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DOCUMENTS
AND STATEMENTS PERTAINING TO THE
BANKING EMERGENCY
Presidential Proclamations-, Federal Legislation, Executive
Orders, Regulations, and other Documents
and Official Statements
PART I
FEBRUARY 25-MARCH 31, 1933
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1933
CONTENTS
Page
J o i n t resolution, F e b r u a r y 25
1
Joint resolution, M a r c h 3
1
Proclamation, M a r c h 6
1
Message to Congress, M a r c h 9
2
Emergency banking act, M a r c h 9
3
Act providing for direct loans by Federal reserve b a n k s to S t a t e b a n k s and t r u s t companies, M a r c h 24__
6
Proclamation, M a r c h 9
7
Executive order, M a r c h 10
7
S t a t e m e n t by President, M a r c h 11
8
Radio address b y President, M a r c h 12
9
Executive order, M a r c h 18
11
Regulations 1 to 32
11-14
Supplementary regulation
14
I n t e r p r e t a t i o n s 1 to 13
15
S t a t e m e n t s by Secretary of t h e T r e a s u r y , M a r c h 7 to 31
16-20
Orders regarding territories and insular possessions
21-22
Authorization to Federal Reserve B a n k of New York to ship e a r m a r k e d gold, M a r c h 7
22
(ii)
For convenient use, Presidential proclamations, Federal legislation, Executive orders, regulations, and other documents pertaining to the banking emergency are here reproduced. Material pertaining primarily to gold, currency, and foreign exchange is presented as Part II of this
publication.
an)
During February and the first days of March, Comptroller, when necessary for the protection
1933, banking difficulties became acute in many of the interests of depositors and other creditors
parts of the country. By Sat- of any incorporated bank and/or trust company
Joint resolution u r d a y , March 4,9 banks in prac- doing business in the District of Columbia
of February 25,
.
•,
,, ~
. ,
1933
tically all otates were either ". . . to prescribe such rules and regulations
closed or were operating under as he deems advisable governing the receipt and
restrictions, on the authority of State officials withdrawal of deposits by and from any such
and of the Comptroller of the Currency. Au- bank and trust company . . ."
In order to place all banks on a uniform basis
thority for the Comptroller of the Currency to
of
restricted operations and to permit the deexercise with respect to national banks such
velopment of adequate means
powers as State officials have with respect to
or
bank^liday
^
dealing with the national
State banks was given by the following joint
emergency,
the President of the
resolution:
United States issued the following proclamation
[PUBLIC RESOLUTION—'No. 58—72D CONGRESS]
on the morning of March 6, declaring a national
[S. J. Res. 256]
bank holiday:
JOINT RESOLUTION
"BY
Authorizing the Comptroller of the Currency to exercise with respect to
national banking associations powers which State officials may have
with respect to State banks, savings banks, and/or trust companies
under State laws.
Resolved by the Senate and House of
Representatives
of the United States of America in Congress assembled,
T h a t , with t h e approval of t h e Secretary of t h e Treasury, t h e Comptroller of t h e Currency shall have and
m a y exercise to such extent as he deems advisable with
respect to a n y national banking association a n y powers
which t h e State officials having supervision of State
banks, savings banks and/or t r u s t companies in t h e
State in which such national banking associations are
located m a y h a v e with respect to such S t a t e institutions under State laws now in force or hereafter
enacted: Provided, T h a t nothing herein shall be construed to permit t h e establishment of branches of either
national or State m e m b e r b a n k s or allow consolidation
of either national or State m e m b e r banks not allowed
by existing laws.
Expenses incurred by t h e Comptroller of the Currency in the exercise of such poweis m a y be assessed
b y him against t h e banks concerned and, when so
assessed, shall be paid by such banks.
N o t h i n g herein shall be construed to impair any
power otherwise possessed by t h e Comptroller of t h e
Currency, t h e Secretary of t h e Treasury or t h e Federal
Reserve Board.
T h e powers herein conferred shall t e r m i n a t e six
m o n t h s from its approval by t h e President; b u t t h e
President of t h e United States m a y extend its force by
proclamation for a n additional six m o n t h s .
Approved, F e b r u a r y 25, 1933.
By joint resolution, the Comptroller of the
Currency was given, for a period of 6 months
, x.
(subject to extension by the
T . x
Joint resolution
J_
•
i -i •, •
i ,»
of March 3 1933 President lor an additional 6
months), special regulatory authority in regard to banks in the District of
Columbia. This resolution authorized the
(l)
THE
PRESIDENT
OP
OF THE
UNITED
STATES
AMERICA
" A PROCLAMATION
"Whereas there have been heavy and unwarranted withdrawals of gold and currency from
our banking institutions for the purpose of
hoarding; and
"Whereas continuous and increasingly extensive speculative activity abroad in foreign
exchange has resulted in severe drains on the
Nation's stocks of gold; and
"Whereas these conditions have created a
national emergency; and
"Whereas it is in the best interests of all bank
depositors that a period of respite be provided
with a view to preventing further hoarding of
coin, bullion or currency or speculation in foreign exchange and permitting the application of
appropriate measures to protect the interests of
our people; and
"Whereas it is provided in section 5 (6) of the
Act of October 6, 1917 (40 Stat. L. 411) as
amended, 'That the President may investigate, regulate, or prohibit, under such rules and
regulations as he may prescribe, by means of
licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarkings of gold or silver coin or
bullion or currency * * *'; and
"Whereas it is provided in Section 16 of the
said Act ' t h a t whoever shall willfully violate
any of the provisions of this Act or of any
license, rule, or regulation issued thereunder,
and whoever shall willfully violate, neglect, or
refuse to comply with any order of the President
2
issued in compliance with the provisions of this
Act, shall, upon conviction, be fined not more
than $10,000, or, if a natural person, imprisoned for not more than ten years, or
both; * * *';
"Now, therefore, I, Franklin D . Roosevelt,
President of the United States of America, in
view of such national emergency and by virtue
of the authority vested in me by said Act and in
order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and
declare that from Monday, the sixth day of
March, to Thursday, the ninth day of March,
Nineteen Hundred and Thirty Three, both
dates inclusive, there shall be maintained and
observed by all banking institutions and all
branches thereof located in the United States of
America, including the territories and insular
possessions, a bank holiday, and that during
said period all banking transactions shall be
suspended. During such holiday, excepting as
hereinafter provided, no such banking institution or branch shall pay out, export, earmark,
or permit the withdrawal or transfer in any
manner or by any device whatsoever, of any
gold or silver coin or bullion or currency or take
any other action which might facilitate the
hoarding thereof; nor shall any such banking
institution or branch pay out deposits, make
loans or discounts, deal in foreign exchange,
transfer credits from the United States to any
place abroad, or transact any other banking
business whatsoever.
"During such holiday, the Secretary of the
Treasury, with the approval of the President
and under such regulations as he may prescribe,
is authorized and empowered (a) to permit any
or all of such banking institutions to perform
any or all of the usual banking functions, (b) to
direct, require or permit the issuance of clearing house certificates or other evidences of
claims against assets of banking institutions,
and (c) to authorize and direct the creation in
such banking institutions of special trust accounts for the receipt of new deposits which
shall be subject to withdrawal on demand without any restriction or limitation and shall be
kept separately in cash or on deposit in Federal reserve banks or invested in obligations
the United States.
" A s used in this order the term 'banking institutions ' shall include all Federal reserve
banks, national banking associations, banks,
trust companies, savings banks, building and
loan associations, credit unions, or other corporations, 1 partnerships, associations or persons,
i See interpretations No. 3 (Mar. 7) and No. 10 (Mar. 14), p. 15.
engaged in the business of receiving deposits,
making loans, discounting business paper, or
transacting any other form of banking
business.
" I n witness whereof, I have hereunto set my
hand and caused the seal of the United States
to be affixed.
"Done in the City of Washington this 6th
day of March—1 a. m. in the year of our Lord
One Thousand Nine Hundred and Thirty-three,
and of the Independence of the United States
the One Hundred and Fifty-seventh.
[SEAL]
" F R A N K L I N D . KOOSEVELT
" B y the President:
"CORDELL HULL
"Secretary of State"
On March 9, 1933, the President sent the
following message to Congress:
Message to
.
Congress
On March 3 banking operations in the United States ceased.
To review at this time the causes of this failure of our banking system is unnecessary.
Suffice it to say that the Government has
been compelled to step in for the protection of depositors and the business of the
nation.
''Our first task is to reopen all sound banks.
This is an essential preliminary to subsequent
legislation directed against speculation with the
funds of depositors and other violations of
positions of trust.
" I n order that the first objective—the
opening of banks for the resumption of business—may be accomplished, I ask of the
Congress the immediate enactment of legislation giving to the executive branch of the
Government control over banks for the protection of depositors; authority forthwith to
open such banks as have already been ascertained to be in sound condition and other such
banks as rapidly as possible; and authority to
reorganize and reopen such banks as may be
found to require reorganization to put them
on a sound basis.
" I ask amendments to the Federal Reserve
Act to provide for such additional currency,
adequately secured, as it may become necessary
to issue to meet all demands for currency and
at the same time to achieve this end without
increasing the unsecured indebtedness of the
Government of the United States.
" I can not too strongly urge upon the Congress the clear necessity for immediate action.
A continuation of the strangulation of banking
facilities is unthinkable. The passage of the
3
proposed legislation will end this condition, and
I trust within a short space of time will result in
a resumption of business activities.
" I n addition, it is my belief that this legislation will not only lift immediately all unwarranted doubts and suspicions in regards to
banks which are 100 per cent sound, but will
also mark the beginning of a new relationship
between the banks and the people of this country.
" T h e members of the new Congress will
realize, I am confident, the grave responsibility
which lies upon me and upon them.
" I n the short space of five days it is impossible for us to formulate completed measures to
prevent the recurrence of the evils of the past.
This does not and should not, however, justify
any delay in accomplishing this first step.
" A t an early moment I shall request of the
Congress two other measures which I regard as
of immediate urgency. With action taken
thereon we can proceed to the consideration of
a rounded program of national restoration."
On March 9, 1933, following receipt of the
President's message, Congress
brakin^act
passed an act " t o provide relief in the existing national emergency in banking, and for other purposes."
The text of the act is as follows:
[PUBLIC—No. 1—73D
CONGRESS]
[H.R. 1491]
AN A C T
To provide relief in the existing national emergency in banking, and for
other purposes
Be it enacted by the Senate and House of Representatives of the United States ofAmerica in Congress assembled^
T h a t t h e Congress hereby declares t h a t a serious emergency exists a n d t h a t it is imperatively necessary
speedily to p u t into effect remedies of uniform national
application.
TITLE I
SECTION 1. T h e actions, regulations, rules, licenses,
orders a n d proclamations heretofore or hereafter taken,
promulgated, m a d e , or issued by t h e President of t h e
United States or t h e Secretary of t h e Treasury since
March 4, 1933, p u r s u a n t to t h e a u t h o r i t y conferred by
subdivision (b) of section 5 of t h e act of October 6,1917,
as amended, are hereby approved a n d confirmed.
S E C . 2. Subdivision (b) of section 5 of t h e act of
October 6, 1917 (40 S t a t . L. 411), as amended, is hereby
a m e n d e d to read as follows:
"(b) During time of war or during a n y other period
of national emergency declared by t h e President, t h e
President m a y , t h r o u g h a n y agency t h a t he m a y
designate, or otherwise, investigate, regulate, or prohibit, under such rules a n d regulations as he m a y
prescribe, by means of licenses or otherwise, a n y t r a n s actions in foreign exchange, transfers of credit between
or p a y m e n t s by banking institutions as defined by t h e
President, a n d export, hoarding, melting, or earmarking
of gold or silver coin or bullion or currency, by any
person within t h e United States or any place subject
to t h e jurisdiction thereof; a n d t h e President may
require a n y person engaged in any transaction referred
to in this subdivision to furnish under oath, complete
information relative thereto, including t h e production
of a n y books of account, contracts, letters or other
papers, in connection therewith in t h e custody or
control of such person, either before or after such t r a n s action is completed. Whoever willfully violates any
of t h e provisions of this subdivision or of any license,
order, rule or regulation issued thereunder, shall, upon
conviction, be fined not more t h a n $10,000, or, if a
n a t u r a l person, m a y be imprisoned for not more t h a n
t e n years, or b o t h ; a n d any officer, director, or agent of
a n y corporation who knowingly participates in such
violation m a y be punished by a like fine, imprisonm e n t , or both. As used in this subdivision t h e term
' p e r s o n ' means an individual, partnership, association,
or corporation.''
S E C . 3. Section 11 of t h e Federal Reserve Act is
a m e n d e d by a d d i n g a t t h e end thereof t h e following
new subsection:
" ( n ) Whenever in t h e j u d g m e n t of t h e Secretary of
t h e Treasury such action is necessary t o protect t h e
currency system of t h e United States, t h e Secretary of
t h e Treasury, in his discretion, m a y require any or all
individuals, partnerships, associations a n d corporations
t o p a y a n d deliver to t h e Treasurer of t h e United States
a n y or all gold coin, gold bullion, a n d gold certificates
owned by such individuals, partnerships, associations
a n d corporations. Upon receipt of such gold coin, gold
bullion or gold certificates, t h e Secretary of the Treasu r y shall p a y therefor an equivalent a m o u n t of any
other form of coin or currency coined or issued under
t h e laws of t h e United States. T h e Secretary of t h e
Treasury shall p a y all costs of t h e t r a n s p o r t a t i o n of
such gold bullion, gold certificates, coin, or currency,
including t h e cost of insurance, protection, a n d such
other incidental costs as m a y be reasonably necessary.
Any individual, partnership, association, or corporation
failing to comply with any requirement of t h e Secretary
of t h e Treasury m a d e under this subsection shall be
subject to a penalty equal to twice t h e value of t h e gold
or gold certificates in respect of which such failure occ u n e d , a n d such penalty m a y be collected by t h e
Secretary of t h e Treasury by suit or otherwise."
S E C . 4. I n order to provide for t h e safer and more
effective operation of t h e National Banking System a n d
t h e Federal Reserve System, to preserve for the people
t h e full benefits of t h e currency provided for by t h e
Congress through t h e National Banking System a n d
t h e Federal Reserve System, a n d to relieve interstate
commerce of t h e burdens a n d obstructions resulting
from t h e receipt on an unsound or unsafe basis of deposits subject t o withdrawal by check, during such
emergency period as t h e President of t h e United States
by proclamation m a y prescribe, no m e m b e r bank of t h e
Federal Reserve System shall t r a n s a c t any banking
business except t o such extent a n d subject to such regulations, limitations and restrictions as m a y be prescribed
b y t h e Secretary of t h e ' T r e a s u r y , with t h e approval of
t h e President. Any individual, partnership, corporation, or association, or a n y director, officer or employee
thereof, violating any of t h e provisions of this section
shall be deemed guilty of a misdemeanor and, upon
conviction thereof, shall be fined not more t h a n
$10,000 or, if a n a t u r a l person, m a y , in addition t o such
fine, be imprisoned for a t e r m not exceeding ten years.
E a c h day t h a t a n y such violation continues shall be
deemed a separate offense.
TITLE II
SEC. 201. This title may be cited as the "Bank Conservation Act."
SEC. 202. As used in this title, the^ term "bank"
means (1) any national banking association, and (2)
any bank or trust company located in the District of
Columbia and operating under the supervision of the
Comptroller of the Currency; and the term "State"
means any State, Territory, or possession of the United
States, and the Canal Zone.
SEC. 203. Whenever he shall deem it necessary in
order to conserve the assets of any bank for the benefit
of the depositors and other creditors thereof, the Comptroller of the Currency may appoint a conservator for
such bank and require of him such bond and security
as the Comptroller of the Currency deems proper. The
conservator, under the direction of the Comptroller,
shall take possession of the books, records, and assets of
every description of such bank, and take such action
as may be necessary to conserve the assets of such
bank pending further disposition of its business as
provided by law. Such conservator shall have all the
rights, powers, and privileges now possessed by or
hereafter given receivers of insolvent national banks
and shall be subject to the obligations and penalties,
not inconsistent with the provisions of this title, to
which receivers are now or may hereafter become subject. During the time that such conservator remains
in possession of such bank, the rights of all parties
with respect thereto shall, subject to the other provisions of this title, be the same as if a receiver had
been appointed therefor. All expenses of any such
conservatorship shall be paid out of the assets of such
bank and shall be a lien thereon which shall be prior
to any other lien provided by this Act or otherwise.
The conservator shall receive as salary an amount no
greater than that paid to employees of the Federal
Government for similar services.
SEC. 204. The Comptroller of the Currency shall
cause to be made such examinations of the affairs of
such bank as shall be necessary to inform him as to the
financial condition of such bank, and the examiner shall
make a report thereon to the Comptroller of the Currency at the earliest practicable date.
SEC. 205. If the Comptroller of the Currency becomes
satisfied that it may safely be done and that it would be
in the public interest, he may, in his discretion, terminate the conservatorship and permit such bank to
resume the transaction of its business subject to such
terms, conditions, restrictions and limitations as he
may prescribe.
SEC. 206. While such bank is in the hands of the conservator appointed by the Comptroller of the Currency,
the Comptroller may require the conservator to set
aside and make available for withdrawal by depositors
and payment to other creditors, on a ratable basis, such
amounts as in the opinion of the Comptroller may safely
be used for this purpose; and the Comptroller may, in
his discretion, permit the conservator to receive deposits, but deposits received while the bank is in the hands
of the conservator shall not be subject to any limitation
as to payment or withdrawal, and such deposits shall
be segregated and shall not be used to liquidate any
indebtedness of such bank existing at the time that a
conservator was appointed for it, or any subsequent
indebtedness incurred for the purpose of liquidating any
indebtedness of such bank existing at the time such
conservator was appointed. Such deposits received
while the bank is in the hands of the conservator shall
be kept on hand in cash, invested in the direct obligations of the United States, or deposited with a Federal
reserve bank. The Federal reserve banks are hereby
authorized to open and maintain separate deposit
accounts for such purpose, or for the purpose of receiving deposits from State officials in charge of State banks
under similar circumstances.
SEC. 207. In any reorganization of any national
banking association under a plan of a kind which, under
existing law, requires the consent, as the case may be,
(a) of depositors and other creditors or (b) of stockholders or (c) of both depositors and other creditors and
stockholders, such reorganization shall become effective
only (1) when the Comptroller of the Currency shall be
satisfied that the plan of reorganization is fair and
equitable as to all depositors, other creditors and stockholders and is in the public interest and shall have approved the plan subject to such conditions, restrictions
and limitations as he may prescribe and (2) when, after
reasonable notice of such reorganization, as the case
may require, (A) depositors and other creditors of such
bank representing at least 75 per cent in amount of its
total deposits and other liabilities as shown by the
books of the national banking association or (B) stockholders owning at least two-thirds of its outstanding
capital stock as shown by the books of the national
banking association or (C) both depositors and other
creditors representing at least 75 per cent in amount of
the total deposits and other liabilities and stockholders
owning at least two-thirds of its outstanding capital
stock as shown by the books of the national banking
association, shall have consented in writing to the plan
of reorganization: Provided, however, That claims of
depositors or other creditors which will be satisfied in
full under the provisions of the plan of reorganization
shall not be included among the total deposits and other
liabilities of the national banking association in determining the 75 per cent thereof as above provided.
When such reorganization becomes effective, all books,
records, and assets of the national banking association
shall be disposed of in accordance with the provisions
of the plan and the affairs of the national banking association shall be conducted by its board of directors in
the manner provided by the plan and under the conditions> restrictions and limitations which may have been
prescribed by the Comptroller of the Currency. In any
reorganization which shall have been approved and shall
have become effective as provided herein, all depositors
and other creditors and stockholders of such national
banking association, whether or not they shall have
consented to such plan of reorganization, shall be fully
and in all respects subject to and bound by its provisions, and claims of all depositors and other creditors
shall be treated as if they had consented to such plan of
reorganization.
SEC. 208. After fifteen days after the affairs of a bank
shall have been turned back to its board of directors
by the conservator, either with or without a reorganization as provided in section 207 hereof, the provisions
of section 206 of this title with respect to the segregation
of deposits received while it is in the hands of the conservator and with respect to the use of such deposits
to liquidate the indebtedness of such bank shall no
longer be effective: Provided, That before the conservator shall turn back the affairs of the bank to its board
of directors he shall cause to be published in a newspaper published in the city, town or county in which
such bank is located, and if no newspaper is published
in such city, town or county, in a newspaper to be
selected by the Comptroller of the Currency published
in the State in which the bank is located, a notice in
form approved by the Comptroller, stating the date
on which the affairs of the bank will be returned to its
board of directors and that the said provisions of sec-
5
tion 206 will not be effective after fifteen days after
such date; and on the date of the publication of such
notice the conservator shall immediately send to every
person who is a depositor in such bank under section
206 a copy of such notice by registered mail addressed
to the last known address of such person as shown
by the records of the bank, and the conservator shall
send similar notice in like manner to every person
making deposit in such bank under section 206 after
the date of such newspaper publication and before the
time when the affairs of the bank are returned to its
directors.
SEC. 209. Conservators appointed pursuant to the
provisions of this title shall be subject to the provisions of and to the penalties prescribed by section 5209
of the Revised Statutes (U. S. C , Title 12, sec. 592);
and sections 112, 113, 114, 115, 116 and 117 of the
Criminal Code of the United States (U. S. C , Title
18, sees. 202, 203, 204, 205, 206 and 207), in so far as
applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies
by or with any such conservator or the Comptroller of
the Currency under the provisions of this title.
SEC. 210. Nothing in this title shall be construed to
impair in any manner any powers of the President, the
Secretary of the Treasury, the Comptroller of the Currency, or the Federal Reserve Board.
SEC. 211. The Comptroller of the Currency is hereby
authorized and empowered, with the approval of the
Secretary of the Treasury, to prescribe such rules and
regulations as he may deem necessary in order to carry
out the provisions of this title. Whoever violates any
rule or regulation made pursuant to this section shall
be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $5,000, or
imprisoned not more than one year, or both.
TITLE III
SEC. 301. Notwithstanding any other provision of
law, any national banking association may, with the
approval of the Comptroller of the Currency and by
vote of shareholders owning a majority of the stock of
such association, upon not less than five days' notice,
given by registered mail pursuant to action taken by
its board of directors, issue preferred stock in such
amount and with such par value as shall be approved
by said Comptroller, and make such amendments to its
articles of association as may be necessary for this
purpose; but, in the case of any newly organized national banking association which has not yet issued
common stock, the requirement of notice to and vote
of shareholders shall not apply. No issue of preferred
stock shall be valid until the par value of all stock so
issued shall be paid in.
SEC. 302. (a) The holders of such preferred stock
shall be entitled to cumulative dividends at a rate not
exceeding 6 per centum per annum, but shall not be
held individually responsible as such holders for any
debts, contracts, or engagements of such association
and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to holders of common
stock. Notwithstanding any other provision of law,
the holders of such preferred stock shall have such voting rights, and such stock shall be subject to retirement
in such manner and on such terms and conditions, as
may be provided in the articles of association with the
approval of the Comptroller of the Currency.
(b) No dividends shall be declared or paid on common stock until the cumulative dividends on the preferred stock shall have been paid in full; and, if the association is placed in voluntary liquidation or a conservator
173500—33
2
or a receiver is appointed therefor, no payments shall
be made to the holders of the common stock until the
holders of the preferred stock shall have been paid in
full the par value of such stock plus all accumulated
dividends.
SEC. 303. The term "common stock" as used in this
title means stock of national banking associations other
than preferred stock issued under the provisions of this
title. The term "capital" as used in provisions of law
relating to the capital of national banking associations
shall mean the amount of unimpaired common stock
plus the amount of preferred stock outstanding and
unimpaired; and the term "capital stock", as used in
section 12 of the Act of March 14, 1900, shall mean only
the amount of common stock outstanding.
SEC. 304. If in the opinion of the Secretary of the
Treasury any national banking association or any
State bank or trust company is in need of funds for
capital purposes either in connection with the organization or reorganization of such association, State bank
or trust company or otherwise, he may, with the
approval of the President, request the Reconstruction
Finance Corporation to subscribe for preferred stock
in such association, State bank or trust company, or
to make loans secured by such stock as collateral, and
the Reconstruction Finance Corporation may comply
with such request. The Reconstruction Finance Corporation may, with the approval of the Secretary of
the Treasury, and under such rules and regulations as
he may prescribe, sell in the open market or otherwise
the whole or any part of the preferred stock of any
national banking association, State bank or trust company acquired by the Corporation pursuant to this
section. The amount of notes, bonds, debentures, and
other such obligations which the Reconstruction Finance Corporation is authorized and empowered to issue
and to have outstanding at any one time under existing
law is hereby increased by an amount sufficient to carry
out the provisions of this section.
TITLE IV
SEC. 401. The sixth paragraph of Section 18 of the
Federal Reserve Act is amended to read as follows:
"Upon the deposit with the Treasurer of the United
States, (a) of any direct obligations of the United
States or (b) of any notes, drafts, bills of exchange, or
bankers' acceptances acquired under the provisions of
this Act, any Federal reserve bank making such deposit
in the manner prescribed by the Secretary of the Treasury shall be entitled to receive from the Comptroller of
the Currency circulating notes in blank, duly registered
and countersigned. When such circulating notes are
issued against the security of obligations of the United
States, the amount of such circulating notes shall be
equal to the face value of the direct obligations of the
United States so deposited as security; and, when
issued against the security of notes, drafts, bills of exchange and bankers' acceptances acquired under the
provisions of this Act, the amount thereof shall be equal
to not more than 90 per cent of the estimated value of
such notes, drafts, bills of exchange and bankers' acceptances so deposited as security. Such notes shall
be the obligations of the Federal reserve bank procuring the same, shall be in form prescribed by the Secretary of the Treasury, shall be receivable at par in all
parts of the United States for the same purposes as are
national bank notes, and shall be redeemable in lawful
money of the United States on presentation at the
United States Treasury or at the bank of issue. The
Secretary of the Treasury is authorized and empowered
to prescribe regulations governing the issuance, redemption, replacement, retirement and destruction of
6
such circulating notes and the release and substitution
of security therefor. Such circulating notes shall be
subject to the same tax as is provided by law for the
circulating notes of national banks secured by 2 per
cent bonds of the United States. No such circulating
notes shall be issued under this paragraph after the
President has declared by proclamation that the
emergency recognized by the President by proclamation of March 6, 1933, has terminated, unless such circulating notes are secured by deposits of bonds of the
United States bearing the circulation privilege. When
required to do so by the Secretary of the Treasury, each
Federal reserve agent shall act as agent of the Treasurer
of the United States or of the Comptroller of the Currency, or both, for the performance of any of the functions which the Treasurer or the Comptroller may be
called upon to perform in carrying out the provisions
of this paragraph. Appropriations available for distinctive paper and printing United States currency or
national bank currency are hereby made available for
the production of the circulating notes of Federal reserve banks herein provided; but the United States
shall be reimbursed by the Federal reserve bank to
which such notes are issued for all expenses necessarily
incurred in connection with the procuring of such notes
and all other expenses incidental to their issue, redemption, replacement, retirement and destruction."
this Act, or the application thereof to any person or
circumstances, is held invalid, the remainder of the
Act, and the application of such provision to other
persons or circumstances, shall not be affected thereby.
Approved March 9th 1933 8.30 p. m.
On March 24, 1933, the President approved
the following amendment to the emergency
banking act providing for direct loans by
Federal reserve banks to State banks and trust
companies in certain cases:
[PUBLIC—No. 4—73D CONGRESS]
[H. R. 3757]
AN ACT
To provide for direct loans by Federal reserve banks to State banks and
trust companies in certain cases, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Title IV of the Act entitled ''An Act to
provide relief in the existing national emergency in
and for other purposes," approved March
SEC. 402. Section 10 (b) of the Federal Reserve Act, banking,
9, 1933, is amended by adding at the end thereof the
as amended, is further amended to read as follows:
" S E C . 10(b). In exceptional and exigent circum- following new section:
stances, and when any member bank has no further
"SEC. 404. During the existing emergency in bankeligible and acceptable assets available to enable it to ing, or until this section shall be declared no longer
obtain adequate credit accommodations through operative by proclamation of the President, but in no
rediscounting at the Federal reserve bank or any other event beyond the period of one year from the date this
method provided by this Act other than that provided section takes effect, any State bank or trust company
by section 10 (a), any Federal reserve bank, under not a member of the Federal reserve system may apply
rules and regulations prescribed by the Federal Reserve to the Federal reserve bank in the district in which it is
Board, may make advances to such member bank on located and said Federal reserve bank, in its discietion
its time or demand notes secured to the satisfaction of and after inspection and approval of the collateral and a
such Federal reserve bank. Each such note shall bear thorough examination of the applying bank or trust
interest at a rate not less than 1 per centum per annum company, may make direct loans to such State bank or
higher than the highest discount rate in effect at such trust company under the terms provided in section
Federal reserve bank on the date of such note. No 10 (b) of the Federal Reserve Act, as amended by secadvance shall be made under this section after March tion 402 of this Act: Provided, That loans may be made
3, 1934, or after the expiration of such additional period to any applying nonmember State bank or trust
not exceeding one year as the President may prescribe/' company upon eligible security. All applications for
shall be accompanied by the written apSEC. 403. Section 13 of the Federal Reserve Act, as such loans
of the State banking department or commission
amended, is amended by adding at the end thereof the proval
of the State from which the State bank or trust comfollowing new paragraph:
has received its charter and a statement from the
" Subject to such limitations, restrictions and regula- pany
said State banking department or commission that in
tions as the Federal Reserve Board may prescribe, any its
judgment said State bank or trust company is in a
Federal reserve bank may make advances to any indi- sound
The notes representing such loans
vidual, partnership or corporation on the promissory shall becondition.
as security for circulating notes issued
notes of such individual, partnership or corporation under theeligible
provisions of the sixth paragraph of section
secured by direct obligations of the United States. 18 of the Federal
Act, as amended by section
Such advances shall be made for periods not exceeding 401 of this Act, toReseive
the same extent as notes, drafts,
90 days and shall bear interest at rates fixed from time bills of exchange, or
bankers' acceptances acquired
to time by the Federal reserve bank, subject to the
the provisions of the Federal Reserve Act.
review and determination of the Federal Reserve Board. under
During the time that such bank or tiust company is
indebted in any way to a Feder il reserve bank it shall
TITLE V
be required to comply in all respects to the provisions
SEC. 501. There is hereby appropriated, out of any of the Federal Reserve Act applicable to member
money in the Treasury not otherwise appropriated, the State banks and the regulations of the Federal Reserve
sum of $2,000,000, which shall be available for expend- Board issued thereunder: Provided, That in lieu of subiture, under the direction of the President and in his scribing to stock in the Federal reserve bank it shall
discretion, for any purpose in connection with the maintain the reserve balance required by section 19 of
the Federal Reserve Act during the existence of such
carrying out of this Act.
SEC. 502. The right to alter, amend, or repeal this indebtedness. As used in this section and in section
Act is hereby expressly reserved. If any provision of 304, the term 'State bank or trust company' shall
7
include a b a n k or t r u s t company organized under t h e I1 by the President purusant to the authority conlaws of an;y State, Territory, or possession of t h e ferred by Section 5 (b) of the Act of October 6,
United States, or t h e Canal Z o n e . "
SEC. 2 (a). Section 304 of such Act of March 9, 1933, 1917, as amended, are approved and confirmed;
is amended by adding after t h e first sentence thereof t h e and
following new sentences: " N o t h i n g in this section shall
"Whereas, said national emergency still
be construed to authorize t h e Reconstruction Finance continues, and it is necessary to take further
Corporation to subscribe for preferred stock in any
State b a n k or t r u s t compan}^ if under t h e laws of t h e measures extending beyond March 9, 1933, in
S t a t e in which said S t a t e b a n k or t r u s t company is order to accomplish such purposes:
located t h e holders of such preferred stock are not
"Now, therefore, I, Franklin D . Roosevelt,
exempt from double liability. I n any case in wnich
President
of the United States of America, in
under t h e laws of t h e State in which it is located a
State b a n k or trust company is not p e r m i t t e d to issue view of such continuing national emergency and
preferred stock exempt from double liability, or if by virtue of the authority vested in me by
such laws permit such issue of preferred stock only by Section 5 (b) of the Act of October 6, 1917
unanimous consent of stockholders, t h e Reconstruction Finance Corporation is authorized, foi t h e purposes (40 Stat. L., 411) as amended by the Act of
of this section, to purchase t h e legally issued capital March 9, 1933, do hereby proclaim, order,
notes or debentures of such State b a n k or t r u s t direct and declare that all the terms and provicompany."
sions of said Proclamation of March 6,1933, and
(b) T h e second sentence of said section 304 is the regulations and orders issued thereunder
amended to read as follows: " T h e Reconstruction
Finance Corporation may, with t h e approval of the are hereby continued in full force and effect
Secretary of the Treasury, a n d under such rules a n d until further proclamation by the President.
regulations as he m a y prescribe, sell in t h e open
" I n witness whereof I have hereunto set my
m a r k e t t h e whole or any p a r t of t h e preferred stock, hand and have caused the seal of the United
capital notes, or debentures of a n y national banking
association, State b a n k or t r u s t company acquired by States to be affixed.
t h e corporation p u r s u a n t to this section."
"Done in the District of Columbia, this 9th
Such section 304 is further a m e n d e d by adding at t h e day of March, in the Year of Our Lord One
end thereof t h e following new sentence: (c) " A s used Thousand Nine Hundred and Thirty-three, and
in this section, the t e r m 'State b a n k or t r u s t c o m p a n y '
shall include other banking corporations engaged in of the Independence of the United States the
t h e business of industrial banking a n d under the super- One Hundredth and Fifty-seventh.
vision of State banking d e p a r t m e n t s oi of t h e Comp[SEAL.]
" F R A N K L I N D. ROOSEVELT
troller of t h e C u r r e n c y . "
" B y the President:
Approved, March 24th, 1933.
"CORDELL HULL
" Secretary of State "
On March 9, 1933, after the passage of the
emergency banking act, the
On March 10, 1933, the President issued the
Continuation of President issued the following following Executive order:
bank holiday
proclamation continuing the
"EXECUTIVE ORDER
bank holiday:
" B y virtue of the authority vested in me by
" B Y THE PRESIDENT OF THE UNITED STATES
section
5 (b) of the Act of October 6, 1917 (40
OF AMERICA
Stat. L., 411) as amended by the Act of
March 9, 1933, and by section 4 of the said
" A PROCLAMATION
Act of March 9, 1933, and by virtue of all other
" Whereas, on March 6, 1933, I, Franklin D. authority vested in me, I hereby issue the
Roosevelt, President of the United States of following Executive order.
America, by Proclamation declared the exist" T h e Secretary of the Treasury is authorized
ence of a national emergency and proclaimed a and empowered under such regulations as he
bank holiday extending from Monday the 6th may prescribe to permit any member bank of
day of March to Thursday the 9th of March, the Federal Reserve System and any other
1933, both dates inclusive, in order to prevent banking institution organized under the laws of
the export, hoarding or earmarking of gold or the United States, to perform any or all of their
silver coin, or bullion or currency, or specula- usual banking functions, except as otherwise
tion in foreign exchange; and
prohibited.
" T h e appropriate authority having imme"Whereas, under the Act of March 9,1933, all
Proclamations heretofore or hereafter issued diate supervision of banking institutions in
8
each State or any place subject to the jurisdiction of the United States is authorized and
empowered under such regulations as such
authority may prescribe to permit any banking
institution in such State or place, other than
banking institutions covered by the foregoing
paragraph, to perform any or all of their usual
banking functions, except as otherwise prohibited.
"All banks which are members of the Federal
Reserve System, desiring to reopen for the performance of all usual and normal banking
functions, except as otherwise prohibited, shall
apply for a license therefor to the Secretary of
the Treasury. Such application shall be filed
immediately through the Federal reserve banks.
The Federal reserve bank shall then transmit
such applications to the Secretary of the
Treasury. Licenses will be issued by the
Federal reserve bank upon approval of the
Secretary of the Treasury. The Federal reserve banks are hereby designated as agents
of the Secretary of the Treasury for the receiving of application and the issuance of
licenses in his behalf and upon his instructions.
"Until further order, no individual, partnership, association, or corporation, including any
banking institution, shall export or otherwise
remove or permit to be withdrawn from the
United States or any place subject to the
jurisdiction thereof any gold coin, gold bullion,
or gold certificates, except in accordance with
regulations prescribed by or under license
issued by the Secretary of the Treasury.
" N o permission to any banking institution
to perform an}7 banking functions shall authorize such institution to pay out any gold
coin, gold bullion or gold certificates except as
authorized by the Secretary of the Treasury,
nor to allow withdrawal of any currency for
hoarding, nor to engage in any transaction in
foreign exchange except such as may be undertaken for legitimate and normal business requirements, for reasonable traveling and other
personal requirements, and for the fulfillment
of contracts entered into prior to March 6, 1933
" Every Federal reserve bank is authorized
and instructed to keep itself currently informed as to transactions in foreign exchange
entered into or consummated within its district
and shall report to the Secretary of the Treasury
all transactions in foreign exchange which are
prohibited.
"The
" F R A N K L I N D. ROOSEVELT.
WHITE HOUSE,
"March 10, 1933."
On March 11, 1933, the President issued the
following statement to the press:
" I am glad to be able to
Statement by
announce
that technical diffithe President
culties which operated to delay
the opening of banks, both State and national,
have finally substantially been overcome by
tireless work on the part of the officials of the
Treasury and the Federal Reserve System,* and
that a definite program has been arranged consisting of successive steps by which banks
throughout the country will be opened progressively on Monday, Tuesday, and Wednesday mornings.
" T h e Secretary of the Treasury will issue
licenses to banks which are members of the
Federal Reserve System, whether national bank
or State, located in each of the twelve Federal
reserve bank cities, to open Monday morning.
"So also the State authorities having supervision over State banks which are not members
of the Federal Reserve System will be asked to
permit any such State institutions located in
any one of the twelve Federal reserve bank
cities to open for business on Monday morning
if in their judgment they deem it wise to do so.
"Under this progressive plan, banks located
in any city having an active, recognized clearing
house association, of which there are 250 cities,
will receive licenses for reopening on Tuesday
morning, and banks located elsewhere will
receive their licenses permitting reopening for
Wednesday.
"Time is thus afforded for the necessary
shipments of currency provided under the
Emergency Bank Act from reserve bank
centers to clearing-house cities and banks in the
smaller communities.
"There were enormous technical problems to
be solved before these mechanics could be
worked out and before the actual currency
could be in the bank when the doors opened.
" T h e Constitution has laid upon me the duty
of conveying the condition of the country to
the Congress assembled at Washington. I
believe I have a like duty to convey to the
people themselves a clear picture of the situation at Washington itself whenever there is
danger of any confusion as to what the Government is undertaking.
" T h a t there may be a clear understanding as
to just what has taken place during the last
two days since the passage of this Act it is my
intention, over the national radio networks, at
ten o'clock Sunday evening, to explain clearly
and in simple language to all of you just what
rush by a large portion of our population to
turn bank deposits into currency or gold—a
rush so great that the soundest banks could not
get enough currency to meet the demand. The
reason for this was that on the spur of the
moment it was, of course, impossible to sell
perfectly sound assets of a bank and convert
them into cash except at panic prices far below
their real value.
" B y the afternoon of March 3 scarcely a
On March 12, 1933, the President delivered | bank in the country was open to do business.
Proclamations temporarily closing them in
Address by the o v e r t h e r a d i o > a t 1 0 P- m ->
President
the following address relative whole or in part had been issued by the Governors in almost all the States.
to the banking situation:
" I t was then that I issued the proclamation
" I want to talk for a few minutes with the providing for the nation-wide bank holiday, and
people of the United States about banking— this was the first step in the Government's rewith the comparatively few who understand construction of our financial and economic fabric.
" T h e second step was the legislation
the mechanics of banking, but more particularly
with the overwhelming majority who use promptly and patriotically passed by the
banks for the making of deposits and the Congress confirming my proclamation and
drawing of checks. I want to tell you what broadening my powers so that it became
has been done in the last few days, why it was possible in view of the requirement of time to
done, and what the next steps are going to be. extend the holiday and lift the ban of that
I recognize that the many proclamations from holiday gradually. This law also gave authorState capitals and from Washington, the legisla- ity to develop a program of rehabilitation of
tion, the Treasury regulations, etc., couched our banking facilities. I want to tell our
for the most part in banking and legal terms, citizens in every part of the Nation that the
should be explained for the benefit of the aver- National Congress—Republicans and Demoage citizen. I owe this in particular because of crats alike—showed by this action a devotion
the fortitude and good temper with which to public welfare and a realization of the emereverybody has accepted the inconvenience and gency and the necessity for speed that it is
hardships of the banking holiday. I know difficult to match in our history.
that when you understand what we in Wash" T h e third stage has been the series of
ington have been about I shall continue to regulations permitting the banks to continue
have your cooperation as fully as I have had their functions to take care of the distribution
your sympathy and help during the past week. of food and household necessities and the pay"First of all, let me state the simple fact ment of pay rolls.
"This bank holiday, while resulting in many
that when you deposit money in a bank the
bank does not put the money into a safe de- cases in great inconvenience, is affording us the
posit vault. I t invests your money in many opportunity to supply the currency necessary
different forms of credit—bonds, commercial to meet the situation. No sound bank is a
paper, mortgages and many other kinds of dollar worse off than it was when it closed its
loans. In other words, the bank puts your doors last Monday. Neither is any bank
money to work to keep the wheels of industry which may turn out not to be in a position for
and of agriculture turning around. A com- immediate opening. The new law allows the
paratively small part of the money you put twelve Federal reserve banks to issue additional
into the bank is kept in currency—an amount currency on good assets and thus the banks
which in normal times is wholly sufficient to which reopen will be able to meet every legiticover the cash needs of the average citizen. mate call. The new currency is being sent out
In other words, the total amount of all the by the Bureau of Engraving and Printing in
currency in the country is only a small fraction large volume to every part of the country. I t
is sound currency because it is backed by actual,
of the total deposits in all of the banks.
" W h a t , then, happened during the last few good assets.
days of February and the first few days of
" A question you will ask is this: Why are all
March? Because of undermined confidence the banks not to be reopened at the same time?
on the part of the public, there was a general' The answer is simple. Your Government does
has been achieved and the sound reasons which I
underlie this declaration to you.
" T h e fact that banks will be opened under
this plan does not mean that anyone should
draw the inference that the banks opening
Monday are in any different condition as to
soundness from the banks licensed to open on
Tuesday or Wednesday or any subsequent
day."
not intend that the history of the past few years
shall be repeated. We do not want and will not
have another epidemic of bank failures.
" A s a result we start to-morrow, Monday,
with the opening of banks in the twelve Federal
reserve bank cities—those banks which on first
examination by the Treasury have already been
found to be all right. This will be followed
on Tuesday by the resumption of all their
functions by banks already found to be sound
in cities where there are recognized clearing
houses. T h a t means about 250 cities of the
United States.
" O n Wednesday and succeeding days banks
in smaller places all through the country will
resume business, subject, of course, to the Government's physical ability to complete its survey. I t is necessary that the reopening of banks
be extended over a period in order to 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 check-ups.
"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 subsequent days
is in exactly the same status as the bank that
opens to-morrow.
" 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, and 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 in the
policy relating to the opening of banks and will
follow the same broad policy.
" I t is possible that when the banks resume a
very few people who have not recovered from
their fear may again begin withdrawals. Let
me make it clear that the banks will take care of
all needs and it is my belief that hoarding
during the past week has become an exceedingly
unfashionable pastime.
" I t needs no prophet to tell you that when
the people find that they can get their money—
that they can get it when they want it for all
legitimate purposes—the phantom of 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.
" T h e success of our whole great national program depends, of course, upon the cooperation
of the public—on its intelligent support and use
of a reliable system.
"Remember that the essential accomplishment 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 provision has been made for banks
to borrow on these assets at the reserve banks
and more liberal provision has also been made
for issuing currency on the security of these
ood assets. This currency is not fiat currency,
t is issued only on adequate security—and
every good bank has an abundance of such
security.
"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
and even allows the Government to subscribe
to at least a part of new capital which may
be required.
" I hope you can see from this elemental
recital of what your Government is doing that
there is nothing complex or radical in the
process.
" W e had a bad banking situation. Someof
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 and to 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. I t 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, but there will be no losses that
possibly could be avoided; and there would
have been more and greater losses had we continued to drift. I can even promise you salvation for some, at least, of the sorely pressed
banks. We shall be engaged not merely in
reopening sound banks but in the creation of
sound banks through reorganization.
f
11
" I t has been wonderful to me to catch the
note of confidence from all over the country.
I can never be sufficiently grateful to the people
for the loyal support they have given me in
their acceptance of the judgment that has
dictated our course, even though all our
processes may not have seemed clear to them.
" After all, there is an element in the readjustment of our financial system more important
than currency, more important than gold, and
that is the confidence of the people.
" Confidence and courage are the essentials of
success in carrying out our plan. You people
must have faith; you must not be stampeded
by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to
restore our financial system; it is up to you to
support and make it work.
" I t is your problem no less than it is mine.
Together we can not fail."
I
The Secretary of the Treasury, under the
authority conferred upon him by the President's
proclamations declaring and
the^
continuing the bank holiday,
the Treasury
issued the following regulations
during the period March 6,
1933, to March 30, 1933:
REGULATION NO. 1 (MARCH 6)
I
All Federal reserve banks and all other banking
institutions are authorized to make change by the
exchange of currency and/or coin of various denominations for an exactly equal amount of currency and/or
coin of other denominations, but no gold or gold certificates shall be paid out in making change.
REGULATION NO. 2 (MARCH 6)
All banking institutions may allow their customers
free access to the safety deposit boxes and safes rented
to such customers.
REGULATION NO. 3 (MARCH 6)
On March 18, 1933, the President issued the
All banking institutions may upon request return
intact and without restriction all cash, checks, and
following Executive order:
other items delivered for deposit or collection which
were received after the last closing of business hours
and have not been entered on the books of such
" B y virtue of the authority vested in me by banking institution.
"EXECUTIVE ORDER
section 5(b) of the Act of October 6, 1917 (40
REGULATION NO. 4 (MARCH 6)
Stat. L., 411) as amended by the Act of
All banking institutions may continue, in accordMarch 9, 1933, and by section 4 of the said Act ance
with usual practice, to cash checks drawn on the
of March 9, 1933, and by virtue of all other Treasurer of the United States, provided that no gold
or
gold
certificates shall be paid out.
authority vested in me, I hereby issue the
following Executive order.
REGULATION NO. 5 (MARCH 6) 2
"Whenever the appropriate authority having
Any banking institution may accept payments in
immediate supervision of any banking institu- cash
or any other form acceptable to it on account or
tion located in any State or place subject to the in settlement of obligations payable at or to such
jurisdiction of the United States, which is a institution.
member of the Federal Reserve System and
REGULATION NO. 6 (MARCH 6) 3
which has not been licensed by the Secretary of
Any
banking
may handle and collect •
the Treasury to resume its usual banking drafts or other institution
documents in connection with the
functions, shall deem it necessary or advisable shipment, transportation or delivery of food or feed
in order to conserve the assets of such banking products, may pay out or permit the withdrawal of
institution for the benefit of the depositors or such amounts of currency as shall be necessary in the
of such banking institution in connection
other creditors, such authority may, in accord- judgment
with such shipment, transportation or delivery of
ance with the provisions of the applicable laws food or feed products, and may perform such other
of such State or place, appoint such appropriate banking functions as may be essential to the shipment,
official as may be authorized under such laws transportation or delivery of food or feed products,
provided, however, that no banking institution shall
to conserve the assets of such banking institu- pay
out or permit the withdrawal of any gold or gold
tion pending further disposition of its business certificates.
as provided by such laws.
REGULATION NO. 7 (MARCH 6) 4
"This order shall not authorize any such
member bank to reopen for the performance of | Deposits heretofore received by any banking institution pursuant to agreement or legislative authority
usual and normal functions until it shall have I providing
for segregation and for repayment without
received a license from the Secretary of the restriction may be paid on demand. Any banking inTreasury as provided in Executive Order of stitution which was lawfully engaged in the business of
March 10, 1933.
2
" F R A N K L I N D.
" T H E WHITE HOUSE,
"March 18, 1933."
ROOSEVELT.
See interpretation No. 4 (Mar. 8), p. 15.
3 See interpretations No. 1 (Mar. 7), No. 6 (Mar. 8), and No. 13 (Mar.
21), p. 15. Regulation No. 6 revoked by regulation No. 28 (Mar. 18),
p. 14.
« See regulations No. 15 (Mar. 8), p. 13; and No. 27 (Mar. 18), p. 14.
12
receiving deposits prior to March 6, 1933, m a y create
special t r u s t accounts for t h e receipt of new deposits
which shall be subject to w i t h d r a w a l on d e m a n d without any restriction or limitation a n d shall be k e p t separately in cash or on deposit in Federal reserve b a n k s or
invested in obligations of t h e United States. Federal
reserve b a n k s m a y open special accounts on their books
for their m e m b e r banks a n d temporarily for nonmember
banks a n d m a y receive in such special accounts t h e
proceeds of new deposits received by such banking institutions. I n making deposits with t h e Federal reserve
b a n k p u r s u a n t to this regulation t h e depositing b a n k
shall in t h e case of each deposit indicate to t h e Federal
reserve b a n k b y symbol or otherwise t h a t t h e funds so
deposited represent new deposits m a d e under this regulation. Upon receipt of such deposits such Federal
reserve b a n k shall credit t h e same in t h e special account of t h e depositing b a n k herein provided for a n d
shall hold t h e same solely for r e p a y m e n t to such bank.
Federal reserve banks shall p e r m i t t h e withdrawal of
any p a r t or all of such new deposits by t h e depositing
bank without restriction provided t h a t t h e depositing
bank shall in such order or request for withdrawal indicate to t h e Federal reserve b a n k by symbol or otherwise
t h a t such withdrawal is to be m a d e from such special
account, provided however t h a t no banking institution shall pay out or p e r m i t t h e withdrawal of any gold
or gold certificates.
REGULATION
N O . 8 (MARCH 7)
Where settlement for checks charged by drawee
institutions to t h e drawers' accounts on its books on or
before March 4, 1933, is incomplete, settlement m a y
be completed where such settlement does not involve
t h e p a y m e n t of money or currency.
Federal reserve banks may carry on such functions as may
be necessary to facilitate transactions authorized by this
regulation.
In order to enable member banks of the Federal Reserve
System to meet the needs of their respective communities to
the extent authorized by this regulation Federal reserve
banks may make advances to such member banks under the
conditions set forth in section 10 (b) of the Federal reserve
act as amended by the act of March 9, 1933, and in accordance with authority granted by the Federal Reserve Board.
In addition, in order to enable individuals,
partnerships and corporations to meet their immediate pay roll
requirements, Federal reserve banks may make temporary
advances to such individuals, partnerships and corporations on their promissory notes secured by direct obligations
of the United States in accordance with authority granted
by the Federal Reserve Board.
R E G U L A T I O N N O . 11 ( M A R C H 7)
Any b a n k having a branch in a foreign country m a y
deposit collateral in the United States to secure advances to such branch in a foreign country, provided
such transaction does not involve a n y transfer of credit
from t h e United States to a foreign country, a n d any
b a n k having a b r a n c h in an insular possession of t h e
United States m a y deposit United States G o v e r n m e n t
securities or other collateral for a similar purpose when
under t h e President's proclamation advances of local
currency in t h e insular possession m a y lawfully be
made.
R E G U L A T I O N N O . 12 ( M A R C H 7)
6
Clearing house associations a n d other associations
organized to provide an adequately secured m e d i u m
of t e m p o r a r y exchange are hereby p e r m i t t e d to issue
certificates against sound assets of banking institutions,
R E G U L A T I O N N O . 9 ( M A R C H 7)
such certificates to be deliverable by each institution
Any banking institution m a y deliver to t h e person to its creditors a n d depositors on a pro r a t a basis,
entitled thereto properly identified documents and provided, however, t h a t no such certificates shall be
issued before Friday, March 10, 1933, without t h e consecurities held by such institution for safekeeping.
sent of t h e Secretary of t h e Treasury addressed to t h e
R E G U L A T I O N N O . 10 (MARCH 7, AS A M E N D E D ON M A R C H 10 clearing house or other association proposing to issue
such certificates, a n d further provided t h a t this perBY ADDITION OF M A T T E R I N ITALICS) 5
mission m a y be revoked in t h e event t h a t a national
_ Any national or State banking institution m a y exer- plan to meet t h e existing emergency is proposed by t h e
cise its usual banking functions to such extent as its Secretary of t h e Treasury if in his opinion t h e success
situation shall p e r m i t a n d as shall be absolutely neces- of such plan would be inconsistent with t h e operation
sary to meet t h e needs of its c o m m u n i t y for food, medi- of t h e certificate plan.
cine, other necessities of life, for t h e relief of distress, for
R E G U L A T I O N N O . 13 ( M A R C H 7) 7
t h e p a y m e n t of usual salaries a n d wages, for necessary
current expenditures for t h e purpose of maintaining emAny banking institution lawfully engaged in t h e
ployment, and for other similar essential purposes.
Banking institutions may carry out such transactions as business of acting as trustee, executor, administrator,
may be necessary to aid banking institutions
in other registrar of stocks and bonds, transfer agent, guardian
communities to meet the necessities set forth above: Pro- of estates, assignee, receiver, committee of estates of
vided, however, t h a t (1) every precaution shall be t a k e n lunatics, or in a n y other fiduciary capacity m a y conto p r e v e n t hoarding or t h e unnecessary withdrawal of tinue to t r a n s a c t such business in t h e n o r m a l a n d usual
currency; (2) no State banking institution shall engage m a n n e r ; provided t h a t in t h e conduct of said business,
in a n y transaction under this regulation which is in vio- except as m a y be p e r m i t t e d by o t h e r regulations of t h e
lation of S t a t e or Federal law or of any regulation issued Secretary of t h e Treasury, such banking institution
thereunder; (3) no national banking association shall shall not pay out or permit t h e withdrawal of coin or
engage in a n y transaction under this section which is in currency nor w i t h d r a w any t r u s t or fiduciary funds on
violation of a n y Federal law or of a n y order or regula- deposit with a n y other d e p a r t m e n t of t h e b a n k .
tion issued by t h e Comptroller of t h e Currency; a n d (4)
R E G U L A T I O N N O . 14 ( M A R C H 7)
no gold or gold certificates shall be paid out. Each
banking^ institution and its directors a n d officers will be
Federal reserve banks are authorized to conduct
held strictly accountable for faithful compliance with their normal a n d usual operations as fiscal agents of
t h e spirit a n d purpose as well as t h e letter of this t h e United States in transactions pertaining to t h e exregulation.
change of obligations of t h e United States, such as
« See interpretations No. 2 (Mar. 7), No. 5 (Mar. 8), No. 7 (Mar. 8), e See statement by the Secretary of the Treasury, (Mar. 9,) p. 16; and
No, 9 (Mar. 14), and No. 13 (Mar. 21), p 15. Regulation No. 10 revoked interpretation
No. 11 (Mar. 16), p. 15.
7
by regulation No, 28 (Mar. 18), p. 14.
Superseded by regulation No. 31 (Mar. 30), p. 14.
13
that no such institution shall pay out any gold coin,
gold bullion or gold certificates, unless authorized by
the Secretary of the Treasury, nor allow withdrawal of
any currency for hoarding, nor engage in any transaction in foreign exchange except such as may be underR E G U L A T I O N N O . 15 ( M A R C H 8)
taken for legitimate and normal business requirements,
for reasonable traveling and other personal requireThe permission granted in regulation No. 7, that ments, and for fulfillment of contracts entered into
deposits heretofore received by any banking institu- prior to March 6, 1933.
tion pursuant to agreement or legislative authority
providing for segregation and repayment without R E G U L A T I O N N O . 22 ( M A R C H 11, A S A M E N D E D M A R C H 13
restriction may be paid on demand, includes any bank
BY A D D I T I O N O F M A T T E R I N I T A L I C S )
in which any such deposits have been redeposited by
or on behalf of the receiving bank in accordance with
All Federal land banks, Federal intermediate credit
such agreement or legislative authority.
banks, joint stock land banks, Federal home loan
banks, corporations organized under section 25{a) of
the Federal reserve act, regional agricultural credit
R E G U L A T I O N N O . 16 ( M A R C H 10)
corporations and the Reconstruction Finance CorporaAll banking institutions are hereby authorized to tion are hereby permitted to open at 9 o'clock, a. m.,
take such steps and carry through such transactions as Monday, March 13, 1933, to perform their usual
may be necessary to complete for their own account, or banking functions except to the extent prohibited by
the account of their customers, payment on any sub- the Executive order of the President of the United
scriptions for Treasury bills of the United States for States, issued March 10, 1933, by Federal or State
which payment was due on March 6, 1933.
law, or as may hereafter be limited or prohibited by
regulations promulgated by the Secretary of the
R E G U L A T I O N N O . 17 ( M A R C H 10)
Treasury.
permission, as to each of the foregoing bankAny banking institution may, when the owners ingThis
institutions, may be revoked in whole or in part
consent thereto, pay checks issued prior to March 6, by the
Secretary of the Treasury at any time, and is
1933, and received in due course of business by the
as to each such institution upon the express
drawee banking institution, by charging the amounts granted
that such institution shall deliver, within
thereof to the accounts of the drawers and crediting condition
thirty days from the date hereof, to the Treasurer of
such amounts to the accounts of such owners on the the
United States or to a Federal reserve bank or a
books of the drawee banking institution.
Federal reserve branch bank of the district in which
it is located, all gold coin, gold bullion and gold certifiR E G U L A T I O N N O . 18 ( M A R C H 11)
cates owned by it, and receive payment in credit or
All banking institutions are hereby authorized to in other forms of coin or in currency.
subscribe and pay for any United States Government
R E G U L A T I O N N O . 23 ( M A R C H 12)
obligations which may be offered for subscription and
sale by the Secretary of the Treasury. Federal reserve
No
banking
shall permit any withdrawal
banks may carry on such functions as may be necessary by any person institution
when such institution, acting in good
to facilitate such transactions as are authorized by this faith,
shall deem that the withdrawal is intended for
regulation.
Any banking institution, before permitting
All Federal reserve banks are authorized to redeem hoarding.
the withdrawal of large or unusual amounts of currency,
matured obligations of the United States and to cash may
from the person requesting such withmatured coupons provided no gold or gold certificates drawalrequire
a full statement under oath of the purpose for
shall be paid out.
which the currency is requested.
making exchange of denominations, exchanging coupon for registered bonds, and vice versa, receiving
registered bonds for transfer and effecting C. P. D.
transactions.
R E G U L A T I O N N O . 19 ( M A R C H 11)
R E G U L A T I O N N O . 24 ( M A R C H 12)
Except as otherwise prohibited by law, banking
All banking institutions may cash official drafts
institutions may exercise their normal and usual func- drawn
upon the Secretary of State for payment of saltions in permitting substitution for or release of collateral held by them, provided other collateral or cash of aries, traveling and other contingent expenses but not
equal or greater value is received in exchange therefor. for personal account, and remit the amounts thereof to
the banks from which the drafts are received, provided
that no gold or gold certificates shall be paid out.
R E G U L A T I O N N O . 20 ( M A R C H 11)
R E G U L A T I O N N O . 25 ( M A R C H J3) 8
All Federal reserve banks and their branches and
agencies may open March 13, 1933, and may remain
Pending the determination by the Treasury Departopen for the performance of all usual and normal
banking functions except as prohibited by the Execu- ment of a suitable procedure for licensing the delivery
tive order issued by the President on March 10, 1933, of gold for use in trade, profession or art, Federal
and any further orders or regulations hereafter issued. reserve banks are hereby authorized to deliver upon
request therefor gold in amounts deemed by such bank
to be reasonably required for legitimate and customary
R E G U L A T I O N N O . 21 ( M A R C H 11)
uses in trade, profession or art, provided such request
Banking institutions which are not members of the is accompanied by affidavit of the person requesting
Federal Reserve System or organized under the laws of such gold stating the amount of unmanufactured gold
the United States and which are not under the immedi- on hand and the facts making it necessary to obtain
ate supervision of any State authority may, on and such gold for the purpose of maintaining employment.
after March 13, 1933, carry on their normal and usual
functions, except as otherwise prohibited and except
'Revoked b y gold regulations of A p r . 29,1933.
14
^ ' A l l b a n k s licensed to open for usual and normal | rency in the case of national banks, or by t h e a p p r o functions are p e r m i t t e d to carry out any transaction priate State officials, in the case of State m e m b e r b a n k s ;
necessary to complete t h e delivery of any gold author- j provided, however, t h a t no such banking institution
ized by any Federal reserve bank to be delivered in I shall reopen for t h e performance of its usual a n d
normal functions until it shall have received a license
accordance with such request.
from t h e Secretary of the Treasury.
R E G U L A T I O N N O . 26 (MARCH 13)
This regulation shall not authorize any transaction
with respect to the export or paying out of gold or
All banking institutions m a y issue drafts transferring gold certificates, withdrawal of currency for hoarding
credits from any place in t h e United States to any other or transactions in foreign exchange prohibited or replace in t h e United States and from any place in t h e stricted by the Executive order of March 10, 1933.
United States to any place in a foreign country in connection with p a y m e n t s for domestic and foreign patent,
R E G U L A T I O N N O . 31 (MAR. 30) n
t r a d e - m a r k a n d design application fees, and in p a y m e n t
Any banking institution which is a m e m b e r of t h e
for domestic a n d foreign p a t e n t and trade-mark taxes
and renewals. No gold or gold certificates shall be Federal Reserve System and is not licensed to perform
paid out, withdrawn, or exported under this regulation. usual banking functions, b u t which is duly authorized
to engage in t h e business of acting as trustee, executor,
REGULATION NO. 27 (MARCH 18; ISSUED U N D E R THE administrator, registrar of stocks and bonds, transfer
AUTHORITY OF T H E EXECUTIVE ORDER OF M A R C H 10 agent, guardian of estates, assignee, receiver, committee
AS W E L L AS U N D E R THE PROCLAMATIONS REFERRED of estates of lunatics, or in any other fiduciary capacity,
m a y t r a n s a c t such business in t h e normal a n d usual
TO O N PAGE 11)9
Any S t a t e banking institution which is a member of m a n n e r and m a y make p a y m e n t s on account of t h e
t h e Federal Reserve System and which is not licensed principal or income of t r u s t or other fiduciary funds
by t h e Secretary of t h e Treasury to reopen for the per- to t h e persons entitled t h e r e t o ; provided, t h a t , except
formance of usual banking functions may, witli the j to t h e extent permitted by other emergency banking
approval of t h e a p p r o p r i a t e State authority having regulations, no such banking institution shall withdraw
immediate supervision of such banking institution, or p a y out any t r u s t or other fiduciary funds on deposit
permit withdrawals by depositors and make payments with any other d e p a r t m e n t of such banking institution
to creditors of such percentage of the amounts due to or m a k e any other p a y m e n t in connection with any
t h e m (not exceeding 5 per cent) as it may determine, trust or other fiduciary funds which would operate to
provided t h a t a t or before t h e time of such withdrawal discharge, as a whole or in p a r t , any indebtedness, as
or p a y m e n t it shall set aside and make available for distinguished from any t r u s t or other fiduciary d u t y , of
such purpose a fund for t h e benefit of and sufficient to such banking institution.
This regulation supersedes emergency b a n k i n g regupay to all depositors a n d creditors the percentage so
lation N o . 13 of M a r c h 7, 1933, which is hereby revoked.
determined.
This regulation shall not in any way affect any right
R E G U L A T I O N N O . 32 (MAR. 30)
created by Regulation No. 7 nor limit or restrict any
Any State b a n k which is a m e m b e r of t h e Federal
p a y m e n t thereby authorized.
Any right to authorize withdrawals or payments Reserve System, a n d is not licensed by t h e Secretary
under t h e t e r m s of this regulation shall terminate upon of the Treasury to perform usual b a n k i n g functions,
t h e a p p o i n t m e n t of any conservator, receiver or other m a y permit withdrawals of deposits which are lawfully
a p p r o p r i a t e S t a t e official taking charge of the affairs of secured by collateral; provided, t h a t such w i t h d r a w a l s
are (a) permissible under applicable law, (b) duly
such banking institutions.
authorized by t h e Board of Directors of such b a n k ,
R E G U L A T I O N N O . 28 (MARCH 18) 10
upon such t e r m s with respect to t h e release of collateral
as will fully p r o t e c t all depositors a n d other creditors
After t h e close of business on March 18, 1933, Treas- against t h e creation of any preferences, a n d (c) a p ury regulation No. 6 and Treasury regulation No. 10, proved by t h e a p p r o p r i a t e S t a t e a u t h o r i t y h a v i n g
as amended, shall be without force or effect to authorize supervision of such bank.
any banking transaction therein referred to.
Any such b a n k is authorized to carry on such usual
banking functions as m a y be essential to allow t h e
R E G U L A T I O N N O . 29 (MAR. 21)
withdrawals p e r m i t t e d by this regulation, subject to
Any banking institution wrhich is a member of t h e the provisions a n d restrictions above set forth a n d exFederal Reserve System and is not licensed to perform cept as otherwise prohibited.
usual banking functions m a y rediscount or pledge with
another banking institution renewals of notes which S U P P L E M E N T A R Y R E G U L A T I O N A P P L I C A B L E TO F E D E R A L
R E S E R V E B A N K S (MARCH 7)
were previously rediscounted or pledged with such other
banking institution.
REGULATION NO. 30 (MAR. 28)
Banking institutions which are members of the Federal Reserve System and of which actual possession
and control h a v e been taken (a) by conservators
appointed p u r s u a n t to t h e act of March 9, 1933, or
(b) by a p p r o p r i a t e State officials appointed pursuant
to State law. as p e r m i t t e d by the President's Executive
Order of March 18, 1933, are permitted to transact
such limited banking functions as may be authorized
in accordance with law by t h e Comptroller of the Cur9
See interpretation N o . 12 ( M a r . 20), p . 15.
w See i n t e r p r e t a t i o n N o . 13 ( M a r . 21), p . 15.
Under the authority conferred upon him by
the President's proclamation of March 6, 1933,
declaring a bank holiday, the Secretary of the
Treasury on March 7, 1933, also issued the
following regulation:
E a c h Federal reserve b a n k m a y (1) m a k e available t o
its m e m b e r b a n k s which, in t h e j u d g m e n t of t h e F e d e r a l
reserve bank, are complying strictly with t h e spirit
and purpose as well as t h e letter of t h e regulations
11
Supersedes regulation N o . 13 ( M a r . 7), p . 12.
15
issued by the Secretary of the Treasury pursuant to
the President's proclamation declaring a bank holiday,
such limited amounts of coin and/or currency (other
than gold or gold certificates) as shall be absolutely
necessary in order to enable such member banks to
exercise the restricted functions permitted by such
regulations, (2) extend to each such member bank such
limited amounts of discounts, advancements and accommodations as shall be absolutely necessary for the
exercise of such restricted functions, and (3) make
transfers of credit on its books for such restricted purposes between the accounts of such member banks
and/or nonmember clearing banks which, in the judgment of the Federal reserve bank, are complying strictly
with the spirit and purpose as well as the letter of such
regulations; provided, however, that before granting
any such discounts, advancements or accommodations
or making such limited payments of coin and/or currency, the Federal reserve bank shall first require the
member bank, (a) to inform the Federal reserve bank
of the amounts of coin and currency which it has on
hand, (6) to inform the Federal reserve bank of the
circumstances giving rise to the need for additional
coin and/or currency, and (c) to deliver to the Federal
reserve bank in exchange for other forms of coin and/or
currency or for credit on its books all gold and gold
certificates held by such member bank in its own right.
The following are interpretations issued by
.
. ..
the Secretary of the Treasury
T
by the Secretary from March 7, 1933, to March
of the Treasury 2 1 , 1933, of certain of the provisions of the regulations set forth above:
INTERPBETATION NO. 1 (MARCH 7)
INTERPRETATION NO. 5 (MARCH 8)
Regulation No. 10 issued under the President's
proclamation is interpreted to authorize payments for
fertilizer and for vegetable and agricultural seeds for
spring planting, where such payments are absolutely
necessary and where the seed and/or fertilizer are for
immediate use.
INTERPRETATION NO. 6 (MARCH 8)
"Food or feed products" as used in regulation No. 6
may be construed as including whole grain if such grain
is intended for processing or consumption in the immediate future.
INTERPRETATION NO. 7 (MARCH 8)
1S
Release of funds for purchase of cotton where absolutely necessary to maintain operation is interpreted as
"necessary current expenditures for the purpose of
maintaining employment and for other similar essential
purposes."
INTERPRETATION NO. 8 (MARCH 8)
Regarding release of funds for purchase of internal
revenue stamps in connection with cigar manufacturing. Cigar manufacturing company should be referred
to collector of internal revenue.
INTERPRETATION NO. 9 (MARCH 14)
Regulation No. 10 issued under the President's
proclamation is interpreted to authorize payments for
nursery stock where such payments are absolutely
necessary to prevent destruction of stock in transit
on March 6, 1933, or prepared for and awaiting shipment on March 6, 1933, under bona fide commitments.
INTERPRETATION NO. 10 (MARCH 14)
You are authorized to inform all banking institutions
and others concerned that the term "food or feed prodThe term "mortgage loan companies," as used in
ucts" in regulation No. 6 under the President's proc- interpretation No. 3, is interpreted to include all
lamation promulgated March 6 may be interpreted corporations whose principal business consists of the
investment in, sale and purchase of real estate mortto include livestock on the way to slaughter.
gages and mortgage certificates guaranteed by such
corporations.
INTERPRETATION NO. 2 (MARCH 7)
Regulation No. 10 of March 7 under the President's
INTERPRETATION NO. 11 (MARCH 16)
proclamation of March 6 is held to authorize payments
Regulation No. 12 is not to be construed as permiton account of pensions, workmen's compensation disting a banking institution, open for normal and usual
ability insurance, relief and unemployment.
functions under license of the Secretary of the Treasury, to require depositors to accept clearing-house cerINTERPRETATION NO. 3 (MARCH 7) 12
tificates or other evidences of claims against assets for
The term " other corporations, partnerships, associa- all or any part of any withdrawal requested.
tions or persons engaged in the business of receiving
INTERPRETATION NO. 12 (MARCH 20)
deposits, making loans," as used in the President's
proclamation of March 6 declaring a bank holiday, is
Regulation No. 27 is interpreted to permit any bankheld to include brokers, pawn brokers, industrial loan ing institution acting thereunder to carry on such usual
companies, mortgage loan companies, chattel loan banking functions as may be essential to permit recompanies, personal finance companies, automobile stricted withdrawals and payments authorized by such
finance companies and all other persons, firms and cor- regulation, subject to all of the provisions and restricporations engaged in the business of making loans of tions therein contained and except as otherwise proany kind, secured or unsecured.
hibited.
INTERPRETATION NO. 4 (MARCH 8)
Regulation No. 5, dated March 6, 1933, is not to be
interpreted as permitting any banking institutions to
accept payment of any obligation not solely owned by
it in any form which is not authorized by the person
entitled to the proceeds.
12
See interpretation No. 10 (Mar. 14), p. 15.
INTERPRETATION NO. 13 (MARCH 21)
Regulation No. 28 is held not to prohibit the honoring
of checks or drafts drawn on or before March 18, 1933,
under the terms of regulation No. 6 or regulation No. 10,
as amended, subject to all the provisions and restrictions contained in such regulations and except as otherwise prohibited.
is See regulation No. 10, as amende d, p. 12.
16
During the period March 7, 1933, to March
Statements by 31> 1 9 3 3 > t h e Allowing statethe Secretary of ments, in addition to statethe Treasury
containing regulations
ments
and interpretations, were issued by the Secretary of the Treasury:
STATEMENT
BY THE
SECRETARY
MARCH 7
OF THE
TREASURY,
" I n order to facilitate the prompt dissemination of information regarding, and interpretation of, regulations issued by the Secretary of
the Treasury pursuant to the President's
proclamation, dated March 6, 1933, declaring
a bank holiday, it is requested that all inquiries
for information regarding, and interpretation of,
any of such regulations coming from banks,
banking institutions and individuals be made
direct to the Federal reserve bank in their
district. Unless such requests are covered by
interpretations previously issued by the Secretary of the Treasury, the Federal reserve banks
will secure such interpretations from the Secretary of the Treasury. All requests for any
special permission or consent required by the
regulations should be made in accordance with
such regulations."
STATEMENT
BY THE
SECRETARY
MARCH 9
OF THE
TREASURY,
" T h e President has to-day urged the immediate enactment of legislation 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 Secretary 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 make such action necessary. The regulation issued by the
Secretary March 7, 1933,14 remains effective,
granting permission to clearing house associations and other associations 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."
' step toward the solution of the financial and
banking difficulties which have confronted the
country. The extraordinary rapidity with
which this legislation was enacted by the Congress heartens and encourages the country.
"This legislation makes possible the opening
of banks upon a sound basis, backed by an
adequate supply of currency. Through this
law the banks which will open will be placed in
a position to meet all demands. This assurance should restore confidence and create the
foundation for a forward movement in business
activities.
" I t will be the policy of the Treasury to permit as rapidly as possible the opening of the
sound banks. There are, of course, many
thousands of such banks which will promptly be
restored to the performance of their normal
functions.
" T h e Treasury has already taken steps to
secure information through proper authorities
as to the condition of the various banks of the
country and immediately invites from the banks
applications for reopening.
"While much information has already been
assembled, the completion of the information
and of the arrangements of the banks for resuming their functions takes some time. I t has
therefore been decided not to authorize any
reopenings before Saturday, March 11. I t is
obvious that it will not be possible to act upon
all of the applications even by Saturday. Regulations governing reopenings and also other
subjects governed by the legislation will immediately be published/'
STATEMENT BY THE SECRETARY OF THE TREASURY,
MARCH 10
"Executive order or regulation will issue
shortly directing all banks which are members
of the Federal reserve system, desiring to reopen
for the performance of all usual and normal
banking functions, except as otherwise prohibited, to apply for a license to the Secretary
of the Treasury, applications to be filed with
the Federal reserve bank in the appropriate
district. The appropriate authority having
immediate supervision of banking institutions
in each State will be authorized under such
STATEMENT BY THE SECRETARY OF THE TREASURY, regulations as such authority may prescribe to
permit any banking institution in such State
MARCH 9
or place, other than member banks of the Fed" T h e emergency banking legislation passed eral Reserve System to perform any or all of
by the Congress to-day is a most constructive their usual banking functions, except as other14
wise prohibited."
See regulation No. 12, p. 12.
17
STATEMENT BY THE SECRETARY OF THE TREASURY,
MARCH 10
basis that will run the risk of being forced to
close again because of demands which it is not
" To the superintendents of banks of each State: in a position to satisfy."
"All banks of the country are now prohibited
OF THE TREASURY,
under the proclamation of March 9 of the STATEMENT BY THE SECRETARY
MARCH 10
President from conducting any banking busi"Under the terms of the act of March 9,1933,
ness, except as specifically authorized by rule,
regulation or license of the Secretary of the immediate action has been taken by the PresiTreasury issued under that proclamation. In dent and the Secretary of the Treasury which
view of the passage of the emergency bank bill will make possible the resumption of banking
by Congress yesterday, and under the terms of operations in substantial volume at a very early
that bill, and section 5 of the act of October date. Pending such resumption the vital needs
6, 1917, as amended by that bill, the Secretary of communities must be met. Attention of all
of the Treasury will be authorized to permit banking institutions is called to Regulation 10
any sound bank which is a member of the which is still in force and which as amended
Federal Reserve System, whether State or na- provides for cooperation between banks in
tional, to reopen for business as promptly as different communities * * *." [See Regupossible. I t is the intention of the Secretary lation No. 10, p. 12.]
of the Treasury, however, to permit no member
OF THE TREASURY,
bank to reopen at any time on a full 100 per STATEMENT BY THE SECRETARY
MARCH 10
cent basis unless or until the Secretary is satis" T h e present restrictions on gold will not
fied that such bank is a sound going institution.
Any member bank not clearly within this cate- prevent gold being available for all normal
gory will not be opened unless or until further uses in the industrial arts. Method of disinvestigation discloses that it is a sound going tribution for these purposes will be determined
institution, or unless or until a reorganization by the Treasury."
of some character will permit the bank to be
STATEMENT BY THE SECRETARY OF THE TREASURY,
classified as a sound going institution.
MARCH 10
"Any member bank not opened 100 per cent
" T h e Federal Reserve Board this morning
under this procedure will be permitted to continue to perform only such specific transactions voted to authorize the Federal reserve banks
as are now authorized or may hereafter be under the terms of section 403 of the emergency
authorized by specific regulation or license of bank act to make advances to-morrow for payroll purposes to individuals, firms, or corporathe Secretary of the Treasury.
" I n view of the fact that neither the Treas- tions on their notes secured by Government
ury nor the Federal reserve authorities have securities. The Secretary of the Treasury has
sufficient information upon which to consider issued a regulation according to the terms of
applications for reopening by such State banks the President's proclamation permitting the
as are not members of the Federal Reserve Federal reserve banks to carry on this business
System, the President will by decree authorize with the public.
"Accordingly, the Federal reserve banks
the appropriate State authorities in each State
to give licenses to banks under their jurisdic- will be open to-morrow for the purpose of making
tion other than members of the Federal Reserve loans secured by direct obligations of the
System, to open for the usual normal business, Government, as well as to conduct such other
or in their judgment, and under the terms of transactions with their member banks as may
the Presidential Proclamation, to permit of such be necessary to enable member banks to carry
reopening under such restrictions and limita- out the purposes of regulation No. 10, as
tions as they in their judgment may deem wise. amended."
I t is to be expected, however, that State superOF THE TREASURY,
intendents in granting licenses under this STATEMENT BY THE SECRETARY
MARCH 11
authority will take under consideration in
determining their own policy the general prin- "To the superintendents of banks of each State:
ciple to be adopted by the Treasury as respects
"As announced by the President this aftermember banks that in the interests of the noon, a definite program for the reopening of
depositors and of the country as a whole, only banks throughout the country has been detersound institutions will be permitted to carry mined by the Secretary of the Treasury. I n
on all of their usual functions to the end that accordance with this program, the Secretary
no bank shall be reopened for business on any of the Treasury is prepared upon application
18
through Federal reserve banks to issue to banking institutions which are members of the
Federal Reserve System, whether national or
State, located in each of the 12 Federal reserve
bank cities licenses to open Monday morning.
The Secretary of the Treasury will not issue
licenses to any member bank, State or national,
located outside those 12 cities to open before
Tuesday.
" State authorities having supervision over
banking institutions located at such cities
which are not members of the Federal Reserve
System are requested to cooperate by permitting such banking institutions to open for business on Monday morning, in all cases where
they find them qualified to do so on the basis
indicated in previous telegram of March 10.15
The Secretary of the Treasury will not permit
any member bank, State or national, to open in
any such Federal reserve city unless opened for
normal business on an unrestricted basis, except
so far as affected by legal contracts between the
banks and depositors with respect to withdrawals or notice of withdrawals.
" I n accordance with the announcement of
the President, the Secretary of the Treasury is
prepared upon application through the Federal
reserve banks to issue licenses to reopen on
Tuesday morning to Federal reserve member
banks located in any city having an active and
recognized clearing-house association, and upon
like application licenses to member banks
located elsewhere for reopening on Wednesday
morning. As previously stated, however, the
Secretary of the Treasury will not permit the
reopening of member banks, State or national,
on any of these days except on an unrestricted
basis, as above indicated. I t must be understood that the restrictions in the President's
proclamation against the payment of gold,
gold certificates or bullion or the payment of
currency for hoarding purposes and foreign
exchange transactions will apply to all banking
institutions, member and nonmember, State or
national, until further notice."
I United States Treasury. To compile and
check such a list would be a rather lengthy
process, and speed in giving the people all the
banking facilities possible and safe takes
precedence over anything else.
" T h e purpose of the banking and financial
program now in process under the Secretary
of the Treasury is to restore to the country as
promptly as possible adequate banking facilities and furnish an ample and sound currency,
and restore confidence. Such a program is
made possible by the new emergency banking
I act passed by Congress March 9.
"This act confirms and continues the
authority of the President, through such agencies as he may designate, to exercise control
over banking for the protection and benefit of
depositors and of all users of banking facilities.
By amendments to the Federal reserve act it is
made possible for Federal reserve banks to
make loans direct to corporations, firms and
individuals on their notes secured by direct
obligations of the United States Government.
There are # approximately $11,000,000,000 of
such securities outstanding with the public
other than with banking institutions. In
order to enable the reopened banks to secure
currency sufficient to meet demands, Federal
reserve banks are authorized to lend to any
member bank, regardless of its size, on sound
assets. To provide adequate Federal reserve
bank currency to satisfy the possible demands
under this program, Federal reserve banks are
authorized to issue Federal reserve bank notes,
not only against Government securities, but
also against any member bank note secured by
sound assets.
" W i t h the enlarged potential supply of currency it is possible to proceed with the program
of permitting banks to open. There is no occasion for such banks to experience any lack of
currency, and there should be an end of any fear
on that score of depositors in reopened banks.
An Executive order forbids all banks to permit
withdrawals of currency for hoarding purposes.
" I t is the intention of the Secretary of the
STATEMENT BY THE SECRETARY OF THE TREASURY, Treasury to proceed as rapidly as possible
MARCH 11
under the President's proclamation with the
"Normal banking is now in sight. I t will j licensing of the reopening of banks, both nacome as rapidly as the Treasury can authorize tional and State, which are members of the
Federal Reserve System. The appropriate State
banks to proceed.
" T h e people of every community will learn authorities may permit the reopening of the
from their local institutions when the respective State institutions. An embargo is imposed
Treasury permits have been granted. There- upon gold payments, except under license, to
fore there will not be, for the present at least, prevent gold hoarding.
"This embargo does not mean that every
any general list of the licenses issued from the
individual who happens to have one or a num15
ber of gold certificates in his roll of currency is
See statement to the superintendents of banks of each State, p. i7.
19
to be classified as a hoarder and be subjected
to invidious publicity or other penalty. The
provision is aimed at those who continue to
retain quantities of gold and thereby hinder
the Government's plans for a restoration of
public confidence.
" Already from every quarter of the Nation
is reported a large and steady current of gold
flowing back to the banks, and the people apparently will be prompt in depositing their funds
and thereby relieving themselves of the inconvenience and danger of keeping about them
large amounts of money.''
STATEMENT
BY THE
SECRETARY
MARCH 12
OF THE
TREASURY,
" T h e first duty of the banks reopening under
license of the Secretary of the Treasury for the
performance of their usual functions is to see
that the primary needs of the people for funds
for the necessaries of life and for normal business undertakings are met. Accordingly withdrawals for hoarding have been prohibited and
the Secretary of the Treasury suggests that
until more normal conditions have been established transfers of funds by banks or their
customers be limited to necessary purposes.''
STATEMENT
BY THE
SECRETARY
MARCH 13
OF THE
TREASURY,
"Banking institutions which have not yet
been permitted to reopen for normal and usual
functions are still permitted to continue to
carry on the limited activities specified by
regulations Nos. 1 to 19."
STATEMENT
BY
THE
SECRETARY
M A R C H 13
OF T H E
TREASURY
"Pending determination by the Treasury
Department upon a suitable procedure for
licensing the delivery of gold reasonably
required for legitimate and customary use in
trade, profession or art, all requests for the
delivery of gold for such purposes should be
submitted to the Federal reserve bank of the
district, accompanied by an affidavit as to the
amount of unmanufactured gold now on hand
and the facts making it necessary to obtain the
additional gold requested for the purpose of
maintaining employment. Accurate records
must be kept of the disposition of all gold which
may be released."
STATEMENT
BY THE
SECRETARY
MARCH 13
OF THE
TREASURY,
"Proceeding under the new bank conservation act, the Comptroller of the Currency has
appointed conservators for the First National
Bank of Detroit and the Guardian National
Bank of Commerce of Detroit. This course
will permit the operation of the institutions for
the purpose of receiving deposits to be segregated and kept in cash or invested in obligations of the United States or deposited with
the Federal reserve bank, and permits the conservator to set aside and make available for
withdrawal by depositors and payment to other
creditors on a ratable basis such amounts as
in the opinion of the Comptroller may safely
be used for this purpose.
" T h e placing of these banks under conservators also gives time for the development of
a satisfactory permanent plan for adequate
banking facilities for Detroit. A number of
plans have been discussed and much work has
been done, but up to date there has not been
a general agreement as to the course which will
be most advantageous for this city. The
Government of the United States is anxious
to cooperate in the carrying out of such plan
as soon as agreed upon."
STATEMENT
BY THE
SECRETARY
MARCH 13
OF THE
TREASURY,
"Responding to inquiries to-day as to what
facilities are available for enabling State banks
which are not members of the Federal Reserve
System to obtain currency to meet their needs,
Secretary of the Treasury Woodin called
attention to the statement of the President, in
his radio talk on March 12, that 'these banks
can and will receive assistance from member
banks and from the Reconstruction Finance
Corporation.' The Secretary also pointed out
that Federal reserve banks are authorized to
make advances to individuals, partnerships
and corporations on their promissory notes,
for periods not exceeding 90 days, secured by
direct obligations of the United States, and
nonmember banks may avail themselves of this
privilege. The Federal reserve banks also are
authorized, he stated, to rediscount for member banks, with their indorsement, eligible and
acceptable paper acquired from and bearing
the signature or indorsement of nonmember
banks; and to make advances to member
banks secured by other paper acquired from
nonmember banks.
" T h e Secretary said that he understands that
it is the purpose and desire of the Reconstruction Finance Corporation and the Federal
reserve banks to be as helpful as possible in
meeting the needs of the present situation."
20
STATEMENT
BY
THE
SECRETAKY
MARCH 14
OF
THE
TREASURY,
" I n response to many inquiries as to the
significance of the appointment of conservators
to banks of high repute I wish to say that there
is no deduction to be made that such banks are
necessarily in difficulties. There are a lot of
complications, some of them concerning affiliate
enterprises, which make it impractical for
banks to open to the full extent. It is for the
purpose of insuring that the banks will be put
in apple-pie order, pending reorganization or
other necessary processes that conservators in
many cases are named.
" Moreover this method makes it possible
that the bank so circumstanced will be able to
continue to render service, as for example the
receiving of deposits to be segregated and kept
in cash or invested in Government bonds and
such like securities. I t also enables the conservator to set aside and make available for
withdrawal by depositors and payment to other
creditors on a ratable basis such amounts as
in his opinion it is safe to use for this purpose."
STATEMENT
BY
THE
SECRETARY
MARCH 15
OF
THE
TREASURY,
"Passing upon applications of member banks
to reopen for normal banking functions has
taxed the personnel of the Treasury and of the
Office of the Comptroller of the Currency.
While every possible effort has been made to
act upon all applications, delay in some cases
has been found to be inevitable. In some cases,
also, steps are being taken which as soon as
completed will make it possible for reopening
to be licensed. I therefore wish to direct
especial attention to the statement of the
President in his radio address of last Sunday:
' " L e t 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 subsequent days is in exactly the same status
as the bank that opens tomorrow.'
" Additional licenses will be issued from time
to time and the public should understand that
banks hereafter licensed to be opened for normal functions are to be regarded in the same
way as if it had been possible to issue the license
by to-day."
STATEMENT
BY
THE
SECRETARY
MARCH 16
OF
THE
TREASURY,
"A number of inquiries have been made at
the Treasury Department as to whether a pro-
hibition exists upon proper commercial dealings in silver during the banking emergency.
" N o regulations have been issued restricting export or other transactions in silver, except
for limitations affecting withdrawals by depositors for hoarding and restrictions on banks not
permitted to reopen."
STATEMENT
BY T H E
SECRETARY
M A R C H 31
OF THE
TREASURY,
" U p to the close of business on Saturday,
March 25, 1933, 265 national banks with total
deposits of approximately $350,000,000 have
been reorganized or strengthened so that they
could be reopened under license to perform their
full functions and that the deposits again
become available to depositors. These results
during the 10 days from March 15 indicate the
work which is actively in process in the restoration of banks which were unable to open on the
date originally set and the constructive response
being made by stockholders and depositors. As
additional banks have been reopened they have
assumed on a sound basis the performance of
the same full functions as the banks opened on
the first days set."
On March 8, the Federal Reserve Board requested the Federal reserve banks to ' 'prepare
and forward to the board as
holders ° f
gOW
soon
as
P ° s s i b l e a f t e r March
13, 1933, as complete a list as
can be made from information you are able to
obtain of the names and addresses of all persons who have withdrawn gold from your bank
or a member bank in your district since February 1, 1933, and who have not redeposited it
in a bank on or before March 13, 1933," and
authorized them to give publicity to the request. The board also advised them that it
nad no objection to obtaining similar information from nonmember banks and information
regarding withdrawals prior to February 1.
On March 9, the board indicated t h a t the request of March 8 applied " t o both gold
coin and gold certificates." Subsequently, on
March 12 and March 18, the board extended
to March 17 and March 27, respectively, the
final date as of which the lists referred to were
to be compiled.
21
The following orders were issued by the
Secretary of the Treasury, with the approval
~ .
,. of the President, permitting
Orders regarding
. . .
.
.
territories and banking institutions in certain
insular posses- territories and insular possessions
sions of the United States to
perform all usual banking functions:
T H E C A N A L Z O N E ( M A R C H 6, 1933)
any and all extensions thereof, and/or until the further
order of the undersigned in the premises, provided,
however, that no banking institution shall pay out or
permit the withdrawal of any gold or gold certificates.
THE ISLANDS OP AMERICAN
SAMOA
( M A R C H 6, 1933)
Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive, and
wherein the Secretary of the Treasury was authorized
and empowered, with the approval of the President, to
permit, under proper regulations, certain banking
institutions to perform any and all of the usual banking functions, and it appearing
That Capt. George B. Landenberger, Governor of
American Samoa, has advised that local conditions in
the Islands justify the Secretary of the Treasury in
exempting the banking institutions therein located
from the operation of the proclamation of the President
of the United States, and that such banks are in a position and desire to continue to transact their banking
business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in the
Islands of American Samoa, be, and the same hereby
are, authorized and permitted to perform all their
usual banking functions-during the period as ordered in
the proclamation of the President of the United States
and any and all extensions thereof, and/or until the
further order of the undersigned in the premises, provided, however, that no banking institution shall pay
out or permit the withdrawal of any gold or gold certificates.
Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday, March 6, to Thursday, March 9, 1933, inclusive,
and wherein the Secretary of the Treasury was authorized and empowered with the approval of the President
to permit, under proper regulations, certain banking
institutions to perform any and all of the usual banking
functions, and it appearing
That Lieut. Col. Julian L. Schley, Governor of the
Panama Canal, Balboa Heights, Canal Zone, has advised, after consultation with the manager of the single
bank operating in the Canal Zone (which is a branch
of the Chase National Bank of New York, located in
Cristobal), that there is no necessity for the application
of the terms of the proclamation to such bank operating
in the Canal Zone, and that such bank is in a position
and desires to continue to transact its banking business
as usual, it is, therefore,
Ordered, That the banking institution, as defined in
the proclamation of the President of the United States,
operating and carrying on business in the Canal Zone,
be, and the same hereby is, authorized and permitted
to perform all its usual banking functions during the
period as ordered in the proclamation of the President
T H E P H I L I P P I N E I S L A N D S ( M A R C H 6, 1933)
of the United States and any and all extensions thereof,
Under and by virtue of the authority conferred upon
and/or until the further order of the undersigned in the
premises, provided, however, that no banking institu- the Secretary of the Treasury, by the proclamation of
tion shall pay out or permit the withdrawal of any gold the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
or gold certificates.
March 6, to Thursday, March 9, 1933, inclusive,
and wherein the Secretary of the Treasury was auT H E I S L A N D O F G U A M ( M A R C H 6, 1933)
thorized and empowered with the approval of the
Under and by virtue of the authority conferred upon President to permit, under proper regulations, certain
the Secretary of the Treasury, by the proclamation of banking institutions to perform any and all of the
the President of the United States of America issued usual banking functions, and it appearing
March 6, 1933, declaring a bank holiday from Monday,
That the Hon. Theodore Roosevelt, jr., Governor
March 6, to Thursday, March 9, 1933, inclusive, and General of the Philippine Islands, has advised, after
wherein the Secretary of the Treasury was authorized consultation with the managing officials of all banks,
and empowered, with the approval of the President, both local and foreign, located in the Philippine
to permit, under proper regulations, certain banking Islands, together with certain prominent business men
institutions to perform any and all of the usual bank- of the community and certain insular officials, that there
ing functions, and it appearing
is no present necessity for the application of the terms
That Capt. E. S. Root, Governor of Guam, has of the proclamation to the banks operating in the Philipadvised that local conditions in the Island justify the pine Islands, and that such banks are in a position
Secretary of the Treasury in exempting the banking and desire to continue to transact their banking business
institutions therein located from the operation of the as usual, it is, therefore,
proclamation of the President of the United States,
Ordered, That any and all banking institutions, as
and that such banks are in a position and desire to defined in the proclamation of the President of the
continue to transact their banking business as usual, United States, operating and carrying on business in the
it is, therefore,
Philippine Islands, be, and the same hereby are,
Ordered, That any and all banking institutions, as authorized and permitted to perform all their usual
defined in the proclamation of the President of the banking functions during the period as ordered in the
United States, operating and carrying on business in proclamation of the President of the United States and
the Island of Guam, be, and the same hereby are, any and all extensions thereof, and/or until the further
authorized and permitted to perform all their usual order of the undersigned in the premises, provided,
banking functions during the period as ordered in the however, that no banking institution shall pay out or
proclamation of the President of the United States and permit the withdrawal of any gold or gold certificates.
2:'9
THE
VIRGIN
I S L A N D S (MARCH 6, 1933)
for the application of the terms of the proclamation
to the banks operating in the Territory of Hawaii after
the close of business March 9, 1933, and that such
banks are in a position and desire to transact their
banking business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in
the Territory of Hawaii, be and the same hereby are,
authorized and permitted to perform all usual banking
functions during the period as ordered in the proclamation of the President of the United States and any and
all extensions thereof, and/or until the further order
of the undersigned in the premises, provided, however,
that no banking institution shall pay out or permit the
withdrawal of any gold or gold certificates.
Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive, and
wherein the Secretary of the Treasury was authorized
and empowered with the approval of the President to
permit, under proper regulations, certain banking
institutions to perform any and all of the usual banking
functions, and it appearing
That the Hon. Boyd J. Brown, Acting Governor of
the Virgin Islands, has advised that there is no necessity for the application of the terms of the proclamation to the banks operating in the Virgin Islands, and
that such banks are in a position and desire to transact
their banking business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
The following authorization, of March 7,
United States, operating and carrying on business in the
Virgin Islands, be, and the same hereby are, authorized 1933, was issued by the Secretary of the
and permitted to perform all usual banking functions
Treasury, with the approval of
during the period as ordered in the proclamation of the
President of the United States and any and all exten- Authority to
^ j ^ President, permitting the
sions thereof, and/or until the further order of the
Federal Reserve Bank of New
undersigned in the premises, provided, however, that gold
no banking institution shall pay out or permit the
York to ship gold earmarked
withdrawal of any gold or gold certificates.
for foreign governments and foreign banks
T H E T E R R I T O R Y O F H A W A I I (MARCH 9, 1933)
prior to March 6, 1933:
Under and by virtue of the authority conferred upon
" Under authority conferred upon me by the
the Secretary of the Treasury, by the proclamation
of the President of the United States of America President's proclamation of March 6, 1933,
issued March 6, 1933, declaring a bank holiday from declaring a bank holiday, the Federal Reserve
Monday, March 6, to Thursday, March 9, 1933, Bank of New York is authorized, in the case of
inclusive, as extended by a proclamation of the Presi- gold earmarked for foreign governments, fordent issued March 9, 1933, and wherein the Secretary
of the Treasury was authorized and empowered with eign central banks, and the Bank of Internathe approval of the President to permit, under proper tional Settlements prior to March 6, 1933, to
regulations, certain banking institutions to perform permit the export of such gold to the governany and all of the usual banking functions, and it ment or foreign bank entitled thereto under a
appearing
That the Hon. Lawrence M. Judd, Governor of the license by the Secretary of the Treasury
Territory of Hawaii, advised that there is no necessity specifically authorizing each s h i p m e n t / '
INDEX
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press statement
Accounts, special trust. (See Deposit accounts, special trust.)
Adminsitrator, banks acting as
Advances by Federal reserve banks. (See
Federal reserve banks, advances.)
Agencies of Federal reserve banks, opening of..
American Samoan Islands to perform usual
banking functions
Appropriation under emergency banking act_.
Art, gold for use in. (See Gold for use in industry, profession, or art.)
Assignee, banks acting as
Associations. (See Individuals, partnerships,
corporations, associations, etc.)
Automobile finance companies, bank holiday
applicable to
B
Bank conservation act
Bank holiday:
Declared from March 6 to March 9, 1933_.
Extended beyond March 9
Institutions included in
Purpose and scope of
Reg. 13..
Reg. 3 1 Reg. 20
Tr. Ord. 3/6..
Act, 3/9
Reg. 13Reg. 31-
Inter. 3 -
Banks, not members of Federal Reserve System or organized under laws of United States
or under State supervision (see also under
Federal Reserve System):
Currency restrictions
Foreign exchange restrictions
Gold restrictions
Opening
Banks, opening of. (See Opening of banks.)
Branch banks:
Bank holiday applicable to
Banking transactions, except gold, in
Canal Zone.
Federal reserve, opening of
Foreign, advances to
Brokers, bank holiday applicable to
Building and loan associations, bank holiday
applicable to.
Business requirements:
Foreign exchange for
Withdrawals for
Act, 3/9..
Proc. 3/6.
Proc. 3/9_
Proc. 3/6.
do—_
Proc. 3/9.
Act, 3/9..
Banking act
Banking institutions (see also Federal Reserve
System; State banks; Trust companies):
Bank holiday applicable to
Proc. 3/6
Control requested by President
Mes. 3/9
Defined
Proc. 3/6
Inter. 3
Inquiries for information from.
Tr. Stat. 3/7—
Tr. Stat. 3/13—
Not opened, limited activitiesReg. 29
Opening, program for
Pr. Stat. 3/11—
Tr. Stat. 3/11—
Banking transactions:
License to permit _
Tr. Stat. 3/10—
Exec. Ord. 3/10.
Pr. Stat. 3/11—
Tr. Stat. 3/11—
Members of Federal Reserve System and Exec. Ord. 3/10.
institutions organized under laws of
United States, Secretary of Treasury to
permit.
Nonmembers of Federal Reserve System
-doand institutions not organized under
laws of United States, supervisor to permit.
Penalties for violation
Act, 3/9..
Regulation by Secretary of Treasury au- Proc. 3/6.
thorized.
Proc. 3/9.
Suspension
Proc. 3/6.
Proc. 3/9.
Banking transactions, except gold, performed
in full:
American Samoan Islands
Tr. Ord. 3/6.
Canal Zone
do
Guam, island of
do
Hawaii
Tr. Ord. 3/9..
Philippine Islands._
Tr. Ord. 3/6..
Virgin Islands—,
.—.do
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press statement
Canal Zone to perform usual banking functionsCapital notes or debentures of State banks or
trust companies, Reconstruction Finance
Corporation authorized to purchase.
Change, making of
Chattel loan companies, bank holiday applicable to.
Checks:
Charged before March 4,1933, settlement of.
Issued prior to March 6,1933, settlement of.
Treasurer of United States, cashed by
banks.
Checks or drafts drawn before March 18, 1933,
under regulations 6 and 10, honoring of.
Cigar manufacturing, release of funds for purchase of internal revenue stamps.
Circulating note issue
__.
_.
Clearing-house association cities, opening of
banks located in.
Clearing house certificates:
Depositors not required to accept
Issuance:
Permitted
Secretary of Treasury to direct, require,
or permit.
Coin and currency (except gold), Federal reserve banks to make available to member
banks.
Collateral:
Deposited for advances to foreign and insular branches of banks.
Federal reserve bank note issue
Release permitted
Substitution permitted
C.P.D. transactions, Federal reserve banks
Committee of estates of lunatics, banks acting
(23)
Reg. 21_.
do...
do—
do—
Proc. 3/6
Tr. Ord. 3/6 __
Reg. 20
Reg. 11
Inter. 3
Proc. 3/6
Exec. Ord. 3/10Reg. 21
Tr. Stat. 3/12—
Tr. Ord. 3/6...
Act, 3/24
Reg. 1...
Inter. 3_
Reg. 8...
Reg. 17Reg. 4...
Inter. 13. .
Inter. 8—
Act, 3/9
Act, 3/24
Pr. Stat. 3/11..
Tr. Stat. 3/11..
Inter. 11
Reg. 12
Tr. Stat. 3/9..
Proc. 3/6
Sup. Reg-
Reg. 11
Act, 3/9
Act, 3/24
Tr. Stat. 3/11..
Reg. 19
do
Reg. 14
Reg. 13
Reg. 3 1 -
24
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press statement
Community needs, banking transactions neces- Reg. 10
Tr. Stat. 3/10sary to provide.
Tr. Stat. 3/12..
Reg. 28
Inter. 13
Comptroller of the Currency:
Additional powers, such as State officials Pub. Res. 2/25have.
Act, 3/9
Appointment of conservators
Regulation authorized with regard to:
Bank conservation act
Act, 3/9
Deposit receipts and withdrawals, banks Pub. Res. 3/33_
in District of Columbia.
Act, 3/9
Reorganization plan approval
Conservators:
Appointment:
Detroit banks (2)
Tr Stat. 3/13..
District of Columbia banks and trust Act, 3/9
companies.
do
National banks
State member banks
Exec. Ord. 3/18.
Duties
Act, 3/9
Penalties for violation of banks conserva- _—do
tion act.
-do..
Rights, powers, and privileges
Salary
..do..
Conservatorship:
Expenses
.do..
-doTermination
Contracts, fulfillment of:
Exec. Ord. 3/10.
Foreign exchange for_
Reg. 21
_Withdrawals for
—
Corporations organized under Federal reserve Reg. 22
act, opening of.
Corporations. (See Individuals, partnerships,
corporations, associations, etc.)
Inter. 7..
Cotton, release of funds for purchase of
Coupons, United States obligations, payment Reg. 18by Federal reserve banks.
Credit transfers:
Authority of President to regulate or pro- Act, 3/9.
hibit.
In the United States, payments for Reg. 26.
patents, etc.
Sup. Reg..
On books of Federal reserve banks
Proc. 3/6_.
Prohibited
Reg. 11--To place abroad, payments for patents, etc.
Credit unions, bank holiday applicable to
Proc. 3/6Currency:
Mes. 3/9
Additional, requested by President
Advances by Federal reserve banks._ .. Sup. Reg
Reg. I - - . ...
Exchange
Act, 3/9
Federal reserve bank note issue
Tr. Stat. 3/11Transactions prohibited during bank holi- Proc. 3/6
day.
Withdrawal for hoarding
Reg. 10
Exec. Ord. 3/10.
Reg. 23
D
Demand notes to secure advances by Federal
reserve banks:
To member banks
To nonmember banks
Deposit accounts, special trust
Deposits:
Five per cent withdrawal allowed from
State member banks not licensed to
open.
New, unrestricted
Payment prohibited
Receipts and withdrawals, banks in District of Columbia.
Receivedjafter closing hours and not entered, return of.
Act, 3/9
Act, 3/24
Proc. 3/6
Reg. 7
Reg. 15
Act, 3/9
Reg. 27
Inter. 12
Proc. 3/6
Reg. 7
Reg. 15
Act, 3/9
Proc. 3/6
Pub. Res. 3/3.
Reg. 3
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press statement
Deposits—Continued
Secured by collateral, State member banks Reg. 32..
not permitted to open, to allow withdrawals of.
Withdrawal on ratable basis from banks Act, 3/9.
under conservator.
Design application fees, drafts issued for
Reg. 26
Detroit banks (2), appointment of conservators Tr. Stat. 3/13..
for.
Discounts:
Extended by Federal reserve banks to Sup. Reg..
member banks.
Making of, prohibited
Proc. 3/6..
District of Columbia banks and trust companies:
Bank conservation act applicable to
Act, 3/9
Deposit receipts and withdrawals, regula- Pub. Res. 3/3.
tion by Comptroller of the Currency.
Documents held for safekeeping, return of
Reg. 9___.
Drafts drawn before March 18, 1933, under Inter. 13_.
regulations 6 and 10, honoring of.
Drafts in payment of:
Food or feed products shipment- Reg. 6 —
Reg. 28...
Inter. 13..
Patents and trade-marks... . Reg. 26...
Drafts, notes, etc., collateral for issue of Fed- Act, 3/9..
eral reserve bank notes.
Drafts on Secretary of State
. Reg. 24—
Earmarked gold. (See Gold coin and bullion,
earmarked.)
Earmarking of gold, silver, etc.:
Authority of President to regulate or prohibit.
Prohibited
Emergency banking act
Employment, banking transactions for maintenance of.
Executive orders:
March 10, 1933
March 18, 1933
Executor, banks acting as_
Export of gold, silver, etc., authority of President to regulate or prohibit (see also Gold
coin, bullion, and certificates, export; Silver
coin, bullion, and certificates, export).
Federal
Federal
Federal
Federal
Proc. 3/6.
do....
Act, 3/9..
Reg. 10...
Inter. 7...
Reg. 28—
Inter. 13..
Reg. 13—
Reg. 31—
Proc. 3/6.
home loan banks, opening of
Reg. 22
intermediate credit banks, opening of.
do
land banks, opening of
do
reserve bank note issue
Act, 3/9
Tr. Stat. 3/11..
Federal reserve banks:
Accommodations, extension to member Sup. Reg_.
banks.
Accounts, special trust, for new deposits- Proc. 3/6.
Reg. 7_—
Reg. 15—
Act, 3/9..
Advances:
Reg. 10
For community needs..
Reg. 28
Inter. 13
Act, 3/9
On time and demand notes
Act, 3/24
To individuals, partnerships, and cor- Act, 3/9
porations.
Tr. Stat. 3/13..
To individuals, partnerships, and cor- Reg. 10
porations for pay-roll purposes.
Tr. Stat. 3/10Reg. 28
Inter. 13
Reg. 10
To member banks.
Sup. Reg
Act, 3/9
Tr. Stat. 3/10.
Reg. 28
Inter. 13
25
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press statement
Federal reserve banks—Continued
Advances—Continued
To nonmember banks..
To State banks and trust companies,
nonmembers.
Agents of Secretary of Treasury, to receive
applications and issue licenses to open
member banks.
Bank holiday applicable to
Branches and agencies, opening of
Change, making of__
Coin and currency available to member
banks.
C.P.D. transactions.
Coupons of United States obligations, payment of.
Credit transfers between banks
Tr. Stat. 3/13
Act, 3/24
Act, 3/24
Exec. Ord. 3/10-
Page
19
6
6
8
Proc. 3/6
Reg. 20
Reg. 1
Sup. Reg
2
13
11
14
Reg. 14
Reg. 18
12
13
Sup. Reg
Proc. 3/6
Reg. 7_.
Reg. 15
Act, 3/9
Sup. Reg
Discounts to member banks
Federal reserve bank note issue
Act, 3/9
Tr. Stat. 3/11—.
Fiscal agents of United States, transactions. Reg. 14
Foreign exchange transactions, report of— Exec. Ord. 3/10..
Gold deliveries for use in industry, pro- Reg. 25
Tr. Stat. 3/13—
fession, or art.
Gold withdrawers, February 1 to March
27, 1933.
Tr. Stat. 3/7
Inquiries for information made to
Licenses for opening member banks, agents Exec. Ord. 3/10..
of Secretary of Treasury to issue.
Loans. (See Advances, above.)
Reg. 18
demption of.
Reg. 20
United States obligations, transactions i n . . Reg. 14
Reg. 18
Federal Reserve System:
Members:
Advances by Federal reserve banks:
Sup. Reg
For community needs
Reg. 10
Reg. 28
_
Inter. 13
Act, 3/9
On time and demand notes
Banking transactions permitted by Proc. 3/6
Secretary of the Treasury under Act, 3/9
Exec. Ord. 3/10..
regulations.
Credit transfers on books of Federal Sup. Reg... . . .
reserve banks.
do
Discounts extended by Federal reserve
banks.
Not licensed to open:
Reg. 31
Tr. Stat. 3/10—
Limited banking functions
Reg. 30
Reg. 29..
Note renewals
Tr. Stat. 3/10—
Exec. Ord. 3/10„
Tr. Stat. 3/10—
Pr. Stat. 3 / 1 1 —
Tr. Stat. 3/11—
Under conservator, license to open Reg. 30
required.
Nonmembers:
Advances by Federal reserve b a n k s . . . Tr. Stat. 3/13—
Act, 3/24
Advances by members of Federal Tr. Stat. 3/13—
Reserve System.
Deposit accounts, temporary, in Fed- Reg 7
eral reserve banks.
Tr. Stat. 3/10—Exec. Ord. 3/10Tr. Stat. 3/10—
Pr. Stat. 3 / 1 1 —
Reg. 21
Tr. Stat. 3/11
Reserve balance with Federal reserve Act, 3/24
bank during existence of loan.
'
Proclamation,
Presidential
message, act,
Executive order,
regulation,
Page
interpretation,
Treasury order,
or press statement
14
2
11
13
4
14
5
18
12
8
13
19
20
16
8
13
13
12
13
14
12
14
15
6
2
3
7
14
14
14
17
14
14
16
8
17
8
18
14
19
6
19
12
16
7
17
8
13
18
6
Federal Reserve System—Continued
State bank members, not licensed to open:
Conservators appointed by State
authorities.
Deposits secured by collateral, withdrawal of.
Five per cent deposit withdrawals permitted.
Limited banking transactions.
Fertilizer, release of funds for purchase of
Exec. Ord. 3/18-
11
Reg. 32
14
Reg. 27
Inter. 12
Reg. 30—
Inter. 5
Reg. 28
Inter. 13
Fiduciary, banks acting as
Reg. 13—
Reg. 31— _
Finance companies, bank holiday applicable to. Inter. 3
First National Bank of Detroit, conservator
appointed
- Tr. Stat. 3/13—
Fiscal agents of United States, Federal reserve Reg. 14
bank transactions.
Food, banking transactions necessary to pro- Reg. 10—
vide.
Reg. 28—
Inter. 13.
Food or feed products:
Grain, whole.
._
-_ Inter. 6—
Livestock on way to slaughter
Inter. 1
Transactions necessary for shipment, e t c . . Reg. 6
Reg. 28
Inter. 13_.
Foreign branches of banks, collateral for ad- Reg. 11
vances to.
Foreign exchange transactions:
Authority of President to regulate or pro- Proc. 3/6_
hibit.
Contract fulfillment
Exec. Ord. 3/10. _
do
Personal requirements
Prohibited
Proc. 3/6
Reports by Federal reserve banks
Exec. Ord. 3/10. _
do
do.
Traveling requirements.
G
Gold coin and bullion, earmarked, authority of Tr. Auth. 3/7_„.
Federal Reserve Bank of New York to ship.
Gold coins and certificates, names of persons
withdrawing.
Gold coin, bullion, and certificates (see also
Gold coin and bullion):
Authority of President to regulate or pro- Proc. 3/6
hibit transactions.
Delivery by:
Federal land banks, intermediate credit Reg. 22
banks, joint stock land banks, home
loan banks, corporations, etc.
Individual, partnerships, associations, Act, 3/9
and corporations, authority of Secretary of Treasury requiring.
Proc. 3/6
Earmarking
Exchange for other currency
Act, 3/9_
Proc. 3/6_
_
Exec. Ord. 3/10. .
Proc. 3/6
__
Hoarding, prevention ofExec. Ord. 3/10._
Melting, authority of President to regulate or Proc. 3/6
prohibit.
Names of persons withdrawing
.
Proc. 3/6
Reg. 10
Exec. Ord. 3/10.Act, 3/9
Penalty for violation as to delivery
_
Transactions, authority of President to reg- Proc. 3/6
ulate or prohibit.
doTransportation costs paid by Secretary of Act, 3/9
—
Treasury.
Proc. 3/6
_
Exec. Ord. 3/10. .
Gold for use in industry, profession or art:
Reg. 25
Tr. Stat. 3/13.—
Records of disposition
_
Tr. Stat. 3/10—
Restrictions not applicable to
Requests for, to be sent to Federal reserve Tr. Stat. 3/13—
banks.
14
15
14
15
14
15
12
14
15
19
12
12
14
15
15
15
11
14
15
12
1
8
8
2
8
8
8
22
20
1
13
3
2
3
2
8
2
8
1
20
2
12
8
3
1
2
3
2
8
13
19
17
19
26
Proclamation,
Presidential
message, act,
E x e c u t i v e order,
regulation,
interpretation,
T r e a s u r y order,
or press s t a t e ment
G o v e r n m e n t obligations. (See U n i t e d States
obligations.)
G r a i n , whole, i n c l u d e d i n " f o o d or feed products".
G u a m to perform u s u a l b a n k i n g functions
G u a r d i a n N a t i o n a l B a n k of C o m m e r c e of D e troit, conservator a p p o i n t e d .
G u a r d i a n of estates, b a n k s acting as
Page
L o a n businesses, t y p e s to w h i c h b a n k h o l i d a y
applies.
L o a n s , m a k i n g of, p r o h i b i t e d
Inter. 6
T r . Ord. 3/6...
T r . S t a t . 3/13..
M e d i c i n e , b a n k i n g t r a n s a c t i o n s necessary to
provide.
Reg. 13_.
Reg. 3 1 -
M e l t i n g of gold, silver, etc., a u t h o r i t y of Presid e n t to regulate or p r o h i b i t .
M o r t g a g e loan c o m p a n i e s :
B a n k h o l i d a y applicable to
Defined
T r . Ord. 3/9_
P r o c . 3/6.
F o r pay-roll p u r p o s e s .
B a n k h o l i d a y applicable to_.
N a t i o n a l b a n k i n g associations (see also under
Federal Reserve System):
B a n k conservation act applicable to
B a n k h o l i d a y applicable to
B a n k i n g t r a n s a c t i o n s to m e e t c o m m u n i t y
C o m p t r o l l e r of C u r r e n c y to exercise a d d i tional powers w i t h respect t o .
Conservators
Preferred stock a u t h o r i z e d
Reconstruction Finance Corporation to
subscribe to or loan on preferred stock.
Reorganization
Reorganized a n d opened, M a r c h 15 to 25,
1933.
Necessities of life, b a n k i n g t r a n s a c t i o n s necess a r y to provide.
Act, 3/9
T r . Stat. 3/13—.
Reg. 10
T r . Stat. 3/10—
Reg. 28
I n t e r . 13
Proc. 3/6
Inter. 3
Exec. Ord. 3/10.
Act, 3/9
E x p o r t or w i t h d r a w a l of gold b y
Gold coin, bullion, a n d certificates, delivery b y .
I n q u i r i e s for information
T r . Stat. 3/7..
I n d u s t r y , gold for use in. (See Gold for use in
i n d u s t r y , profession, or art.)
I n d u s t r i a l loan c o m p a n i e s , b a n k h o l i d a y appli- I n t e r . 3
cable to.
I n q u i r i e s for information to be m a d e to Federal T r . Stat. 3/7reserve b a n k s .
I n s u l a r possessions:
Proc. 3/6
B a n k holiday applicable to
T r . Ords. 3/6.
B a n k i n g t r a n s a c t i o n s , except gold
T r . Ord. 3/9..
B r a n c h b a n k s i n , a d v a n c e s to
Reg. 11
I n t e r n a l r e v e n u e s t a m p s , release of funds for I n t e r . 8
p u r c h a s e of.
Interpretations
J o i n t stock l a n d b a n k s , opening ofLegislation:
P u b l i c N o . 1, b a n k i n g act
P u b l i c N o . 4, a m e n d m e n t to b a n k i n g act
p r o v i d i n g for direct loans b y Federal reserve b a n k s to S t a t e b a n k s or t r u s t companies.
P u b l i c R e s o l u t i o n 58, a d d i t i o n a l powers
for C o m p t r o l l e r of t h e C u r r e n c y w i t h respect to n a t i o n a l b a n k s .
P u b l i c R e s o l u t i o n 70, C o m p t r o l l e r of t h e
C u r r e n c y to prescribe regulations for
b a n k s m t h e D i s t r i c t of C o l u m b i a .
Licenses:
A p p r o v e d b y Congress
A u t h o r i t y for
O p e n i n g of b a n k s
L i v e s t o c k on w a y to slaughter, included in
"food or feed p r o d u c t s . "
Reg. 22..
Act, 3 / 9 . .
Act, 3/24.
P u b . Res. 2 / 2 5 .
P u b . Res. 3 / 3 . . .
Act, 3/9
Proc. 3/6
T r . S t a t . 3/10—
Exec. Ord. 3/10.
T r . Stat. 3/10...
P r . Stat. 3/11—
T r . S t a t . 3/11...
T r . S t a t . 3/15
Inter. 1
15
P r o c . 3/6
2
Reg. 1 0 „
Reg. 2 8 . .
I n t e r . 13.
P r o c . 3/6.
12
14
15
1
Inter. 3 . .
I n t e r . 10.
15
15
Act, 3/9
Proc. 3/6
Reg. 10
Reg. 28
I n t e r . 13
P u b . R e s . 2/25.
4
2
12
14
15
1
N
do
.._.
Reg. 10
do
Exec. Ord. 3/10.
Reg. 21
Reg. 23
T r . S t a t . 3/12...
T r . Stat. 3/16—
I
I n d i v i d u a l s , p a r t n e r s h i p s , corporations, associations, etc.:
A d v a n c e s b y F e d e r a l reserve b a n k s :
Authority
Inter. 3 . .
M
H
H a w a i i to perform u s u a l b a n k i n g functions
Hoarding:
Gold, silver, etc.:
A u t h o r i t y of P r e s i d e n t t o regulate or
prohibit.
Restrictions
P r e c a u t i o n s b y b a n k s to p r e v e n t
W i t h d r a w a l s for
Proclamation,
Presidential
message, act,
E x e c u t i v e order,
regulation,
interpretation,
T r e a s u r y order,
or press s t a t e ment
2
21-22
22
12
15
15
N o n s u p e r v i s e d b a n k i n g i n s t i t u t i o n s , opening
of.
N o t e s or d e b e n t u r e s of S t a t e b a n k s or t r u s t
companies, R e c o n s t r u c t i o n F i n a n c e Corpor a t i o n a u t h o r i z e d to p u r c h a s e .
N o t e s , drafts, etc., collateral for issue of F e d eral reserve b a n k notes.
N o t e s , rediscounting a n d pledging of renewals
b y b a n k s n o t licensed to open.
N u r s e r y stock, release of funds for p u r c h a s e of-
Obligations of U n i t e d States. (See U n i t e d
States obligations.)
Obligations p a y a b l e a t b a n k s , acceptance of
p a y m e n t s on.
O p e n i n g of b a n k s :
A u t h o r i t y requested b y P r e s i d e n t
Clearing-house association cities
Corporations organized u n d e r t h e F e d e r a l
reserve act.
F e d e r a l home-loan b a n k s
Federal intermediate-credit banks
Federal land banks
F e d e r a l reserve b a n k agencies.,
F e d e r a l reserve b a n k b r a n c h e s
F e d e r a l reserve b a n k cities
F e d e r a l reserve b a n k s
Joint-stock l a n d b a n k s
M e m b e r s of F e d e r a l reserve s y s t e m -
N a t i o n a l b a n k i n g associations (see also
M e m b e r s , above)
N o n m e m b e r s of F e d e r a l R e s e r v e S y s t e m -
Act, 3/9.
do..
do...
4
5
5
do
T r . Stat. 3/31..
4
20
Reg. 10
Tr. Stat. 3 / 1 0 —
I n t e r s . 2, 5, a n d
7.
T r . S t a t . 3/12____
Reg. 28
I n t e r . 13
Reg. 21
12
17
15
19
14
15
13
A c t , 3/24.
Act, 3/9
T r . S t a t . 3/11
Reg. 29
5
18
14
Inter. {
Reg. 5 . . .
I n t e r . 4_.
11
15
M e s . 3/9
P r . S t a t . 3/11—
T r . S t a t . 3/11...
R e g . 22
18
13
do
„__do
....do
doReg. 20
P r . S t a t . 3/11
T r . S t a t . 3/11
Reg. 20
__.
Reg. 22
Tr. Stat. 3/10—
Exec. Ord. 3/10.
Tr. Stat. 3/10—
P r . S t a t . 3/11
T r . S t a t . 3/11
13
13
13
13
13
8
17
13
13
16
7
17
8
17
Tr. Stat. 3 / 3 1 —
T r . S t a t . 3/10—.
Exec. Ord. 3/10.
Tr. Stat. 3/10—
P r . S t a t . 3/11
Tr. Stat. 3 / 1 1 —
Reg. 2 1 . . _
20
16
7
17
8
18
13
27
Proclamation,
Presidential
message, act,
Executive order,
Page
regulation,
interpretation,
Treasury order,
or press statement
Opening of banks—Continued
Nonsupervised banking institutions
Program for
13
Reg. 21
8
Pr. Stat. 3/11
17
Tr. Stat. 3/11
13
Reg. 22_
Reconstruction Finance Corporation
13
do
Regional agricultural credit corporations _ _
Secretary of Treasury authorized to permit
members of Federal Reserve System and
banks organized under laws of United
Exec. Ord. 3/10..
States to perform banking functions
7
Tr. Stat. 3/10.—
16
17
do
Pr. Stat. 3/11
8
Tr. Stat. 3/11
17
18
do
Supervisors of State banks, etc., authorized
to permit State banks, nonmembers of
Federal Reserve System, etc., to perform
7
banking functions.
__
. . Exec. Ord. 3/1016
Tr. Stat. 3/10—
Trust companies. (See Nonmembers,
above).
Orders:
Act, 3/9
3
Approved by Congress
Regarding territories and insular possesTr. Ords. 3/6
21-22 |
22
Tr. Ord. 3/9
P
Partnerships. (See Individuals, partnerships,
corporations, associations, etc.)
14
Patents, foreign and domestic, drafts issued for. Reg. 26
Inter. 3 _.
15
Pawnbrokers, bank holiday applicable to
12
Pay rolls, advances for
Reg. 10
Tr. Stat. 3/10_.__
17
14
Reg. 28
15
Inter. 13
Penalties for violation as to:
Act,
3/9
5
Bank conservation act . .
..
_. . .
do
3
Conservators
do
Gold:
5
do
D elivery to Treasurer
3
Restrictions
_
. Proc. 3/6
1
Regulations, licenses, orders, etc
3
Act, 3/9
Silver restrictions
Proc. 3/6
Pensions, payments on account of
Inter. 2
1
Reg. 28
15
Inter. 13
14
Personal finance companies, bank holiday ap- Inter. 3.
_.
15
plicable to.
15
Personal requirements, foreign exchange per- Exec. Ord. 3/10._
8
Reg. 21
...
13
Philippine Islands to perform usual banking Tr. Ord. 3/6
21
functions.
Pledging of renewals of notes by banks not Reg. 29..
14
licensed to open.
Preferred stock:
Act,
3/24
Double liability, State banks and trust
7
companies, no subscriptions by R.F.C.
National banks:
Holders not liable for debts, assess- Act, 3/9
5
ments to restore capital, etc.
Issue authorized
.
do
5
do
R.F.C. authorized to subscribe for or loan
5
Act, 3/24
on
7
President:
Address over radio
9
Executive orders
7,11
Message to Congress
2
Proclamations.
1,7
Statement
8
Proclamations:
3
Act, 3/9
Approved by Congress
March 6, 1933, bank holiday
1
March 9, 1933, continuing bank holiday._.
7
Profession, gold for use in. (See Gold for use in
industry, profession, or art.)
R
Receiver, banks acting as
Reconstruction Finance Corporation:
Notes or debentures of State banks or trust
companies, authorized to purchase.
Reg. 13
Reg. 31
12
14
Act, 3/24
7
Proclamation,
Presidential
message, act,
Executive order,
Page
regulation,
interpretation,
Treasury order,
or press statement
Reconstruction Finance Corporation—Contd.
Obligations authorized increased in amount
Opening of__
.
Preferred stock of banks, purchase of or
loans on.
Redeposits by banks of deposits, payment of__
Rediscounting of renewals of notes by banks
not licensed to open.
Regional agricultural credit corporations,
opening of.
Registrar of stocks and bonds, banks acting a s . .
Regulations:
Approved by Congress
_ __
Authority for
__
Nos. 1 to 32 and supplementary regulationRelief and unemployment, payments on account of.
Relief of distress, banking transactions necescessary to provide.
Reorganization of banks:
Approval of plan by Comptroller of Currency.
Authority requested by PresidentBank conservation act
National banks reopened, March 15 to 25,
1933.
S
Safekeeping, documents and securities held
for, return of.
Salaries and wages, banking transactions necessary to meet.
Samoa. (See American Samoan Islands.)
Savings banks, bank holiday applicable to
Secretary of the Treasury:
Securities held for safekeeping, return of _
Seeds, vegetable and agricultural, release of
of funds for purchase of.
Segregated deposits. (See Deposit accounts,
special trust.)
Silver coin, bullion, and certificates:
Authority of President to regulate or prohibit transactions.
5
13
5
7
13
14
Act, 3/9
Reg. 22
Act, 3/9
Act, 3/24
Reg. 15
Reg. 29
Reg. 22
13
Reg. 13
Reg. 31.
12
14
Act, 3/9.
Proc. 3/6
3
1
11-15
15
14
15
12
14
Inter. 2
Reg. 28
Inter. 13. _.
Reg. 10
Reg. 28
Act, 3/9.
4
Mes. 3/9
__„
Act, 3/9
Tr. Stat. 3/31_
2
4
20
Reg. 9
12
Reg. 2
do
Reg. 10
Reg 28
Inter. 13
11
11
12
14
15
Proc. 3/6
Reg. 24. .
2
13
Reg. 9
Inter. 5
Reg. 28
Inter. 13
22
15
21-22
11-15
16-20
12
15
14
15
Proc. 3/6
do
Act, 3/9
Proc. 3/6
__
Export
.
Act, 3/9
Tr. Stat. 3/16....
Hoarding, prevention of
_
_ Proc. 3/6
Tr. Stat. 3/16—
Melting, authority of President to regulate Proc. 3/6
or prohibit.
do
Payment
do
Transactions, authority of President to
regulate or prohibit.
do
Withdrawal
do
Silver export and commercial transactions, re- Tr. Stat. 3/16—
strictions for hoarding and on banks not
open.
Speculation in foreign exchange (see also For- Proc. 3/6
eign exchange transactions).
State banks (see also under Federal Reserve
System):
Banking transactions to meet community Reg. 10
needs.
Reg. 28
Inter. 13—
Capital notes or debentures to be pur- Act, 3/24_._
chased by Reconstruction Finance Corporation.
Nonmembers of Federal Reserve System:
Advances by Federal reserve banks. ._ Tr. Stat. 3/13—
Act, 3/24
1
2
3
2
3
20
2
20
1
2
1
2
2
20
1
12
14
15
7
19
6
28
Proclamation,
Presidential
message, act,
E x e c u t i v e order,
regulation,
interpretation,
T r e a s u r y order,
or press statement
State banks—Continued
N o n m e m b e r s of F e d e r a l R e s e r v e S y s t e m Continued
Banking transactions authorized b y
a u t h o r i t i e s h a v i n g s u p e r v i s i o n of.
C u r r e n c y r e q u i r e m e n t s a v a i l a b l e from
member banks and Reconstruction
Finance Corporation.
R e s e r v e balance w i t h F e d e r a l reserve
b a n k d u r i n g existence of loan.
O p e n i n g oL_ __.
- __
Preferred stock to b e s u b s c r i b e d for or
l o a n e d on b y R e c o n s t r u c t i o n F i n a n c e
Corporation.
Proclamation,
Presidential
message, act,
E x e c u t i v e order,
regulation,
Page
interpretation,
T r e a s u r y order,
or press s t a t e ment
Page
U
U n e m p l o y m e n t , p a y m e n t s on a c c o u n t of
T r . S t a t . 3/10
Exec. Ord. 3/10T r . S t a t . 3/13
Act, 3/24
Tr. Stat. / 3 1 0 —
Exec. Ord. 3/10Tr. Stat. 3 / 1 0 —
P r . S t a t . 3/11
T r . S t a t . 3/11
Act, 3/9
Act, 3/24
16
8
19
6
16
17
8
18
5
U n i t e d Stales obligations:
Collateral for issue of Federal reserve b a n k
notes.
C . P . D . transactions
..
Coupons, p a y m e n t b y Federal reserve
banks
Deposits in special t r u s t accounts i n v e s t e d
in.
E x c h a n g e b y Federal reserve b a n k s .
M a t u r e d , r e d e m p t i o n b y F e d e r a l reserve
banks.
Security for a d v a n c e s b y Federal reserve
b a n k s to i n d i v i d u a l s , etc.
Territories:
B a n k h o l i d a y applicable t o
B a n k i n g t r a n s a c t i o n s , except gold
_ _
15
14
15
Act, 3/9.
5
Reg. 14
Reg. 18.
12
13
Proc
Reg.
Act,
Reg.
Reg.
2
11
4
12
13
3/6
7
3/9.
14
18
Act, 3/9.
. .
Reg 10
Tr. Stat. 3 / 1 0 —
Reg. 28
Subscriptions for a n d p a y m e n t s b y b a n k s . Reg. 18
T r a n s a c t i o n s b y Federal reserve b a n k s . __ Reg. 14 ._
T r e a s u r y bill s u b s c r i p t i o n p a y m e n t s al- Reg. 16
lowed.
V
T
2
-- P r o c . 3/6
T r . Ords. 3 / 6 . — 21-22
T r . Ord. 3/9
22
T i m e notes t o secure a d v a n c e s b y Federal reserve b a n k s :
Member banks
_ - Act, 3/9
6
6
Nonmember banks
_ __
_ _ _ _ Act, 3/24
14
T r a d e - m a r k s , foreign a n d domestic, drafts is- Reg. 26
s u e d for.
12
Reg. 13
Reg. 31
14
Traveling requirements:
Reg. 24
_ .
13
8
Exec. Ord. 3/10Foreign exchange
Reg. 21
13
11
T r e a s u r e r of U n i t e d States, checks cashed b v Reg. 4
banks.
13
T r e a s u r y bills, p a y m e n t on s u b s c r i p t i o n s f o r . . Reg. 16
T r u s t accounts, special, for n e w deposits. (See
Deposit accounts, special t r u s t . )
T r u s t c o m p a n i e s (see also u n d e r F e d e r a l Reserve S y s t e m ) :
Act, 3/24
6
A d v a n c e s b y Federal reserve b a n k s
Proc. 3/6
2
C a p i t a l notes or d e b e n t u r e s to b e pur- Act, 3/24
7
chased b y R e c o n s t r u c t i o n F i n a n c e Corporation.
Preferred stock to b e s u b s c r i b e d for or Act, 3/9
5
loaned on b y R e c o n s t r u c t i o n F i n a n c e
7
Act, 3/24
Corporation.
6
Reserve balance w i t h F e d e r a l reserve
Act, 3/24
b a n k d u r i n g existence of loan.
12
T r u s t or other fiduciary business t r a n s a c t i wis
Reg. 31
13 .
14
Reg.
12
Reg. 13
14
Reg. 31
. . . I n t e r . 2__
Reg. 28 _
Inter. 13...
6
12
17
14
13
12
13
Virgin Islands to perform u s u a l b a n k i n g functions.
W
T r . Ord. 3/6.
22
Wages a n d salaries, b a n k i n g t r a n s a c t i o n s necessary to m e e t .
Reg. 10
Tr. Stat. 3/10—.
Reg. 28
I n t e r . 13_
12
17
14
15
Reg. 21
13
Withdrawals:
F o r fulfillment of c o n t r a c t s e n t e r e d into
prior to M a r c h 6, 1933.
Reg. 10
Exec. Ord. 3 / 1 0 Reg. 21
Reg. 23
T r . S t a t . 3/12
Tr. Stat. 3 / 1 6 —
F o r s h i p m e n t of food a n d feed p r o d u c t s . _. Reg. 6
Reg. 28
F r o m special t r u s t a c c o u n t s for n e w Reg. 7
deposits.
F r o m S t a t e b a n k s n o t licensed to o p e n :
Deposits secured b y collateral_ _. Reg. 32
F i v e per cent of a m o u n t s d u e depositors Reg. 27
a n d creditors.
I n t e r . 12—
S t a t e m e n t of p u r p o s e for w h i c h required__ Reg. 23
T r u s t or fiduciary funds.
Reg. 13
W o r k m e n ' s c o m p e n s a t i o n disability insur- I n t e r . 2 .
ance, p a y m e n t s on account of.
Reg. 28
I n t e r . 13
o
12
8
13
13
19
20
11
14
11
14
14
15
13
12
15
14
15
@FedFRASER