The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-03-10
NEW PROCLAMATION
PR0MULGATES LAW

WASHINGTON, Mar. 10. (UP)
President Roosevelt issued a proc
lamation last night extending the
national bank holiday indefinitely.
The holiday was to have ended at
midnight last night. ,
The proclamation was the first
official use President Roosevelt
made of the virtual financial die
tatorial powers granted him in the
banking act passed by congress
yesterday.
President Roosevelt said in his
proclamation:
"The national emergency still
exists and it is necessary to take
further measures to extend the
proclamation of Sunday in order
to accomplish the purpose of the
original proclamation, to prevent
the export, boarding and ear mark
ing of gold, silver. bullion, cur
rency and speculation in foreign
exchanges"
The latest proclamation added:
Gail terms of said proclamation
are continued in full beyond
March g."
The new proclamation extends
the gold embargo indefinitely
along with other restrictions con-
tanned in Mr.. Roosevelt's first Or
ders.
The text of Mr.. Roosevelt's
proclamation:
"Whereas on March 6, 1888. l,
Franklin D. Roosevelt. president
of the United States Of America,
by proclamation declared the eX-
istance of national emergency
and proclaimed a bank holiday eX-
tending from Monday, the sixth
day of March. to Thursday, the
ninth day of March, 1888, both
dates inclusive in order to prevent
the export, boarding or ear-mark-
ing of gold or silver coin or bull
lion or currency or speculation IN
foreign exchange: and .
"Whereas, under the act or
March 9, 1888, all proclamations
heretofore or hereafter issued by
the president pursuant to the au-
thoritv conferred by section five,
OBJ of the Act of October T.,
1917. And.
"Whereas, said national emer-
eency still continues, and 1T is nee
essary to take further measures
extending beyond March 9, 1888,
in order to accomplish such pur-
poses: nm
'rNow, therefore, I. Franklin D.
Roosevelt, President of the United
States of America, in view OF
such continuing national emer-
gency and by virtue of the au-
thority vested in me by Section .
(B) Of the Act of October 6, 1917
(40 Stat. L.. AID as amended by
the Act of March 9, 1888. do here
by proclaim, order, direct and de-
clare that all the terms and pro.
visions of said proclamation OF
March 6, 1888, and the regula-
tions and orders issued Hereunder
are hereby continued in full force
and effect until further proclama-
ton by the president.
"In witness whereof l have
hereunto set my hand and have
caused the seal of the United
States to be affixed.
(Signed)
"FRANKLIN D. ROOSEVELT"
Issuance of the proclamation
left the situation with regard to
reopening of banks temporarily
indefinite.
A report at the treasury was
that one reason for the extension
of the holiday was to give the bu-
reau of engraving and printing an
opportunity to print an adequate
supply of the new currency.
The presidential proclamation
was necessary to recognize for
mally the existence of the emer-
gency for which the special bank
act was passed by congress yes
terday.
Provisions of that act are stat
ed in the law specifically to apply
during periods of emergency de-
clared by the president. They are
suspended when the president by
proclamation officially terminates
the emergency.
Therefore, last nights procla-
nation was regarded as an en-,
abling act to permit President
Roosevelt to go forward in exer-
cising his new dictatorial powers
which he promised to use to open
sound banks Immediately.