Milford chronicle., 1933-03-10
Milford, Friday, March 10, 1888
WHAT ABOUT OUR BANKSs

The financial crisis in which thi
United States is envelOped, ha!
brought out traits of the people
everywhere. that proves the conf
dence prevailing that the solution
of the problem will be discovered by
those in authority, and that we shall
emerge stronger and more wise in
handling the business system of our
country. The calm confidence of all
the people 10 believe and trust in
those in authority TO prevent break
down in government. and business
of this country, is assuring for even
the most timid of all the people.
Governor Buck has stood forth as
one capable and ready to meet the
problem, as far as Delaware can
contribute. financially. or with wise
action. His calling a bank holiday
probably saved great anxiety and
possibly loss to the banks and the
people generally. The closing down
of banks has worked to awaken
thousands of people to the situation
of the banking system and customs
of depositors in banks. They have
been brought face to face with sit
nation which can not be brushed
aside; it must be solved not only
by the banks. but by individuals.
If the results of the crisis and eff
forts to remedy the business situa-
tion, result in a change in financial
affairs of the United States, that
will make safe the deposits of the
people, then the present situation
will not have been in vain. 1t may
require several weeks to create
successful method.
The banks of Delaware. are. IN
questionably sound, and the same
may be said of most of the banks of
the United States. The people have
confidence in Delaware banks, and
are not inclined to panic in any
FORM. In an editorial of Wednesday
of this week. the New York Times
in its leading editorial, said:
President Roosevelt declared in
his frank and bold Inaugural Ad-
dress that only foolish optim-
ism" could overlook the dark re-
alities" of the country's present
plight. But there is a kind of set
tied and obstinate pessimism which
is even more foolish. Fortunately,
it is not paralyzing the activities
or dampening the hopes OF the great
majority of Americans at this mo-
ment. When they look abOnt for
the brighter aspects they seen and
signalize such facts as these:
"In their new President the peo-
pie believe that they have a strong
tower of hope at Washington. He |
has already added to the reputation |
which he took with him into the |
White House. He has acted with |
promptitude. decision and vigor.
Even the banking moratorium which
he proclaimed. with its incidental
difficulties and hardships, came from !
him with a ring of confidence. In
stead of alarming the country. il
seemed to cheer it up. From his
fresh mind and resOlute utterance
the people accept with great calm
and fine spirit what would have Sc
riously upset them if it had been set
forth by a dying Administration.
And from speech Mr.. Roosevelt pass
ed quickly to action. The orders
which have come successfully from
relaxing at various
points the stringency of the moratO-
rum. have quickened the conviction
that the end of the banking emerg-
ency is not far away. In the midst
Of our bad luck it is strengthening
to the public morale to feel that it
is good luck to have such a Presi-
dent just now. -
The great majority of our banks
are solvent. This does not mean
that they are able at once to pay off
all their depositors. But by the Gus
Lomary banking tests they are in
strong position, provided that conf
ience is restored and that the ordi-
nary course of business is resumed.
Yesterdays Wall Street journal en-
asserted that the country
has all the cash currency" it needs,
md that the only thing requisite is
o make "cheek currency" fully
lvaiIable again. There really is, ac-
sording to this authority, an am
,le supply" OF deposits in perfectly
iolvent banks to do all the country's
,usiness," provided the resources I
re "mobelized for the purpose"
The excellent temper in which all
iasses of the population have ac- !