The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-07
Issuance of Scrip Will Be
Started Throughout
Nation Friday.
RESTRICTION IS EASED
Arrangements Are Made to
Clear Checks Drawn
Before Holiday.
BY RAYMOND CLAPPER
United Press STAFF Correspondent
WASHINGTON, March Z

WASHINGTON, March Z.
Orders authorizing issue of
scrip by clearing houses
throughout the country be-
ginning Friday were issued
today.
Some localities may be allowed to
start issuing scrip earlier, but only
by special direct authorize ton from
the secretary of treasury.
Banks were authorized to reopen
today to finance shipments of food,
accept new deposits which will be
subject to withdrawal on demand.
and perform other limited func-
tons
The Roosevelt administration
assured the nations loyal co-opera-
ton, was acting with wartime speed
to relax the four day modified bank
ing holiday AS much as consistent
with safety of the financial struc-
ture.
NOOdln issues Orders
Woodins orders provided that:
Scrip may be issued by clearing
houses and other authorized aSso-
Citations against sound assets of
banking institutions.
Scrip may be delivered by each
institution to its creditors and de-
poSitors on a pro rata basis.
This was understood to mean that
depoSitors probably would be given
a percentage of scrip against their
deposits rather than the full
amount, depending upon the judg-
ment of clearing house authorities
in each instance
For the moment there was no au-
thoritative word as to whether New
York would be permitted to go
ahead at once with its scrip which
now is physically ready for issue.
Wait until p. M. said treasury
officials.
Woodin's next press conference is
at that hour.
Courage of the American people
IN meeting the emergency was
praised by Secretary Woodin.
I doubt if any other nation in
the world would have faced the sit
uatlon in the same spirit" he said.
indications that former officials
were collaborating with the admin
lstration was seen in the fact that
the two highest treasury officials
OF the Hoover regime we're with
Woodin today-former secretary of
Treasury Ogden L. Mills former
Undersecretary Arthur Ballantine.
Throughout the emergency, regu-
lations issued in rapid fire order
were designed to adopt the rigors of
the enforced holiday to the needs
and convenience of the public.
Clean Up Checks
Arrangements were made to per-
NIT cleaning up of checks written
before the holiday, provided no out
lay of cash was involved. Through
out, however emphatic orders were
maintained forbidden payment of
gold or gold certificates.
Banks also were authorized to re-
sumo their functions as trustees of
estates and other trust funds, pro-
vided that no currency is paid out.
Secretary Woodin ordered that
where settlements for checks
charged by draWee institutions to
the drawers accounts on its books
on or before March 4 are incom-
plete, settlement may be completed
where this does not involve payment
of money or currency.
That is, check written by a per-
son up to Saturday midnight now
will go through the banking chan
nels as usual, provided that at the
end of the process no cash has to
be paid out.
AS an example, suppose a person
wrote a check to pay his grocer last
Saturday. The grocer deposited the
check in his account that day. SO
long as the grocer does not insist