The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1933-03-09
The Banking
Holiday Or
der Surprise
Local Institutions Function
ing to a Limited Degree
Making Change
MAY END TOMORROW
Congress Meeting Today In
Special Session to Take
Drastic Action

line economic SltudtiOh VI luc
country came near breaking point
the latter part Of last week when
extensive runs were being made on
a nationwide scope of the large"
banking houses of the country.
The situation became so aggra-
waited that Saturday morning Lieut..
Gov. Solberg, acing as governor
during the absence from the State
of Gov. Floyd Olson after confer
ing with the attorney general is
sued a statewide proclamation de-
claring a bank holiday for all banks
in Minnesota.
A special session Of the Mime
sofa legislature called for Saturday
afternoon at 200 o'clock, ratified
the action of the lieutenant COVER
nor. No sooner had President
Roosevelt been inaugurated that he
issued the following proclamation:
WHEREAS there have been heavy
and unwarranted Withdrawals of
gold and currency from our bank
ing institutions for the purpose
of boarding; and ~
WHEREAS continuous and increas-
ingly extensive speculative activi-
ty abroad in foreign exchange
has resulted in severe drains on
the nations stocks Of gold; and
WHEREAS these conditions have
created a national emergency;
and
WHEREAS it is in the best inter-
ests Of all bank depositors that a
period Of respite be provided with
a view to preventing further
boarding of bullion or currency
orspeculation in foreign exchange
and permitting the application Of
appropriate measures to protect
the interests Of our people; and
WHEREAS it is provided in sec
ton (B) of the act of October
6, 1917, GRO Stat. L. AID as
amended, that the President may
investigate, regulate, or prohibit.
under such rules and regulations
as he may prescribe, by means Of
licenses or otherwise, any trans
actions in foreign exchange and
the export, boarding, melting, Or
earmarking of gold or silver
coin or bullion or currency g. -;
and
WHEREAS it is provided in Sec
ton 16 of the said act that who
ever shall wilfully violate any Of
the provisions of this act or Of
any license, rule, or regulation
issued hereunder, and whoever
shall wilfully violate, neglect. or
refuse to comply with any order
of the President issued in COM
pliance with the provisions Of
this act, shall, upon conviction
be fined not more than $4,000, or,
If a natural person, imprisoned
for not more than 10 years, or
both
NOW, THEREFORE,, I, Franklin
D. Roosevelt, President of the
United States of America, in view
of such national emergency and
by virtue of the authority vested
in me by said act and in order to
prevent the export, boarding, or
earmarking Of gold or silver coin
or bullion or currency, do ne-eby
proclaim, order, direct ard de-
clare that from Monday, the sixth
day of March, to Thursday, the
ninth day Of March, both oates
inclusive, there shall be main
tanned and observed by all bank
ing institutions and all branches
thereof. located In the United
States of America, including the
territories and insular possessions,
a hank. holiday, and that during
said period all banking transact
lions shall be suspended. During
such holiday, excepting as herein
after provided, no such banking
institution or branch shall pay
out export, earmark, or permit
the withdrawal or transfer in
any manner or by any device
whatsoever, of any gold or silver
coin or bullion or currency or
take any other action which
might facilitate the boarding
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