Word: moratorium
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...White House-to pay the visit of courtesy due on the day before inauguration. Courtesies passed-and were forgotten. What to do about the banks? Citizen Roosevelt sent for Professor Moley, President Hoover for Secretary Mills. Four heads were put together. Messages from Governors were urging a national banking moratorium. Citizen Roosevelt was willing the President should proclaim it. President Hoover was not. Should the Government guarantee 50% of all bank deposits? President Hoover was willing to send an emergency message to Congress. Citizen Roosevelt was not. An hour and a half passed. They parted. Nothing was done...
...them till 5 p.m., then retired to the Congress Hotel to sleep. At 1:45 a.m. he was aroused by telephone and taxied back to the Reserve Bank on South LaSalle Street. Shortly afterward a long distance telephone call announced that Governor Lehman had declared a two-day banking moratorium in New York. Governor Horner followed suit: the two Jewish Governors had the unhappy distinction of closing the banks of the country's two largest financial centres...
Although the Michigan moratorium was officially over, Governor Comstock imposed such drastic restrictions on withdrawals that actually the holiday was extended indefinitely. These were limited to a depositor's pro rata share of a bank's cash and government bonds, thus anticipating the "Michigan Plan" (not yet enacted) of segregating liquid and frozen assets. All out-State institutions opened for what business they could do, but in Detroit, a man could draw out only 5% of his deposits...
Maryland. The moratorium that closed 200 Maryland banks and tied up nearly a billion dollars in resources was decreed by Governor Ritchie because of: 1) the after-effects of the Michigan shutdown; 2) the National City disclosures before the Senate; 3) a silent run that was taking $6,000,000 per day from Baltimore banks. Declared Governor Ritchie: "There is no justification for the withdrawals. . . . My determination is that first, last and all the time the interests of the depositors must be protected." To that end he worked night & day to draft and get the Legislature to pass what...
Ohio's Governor White, refusing to declare a bank holiday, prepared legislation to hold withdrawals down to the level of the liquid assets. On his own hook the Mayor of Dayton ordered a three-day moratorium. In Cleveland, Akron, Lima, Canton, and many a smaller city, bankers agreed among themselves to limit withdrawals to a mere dribble of cash. The good-natured, holiday-spirited crowd which thronged the great lobby of Cleveland's Union Trust Co. to get what money it could was typical of similar gatherings in hard-hit States...