Evening star., 1933-03-12
ROOSEVELT LAUDED
FOR BANK REFORM
Won Victory in Week Marking
Tooth Anniversary of Jack
sons Triumph.
BY FREDERIC WILLIAM VILE.

VAAAAhlV "AAkAs
One hundred years ago, to the week /
In March, 1333-Andrew jackson, at
the outset of his second term in the
White House, was in the midst of his
ferocious and eventually triumphant
campaign to abolish the Bank OF the
United States. Today-March, 1888
another Democratic President, Frank
lin D. Roosevelt, is fitting at the bank
ing situation, but not from the same
motives that inspired "Old Hickory" nor
against the stubborn and bitterly par
tisan opposition which President jack
son had to combat. Today's Democratic
Chief Executive is battling for banking
reform in the name and with the un-
limited authority Of the entire country.
The peace-time annals of the Union
are searched in vain not only for a
parallel to the drastic financial Dictator
ship vested in Franklin D. Roosevelt,
but to the whole-hearted unanimity
with which it was granted and the popu-
lar enthusiasm that accompanies its
enactment Partisanship has vanished
as completely at washington as 1t dis
appeared during the World War. Act
ing through their chosen representatives
in Congress, the American people are
who assumed command only week
ago. ready and eager for his leadership.
Wins Public Support.
It Is President Roosevelt's bold and
prompt initiative in taking leadership
that has most stirred the imagination
of the Nation, judged by the communi-
cations deluging the White House and
members of Congress from those unfail-
ing barometers of American public op1n-
ion-"the folks back home" The folks
have kept the Washington mailbags
crammed with letters and the telegraph
lines hot with messages ever since "F
D. R." called for "ection, and action
now" in his inaugural address On March
f. The letters and kilograms received
by the President himself and by men,
bers Of the House and Senate vary in
terms, but agree In tone. The burden
of the word they bring is one Of graft
tude that the Government, at last, is
doing something tangible, something
concrete, and something unmistakably
drastic, to tackle the depression. Mr..
and Mrs. Average Man have let Uncle
with what is done or how it is done than
with the certainty that something is
now going to be done.
When the House and Senate on
March 9. at the end of seven and cne-
half hours, counting from the time
President Roosevelt's message asking
for broad power was received until both
branches Of Congress had acted cf-
firmativelv. created him national bank
ing dictator. they moved in response
to an almost unprecedented tidal wave
Of public opinion. Less than four full
days had ella ,sed since the President,
as the first oficial act Of his administra-
ton on Sunday, March S, proclaimed a
banking holiday to last until March 8,
inclusive. There was the audacity Of
resourceful leadership in the proclema-
tion. Mr.. Roosevelt did not wait for
congressional authority to close the
country's banks for rehabilitation pur-
poses.
Discovered War Time Law.
He personally, it is reliably stated, dis
covered that wartime statute of Oc-
tober, 1917, being still in force, gave him
all the power needed to take step
which instantly won the approval not
only of the banks, but of the millions
of their depositors and customers. de
spite the total arrangement of their
business and daily life inevitably con-
nected with so unheard-of recourse
The people not only took 1t uncom-
plainngly. They aSSented to 1t with
positive enthusiasm and unalloyed good
humor. II some magical form of tele-
vision had existed, whereby Franklin
Roosevelt could have climbed to the
top Of the Washington Monument and
envisioned the whole country, he would
have seen 10000 900 Americans throw
ing up their hats and dancing with Joy,
not because their economic troubles are
over-for they decidedly are not-but
because the bugles have at last signalled
tho oly,o onoiyct "A 1r,I1i 1,oe
beseiged the United States since Oc-
tober 1929
Summoning the new Seventy-third
Congress in special session, President
Roosevelt strengthened his hold on pub
lie confidence, and it became foregone
conclusion that both houses would lose
no time in voting him virtually any,
thing he asked for, either in the form
of autocratic authority or legislation.
BY its swiftest major action on record,
Congress did both. Under the unre-
stricted power granted him, the Presi-
dent extended in full force, until fur
ther notice, his bank holiday proclama-
tion Of March S. Before doing so, he
passed by Congress a few hours earlier,
providing for the issue of temporary
currency in the form Of Federal Re-
serve Bank notes to replace about
$4,000,000,000 OF frozen or boarded
money-the sound but adequate, cur
rency" for which he called in his in
augural address.
Dictatorial Powers.
The bill, in addition, invested the
President with dictatorial powers in a
financial crisis and authorized sthe
controller Of the currency to appoint
a "conservator" to take possession Of
any bank when necessary for the ben
eft Of depositors and creditors-the
fulfllment Of another inaugural pledge |
to deal vigorously with evil-doing |
money changers in the temple Of our
civilization"
The details Of the torrent of presi-
Dental proclamations, Treasury orders, |
bank regulations. gold restrictions and |
related acts of Congress are destined, |
for the most part, to remain so much |
Greek to the average man or woman. |
President Roosevelt at one Of his in
formative press conferences during the |
past week laughingly confessed good |
many Of these measures were Greek" |
to him. What everybody, Of course, is |
interested In is when his bank will re- |
open and the ordinary wheels of busi- |
ness life will be set whirring again.
But what perhaps interests the aver |
age citizen even more than that-more |
than the early relief of his own indi- |
vidual money requirements-is the as
surance he believes he and the rest of |
the country now have, that the bank |
ing business of the United States |
henceforward is going to be on the |
square. He is persuaded that the |
stock -jobbing and bond jobbing days Of
American banks and bankers are ended, |
and ended forever. He Is convinced
that the weak sisters among the |
banks of the country are doomed-that !
many Of them who were operating last
week will never be found operating
again. He sees wildcat banking by
men who never should have been
gone where the woodbine twineth not.