Banks Gain Power to Expand Currency and Aid Banks
The Roosevelt administration introduced a drastic banking revision bill in the Senate to authorize currency expansion against government and other sound assets. It allows reserve banks to issue currency up to face value of government obligations, permits loans to banks and individuals, and broadens presidential wartime powers. The measure aims to stabilize deposits, conserve bank assets, and reopen sound banks swiftly.
MENTIONED IN THIS ARTICLE
Euraen
Woodin
Federal Reserve Oficials
Roosevelt
Treasury Department
Federal Reserve Banks
Comptroller of
Federal Reserve
Washington
Senate
Fletcher
Banking Committee
Senator Glass
Virginia
Steagall
House Banking Committee
Treasury Fair
Glass
United States
Reserve Bank
Reserve Board
Federal Reserve Bank
Opening of Banks and Federal Action Proposed
The message urges immediate congressional enactment granting the executive branch control over banks to protect depositors, reopen sound banks, and reorganize troubled ones. It calls for amendments to the Federal Reserve Act to provide additional, securely backed currency to meet demands and resume business after the March banking collapse.
MENTIONED IN THIS ARTICLE
Congress
Executive Branch
Senate to features deep cuts in general appropriation bill
Santa Fe March 9 AP A general appropriation bill with deeper cuts than governor Seligman proposed was to be offered in the senate this afternoon. Sen C E McGinnis said the total was not yet available as stenographers rushed the measure. Building provisions are limited to 5000 for a state asylum building. penitentiary improvements aimed at sanitary upgrades. All institutions face at least 10 percent cuts and many salaries are reduced.
MENTIONED IN THIS ARTICLE
Santa Fe
Seligman
Senate
House Finance
McGinnis
State Asylum For the
Capitol
Williams Resigns from Federal Farm Board
Carl Williams of Oklahoma resigns as a member of the Federal Farm Board, submitting the resignation to President Roosevelt to take effect March 15.
MENTIONED IN THIS ARTICLE
Williams
Federal Farm Board
Washington
Carl Williams
Oklahoma
Roosevelt
Roosevelt urges immediate banking action to end strangulation
In a March 9 1933 White House statement President Franklin D Roosevelt urges Congress to pass emergency banking legislation to end strangulation of banking facilities and resume business activity. He argues it will restore trust in sound banks and start a new banker public relationship while warning against delay. He plans two additional urgent measures and a broader national restoration program.
MENTIONED IN THIS ARTICLE
Washington
Senate
Seventy-Third Congress
Roosevelt
Representative Rainey
Illinois
House
Glass
Burns
Tennessee
Robinson
Adams
Colorado
Congress
Frank A. Vanderlip
House Banking Committee
Disney
Okla
Vanderlip
United States
Franklin D. Roosevelt
White House
Grove's Laxative Bromo Quinine Ad
An advertisement urges quick action against a cold stating Grove's Laxative Bromo Quinine stops a cold by four actions. It claims to open bowels kill germs relieve fever and tone the body. Available in 30c and 60c sizes at druggists.
MENTIONED IN THIS ARTICLE
Grove
Adventire
Bills Pass In State House On Broad Range Of Measures
The House advanced numerous bills in a packed session. Notable actions include HB340 barring political fund collections from state employees, SB134 on appointing county health officers, SB142 protecting New Mexico farmers from motor vehicle charges, and HB165 disputed tax measures. Several measures passed with wide margins, while others faced closer votes or committee considerations.
MENTIONED IN THIS ARTICLE
A. B. Renehan
Conservancy District
Pecos Valley
Chaves
Eddy
New Mexico
U.S
Thomas J. Walsh
Banking Crisis Moves to Quick Congress Action
The 73rd Congress convenes at noon to pass emergency banking legislation as Roosevelt seeks to restore operations nationwide. Banks report heavy scrip issuance and gold withdrawal disclosures while governors issue unity proclamations. Plans include a non gold backed currency, scrip use, and a 90 day debt moratorium debated or blocked in several states.
MENTIONED IN THIS ARTICLE
Associated Press
Congress
Federal Reserve Banks
Roosevelt
House
Senate
White House
Bureau of Engraving Works
Federal Reserve
Treasury
Steagall
House Banking Committee
Woodin
Treasury Department
Gov. Lehman
New York
Alfred E. Smith
Nebraska
Nashville
Tenn
Minnesota
Arkansas
Emergency banking bill expands currency under Roosevelt plan
The emergency banking bill proposed in Congress would ratify presidential orders, centralize gold reserves in Federal Reserve banks, penalize hoarding, and permit controlled currency expansion. It authorizes bank reorganizations, federal notes backed by US obligations, and direct loans with safeguards, with a $2 million appropriation and strict penalties for violations.
MENTIONED IN THIS ARTICLE
Washington
Roosevelt
Congress
Federal Reserve
Gass
Robinson
Arkansas
Senate
House
Secretary of the Treasury
Federal Reserve Bank
Federal Reserve System
United States
Reserve Board
Oil tax bill now in hands of governor
Santa Fe March 9 AP The oil severance tax with graduated levies for production and a gas tax is in the Governor's hands for his expected signature. The measure passed the house last night and bore the Governor's approval.
MENTIONED IN THIS ARTICLE
Santa Fe
Chicago Board of Trade to Reopen Monday Likely
Members of the Chicago board of trade said today that Monday would probably be the earliest time for reopening of the exchange.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Talk dictator in Wall Street spreads in New York
In New York on March 9 AP reports talk of appointing a Wall Street dictator to referee foreign exchange during the emergency. Kenesaw Mountain Landis and Will Hays are cited as models, but no specific individual has been named yet. The idea drew wide discussion among financiers, with many believing Wall Street may accept such a figure.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Kenesaw Mountain Landis
Will Hays
Also Mentioned on This Page
Norbeck
House of Representatives
Texas
Otate
BURAS
Dobe
Winthrop W. Aldrich
Chase National Bank
Bank Bill
Bill
Chicago Board
Montgomery
Ward & CO
Roswell, N. M
Smart
Louis
Montgomery .Ward & Co
BN. M
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