may be required.
I hope you can see from this basic recital of what your government is doing that there is nothing complex, or radical, in the process.
We had a bad banking situation. Some of our bankers had shown themselves either incompetent or dishonest in their handling of the people's funds. They had used the money entrusted to them in speculations and unwise loans. This was, of course, not true in the vast majority of our banks, but it was true in enough of them to shock the people for a time into a sense of insecurity. It also put them into a frame of mind where they did not differentiate but seemed to assume that the acts of a comparative few had tainted them all. It was the government's job to straighten out this situation and do it as quickly as possible -- and the job is being performed.
I do not promise you that every bank will be reopened or that individual losses will not be suffered.
