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1933 Bank Holiday Ordered...
Item # 576559
March 10, 1933
LEOMINSTER DAILY ENTERPRISE, Massachusetts, March 10, 1933
* United States Bank Holiday
* The Great Depression
* Franklin D. Roosevelt
This 8 page newspaper has a four column headline on the front page: "ROOSEVELT ASKS RIGHT TO CUT VETERANS' BENEFITS" with subhead. (see)
This action would have the desired effect of stopping the panic run on the nation's banks, and happened the day after F.D.R. was inaugurated. One of the more historic issues from the Depression-era
Other news of the day. Light browning, minor spine wear, otherwise in good condition.
wikipedia notes: : The United States Bank Holiday of the Great Depression took place in 1933 when Franklin D. Roosevelt closed the banks from March 6 to March 10 to keep depositors from bankrupting the banking system by withdrawing all their money.
Banks were allowed to reopen when they could prove that the money in their reserves was greater than or equal to the money that had been deposited in. If the banks were unsound they would stay closed or could apply for a government loan in order to keep from declaring bankruptcy.
Category: The 20th Century