Herbert Hoover actually said...

We bring in the question of such things as life insurance, charitable trusts-so these are the things we are trying to reach fundamentally.

What we are trying to do is open the channels of credit so as to dissipate fear and apprehension in the minds of the bankers and the public ...

It is an economy measure, one that is long overdue.

Up to a few days previous to that time hoarding was greatly on the increase.