09 Mar 1933
Page 1
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Newspaper
Oshkosh Daily Northwestern
Location
Oshkosh, Wisconsin, United States of America
Date
Mar 09, 1933
Page
1
President Roosevelt seeks sweeping wartime banking powers as Congress meets urgently to open sound banks and expand currency. The plan calls for government conservators to supervise reorganizations and new currency backed by government obligations, with a focus on swift action and fiscal safeguards.
The House of Representatives at 4 05 p m today passed the Roosevelt emergency banking bill and sent it to the Senate.
New York reports Winthrop Aldrich chairman of Chase National proposed a drastic reform plan to separate commercial and investment banking, breaking the power of leading financiers. The move targets banks like J P Morgan & Co and would force divestiture of investment affiliates, aligning with National City Bank's earlier actions. The Rockefeller industrialists push back against banker dominance amid ongoing crisis.
Giuseppe Zangara pleaded guilty to murdering Chicago Mayor Anton Cermak during a failed gun attempt on President Roosevelt in Miami. Judge Aly O Thompson took the case under advisement and will sentence Zangara at 30 a.m. tomorrow.
Washington reports Josephus Daniels of North Carolina former secretary of the navy under Wilson is seen as slated for chairman of a new government group combining the interstate commerce commission the shipping board and the aeronautics branch of the commerce department The move would consolidate major federal transportation agencies a plan long contemplated by President Roosevelt Daniels a publisher of The Raleigh News and Observer served as waves secretary while Roosevelt was assistant secretary
Roosevelt urges Congress to immediately empower the executive to reopen sound banks and reorganize troubled ones. He calls for amendments to the Federal Reserve Act to provide secure currency, preventing further banking failures and restoring public confidence.
Wisconsin passes a statute allowing the governor to declare banking emergencies and authorizes the banking review board and the commissioner of banking to print and issue scrip for bank transactions. Scrip may be allotted to state banks and trusted institutions and secured to redeem at par when not needed. The law also covers clearing house associations and rules for distributing scrip to depositors and creditors.
A Washington dispatch outlines emergency bank legislation Roosevelt will propose. It includes validation of prior decrees, reenactment of trading with the enemy act provisions, control over gold reserves, and authority to regulate banks for depositor protection and bank reorganization. It also amends the Federal Reserve Act to permit direct loans secured by US obligations, extends collateral powers for Fed banks, and authorizes reserves notes and licensing for reopenings.
More than 100 fishermen faced a long night on Lake Winnebago as a west shore ice crack widened after a 8 to 10 mph wind. Volunteers ferried marooned mariners to land while iceboats remained on the lake and several vessels were dismantled. Rescue work was delayed by cold and poor conditions, with crews awaiting calmer weather to finish pulling craft from the lake.
Weather bulletin reports high winds easing but cold persists across Wisconsin and Michigan. Temperatures sink below zero in Superior and Milwaukee sees gusts near 42 mph as trains delay and perimeters suffer wind damage. Blizzard closures affect Michigan copper country routes with ongoing frigid conditions forecast.
The Wisconsin legislature enacts a statewide scrip measure to back bank withdrawals during the current banking emergency. Milwaukee scrip will launch tomorrow with two forms backed by bank assets, and deposits may be drawn in limited scrip while Congress weighs broader actions. The banking review board meets to finalize details as Gov Schmedeman is to sign, with further moratorium and protections for stockholders noted.
Washington dispatch outlines Roosevelt’s emergency banking program, proposing a controlled currency inflation and potential $3 billion in new Federal Reserve notes. It calls for bank reopenings, inflation support, and expanded federal powers over banks, reserves, and emergency measures pending further action by Congress.
Wisconsin skies stay cold with fair conditions tonight and Friday. Northwest winds diminish near Lake Michigan as temperatures rise slowly in the west and north central regions. Extreme east sees colder air, snow flurries near Lake Superior, and mixed cloudy to partly clear skies statewide.
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