The Waterbury Democrat., 1933-03-06
Start of the
 Real Thing
(Contlnued from Page D


 I've ire not off the gold stand ard,' he said. citing the case of Switzerland which he said 'is on the gold standard although restric- tions on exports exist. It would be a grave mistake to assume that we are not on the gold standard"
 Woodin said regulations for en- ergency credit relief would be completed tomorrow. His assist ants continued work on these meas | ures long after he yielded to their entreaties and went home to rest early to-day.
 He, believed security and com | modity exchanges would remain closed during the banking holiday. although they may act as they see | fit. ss
 Arthur Ballantine, undersecre- tary of the treasury in the Hoov- CT administration, was at Wood- in's side aa he spoke. So too was James Douglas, debonair assistant secretary in charge of fiscal mat ters in the Hoover regime.
 | These men. and Ogden l.. Mills, former treasury head. were with Woodin in the conferences with leading New York and Chicago ] bankers which preceded President Roosevelt's announcement of the moified national banking holiday. | others at the meeting were Car | ter Glass, democrat, Virginia. the senate's leading financial authority who has stoutly opposed any fed i eral guarantee of bank deposits; Chairman Henry Steagall of the house banking committee, spon- sor of such legislation; Attorney 1 General Homer s. Cummings; Ar | thur Mullen, mentioned for the 1 post of solicitor general; Governor 1 George l.. Harrison of the New York federal reserve bank; Pro- l lessor I. Moley, advisor to MT Roosevelt; and members of the 1 federal reserve board.
 l Wall Street Moves
 New York, March 6--(U.P.) - | America's financial capital moved 1 from New York to Washington to- day, and the bankers of Wall street | like the town bankers of remote i communities, stood by for orders. l The nation was at the verge of 1, going on a wartime basis for the battle against depression, with | Washington in the saddle under a presidential proclamation made possible by an almost forgotten emergency measure of 1917.
 Under the proclamation. prohib- iting every bank of any kind from doing any business except when express permission could be ob- i tained from the secretary of the treasury. J. P. Morgan and Com pany couldn't cash check fol John D. Rockefeller unless Secre- tary of the Treasury William II 'Woodin said it was all right.
 The, New York Clearing House | Association, accustomed to rule the banks of the city--and by example the banks of the country--was all prepared to place certificates or scrip in use to-day or tomorrow for general circulation as substi- tute for money. But under Pres ident Roosevelt's proclamation il couldn't be done until permission was given.
 It could not be learned whether Washington planned to permit tho New York banks to put their scrir in circulation as soon as the Amer ican Bank Note Company finished printing it.. or whether the plan was to wait until scrip could be put out, by Clearing House Associations under federal reserve auspices. al over the country simultaneously.
 Some 5000 men were at work = depression ended temporarily foi them-engraving the New York scrip. It is being made, it wa' learned, in $1, $2. $5 $10 and $2, denominations. The paper is about the size of ordinary bills, but coloi and design are stri<ingly different A scrip certificate Is, in effect, ar I. 0. U. on the Clearing House As. sociation, redeemable in currency but with no date. of maturity set. Medium of Exchange
 Washington. March 6.-(UP)- Secretary of Treasury Woodin sait to-day that plans for q medium o exchange to meet all necessary de mands were being worked out ant would be in operation by to-mor, } row.
 "The first consideration is t meet payrolls,' Woodin said. He explained that progress wa , being made to supply scrip or othel : forms of emergency currency ant that a plan for operation unde |