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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 14, 1933
Page
1
A columnist reflects on the Roosevelt administration and the banking crisis, praising candor in its banking communication while warning that the forthcoming era will require painful readjustment. It argues for stabilizing banks, eliminating weak institutions, and enabling reorganizations as good banks reopen.
President Roosevelt asked Congress to legalize beer and modify the Volstead act. The House aims to pass a beer bill by Tuesday with a 32 percent alcohol content. Senate action could follow after the economy measure, with beer becoming legal within weeks and states already moving to permit production and sale.
A Cincinnati congregant reflects on early choices and missed chances saying youth pushes some into unwanted work. He urges courage and effort to change mindset and pursue meaningful work or projects beyond a fixed path.
President Roosevelt named three new ambassadors on Monday. Robert W. Bingham of Louisville was chosen for Great Britain, Jesse I. Straus of New York for France, and Josephus Daniels, former secretary of the navy, for Mexico.
Louis T Stone 57 publisher and editor known as the Stone of Winsted died Monday. His humorous nature stories gave the city a nationwide reputation as the home of nature's freaks.
Cedar Rapids banks report $82,000 in gold and gold certificates redeposited Monday, raising the city’s total to $114,000. Banks expect more deposits after the March 13 reporting deadline and the end of bank restrictions.
At noon 146 votes had been cast in seventeen of nineteen precincts for the school board race. Only two candidates, incumbents Mrs. Charles T Hickok and Harold Trewin, filed for two vacancies, making victory likely if no write ins materialize. Precincts one and eight reported small totals while fourth and eighteenth had not reported.
President Roosevelt outlines banking steps and the national bank holiday, explaining how deposits fund loans, the collapse of confidence, and the reconstruction plan. He thanks citizens for cooperation and describes legislation enabling the rehabilitation of banking facilities nationwide.
In Washington the Senate, amid moves to grant Roosevelt dictatorial powers for federal economies, votes 60 to 20 to table a bid to send the economy bill to the judiciary committee. Senator Robinson of Indiana denounces the plan as unjust and cruel toward veterans. Senator Borah backs the tabling, warning it challenges constitutional theory.
President Roosevelt calls for vigorous prosecution of banking law violators and approves reopening the Senate banking inquiry. He met with Senator Fletcher of Florida after the committee voted to continue the investigation begun by Senator Norbeck. Roosevelt favors imprisoning guilty perpetrators if needed.
Governor John E. Erickson resigned to become the U S senator succeeding the late Thomas J. Walsh. Lieutenant Governor Frank H. Cooney becomes Montana’s new chief executive and acting governor.
American Legion national committee says it can accept a 25 per cent reduction in World War veterans' benefits while preserving the basic relief structure. Ray Murphy of Ida Grove chairs the panel and emphasizes economy to support national credit and administration efforts. W Earl Hall, Mason City, outlines Iowa Legion program and its view on benefits cuts in Davenport address.
The Supreme Court struck down the Florida anti chain store law provision that taxed higher for chains with stores in multiple counties. The ruling marks a major victory for national chain stores.
Southern California faced ongoing tremors after a deadly quake, with 116 dead and over a thousand injured. Relief efforts scaled up as authorities urged calm, while rumors about the disaster were denounced. Long Beach suffered the worst damage as crews assessed unsafe structures and prepared reconstruction plans.
Farm organization leaders completed the draft of a proposed measure to extend to Secretary Wallace sweeping powers to deal with agricultural relief. They planned to submit it to President Roosevelt later in the day, confident of approval.
Sec Woodin issues stricter controls on gold to limit hoarding and reopen banks. Banks may require sworn statements and must seize gold or certificates within 30 days. Applies to federal and private institutions including land banks and credit corporations.
Four Cedar Rapids banks reopened at 9am under the state bank stabilization act. They will cash checks on deposits since Jan 24 and accept new deposits that remain withdrawable on demand. Peoples Savings gains full state license to reopen, with Tuesday morning start per federal notices.
All but 24 of Iowa’s 626 state banks resumed business after a week’s holiday under Senate File 111 restrictions. Waterloo Savings and Fidelity Savings in Marshalltown reopened without limits, while 24 banks were told to apply for permission. Federal reserve rules allow some state banks to reopen under liquidity tests. private banks may resume per Treasury guidance. Des Moines ads reportedly similar to last year.
Washington reports Fred I. Kent a 64 year old New York banker may be appointed to direct America’s foreign exchange operations. Kent previously led the division of foreign exchange at the Federal Reserve during World War I and helped draft rules that could be revived to restore normalcy in the domestic banking system.
The Treasury on Monday night authorized all banks to issue drafts that move credit from one location to another while withholding gold reserves.
Washington AP reports the administration, gratified by the orderly resumption of banking, begins drafting a permanent banking reorganization program. Officials say the public response to the first government step supports moving forward with the plan.
President Roosevelt pushes for tighter banking oversight as Fletcher outlines a research aim to curb harmful practices. Senate moves to permanent legislation blocking deposit speculation and supporting the national system, with Robinson and Glass proposing direct Federal role in aiding state banks.
Iowa moves to let state banks join the federal reserve system by directors action after a unanimous vote in both chambers. Senator H I Irwin of Clinton chaired the banking committee and explained the change speeds access to new treasury currency via federal reserve banks.
Governor Dave Sholtz signed a death warrant for Giuseppe Zangara, ordering electrocution at the state prison in Bal ford during the week of March 20.
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