Because of undermined confidence on the part of the public, there was a general rush by a large portion of our population to turn bank deposits into currency or gold--a rush so great that the soundest banks could not get enough currency to meet the demand.
This statement addresses the public's loss of confidence in banks, leading to a rush for cash, which caused a banking crisis.
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We must go on to do all in our power to conquer the doubts and the fears, the ignorance and the greed, which made this horror possible.
The Federal Loan Administrator and the War Food Administrator are hereby designated as additional members of the Economic Stabilization Board.
It will recommend agricultural policies and advise Nations on their food and agricultural problems, but it will have no power to coerce or command.
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