Evening star., 1933-03-06
Rate by Mail-Payable In Advance
Am Other States and Canada.
M.r,h-r N the Associated Press.
The Bank Holiday.

The Bank Holiday.
The first act of President Roosevelt
upon taking the Office to which he was
elected by the American people IN No
vember was the proclamation OF .
Nationwide banking holiday. covering
four days, ending Thursday night. This
proclamation was required by the
extraordinary circumstances which
existed at the hour when he took the
oath, the result Of q state Of veritable
public hysteria, cumulative in force, and
unless met by such measure OF pro-
lection threatening to lead to . dts
astrous generalization.
Never before has such . situation
prevailed In the United States. It Is
the consequence Of q series Of actions
In the States. beginning in Michigan,
which interposed check upon the with
drawal of funds from the banks, in .
volume which could not be provided
without the collapse Of hundreds OF
the soundest of the financial institu-
tions. With every State under some
form of ban upon Withdrawals, IN
various degrees Of stringency, there
could be no other measure Of precau-
hon than that which was adopted yes
terday, to unity the conditions, to pre-
vent heavy, hasty boarding and simul-
taneously to give time for the provision
Of adequate currency for the transac-
ton of business and the meeting Of
the immediate requirements Of the
people.
It is . sign Of the fundamental
Soundness Of the fiscal situation that
despite the spasmodic outbreak Of
hysterical suspicion and fear the In
terposition of the Executives order
closing all the banks for four days was
met with calm, and indeed with feel
ing of relief. There has been no panic
following upon this drastic measure.
The very need Of the occasion has
checked the fears Of the people. The
machinery for the accommodation OF
the immediate necessities Is all in order.
the funds are available, and in short
order, by various methods, the cur
rency requisites to provide the daily
needs and to permit the continuance OF
business will be provided.
President Roosevelt In his inaugural
address said:
Our distress comes from no failure
k substance. We are stricken by no
plague of locusts. Compared with the
psrils our fathers conquered because
they believed and were not afraid, we
have still much to be thankful for.
Nature still offers her bounty and hu-
man efforts have multiplied it. Plenty
u at our doorstep, but a generous use
Of 1t languishes In the very sight Of the
supply.
It is wen to take these words into
full account. This Nation has faced
greater perils than that which is now
% evident, for which remedies are
available and will be applied. No
famine threatens. No disaster from
natural causes impends. No war
menaces the peace Of the land. There
u no need to fear that today's prob
lens will not be solved. perhaps very
shortly.
Courage is needed, and it will not be
lacking. Confidence In the funda-
mental soundness Of American insti-
tutions Is needed, and it will be restored
BY the interposition Of this present
breathing spell and by constructive
remedial measures Immediately to be
dsvised and applied. There are so many
evils from which this land might suffer
far greater than mere bank holiday
which is, in the last analysis of the sit
uation, primarily . check upon thought
less, selfish and harmful individual panic
that this present measure Of precaution
and protection Is to be hailed Is q
blessing, not as q disaster or a menace.
If it will be regarded in this light, and
there is ample evidence at this hour
that it is SO regarded, the country will
emerge from its immediate difficulties
stronger and sounder and more prosper
Gus than before.