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FEDERAL RESERVE BANK
OF DALLAS

March 9, 1933

To the Bank Addressed:
Secretary of Treasury has issued the following press release:
“ The President has today urged the immediate enactment of legisla­
tion dealing with the existing banking situation. It appears that prompt
action will make banking facilities and an adequate supply of currency
available. Notwithstanding the expected early opening of banks, the Secre­
tary of the Treasury interposes no objection to the issuance of Clearing
House certificates or other evidences of claims against assets of banking
institutions, in communities where local conditions made such action neces­
sary. The regulation issued by the Secretary March 7, 1933 remains effec­
tive, granting permission to Clearing House Associations and other associa­
tions organized to provide an adequately secured medium of temporary
exchange to issue certificates against sound assets of banking institutions,
such certificates to be deliverable by each institution to its creditors and
depositors on a pro rata basis.”
“ In order to effectively carry out provision of new law, holiday ex­
tended over tomorrow. Proclamation later tonight.”

Yours very truly,

P. S .: Since receiving the above information the President, by procla­
mation, has extended the bank holiday in full force and effect until further
proclamation.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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