Evening star., 1932-03-06
$3.50, 900, 900 FREED
ON EVE OF DRIVE
AGAINST BOARDING
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and backed by the Federal Government
were designed as the perfect investment
for the overcautious. They range in
face value from $50 upward and GO on
sale in thousands Of banks throughout
America March IA.
Hoover on Radio.
Through the press, from the pulpit
and over the air the campaign goes
into full swing tomorrow. From Wash
ington, D. c., President Hoover will
urge in q radio address that the public
reassert its confidence. Direct appeals
against boarding will be made on the
same program by Secretary Mills of
the Treasury, Gen. Charles G.. Dawes
and Senator Joseph E. Robinson of
Arkansas.
Chairman Knox issued a statement
tonight declaring the anti-hoarding
drive already had met with great sue
cess and pointing out that restoration
OF public confidence was its main OBJ
1ect. His statement read:
1t cannot be emphasized too often
that the measure of success of the
Citizens Reconstruction Organization is
not the number of reconstruction bonds
that are sold. but rather the extent TO
which we will be able to re-eStablish
the confidence of the people, rekindle
their faith in the future of the country.
and restore their normal habits in the
conduct of their financial affairs.
"A true measure of the success of
the entire campaign will be found in
the increase in bank deposits, because
every dollar of this increase will repre-
sent a dollar taken out of hiding.
Therefore, it is gratifying to know that,
whereas more than $300, 900. 900 were
Withdrawn in January by depositors for
boarding purposes, in the first three
weeks IN February the tide was COM
pletely turned, Withdrawals for hoard
ing purposes ceased and flow of cur
rency back into the banks was ac-
complished to the extent of more than
100000, 900.
Pre-Campaign Efforts.
Il should not be surprised If, when
the report for the final week in Febru-
ary is in, we will by the activities of
this organization have brought back into
active use fully half of all the money
withdrawn for boarding during Janll-
ary. This remarkable accomplishment
was brought about wholly during a
period Of organization of the campaign
with its attendant publicity. The actual
organized effort to get hidden money
back into circulation does not begin
until Monday, March Z.
II would like to take this opportunity
to express on behalf of the Executive
Committee a deep appreciation of the
cooperation we have received from all
classes of people in almost every COM
munity in the United States. The in
spring thing to me about this cam
paign has been the eagerness of the
people to help.
Apparently every one was just wait
ing to go and all that was necessary
was to provide a tangible objective,
and when the American people are il
that mood there Is only one answer,
victory!"
Even some of the larger sized bank
notes outmoded in 1929 are coming
back to the banks, Knox said, proving
that many persons who have boarded
them two years have put them to work.
Can Give Dollars Work.
I'VE don't mind where they go to
work or how they go to work." he
said, ''just SO they go to work. If own
ers of idle, hidden dollars do not want
to employ them in normal ways, Uncle
Sam will give them job, and pay
them wages, too"
If these bonds are no good, your
money is no good" the hoarders will
be told by the organizations statesmen.
Their issue was designed as a last re-
sort to force the overcautiouS to bring
out their cash.
Eighty thousand men and seventy
thousand women will take the field IN
Cook County alone, the organization
reported. This intensive field force
will be duplicated all over the country.