Let me make it clear that the banks will take care of all needs. 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 -- and that they can get it when they want it for all legitimate purposes -- their 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. It depends on its intelligent support and use of a reliable system.
Remember that the essential part 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 plans have been made for banks to borrow on these assets at the Reserve Banks. And more liberal plans have also been made for issuing currency on the security of those good assets. This currency is issued only on adequate security -- and every good bank has an abundance of such security.
